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Registered number: 02706112
Thurston Aviation Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02706112
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 191,328 230,633
191,328 230,633
CURRENT ASSETS
Stocks 815,917 520,573
Debtors 5 2,414,840 2,026,005
Cash at bank and in hand 1,319,317 1,023,015
4,550,074 3,569,593
Creditors: Amounts Falling Due Within One Year 6 (1,404,552 ) (1,073,278 )
NET CURRENT ASSETS (LIABILITIES) 3,145,522 2,496,315
TOTAL ASSETS LESS CURRENT LIABILITIES 3,336,850 2,726,948
NET ASSETS 3,336,850 2,726,948
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 3,336,848 2,726,946
SHAREHOLDERS' FUNDS 3,336,850 2,726,948
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robin Jones
Director
30/01/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Thurston Aviation Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02706112 . The registered office is 50 Springfield Avenue, Holbury, Southampton, SO45 2LP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover includes revenue earned from the sale of goods and from the rendering of aircraft maintenance services. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 15% reducing balance
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.6. Financial Instruments
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 
Cash at bank and in hand
Cash at bank and in hand is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 
Creditors
Trade and other creditors are recognised at the settlement amount due after any trade discount offered. Accruals are valued at the amount due in the future net of any trade discounts.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in another year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 
2024 2023
Office and administration 9 7
Engineering 21 20
30 27
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 May 2023 79,805 494,720 49,704 36,712
Additions - 330 19,000 310
Disposals - - (15,092 ) (1,645 )
As at 30 April 2024 79,805 495,050 53,612 35,377
...CONTINUED
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Depreciation
As at 1 May 2023 52,113 328,774 38,506 19,298
Provided during the period 4,154 41,569 6,878 4,331
Disposals - - (12,406 ) (1,245 )
As at 30 April 2024 56,267 370,343 32,978 22,384
Net Book Value
As at 30 April 2024 23,538 124,707 20,634 12,993
As at 1 May 2023 27,692 165,946 11,198 17,414
Computer Equipment Total
£ £
Cost
As at 1 May 2023 19,538 680,479
Additions 6,134 25,774
Disposals (6,495 ) (23,232 )
As at 30 April 2024 19,177 683,021
Depreciation
As at 1 May 2023 11,155 449,846
Provided during the period 3,152 60,084
Disposals (4,586 ) (18,237 )
As at 30 April 2024 9,721 491,693
Net Book Value
As at 30 April 2024 9,456 191,328
As at 1 May 2023 8,383 230,633
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,521,471 1,141,920
Prepayments and accrued income 888,119 870,927
Other debtors 5,250 5,380
Other taxes and social security - 7,778
2,414,840 2,026,005
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 523,784 314,949
Corporation tax 238,003 49,756
Other taxes and social security 170,438 -
Other creditors 98,293 95,566
Accruals and deferred income 374,034 613,007
1,404,552 1,073,278
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7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 6