IRIS Accounts Production v24.3.2.46 10184154 Board of Directors 1.5.23 30.4.24 30.4.24 30.1.25 0 0 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh101841542023-04-30101841542024-04-30101841542023-05-012024-04-30101841542022-04-30101841542022-05-012023-04-30101841542023-04-3010184154ns15:EnglandWales2023-05-012024-04-3010184154ns14:PoundSterling2023-05-012024-04-3010184154ns10:Director12023-05-012024-04-3010184154ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3010184154ns10:SmallEntities2023-05-012024-04-3010184154ns10:Audited2023-05-012024-04-3010184154ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3010184154ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3010184154ns10:FullAccounts2023-05-012024-04-3010184154ns10:Director22023-05-012024-04-3010184154ns10:RegisteredOffice2023-05-012024-04-3010184154ns5:CurrentFinancialInstruments2024-04-3010184154ns5:CurrentFinancialInstruments2023-04-3010184154ns5:Non-currentFinancialInstruments2024-04-3010184154ns5:Non-currentFinancialInstruments2023-04-3010184154ns5:ShareCapital2024-04-3010184154ns5:ShareCapital2023-04-3010184154ns5:RetainedEarningsAccumulatedLosses2024-04-3010184154ns5:RetainedEarningsAccumulatedLosses2023-04-3010184154ns5:PlantMachinery2023-04-3010184154ns5:PlantMachinery2023-05-012024-04-3010184154ns5:PlantMachinery2024-04-3010184154ns5:PlantMachinery2023-04-3010184154ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-3010184154ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-30
REGISTERED NUMBER: 10184154 (England and Wales)















LEO AVIATION LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2024






LEO AVIATION LIMITED (REGISTERED NUMBER: 10184154)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LEO AVIATION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: M Powar
D S Sawrij





REGISTERED OFFICE: Swales Moor Farm
Swales Moor Road
Halifax
United Kingdom
HX3 6UF





REGISTERED NUMBER: 10184154 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

LEO AVIATION LIMITED (REGISTERED NUMBER: 10184154)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,449,858 3,841,608

CURRENT ASSETS
Stocks 13,715 7,739
Debtors 5 175,483 133,566
Cash at bank 10,012 3,456
199,210 144,761
CREDITORS
Amounts falling due within one year 6 4,669,599 4,286,109
NET CURRENT LIABILITIES (4,470,389 ) (4,141,348 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,020,531

)

(299,740

)

CREDITORS
Amounts falling due after more than one
year

7

-

(420,386

)

PROVISIONS FOR LIABILITIES - (34,146 )
NET LIABILITIES (1,020,531 ) (754,272 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (1,020,631 ) (754,372 )
(1,020,531 ) (754,272 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





M Powar - Director


LEO AVIATION LIMITED (REGISTERED NUMBER: 10184154)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Leo Aviation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The following principal accounting policies have been applied:

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:

Plant and Machinery- 15% reducing balance
Motor Vehicles- 25% reducing balance and straight line over 10 years

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Stocks
Stocks are valued at the lower of cost and net realisable value.


LEO AVIATION LIMITED (REGISTERED NUMBER: 10184154)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provision for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

LEO AVIATION LIMITED (REGISTERED NUMBER: 10184154)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on a going concern basis. The company incurred a loss of £266,259, for the year ended 30 April 2024, it is noted at the balance sheet date its liabilities exceeded its assets by £1,020,531 in the current period (2023: £754,272). However, £4,125,473 (2023: £3,682,403) of the company's liabilities relate to loans made to it by a company which is a member of the same group and these are not due to be repaid.

The directors consider that the going concern basis is appropriate due to the continuing support of the larger group of which it is a member.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023
and 30 April 2024 5,291,651
DEPRECIATION
At 1 May 2023 1,450,043
Charge for year 391,750
At 30 April 2024 1,841,793
NET BOOK VALUE
At 30 April 2024 3,449,858
At 30 April 2023 3,841,608

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 27,744 -
Amounts owed by group undertakings 92,155 84,628
Other debtors 55,584 48,938
175,483 133,566

LEO AVIATION LIMITED (REGISTERED NUMBER: 10184154)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 410,888 561,640
Trade creditors 103,896 30,905
Amounts owed to group undertakings 4,125,473 3,682,403
Other creditors 29,342 11,161
4,669,599 4,286,109

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts - 420,386

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 410,888 982,026

The loan is secured on the asset being acquired along with a related company guarantee given by Leo Group Limited

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kelvin Fitton BA FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

10. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Leo Group Holdings Midco Limited, a company registered in Jersey, and the ultimate parent company is Leo Group Family Holdings Limited, also registered in Jersey. The ultimate controlling party is Mr D S Sawrij.