Acorah Software Products - Accounts Production 16.1.300 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 03377828 Mrs Gaynor Hussey Ms Lynette Hussey AACE Group Limited Broomwood Lincombe Lane, Boars Hill, Oxford, United Kingdom, OX1 5DX true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03377828 2023-05-31 03377828 2024-05-31 03377828 2023-06-01 2024-05-31 03377828 frs-core:CurrentFinancialInstruments 2024-05-31 03377828 frs-core:FurnitureFittings 2023-06-01 2024-05-31 03377828 frs-core:PlantMachinery 2024-05-31 03377828 frs-core:PlantMachinery 2023-06-01 2024-05-31 03377828 frs-core:PlantMachinery 2023-05-31 03377828 frs-core:CapitalRedemptionReserve 2024-05-31 03377828 frs-core:ShareCapital 2024-05-31 03377828 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 03377828 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03377828 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 03377828 frs-bus:SmallEntities 2023-06-01 2024-05-31 03377828 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 03377828 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 03377828 1 2023-06-01 2024-05-31 03377828 frs-bus:Director1 2023-06-01 2024-05-31 03377828 frs-bus:Director2 2023-06-01 2024-05-31 03377828 frs-countries:EnglandWales 2023-06-01 2024-05-31 03377828 2022-05-31 03377828 2023-05-31 03377828 2022-06-01 2023-05-31 03377828 frs-core:CurrentFinancialInstruments 2023-05-31 03377828 frs-core:CapitalRedemptionReserve 2023-05-31 03377828 frs-core:ShareCapital 2023-05-31 03377828 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 03377828
Aerospace & Airworthiness Consultancy Enterprises Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03377828
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 16,707 19,872
16,707 19,872
CURRENT ASSETS
Debtors 5 1,231,609 1,178,635
Cash at bank and in hand 872,749 795,438
2,104,358 1,974,073
Creditors: Amounts Falling Due Within One Year 6 (853,131 ) (962,125 )
NET CURRENT ASSETS (LIABILITIES) 1,251,227 1,011,948
TOTAL ASSETS LESS CURRENT LIABILITIES 1,267,934 1,031,820
NET ASSETS 1,267,934 1,031,820
CAPITAL AND RESERVES
Called up share capital 7 100 100
Capital redemption reserve 1 1
Profit and Loss Account 1,267,833 1,031,719
SHAREHOLDERS' FUNDS 1,267,934 1,031,820
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Ms Lynette Hussey
Director
25/02/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Aerospace & Airworthiness Consultancy Enterprises Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03377828 . The registered office is Broomwood Lincombe Lane, Boars Hill, Oxford, OX1 5DX.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at 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:
Plant & Machinery 10% straight line
Fixtures & Fittings 30% straight line
2.4. 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.
2.5. 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 other years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 43 (2023: 48)
43 48
4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 June 2023 227,993
Additions 10,361
As at 31 May 2024 238,354
Depreciation
As at 1 June 2023 208,121
Provided during the period 13,526
As at 31 May 2024 221,647
Net Book Value
As at 31 May 2024 16,707
As at 1 June 2023 19,872
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 439,597 410,645
Other debtors 792,012 767,990
1,231,609 1,178,635
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 163,179 152,765
Corporation tax 98,126 77,775
Other taxes and social security 169,730 72,547
VAT 185,699 222,300
Other creditors 33,008 41,316
Accruals and deferred income 203,215 395,248
Amounts owed to other participating interests 174 174
853,131 962,125
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7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is AACE Group Limited . AACE Group Limited was incorporated in England & Wales. The ultimate controlling party is AACE Group Limited who controls 100% of the shares of Aerospace & Airworthiness Consultancy Enterprises Limited .
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