Caseware UK (AP4) 2024.0.164 2024.0.164 2024-11-302024-11-30falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-12-01falseNo description of principal activity109truefalse 05246833 2023-12-01 2024-11-30 05246833 2022-12-01 2023-11-30 05246833 2024-11-30 05246833 2023-11-30 05246833 c:Director3 2023-12-01 2024-11-30 05246833 d:Buildings 2023-12-01 2024-11-30 05246833 d:Buildings 2024-11-30 05246833 d:Buildings 2023-11-30 05246833 d:Buildings d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 05246833 d:PlantMachinery 2023-12-01 2024-11-30 05246833 d:PlantMachinery 2024-11-30 05246833 d:PlantMachinery 2023-11-30 05246833 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 05246833 d:MotorVehicles 2023-12-01 2024-11-30 05246833 d:MotorVehicles 2024-11-30 05246833 d:MotorVehicles 2023-11-30 05246833 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 05246833 d:ComputerEquipment 2023-12-01 2024-11-30 05246833 d:OtherPropertyPlantEquipment 2023-12-01 2024-11-30 05246833 d:OtherPropertyPlantEquipment 2024-11-30 05246833 d:OtherPropertyPlantEquipment 2023-11-30 05246833 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 05246833 d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 05246833 d:Goodwill 2023-12-01 2024-11-30 05246833 d:Goodwill 2024-11-30 05246833 d:Goodwill 2023-11-30 05246833 d:CurrentFinancialInstruments 2024-11-30 05246833 d:CurrentFinancialInstruments 2023-11-30 05246833 d:Non-currentFinancialInstruments 2024-11-30 05246833 d:Non-currentFinancialInstruments 2023-11-30 05246833 d:CurrentFinancialInstruments d:WithinOneYear 2024-11-30 05246833 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 05246833 d:Non-currentFinancialInstruments d:AfterOneYear 2024-11-30 05246833 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 05246833 d:ShareCapital 2024-11-30 05246833 d:ShareCapital 2023-11-30 05246833 d:RetainedEarningsAccumulatedLosses 2024-11-30 05246833 d:RetainedEarningsAccumulatedLosses 2023-11-30 05246833 c:OrdinaryShareClass1 2023-12-01 2024-11-30 05246833 c:OrdinaryShareClass1 2024-11-30 05246833 c:OrdinaryShareClass2 2023-12-01 2024-11-30 05246833 c:OrdinaryShareClass2 2024-11-30 05246833 c:OrdinaryShareClass3 2023-12-01 2024-11-30 05246833 c:OrdinaryShareClass3 2024-11-30 05246833 c:OrdinaryShareClass4 2023-12-01 2024-11-30 05246833 c:OrdinaryShareClass4 2024-11-30 05246833 c:FRS102 2023-12-01 2024-11-30 05246833 c:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 05246833 c:FullAccounts 2023-12-01 2024-11-30 05246833 c:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 05246833 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-01 2024-11-30 05246833 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-11-30 05246833 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-11-30 05246833 2 2023-12-01 2024-11-30 05246833 d:Goodwill d:OwnedIntangibleAssets 2023-12-01 2024-11-30 05246833 e:PoundSterling 2023-12-01 2024-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05246833










AEROLITE GARAGE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
AEROLITE GARAGE LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 10


 
AEROLITE GARAGE LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AEROLITE GARAGE LIMITED
FOR THE YEAR ENDED 30 NOVEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aerolite Garage Limited for the year ended 30 November 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 Aerolite Garage Limited, as a body, in accordance with the terms of our engagement letter dated 8 June 2024Our work has been undertaken solely to prepare for your approval the financial statements of Aerolite Garage Limited and state those matters that we have agreed to state to the Board of directors of Aerolite Garage Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aerolite Garage Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Aerolite Garage Limited 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 Aerolite Garage Limited. You consider that Aerolite Garage Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Aerolite Garage Limited. 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.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
25 March 2025
Page 1

 
AEROLITE GARAGE LIMITED
REGISTERED NUMBER: 05246833

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
10,000

Tangible assets
 5 
138,790
147,597

  
138,790
157,597

Current assets
  

Stocks
 6 
57,611
99,427

Debtors: amounts falling due within one year
 7 
245,139
37,518

Cash at bank and in hand
  
369,494
534,865

  
672,244
671,810

Creditors: amounts falling due within one year
 8 
(143,598)
(195,662)

Net current assets
  
 
 
528,646
 
 
476,148

Total assets less current liabilities
  
667,436
633,745

Creditors: amounts falling due after more than one year
 9 
-
(7,400)

Provisions for liabilities
  

Deferred tax
  
(31,312)
(32,523)

Net assets
  
636,124
593,822


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
636,024
593,722

  
636,124
593,822


Page 2

 
AEROLITE GARAGE LIMITED
REGISTERED NUMBER: 05246833
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 March 2025.




S Parrott
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
AEROLITE GARAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

The Company is a private company limited by shares. It is incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The Company's principal activity is that of garage proprietors. The principal place of business is Watton, Norfolk.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
AEROLITE GARAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
20
years

Page 5

 
AEROLITE GARAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Plant & machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Other fixed assets
-
3.33%/5% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
AEROLITE GARAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 9).


4.


Intangible assets




Goodwill

£



Cost


At 1 December 2023
200,000



At 30 November 2024

200,000



Amortisation


At 1 December 2023
190,000


Charge for the year on owned assets
10,000



At 30 November 2024

200,000



Net book value



At 30 November 2024
-



At 30 November 2023
10,000



Page 7

 
AEROLITE GARAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 December 2023
6,200
92,483
19,330
126,726
244,739


Additions
-
3,513
60,588
-
64,101


Disposals
-
(19,204)
(71,568)
-
(90,772)



At 30 November 2024

6,200
76,792
8,350
126,726
218,068



Depreciation


At 1 December 2023
-
54,864
17,492
24,786
97,142


Charge for the year on owned assets
-
5,206
1,605
6,278
13,089


Disposals
-
(15,392)
(15,561)
-
(30,953)



At 30 November 2024

-
44,678
3,536
31,064
79,278



Net book value



At 30 November 2024
6,200
32,114
4,814
95,662
138,790



At 30 November 2023
6,200
37,619
1,838
101,940
147,597


6.


Stocks

2024
2023
£
£

Raw materials and consumables
57,611
99,427

57,611
99,427



7.


Debtors

2024
2023
£
£


Trade debtors
26,360
34,414

Other debtors
218,779
3,104
Page 8

 
AEROLITE GARAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

7.Debtors (continued)


245,139
37,518



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
7,400
3,600

Trade creditors
58,355
96,589

Other taxation and social security
69,238
83,297

Other creditors
-
5,144

Accruals and deferred income
8,605
7,032

143,598
195,662



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
-
7,400

-
7,400



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



35 'A' Ordinary shares of £1.00 each
35
35
35 'B' Ordinary shares of £1.00 each
35
35
15 'C' Ordinary shares of £1.00 each
15
15
15 'D' Ordinary shares of £1.00 each
15
15

100

100


Page 9

 
AEROLITE GARAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

11.Commitments, guarantees and contingencies

At 30 November 2024, the company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £47,699 (2023: £58,672).


12.


Transactions with directors

As at 1 December 2023 the company owed the directors £ 5,145. During the year £116,750 was introduced and personal expenses of £338,744 were met by the company. Interest at 2.25% of £1,609 was charged on the overdrawn balances. 
As at 30 November 2024 the directors owed
 £ 218,458 to the company.
Directors loans are repayable upon demand and included within debtors per note 6 to the accounts. Interest is only charged when the loans are overdrawn.

 
Page 10