737 Pro Limited 10975903 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is the operation of two aircraft flight simulators. Digita Accounts Production Advanced 6.30.9574.0 true true 10975903 2023-06-01 2024-05-31 10975903 2024-05-31 10975903 core:CurrentFinancialInstruments 2024-05-31 10975903 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 10975903 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 10975903 core:OtherPropertyPlantEquipment 2024-05-31 10975903 bus:SmallEntities 2023-06-01 2024-05-31 10975903 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10975903 bus:FilletedAccounts 2023-06-01 2024-05-31 10975903 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10975903 bus:RegisteredOffice 2023-06-01 2024-05-31 10975903 bus:Director2 2023-06-01 2024-05-31 10975903 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10975903 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 10975903 core:PlantMachinery 2023-06-01 2024-05-31 10975903 core:ParentEntities 2023-06-01 2024-05-31 10975903 countries:England 2023-06-01 2024-05-31 10975903 2023-05-31 10975903 core:OtherPropertyPlantEquipment 2023-05-31 10975903 2022-06-01 2023-05-31 10975903 2023-05-31 10975903 core:CurrentFinancialInstruments 2023-05-31 10975903 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10975903 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 10975903 core:OtherPropertyPlantEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 10975903

737 Pro Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

737 Pro Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

737 Pro Limited

Company Information

Director

Mr P J Westoby

Registered office

Hangar 8
Blackpool Airport
Squires Gate Lane
Blackpool
Lancashire
FY4 2QY

Accountants

Giles Hewitt & Co Ltd
Chartered Certified Accountants
257 Clifton Dr South
St Annes on Sea
Lytham St Annes
Lancashire
FY8 1HW

 

737 Pro Limited

(Registration number: 10975903)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,238

7,928

Current assets

 

Debtors

5

5,145

3,812

Cash at bank and in hand

 

10,010

14,066

 

15,155

17,878

Creditors: Amounts falling due within one year

6

(14,812)

(18,418)

Net current assets/(liabilities)

 

343

(540)

Total assets less current liabilities

 

6,581

7,388

Creditors: Amounts falling due after more than one year

6

(4,533)

(7,733)

Net assets/(liabilities)

 

2,048

(345)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

1,948

(445)

Shareholders' funds/(deficit)

 

2,048

(345)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 February 2025
 

.........................................
Mr P J Westoby
Director

 

737 Pro Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Hangar 8
Blackpool Airport
Squires Gate Lane
Blackpool
Lancashire
FY4 2QY

These financial statements were authorised for issue by the director on 19 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The accounts have been prepared on a going concern basis.

Revenue recognition

Turnover comprises income from the provision of prearranged timed sessions on two aircraft simulators. Sessions can be paid for directly or by the purchase of vouchers at a discount. Income is recognised when the arranged session takes place or in the case of non-use when the related voucher expires. Turnover is shown net of value added tax, rebates and discounts.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Plant

over 7 years on cost

 

737 Pro Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

737 Pro Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

737 Pro Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

11,833

11,833

At 31 May 2024

11,833

11,833

Depreciation

At 1 June 2023

3,905

3,905

Charge for the year

1,690

1,690

At 31 May 2024

5,595

5,595

Carrying amount

At 31 May 2024

6,238

6,238

At 31 May 2023

7,928

7,928

5

Debtors

Current

2024
£

2023
£

Trade debtors

4,965

445

Prepayments

180

167

Other debtors

-

3,200

 

5,145

3,812

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

3,200

3,200

Trade creditors

 

7,834

9,495

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

1,115

4,315

Taxation and social security

 

1,592

408

Accruals and deferred income

 

1,020

960

Other creditors

 

51

40

 

14,812

18,418

 

737 Pro Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

4,533

7,733

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Related party transactions

 

737 Pro Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

5,000

-

Summary of transactions with parent

Westair Flying Services Ltd



 Westair Flying Services Ltd has made an interest free and unsecured loan of £1,315 (2023 £4,315) to the company.

Westair Flying Services Ltd owns the one of the two aircraft simulators the company uses in its business. Westair Flying Services Ltd leases the simulator it owns to the company free of charge.

The company received other operating income in the year of £4,800 (2023 £4,000) from Westar Flying Services Ltd for supervision undertaken on its behalf.

 

.