Silverfin false false 31/07/2024 01/08/2023 31/07/2024 Warren Henry Crook 26/07/2022 29 April 2025 The company incorporated on 26 July 2022 and commenced trading on 1 February 2023. 14255972 2024-07-31 14255972 bus:Director1 2024-07-31 14255972 core:CurrentFinancialInstruments 2024-07-31 14255972 core:CurrentFinancialInstruments 2023-07-31 14255972 2023-07-31 14255972 core:ShareCapital 2024-07-31 14255972 core:ShareCapital 2023-07-31 14255972 core:RetainedEarningsAccumulatedLosses 2024-07-31 14255972 core:RetainedEarningsAccumulatedLosses 2023-07-31 14255972 2023-08-01 2024-07-31 14255972 bus:FilletedAccounts 2023-08-01 2024-07-31 14255972 bus:SmallEntities 2023-08-01 2024-07-31 14255972 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 14255972 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 14255972 bus:Director1 2023-08-01 2024-07-31 14255972 2022-07-26 2023-07-31 iso4217:GBP xbrli:pure

Company No: 14255972 (England and Wales)

COMPLETE ENGINE SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

COMPLETE ENGINE SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

COMPLETE ENGINE SERVICES LIMITED

COMPANY INFORMATION

For the financial year ended 31 July 2024
COMPLETE ENGINE SERVICES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2024
DIRECTOR Warren Henry Crook
REGISTERED OFFICE Leeward House Fitzroy Road
Exeter Business Park
Exeter
EX1 3LJ
United Kingdom
COMPANY NUMBER 14255972 (England and Wales)
ACCOUNTANT Old Mill Accountancy Limited
Leeward House
Fitzroy Road
Exeter Business Park
Exeter
Devon
EX1 3LJ
COMPLETE ENGINE SERVICES LIMITED

BALANCE SHEET

As at 31 July 2024
COMPLETE ENGINE SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 31.07.2024 31.07.2023
£ £
Current assets
Debtors 3 13,175 38,505
Cash at bank and in hand 7,512 10,510
20,687 49,015
Creditors: amounts falling due within one year 4 ( 17,796) ( 48,915)
Net current assets 2,891 100
Total assets less current liabilities 2,891 100
Net assets 2,891 100
Capital and reserves
Called-up share capital 100 100
Profit and loss account 2,791 0
Total shareholder's funds 2,891 100

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Complete Engine Services Limited (registered number: 14255972) were approved and authorised for issue by the Director on 29 April 2025. They were signed on its behalf by:

Warren Henry Crook
Director
COMPLETE ENGINE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
COMPLETE ENGINE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Complete Engine Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leeward House Fitzroy Road, Exeter Business Park, Exeter, EX1 3LJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Company is supported through management charges from companies under common ownership. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

These financial statements cover a 12 month period, whereas the reporting period length of the comparative period in these financial statements was just over 12 months. The company incorporated on 26 July 2022 and therefore the comparative period covers the period 26 July 2022 to 31 July 2023. The company commenced trading on 1 February 2023 so there was only six months of trade included in the comparatives. The results are, therefore, not entirely comparable.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for aircraft and spacecraft maintenance and repair services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer, the amount of revenue can be measured reliably, it is probably 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.

Turnover from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be reliably estimated, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

Year ended
31.07.2024
Period from
26.07.2022 to
31.07.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Debtors

31.07.2024 31.07.2023
£ £
Trade debtors 10,617 35,758
Other debtors 2,558 2,747
13,175 38,505

4. Creditors: amounts falling due within one year

31.07.2024 31.07.2023
£ £
Trade creditors 11,272 32,725
Accruals 4,145 13,933
Taxation and social security 2,379 2,257
17,796 48,915

5. Related party transactions

Other related party transactions

31.07.2024 31.07.2023
£ £
Aerocare Aviation Services Limited- creditor (8,650) (42,694)

During the period, and during the comparative period, some income and expenditure was recharged to Aerocare Aviation Services Limited, a connected company under common control. The work undertaken to satisfy the contracts recognised as income in this company was completed by Aerocare Aviation Services Limited and the costs relating to the delivery of the contracts (such as materials and staffing) were also incurred by Aerocare Aviation Services Limited.

The director has concluded, therefore, that some income and expenditure in this company should be recharged to Aerocare Aviation Services Limited in this period.