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Registered number: 02829795
Andrewsfield Aviation Limited
Financial Statements
For The Year Ended 30 June 2024
Jeremy Stewart
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02829795
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 89,544 129,187
Investments 5 2 2
89,546 129,189
CURRENT ASSETS
Stocks 6 4,657 11,277
Debtors 7 54,282 64,530
Cash at bank and in hand 178,797 177,003
237,736 252,810
Creditors: Amounts Falling Due Within One Year 8 (123,649 ) (132,624 )
NET CURRENT ASSETS (LIABILITIES) 114,087 120,186
TOTAL ASSETS LESS CURRENT LIABILITIES 203,633 249,375
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,747 ) (22,733 )
NET ASSETS 182,886 226,642
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account 181,886 225,642
SHAREHOLDERS' FUNDS 182,886 226,642
Page 1
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Rowland
Director
Ms Carol Cooper
Director
27/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Andrewsfield Aviation Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02829795 . The registered office is Saling Airfield, Stebbing, Dunmow, Essex, CM6 3TH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% on cost
Plant & Machinery 20% on cost
Motor Vehicles 25% on cost
2.4. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Pensions
The company operates a defined pension contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 4)
3 4
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 July 2023 31,168 438,923 5,966 476,057
Additions - 5,770 - 5,770
As at 30 June 2024 31,168 444,693 5,966 481,827
Depreciation
As at 1 July 2023 21,629 319,275 5,966 346,870
Provided during the period 2,982 42,431 - 45,413
As at 30 June 2024 24,611 361,706 5,966 392,283
Net Book Value
As at 30 June 2024 6,557 82,987 - 89,544
As at 1 July 2023 9,539 119,648 - 129,187
5. Investments
Unlisted
£
Cost
As at 1 July 2023 2
As at 30 June 2024 2
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 2
As at 1 July 2023 2
50% shareholding in Andrewsfieldflightstudio Ltd.
6. Stocks
2024 2023
£ £
Stock 4,657 11,277
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,116 24,426
Prepayments and accrued income 34,473 28,855
Other debtors 4,693 11,249
54,282 64,530
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 58,791 88,990
Corporation tax (16,234 ) (16,234 )
Other taxes and social security 1,063 1,227
VAT 19,670 11,114
Net wages 3,833 50
Other creditors 27,154 24,982
Pension contributions unpaid (Current liabilities - creditors < 1 year) 524 586
Income in advance 500 500
Accruals and deferred income 28,348 21,409
123,649 132,624
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 31,500 31,500
Later than one year and not later than five years 94,500 94,500
126,000 126,000
11. Audit Information
The auditor's report on the accounts of Andrewsfield Aviation Limited for the year ended 30 June 2024 was unqualified.
The auditor's report was signed by Vincent Mark Mellett (Senior Statutory Auditor) for and on behalf of Granite Morgan Smith , Statutory Auditor.
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