Company registration number 05103485 (England and Wales)
MTI AEROSPACE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MTI AEROSPACE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MTI AEROSPACE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,448,471
2,051,627
Investments
4
135,540
135,540
2,584,011
2,187,167
Current assets
Cash at bank and in hand
104,655
360,601
Creditors: amounts falling due within one year
5
(612,060)
(563,235)
Net current liabilities
(507,405)
(202,634)
Total assets less current liabilities
2,076,606
1,984,533
Creditors: amounts falling due after more than one year
6
(122,214)
(149,671)
Net assets
1,954,392
1,834,862
Capital and reserves
Called up share capital
7
64,540
64,540
Revaluation reserve
8
694,340
694,340
Profit and loss reserves
9
1,195,512
1,075,982
Total equity
1,954,392
1,834,862
MTI AEROSPACE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
P Broido
Director
Company registration number 05103485 (England and Wales)
MTI AEROSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

MTI Aerospace Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8 Paramount Industrial Estate, Sandown Road, Watford, Hertfordshire, WD24 7XA.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Freehold land and buildings
0%
Plant and equipment
10%
Motor vehicles
25%
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

MTI AEROSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Leases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
MTI AEROSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
1,820,000
1,584,757
172,372
3,577,129
Additions
-
0
482,684
25,988
508,672
Disposals
-
0
-
0
(172,372)
(172,372)
At 30 June 2024
1,820,000
2,067,441
25,988
3,913,429
Depreciation and impairment
At 1 July 2023
-
0
1,358,319
167,184
1,525,503
Depreciation charged in the year
-
0
100,143
9,090
109,233
Eliminated in respect of disposals
-
0
-
0
(169,778)
(169,778)
At 30 June 2024
-
0
1,458,462
6,496
1,464,958
Carrying amount
At 30 June 2024
1,820,000
608,979
19,492
2,448,471
At 30 June 2023
1,820,000
226,438
5,189
2,051,627
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
135,540
135,540
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
42,278
49,012
Obligations under finance leases
767
11,052
Amounts owed to group undertakings
477,015
412,921
Other creditors
71,000
71,000
Accruals and deferred income
21,000
19,250
612,060
563,235
MTI AEROSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
122,214
147,053
Obligations under finance leases
-
0
2,618
122,214
149,671
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
37,500
37,500
37,500
37,500
A Class Ordinary of £1 each
27,000
27,000
27,000
27,000
B Class Ordinary of £1 each
10
10
10
10
C Class Ordinary of £1 each
10
10
10
10
E Class Ordinary of £1 each
10
10
10
10
F Class Ordinary of £1 each
10
10
10
10
64,540
64,540
64,540
64,540

The company has £71,000 preference shares in issue shown in creditors.

8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
694,340
694,340
9
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
1,075,982
916,012
Profit for the year
119,530
159,970
At the end of the year
1,195,512
1,075,982
10
Related party transactions

At the year end date, the company owed £477,015 (2023: £412,921) to M.T.I (1998) Limited, a wholly owned subsidiary undertaking of this company. No interest is payable on this loan.

11
Controlling Party

The company is a wholly owned subsidiary undertaking of Conduit Aerospace Limited in the year.

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