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Registration number: 07073672

Aerofleece Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Aerofleece Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Aerofleece Limited

(Registration number: 07073672)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

376,135

346,977

Current assets

 

Stocks

22,300

20,555

Debtors

5

1,034,520

652,285

Investments

6

20,000

20,000

Cash at bank and in hand

 

438,522

833,268

 

1,515,342

1,526,108

Creditors: Amounts falling due within one year

7

(166,196)

(221,869)

Net current assets

 

1,349,146

1,304,239

Total assets less current liabilities

 

1,725,281

1,651,216

Provisions for liabilities

(76,029)

(64,769)

Net assets

 

1,649,252

1,586,447

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,649,152

1,586,347

Shareholders' funds

 

1,649,252

1,586,447

 

Aerofleece Limited

(Registration number: 07073672)
Balance Sheet as at 31 May 2024

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 20 February 2025
 

Mr C A Sharp
Director

   
     
 

Aerofleece 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 and Wales.

The address of its registered office is:
The Fleece
The Wool Hall
12 St. Thomas Street
Bristol
BS1 6JJ

These financial statements were authorised for issue by the director on 20 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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The accounts are being prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Aerofleece Limited

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

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim or payment.

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long Term Leasehold Property

4% straight line

Plant and machinery

10%/20%/33.33% straight line

 

Aerofleece Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Aerofleece Limited

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 30 (2023 - 33).

 

Aerofleece Limited

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

4

Tangible assets

Long term leasehold property
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

160,606

411,205

571,811

Additions

-

84,742

84,742

Disposals

(18,532)

(105,422)

(123,954)

At 31 May 2024

142,074

390,525

532,599

Depreciation

At 1 June 2023

68,484

156,350

224,834

Charge for the year

5,683

34,650

40,333

Eliminated on disposal

(7,376)

(101,327)

(108,703)

At 31 May 2024

66,791

89,673

156,464

Carrying amount

At 31 May 2024

75,283

300,852

376,135

At 31 May 2023

92,122

254,855

346,977

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

2,880

5,564

Amounts owed by related parties

9

599,750

599,750

Other debtors

 

392,578

9,220

Prepayments

 

39,312

37,751

 

1,034,520

652,285

6

Current asset investments

2024
£

2023
£

Other investments

20,000

20,000

 

Aerofleece Limited

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

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Trade creditors

 

38,995

31,700

Amounts due to related parties

9

21,858

9,250

Social security and other taxes

 

39,954

53,492

Other creditors

 

29,418

11,220

Accruals

 

4,176

3,339

Corporation tax liability

31,795

112,868

 

166,196

221,869

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £525,000 (2023 - £575,000). Financial commitments are secured by a fixed and floating charge over the property and undertakings of the company.

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £452 (2023 - £1,190).

 

Aerofleece Limited

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

9

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

599,750

599,750

At end of period

599,750

599,750

2023

Other related parties
£

Total
£

At start of period

599,750

599,750

At end of period

599,750

599,750

Terms of loans to related parties


Loans to related parties are interest free and repayable on demand.

Loans from related parties

2024

Key management
£

Total
£

At start of period

9,250

9,250

Advanced

(10,392)

(10,392)

Repaid

23,000

23,000

At end of period

21,858

21,858

2023

Key management
£

Total
£

Advanced

9,250

9,250

At end of period

9,250

9,250

Terms of loans from related parties

Loans to key management are repayable on demand and interest is charged where applicable at the official HMRC rate.