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Dalriada Aerospace Holding Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

Registration number: 10522410

 

Dalriada Aerospace Holding Ltd

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Dalriada Aerospace Holding Ltd

(Registration number: 10522410)
Statement of financial position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,945

2,594

Current assets

 

Debtors

5

21,155

19,921

Cash at bank and in hand

 

3,379

15,318

 

24,534

35,239

Creditors: Amounts falling due within one year

6

(21,996)

(21,934)

Net current assets

 

2,538

13,305

Total assets less current liabilities

 

4,483

15,899

Creditors: Amounts falling due after more than one year

6

(8,797)

(16,014)

Provisions for liabilities

(370)

(493)

Net liabilities

 

(4,684)

(608)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(4,685)

(609)

Shareholders' deficit

 

(4,684)

(608)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Dalriada Aerospace Holding Ltd

(Registration number: 10522410)
Statement of financial position as at 31 December 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 12 March 2025
 

.........................................
Mr D Hamilton
Director

 

Dalriada Aerospace Holding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
38 Shelley Drive
Broadbridge Heath
Horsham
West Sussex
RH12 3NT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Dalriada Aerospace Holding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Dalriada Aerospace Holding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Dalriada Aerospace Holding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2024

6,114

6,114

At 31 December 2024

6,114

6,114

Depreciation

At 1 January 2024

3,520

3,520

Charge for the year

649

649

At 31 December 2024

4,169

4,169

Carrying amount

At 31 December 2024

1,945

1,945

At 31 December 2023

2,594

2,594

5

Debtors

Current

2024
£

2023
£

Other debtors

21,155

19,921

 

21,155

19,921

 

Dalriada Aerospace Holding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

5,333

5,333

Taxation and social security

 

2,150

4,691

Accruals and deferred income

 

2,160

2,160

Other creditors

 

12,353

9,750

 

21,996

21,934

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

8,797

16,014

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

8,797

16,014

Current loans and borrowings

2024
£

2023
£

Other borrowings

5,333

5,333