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Registration number: 08062846

Pitch Air Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Pitch Air Limited

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Pitch Air Limited

Registration number: 08062846

Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

1

1

Tangible assets

6

77,907

74,430

 

77,908

74,431

Current assets

 

Stocks

7

5,485

5,485

Debtors

8

130,314

96,856

Cash at bank and in hand

 

58,283

12,942

 

194,082

115,283

Creditors: Amounts falling due within one year

9

(160,589)

(128,562)

Net current assets/(liabilities)

 

33,493

(13,279)

Total assets less current liabilities

 

111,401

61,152

Creditors: Amounts falling due after more than one year

9

(36,712)

(45,393)

Provisions for liabilities

(19,476)

(14,142)

Net assets

 

55,213

1,617

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

55,113

1,517

Shareholders' funds

 

55,213

1,617



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Pitch Air Limited

Registration number: 08062846

Balance Sheet as at 31 May 2024 (continued)

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.

Approved and authorised by the director on 26 February 2025
 

L C Cornwall
Director

   
     

 

Pitch Air 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:
Woodview Farm
Church Lane
Wicklewood
Norwich
Norfolk
NR18 9QH
England

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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

 

Pitch Air Limited

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

2

Accounting policies (continued)

Government grants

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

Plant and machinery

25% reducing balance

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

 

Pitch Air Limited

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

2

Accounting policies (continued)

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 inventories 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.

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 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.

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 9 (2023 - 9).

4

Profit before tax

Arrived at after charging/(crediting)

 

Pitch Air Limited

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

4

Profit before tax (continued)

2024
£

2023
£

Depreciation expense

25,978

24,813

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

20,000

20,000

At 31 May 2024

20,000

20,000

Amortisation

At 1 June 2023

19,999

19,999

At 31 May 2024

19,999

19,999

Carrying amount

At 31 May 2024

1

1

At 31 May 2023

1

1

 

Pitch Air Limited

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

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

31,480

168,722

5,247

205,449

Additions

2,180

27,275

-

29,455

At 31 May 2024

33,660

195,997

5,247

234,904

Depreciation

At 1 June 2023

24,345

102,473

4,201

131,019

Charge for the year

2,334

23,383

261

25,978

At 31 May 2024

26,679

125,856

4,462

156,997

Carrying amount

At 31 May 2024

6,981

70,141

785

77,907

At 31 May 2023

7,135

66,249

1,046

74,430

7

Stocks

2024
£

2023
£

Other inventories

5,485

5,485

 

Pitch Air Limited

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

8

Debtors

Current

2024
£

2023
£

Trade debtors

102,322

64,726

Prepayments

2,271

2,079

Other debtors

25,721

30,051

 

130,314

96,856

The amounts owed to the company at the year-end in respect of the directors' loans was nil (2023: £4,035) and is included in other debtors. It is company policy to charge interest on all overdrawn loan accounts at HM Revenue & Customs official rate of interest.

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

31,669

25,816

Trade creditors

 

82,228

34,202

Directors' loan accounts

11

32

16

Taxation and social security

 

37,917

36,253

Other creditors

 

8,743

32,275

 

160,589

128,562

Due after one year

 

Loans and borrowings

36,712

45,393

 

Pitch Air Limited

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

9

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

36,712

45,393

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

11

Related party transactions

Summary of transactions with other related parties

During the year, the company provided services to a UK registered company which the owners have a participating interest and are shareholders. These sales totalled £5,710.22 (2023: £20,146) during the year. The company also provided loans to Pitch Air Ltd, at the balance sheet date the amount owed to this company was £8,939 (£8,939).