4
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-06-01
Sage Accounts Production Advanced 2023 - FRS102_2023
59,155
54,307
727
55,034
4,121
4,848
xbrli:pure
xbrli:shares
iso4217:GBP
03261641
2023-06-01
2024-05-31
03261641
2024-05-31
03261641
2023-05-31
03261641
2022-06-01
2023-05-31
03261641
2023-05-31
03261641
2022-05-31
03261641
core:FurnitureFittings
2023-06-01
2024-05-31
03261641
bus:LeadAgentIfApplicable
2023-06-01
2024-05-31
03261641
bus:Director1
2023-06-01
2024-05-31
03261641
core:FurnitureFittings
2023-05-31
03261641
core:FurnitureFittings
2024-05-31
03261641
core:WithinOneYear
2024-05-31
03261641
core:WithinOneYear
2023-05-31
03261641
core:ShareCapital
2024-05-31
03261641
core:ShareCapital
2023-05-31
03261641
core:RetainedEarningsAccumulatedLosses
2024-05-31
03261641
core:RetainedEarningsAccumulatedLosses
2023-05-31
03261641
core:FurnitureFittings
2023-05-31
03261641
bus:Director1
2023-05-31
03261641
bus:Director1
2024-05-31
03261641
bus:Director1
2022-05-31
03261641
bus:Director1
2023-05-31
03261641
bus:Director1
2022-06-01
2023-05-31
03261641
bus:SmallEntities
2023-06-01
2024-05-31
03261641
bus:AuditExemptWithAccountantsReport
2023-06-01
2024-05-31
03261641
bus:SmallCompaniesRegimeForAccounts
2023-06-01
2024-05-31
03261641
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
03261641
bus:FullAccounts
2023-06-01
2024-05-31
03261641
core:KeyManagementPersonnel
2023-06-01
2024-05-31
COMPANY REGISTRATION NUMBER:
03261641
Filleted Unaudited Financial Statements |
|
Year ended 31 May 2024
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Spirit of Air Limited |
|
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spirit of Air Limited for the year ended 31 May 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Spirit of Air Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Spirit of Air Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spirit of Air Limited and its director for our work or for this report.
It is your duty to ensure that Spirit of Air Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Spirit of Air Limited. You consider that Spirit of Air Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Spirit of Air Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WALTER HUNTER & CO LIMITED
Chartered accountants
24 Bridge Street
Newport
South Wales
NP20 4SF
27 February 2025
Statement of Financial Position |
|
31 May 2024
Fixed assets
Tangible assets |
5 |
|
4,121 |
4,848 |
|
|
|
|
|
Current assets
Stocks |
463,629 |
|
445,724 |
Debtors |
6 |
30,553 |
|
38,519 |
Cash at bank and in hand |
37,895 |
|
18,154 |
|
--------- |
|
--------- |
|
532,077 |
|
502,397 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
58,752 |
|
48,178 |
|
--------- |
|
--------- |
Net current assets |
|
473,325 |
454,219 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
477,446 |
459,067 |
|
|
--------- |
--------- |
Net assets |
|
477,446 |
459,067 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Profit and loss account |
|
477,444 |
459,065 |
|
|
--------- |
--------- |
Shareholders funds |
|
477,446 |
459,067 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 May 2024
These financial statements were approved by the
board of directors
and authorised for issue on
27 February 2025
, and are signed on behalf of the board by:
Mr D JE Maddocks |
|
Director |
|
|
|
Company registration number:
03261641
Notes to the Financial Statements |
|
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, NEWPORT, NP20 4SF.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
The taxation expense represents the total amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures, fittings & equipment |
- |
15% reducing balance |
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
4
).
5.
Tangible assets
|
Fixtures and fittings |
Total |
|
£ |
£ |
Cost |
|
|
At 1 June 2023 and 31 May 2024 |
59,155 |
59,155 |
|
-------- |
-------- |
Depreciation |
|
|
At 1 June 2023 |
54,307 |
54,307 |
Charge for the year |
727 |
727 |
|
-------- |
-------- |
At 31 May 2024 |
55,034 |
55,034 |
|
-------- |
-------- |
Carrying amount |
|
|
At 31 May 2024 |
4,121 |
4,121 |
|
-------- |
-------- |
At 31 May 2023 |
4,848 |
4,848 |
|
-------- |
-------- |
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
28,062 |
31,361 |
Other debtors |
2,491 |
7,158 |
|
-------- |
-------- |
|
30,553 |
38,519 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
9,876 |
8,401 |
Corporation tax |
36,501 |
34,561 |
Social security and other taxes |
7,748 |
563 |
Other creditors |
4,627 |
4,653 |
|
-------- |
-------- |
|
58,752 |
48,178 |
|
-------- |
-------- |
|
|
|
8.
Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
|
2024 |
|
|
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr D JE Maddocks |
(
489) |
(
59,000) |
59,191 |
(
298) |
|
|
---- |
-------- |
-------- |
---- |
|
|
|
|
|
|
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr D JE Maddocks |
(
768) |
(
43,500) |
43,779 |
(
489) |
|
|
---- |
-------- |
-------- |
---- |
|
|
|
|
|
|
9.
Related party transactions
The company was under the control of Mr David Maddocks, a director and member of the company, throughout the current and previous year. Mr Maddocks is personally interested in 50% (2023- 50%) of the company's share capital. During the year the company paid rent of £22,114 (2023: £22,114) to Mr Maddocks and his wife, also a shareholder of the company. This rent, for the business premises, was calculated at the market rate. No further transactions are required to be disclosed under FRS 102.