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Company No: 04298182 (England and Wales)

FRESHAIR UK LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH THE REGISTRAR

FRESHAIR UK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024

Contents

FRESHAIR UK LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
FRESHAIR UK LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
DIRECTOR N Harris
REGISTERED OFFICE The Shed
Unit 2
Charbridge Lane
Bicester
OX26 4SS
United Kingdom
COMPANY NUMBER 04298182 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
264 Banbury Road
Oxford
OX2 7DY
FRESHAIR UK LIMITED

BALANCE SHEET

AS AT 31 JULY 2024
FRESHAIR UK LIMITED

BALANCE SHEET (continued)

AS AT 31 JULY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 35,399 40,992
Investments 4 50 50
35,449 41,042
Current assets
Stocks 13,598 8,217
Debtors
- due within one year 5 447,085 376,442
- due after more than one year 5 267,027 329,172
Cash at bank and in hand 462,916 392,081
1,190,626 1,105,912
Creditors: amounts falling due within one year 6 ( 1,072,954) ( 1,209,488)
Net current assets/(liabilities) 117,672 (103,576)
Total assets less current liabilities 153,121 (62,534)
Creditors: amounts falling due after more than one year 7 ( 15,000) ( 25,000)
Net assets/(liabilities) 138,121 ( 87,534)
Capital and reserves
Called-up share capital 8 500 500
Profit and loss account 137,621 ( 88,034 )
Total shareholder's funds/(deficit) 138,121 ( 87,534)

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Freshair UK Limited (registered number: 04298182) were approved and authorised for issue by the Director on 10 March 2025. They were signed on its behalf by:

N Harris
Director
FRESHAIR UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
FRESHAIR UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Freshair UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Shed, Unit 2, Charbridge Lane, Bicester, OX26 4SS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 4 - 10 years straight line
Plant and machinery etc. 3 - 10 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 August 2023 82,597 105,177 187,774
Additions 0 10,406 10,406
At 31 July 2024 82,597 115,583 198,180
Accumulated depreciation
At 01 August 2023 52,666 94,116 146,782
Charge for the financial year 12,497 3,502 15,999
At 31 July 2024 65,163 97,618 162,781
Net book value
At 31 July 2024 17,434 17,965 35,399
At 31 July 2023 29,931 11,061 40,992

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 August 2023 50 50
At 31 July 2024 50 50
Carrying value at 31 July 2024 50 50
Carrying value at 31 July 2023 50 50

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 306,669 192,382
Other debtors 140,416 184,060
447,085 376,442
Debtors: amounts falling due after more than one year
Deferred tax asset 267,027 329,172

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 431,523 381,291
Other taxation and social security 74,842 97,751
Other creditors 556,589 720,446
1,072,954 1,209,488

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 15,000 25,000

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
500 A ordinary shares of £ 1.00 each 500 500

9. Related party transactions

Other related party transactions

2024 2023
£ £
Key management personnel - sales to related parties 298,251 307,300
Key management personnel - purchases from related parties 71,988 85,551
Key management personnel - amounts owed by related parties 44,086 77,780
Key management personnel - amounts owed to related parties 74,958 121,171

During the year, the director also continued to loan the company money. As at the balance sheet date, this balance totalled £454,429 (2023: £607,527). This loan has no set date for repayment and is not interest-bearing.