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COMPANY REGISTRATION NUMBER: 02626574
Air Power East Limited
Unaudited financial statements
30 June 2024
Air Power East Limited
Statement of financial position
30 June 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
179,864
157,457
Current assets
Stocks
185,482
189,661
Debtors
6
654,740
671,956
Cash at bank and in hand
720,179
404,436
-----------
-----------
1,560,401
1,266,053
Creditors: Amounts falling due within one year
7
( 966,195)
( 737,104)
-----------
-----------
Net current assets
594,206
528,949
---------
---------
Total assets less current liabilities
774,070
686,406
Creditors: Amounts falling due after more than one year
8
( 49,793)
( 12,950)
Provisions
Taxation including deferred tax
( 44,183)
( 38,531)
---------
---------
Net assets
680,094
634,925
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
679,994
634,825
---------
---------
Shareholders funds
680,094
634,925
---------
---------
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 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Air Power East Limited
Statement of financial position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 17 March 2025 , and are signed on behalf of the board by:
R P R Sewell
Director
Company registration number: 02626574
Air Power East Limited
Notes to the financial statements
Year ended 30 June 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 Unit 10, Shepherds Grove Industrial Estate, West Stanton, Bury St Edmunds, Suffolk, IP31 2AR.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Leasehold improvements
-
10% straight line
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 20 (2023: 18 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
13,419
29,812
316,775
12,196
372,202
Additions
113,058
113,058
Disposals
( 88,414)
( 88,414)
-------
-------
---------
-------
---------
At 30 June 2024
13,419
29,812
341,419
12,196
396,846
-------
-------
---------
-------
---------
Depreciation
At 1 July 2023
13,419
24,459
164,673
12,194
214,745
Charge for the year
1,071
46,387
47,458
Disposals
( 45,221)
( 45,221)
-------
-------
---------
-------
---------
At 30 June 2024
13,419
25,530
165,839
12,194
216,982
-------
-------
---------
-------
---------
Carrying amount
At 30 June 2024
4,282
175,580
2
179,864
-------
-------
---------
-------
---------
At 30 June 2023
5,353
152,102
2
157,457
-------
-------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
607,455
659,096
Other debtors
47,285
12,860
---------
---------
654,740
671,956
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
359,594
378,743
Amounts owed to group undertakings and undertakings in which the company has a participating interest
251,347
129,319
Social security and other taxes
191,585
127,451
Other creditors
163,669
101,591
---------
---------
966,195
737,104
---------
---------
Liabilities in respect of hire purchase commitments of £32,504 (2023: £15,876) are secured on the assets involved.
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Other creditors
49,793
12,950
-------
-------
Liabilities in respect of hire purchase commitments of £49,793 (2023: £12,950) are secured on the assets involved.
9. Directors' advances, credits and guarantees
Included within debtors at the year end is an amount of £33,987 (2023: £Nil) due to the company from the directors. Interest of £327 (2023: £Nil) has been charged at the official rate.