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Company registration number: 00967327
Aireburn Garage Limited
Unaudited filleted financial statements
30 November 2024
Aireburn Garage Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Aireburn Garage Limited
Statement of financial position
30 November 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,751,493 1,751,790
Investments 6 44,757 83,297
_______ _______
1,796,250 1,835,087
Current assets
Debtors 7 1,528 616
Cash at bank and in hand 108,462 64,906
_______ _______
109,990 65,522
Creditors: amounts falling due
within one year 8 ( 176,526) ( 197,419)
_______ _______
Net current liabilities ( 66,536) ( 131,897)
_______ _______
Total assets less current liabilities 1,729,714 1,703,190
Provisions for liabilities ( 155,207) ( 149,657)
_______ _______
Net assets 1,574,507 1,553,533
_______ _______
Capital and reserves
Called up share capital 150 150
Share premium account 7,950 7,950
Fair value reserve 907,840 907,840
Profit and loss account 658,567 637,593
_______ _______
Shareholders funds 1,574,507 1,553,533
_______ _______
For the year ending 30 November 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
Mr J D Berry
Director
Company registration number: 00967327
Aireburn Garage Limited
Statement of changes in equity
Year ended 30 November 2024
Called up share capital Share premium account Fair value reserve Profit and loss account Total
£ £ £ £ £
At 1 December 2022 150 7,950 655,122 668,908 1,332,130
Profit/(loss) for the year ( 1,315) ( 1,315)
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 252,718 - 252,718
_______ _______ _______ _______ _______
Total comprehensive income for the year - - 252,718 ( 1,315) 251,403
Dividends paid and payable ( 30,000) ( 30,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 30,000) ( 30,000)
_______ _______ _______ _______ _______
At 30 November 2023 and 1 December 2023 150 7,950 907,840 637,593 1,553,533
Profit/(loss) for the year 50,974 50,974
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 50,974 50,974
Dividends paid and payable ( 30,000) ( 30,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 30,000) ( 30,000)
_______ _______ _______ _______ _______
At 30 November 2024 150 7,950 907,840 658,567 1,574,507
_______ _______ _______ _______ _______
Aireburn Garage Limited
Notes to the financial statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 59 Keighley Road, Steeton, Near Keighley, West Yorkshire, BD20 6RH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in a settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 December 2023 and 30 November 2024 1,750,000 10,800 14,619 7,900 1,783,319
_______ _______ _______ _______ _______
Depreciation
At 1 December 2023 - 10,048 13,864 7,617 31,529
Charge for the year - 113 113 71 297
_______ _______ _______ _______ _______
At 30 November 2024 - 10,161 13,977 7,688 31,826
_______ _______ _______ _______ _______
Carrying amount
At 30 November 2024 1,750,000 639 642 212 1,751,493
_______ _______ _______ _______ _______
At 30 November 2023 1,750,000 752 755 283 1,751,790
_______ _______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 December 2023 83,297 83,297
Disposals ( 40,928) ( 40,928)
Revaluations 2,388 2,388
_______ _______
At 30 November 2024 44,757 44,757
_______ _______
Impairment
At 1 December 2023 and 30 November 2024 - -
_______ _______
Carrying amount
At 30 November 2024 44,757 44,757
_______ _______
At 30 November 2023 83,297 83,297
_______ _______
7. Debtors
2024 2023
£ £
Other debtors 1,528 616
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 13,371 13,595
Social security and other taxes 2,748 2,817
Other creditors 160,407 181,007
_______ _______
176,526 197,419
_______ _______