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Registration number: 7689999

Unique Aerospace Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Unique Aerospace Limited

(Registration number: 7689999)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,973

1,462

Investments

5

2,763,760

2,763,760

 

2,765,733

2,765,222

Current assets

 

Debtors

6

27,602

11,467

Cash at bank and in hand

 

1,195

18,396

 

28,797

29,863

Creditors: Amounts falling due within one year

7

(242,942)

(409,052)

Net current liabilities

 

(214,145)

(379,189)

Total assets less current liabilities

 

2,551,588

2,386,033

Creditors: Amounts falling due after more than one year

7

(2,522,509)

(2,382,692)

Net assets

 

29,079

3,341

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

29,069

3,331

Shareholders' funds

 

29,079

3,341

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 March 2025 and signed on its behalf by:
 

.........................................
J T Wilson
Director

   
     
 

Unique Aerospace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
35 Chequers Court
Brown Street
Salisbury
Wiltshire
SP1 2AS
England

These financial statements were authorised for issue by the Board on 10 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The financial statements contain information about Unique Aerospace Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399 of the Companies Act 2006 from the requirements to prepare consolidated financial statements..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Dividend income is recognised when receivable.

 

Unique Aerospace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Plant and machinery

15% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Unique Aerospace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Unique Aerospace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

4,841

5,951

10,792

Additions

1,089

-

1,089

At 31 July 2024

5,930

5,951

11,881

Depreciation

At 1 August 2023

4,583

4,747

9,330

Charge for the year

397

181

578

At 31 July 2024

4,980

4,928

9,908

Carrying amount

At 31 July 2024

950

1,023

1,973

At 31 July 2023

258

1,204

1,462

 

Unique Aerospace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

2,763,760

2,763,760

Subsidiaries

£

Cost or valuation

At 1 August 2023

2,763,760

Provision

At 31 July 2024

-

Carrying amount

At 31 July 2024

2,763,760

At 31 July 2023

2,763,760

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Griffiths Aero Limited

35 Chequers Court, Brown Street, Salisbury, Wiltshire, SP1 2AS

England

Ordinary shares

100%

100%

Subsidiary undertakings

Griffiths Aero Limited

The principal activity of Griffiths Aero Limited is engineering. Its financial period end is 31 October. The profit for the financial period of Griffiths Aero Limited was £338,726 and the aggregate amount of Capital and reserves at the end of the period was £1,802,454.

 

Unique Aerospace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

26,391

11,467

Prepayments

1,211

-

 

27,602

11,467

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

222,000

222,039

Trade creditors

 

787

(64)

Taxation and social security

 

7,217

11,881

Accruals and deferred income

 

12,821

174,684

Other creditors

 

117

512

 

242,942

409,052


Creditors includes a loan of £216,000 (2023 - £216,000). The loan is repayable over the next six years and interest is payable at 2.5% .

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,054,857

1,276,857

Other non-current financial liabilities

 

1,467,652

1,105,835

 

2,522,509

2,382,692


Creditors includes a loan of £1,049,357 (2023 - £1,265,357). The loan is repayable over the next six years and interest is payable at 2.5%.

It also includes a balance of £1,467,652 (2023: £1,105,835) due to the subsidiary company.

 

Unique Aerospace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,500

11,500

Other borrowings

1,049,357

1,265,357

1,054,857

1,276,857

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,000

6,000

Other borrowings

216,000

216,039

222,000

222,039