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Registered number: 13942096
Aire Innovate Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 13942096
31 May 2024 31 May 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1 1
Investments 5 250,001 70,001
250,002 70,002
CURRENT ASSETS
Debtors 6 673,555 289,141
Cash at bank and in hand 141,571 452,651
815,126 741,792
Creditors: Amounts Falling Due Within One Year 7 (581,168 ) (443,487 )
NET CURRENT ASSETS (LIABILITIES) 233,958 298,305
TOTAL ASSETS LESS CURRENT LIABILITIES 483,960 368,307
NET ASSETS 483,960 368,307
CAPITAL AND RESERVES
Called up share capital 8 1,500,100 1,000,100
Income Statement (1,016,140 ) (631,793 )
SHAREHOLDERS' FUNDS 483,960 368,307
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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 Income Statement.
On behalf of the board
Dr Michael Odling-Smee
Director
24 February 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
Aire Innovate Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13942096 . The registered office is Aireside House, Aire Street, Leeds, LS1 4HT.
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. Going Concern Disclosure
When preparing the financial statements, the directors have made an assessment of the company's ability to continue as a going concern. The company is considered a going concern as the directors have no intention to liquidate the company or to cease trading. In assessing whether the going concern assumption is appropriate, the directors have taken into account all available information about the future, which is at least, but is not limited to, twelve months from the date when the financial statements are authorised for issue. The board is committed to the success of the company in the following twelve months, and where necessary will endeavour to support the company with all means at their disposal to ensure its continuity.  Therefore the directors still believe it is appropriate to prepare the accounts on a going concern basis.
2.3. 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.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets represent the £1 acquisition of intellectual property on incorporaton. 
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.
2.6. 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 period. 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the period was as follows: 6 (2023: 8)
6 8
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4. Intangible Assets
Other
£
Cost
As at 1 June 2023 1
As at 31 May 2024 1
Net Book Value
As at 31 May 2024 1
As at 1 June 2023 1
5. Investments
Unlisted
£
Cost
As at 1 June 2023 70,001
Additions 180,000
As at 31 May 2024 250,001
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 250,001
As at 1 June 2023 70,001
6. Debtors
31 May 2024 31 May 2023
£ £
Due within one year
Trade debtors 83,370 19,700
Other debtors 590,185 268,191
673,555 287,891
Due after more than one year
Other debtors - 1,250
- 1,250
673,555 289,141
7. Creditors: Amounts Falling Due Within One Year
31 May 2024 31 May 2023
£ £
Trade creditors 40,110 6,000
Amounts owed to associated undertakings 357,522 132,268
Other creditors 161,480 221,443
Taxation and social security 22,056 83,776
581,168 443,487
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8. Share Capital
31 May 2024 31 May 2023
£ £
Allotted, Called up and fully paid 1,500,100 1,000,100
On 14 November 2023, 500,000 Preference shares at £1 each were issued, allotted and fully paid up.
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