Company registration number 07665590 (England and Wales)
AIRWRIGHT (MIDLANDS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
AIRWRIGHT (MIDLANDS) LTD
COMPANY INFORMATION
Directors
Mr B T Wright
Mrs L J Wright
Company number
07665590
Registered office
Unit 3b Crossgate Road
Park Farm Industrial Estate
Redditch
Worcestershire
B98 7SN
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
26-28 Evesham Street
Kingfisher Shopping Centre
Redditch
B97 4EX
AIRWRIGHT (MIDLANDS) LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
AIRWRIGHT (MIDLANDS) LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AIRWRIGHT (MIDLANDS) LTD FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Airwright (Midlands) Ltd for the year ended 30 June 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Airwright (Midlands) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Airwright (Midlands) Ltd and state those matters that we have agreed to state to the board of directors of Airwright (Midlands) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Airwright (Midlands) Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Airwright (Midlands) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Airwright (Midlands) Ltd. You consider that Airwright (Midlands) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Airwright (Midlands) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
27 January 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
AIRWRIGHT (MIDLANDS) LTD
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
292,099
284,876
Current assets
Debtors
4
1,291,787
823,058
Cash at bank and in hand
461,582
997,629
1,753,369
1,820,687
Creditors: amounts falling due within one year
5
(727,503)
(811,692)
Net current assets
1,025,866
1,008,995
Total assets less current liabilities
1,317,965
1,293,871
Creditors: amounts falling due after more than one year
6
(27,741)
(52,035)
Provisions for liabilities
8
(67,576)
(64,156)
Net assets
1,222,648
1,177,680
Capital and reserves
Called up share capital
9
2,600
2,600
Profit and loss reserves
1,220,048
1,175,080
Total equity
1,222,648
1,177,680
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 30 June 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.
AIRWRIGHT (MIDLANDS) LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Mr B T Wright
Mrs L J Wright
Director
Director
Company registration number 07665590 (England and Wales)
AIRWRIGHT (MIDLANDS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Airwright (Midlands) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3b Crossgate Road, Park Farm Industrial Estate, Redditch, Worcestershire, United Kingdom, B98 7SN.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can 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:
Plant and equipment
20% on reducing balance
Motor vehicles
20% on reducing balance
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.
1.4
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.
AIRWRIGHT (MIDLANDS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
AIRWRIGHT (MIDLANDS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
29
29
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023
67,775
537,251
605,026
Additions
83,380
83,380
Disposals
(11,965)
(11,965)
At 30 June 2024
67,775
608,666
676,441
Depreciation and impairment
At 1 July 2023
47,780
272,370
320,150
Depreciation charged in the year
3,997
69,023
73,020
Eliminated in respect of disposals
(8,828)
(8,828)
At 30 June 2024
51,777
332,565
384,342
Carrying amount
At 30 June 2024
15,998
276,101
292,099
At 30 June 2023
19,995
264,881
284,876
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
503,218
373,341
Amounts owed by group undertakings
681,714
364,000
Other debtors
106,855
85,717
1,291,787
823,058
AIRWRIGHT (MIDLANDS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
277,012
71,580
Amounts owed to group undertakings
338,195
Taxation and social security
205,472
241,672
Other creditors
245,019
160,245
727,503
811,692
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
27,741
52,035
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Hire purchase contracts
52,070
76,364
Hire purchase contracts are secured against the assets to which they relate.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
67,576
64,156
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1,287
1,287
1,287
1,287
Ordinary B of £1 each
1,053
1,053
1,053
1,053
Ordinary C of £1 each
143
143
143
143
Ordinary D of £1 each
117
117
117
117
2,600
2,600
2,600
2,600
10
Related party transactions
AIRWRIGHT (MIDLANDS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Related party transactions
(Continued)
- 8 -
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Control
Ultimate parent company
The ultimate parent company is GBNL Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
There is no ultimate controlling party due to there being no controlling interest in the ultimate parent company.