Company registration number 10285720 (England and Wales)
AIRROC LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
AIRROC LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
AIRROC LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
56,250
81,250
Tangible assets
4
684,733
716,440
740,983
797,690
Current assets
Stocks
3,000
3,000
Debtors
5
178,800
95,170
Cash at bank and in hand
5
5
181,805
98,175
Creditors: amounts falling due within one year
6
(524,304)
(429,949)
Net current liabilities
(342,499)
(331,774)
Total assets less current liabilities
398,484
465,916
Creditors: amounts falling due after more than one year
7
(242,515)
(308,678)
Provisions for liabilities
(169,025)
(175,981)
Net liabilities
(13,056)
(18,743)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(13,156)
(18,843)
Total equity
(13,056)
(18,743)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
Mr L D J Corria
Director
Company Registration No. 10285720
AIRROC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Airroc Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B3 South Point, Foreshore Road, Cardiff, Glamorgan, CF10 4SP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvement
25% reducing balance
Plant and equipment
Variable rates reducing balance
Computers
20% reducing balance
Motor vehicles
Variable rates reducing balanc
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
AIRROC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
AIRROC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
15
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
250,000
Amortisation and impairment
At 1 January 2024
168,750
Amortisation charged for the year
25,000
At 31 December 2024
193,750
Carrying amount
At 31 December 2024
56,250
At 31 December 2023
81,250
AIRROC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Tangible fixed assets
Leasehold improvement
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
17,285
981,059
4,965
4,798
1,008,107
Additions
21,000
340
21,340
Disposals
(16,460)
(16,460)
At 31 December 2024
17,285
985,599
5,305
4,798
1,012,987
Depreciation and impairment
At 1 January 2024
3,081
283,541
2,791
2,254
291,667
Depreciation charged in the year
286
43,740
473
311
44,810
Eliminated in respect of disposals
(8,223)
(8,223)
At 31 December 2024
3,367
319,058
3,264
2,565
328,254
Carrying amount
At 31 December 2024
13,918
666,541
2,041
2,233
684,733
At 31 December 2023
14,204
697,518
2,174
2,544
716,440
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
105,117
70,632
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,117
Other debtors
70,566
24,538
178,800
95,170
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
89,521
106,210
Trade creditors
148,819
96,771
Amounts owed to group undertakings
3,372
Corporation tax
56,902
46,742
Other taxation and social security
127,430
70,799
Other creditors
101,632
106,055
524,304
429,949
AIRROC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Creditors: amounts falling due within one year
(Continued)
- 6 -
Included in other creditors falling due within one year are obligations under finance leases totalling £93,782 (2023 - £91,881) secured against the assets they have financed.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
62,500
62,500
Other creditors
180,015
246,178
242,515
308,678
Included in other creditors; falling due after more than one year are obligations under finance leases totalling £180,015 (2023 - £246,178), secured against the assets they have financed.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
51
51
51
51
Ordinary B of £1 each
49
49
49
49
100
100
100
100
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
47,840
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.25
(3,358)
172,280
532
(129,182)
40,272
(3,358)
172,280
532
(129,182)
40,272
AIRROC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
11
Related party transactions
Transactions with related parties
During the year, the Company received a loan from Spectrum Express Print Services Limited, a company with common directors.
At the year end, the amount due from Spectrum Express Print Services Limited was £3,117 (2023 - £3,372; included in creditors: amounts falling due within one year); included in debtors: amounts falling due within one year.