8 12 Aviation South West Limited 03729936 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is provision of flight training courses together with flight experience sessions. Digita Accounts Production Advanced 6.30.9574.0 true true 03729936 2023-03-01 2024-02-29 03729936 2024-02-29 03729936 2 2024-02-29 03729936 core:CurrentFinancialInstruments 2024-02-29 03729936 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 03729936 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 03729936 core:Goodwill 2024-02-29 03729936 core:MoreThanFiveYears 2024-02-29 03729936 core:WithinOneYear 2024-02-29 03729936 core:FurnitureFittings 2024-02-29 03729936 core:LandBuildings core:LongLeaseholdAssets 2024-02-29 03729936 core:MotorVehicles 2024-02-29 03729936 core:OfficeEquipment 2024-02-29 03729936 core:PlantMachinery 2024-02-29 03729936 1 2024-02-29 03729936 bus:SmallEntities 2023-03-01 2024-02-29 03729936 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 03729936 bus:FilletedAccounts 2023-03-01 2024-02-29 03729936 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 03729936 bus:RegisteredOffice 2023-03-01 2024-02-29 03729936 bus:Director1 2023-03-01 2024-02-29 03729936 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03729936 core:FurnitureFittings 2023-03-01 2024-02-29 03729936 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 03729936 core:LandBuildings core:LongLeaseholdAssets 2023-03-01 2024-02-29 03729936 core:MotorVehicles 2023-03-01 2024-02-29 03729936 core:OfficeEquipment 2023-03-01 2024-02-29 03729936 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 03729936 core:PlantMachinery 2023-03-01 2024-02-29 03729936 core:Vehicles 2023-03-01 2024-02-29 03729936 core:ParentEntities 2023-03-01 2024-02-29 03729936 countries:England 2023-03-01 2024-02-29 03729936 1 2023-03-01 2024-02-29 03729936 2023-02-28 03729936 core:Goodwill 2023-02-28 03729936 core:FurnitureFittings 2023-02-28 03729936 core:LandBuildings core:LongLeaseholdAssets 2023-02-28 03729936 core:MotorVehicles 2023-02-28 03729936 core:OfficeEquipment 2023-02-28 03729936 core:PlantMachinery 2023-02-28 03729936 1 2023-02-28 03729936 2022-03-01 2023-02-28 03729936 2023-02-28 03729936 2 2023-02-28 03729936 core:CurrentFinancialInstruments 2023-02-28 03729936 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 03729936 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 03729936 core:MoreThanFiveYears 2023-02-28 03729936 core:WithinOneYear 2023-02-28 03729936 core:FurnitureFittings 2023-02-28 03729936 core:LandBuildings core:LongLeaseholdAssets 2023-02-28 03729936 core:MotorVehicles 2023-02-28 03729936 core:OfficeEquipment 2023-02-28 03729936 core:PlantMachinery 2023-02-28 03729936 1 2023-02-28 03729936 1 2022-03-01 2023-02-28 03729936 1 2022-02-28 xbrli:pure iso4217:GBP

Registration number: 03729936

Aviation South West Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Aviation South West Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Aviation South West Limited

(Registration number: 03729936)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

477,195

520,920

Current assets

 

Stocks

1,985

2,060

Debtors

6

399,642

246,439

Cash at bank and in hand

 

66,003

133,972

 

467,630

382,471

Creditors: Amounts falling due within one year

7

(657,561)

(486,419)

Net current liabilities

 

(189,931)

(103,948)

Total assets less current liabilities

 

287,264

416,972

Creditors: Amounts falling due after more than one year

7

(287,191)

(328,252)

Provisions for liabilities

-

(21,442)

Net assets

 

73

67,278

Capital and reserves

 

Called up share capital

70,000

70,000

Profit and loss account

(69,927)

(2,722)

Shareholders' funds

 

73

67,278

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Aviation South West Limited

(Registration number: 03729936)
Statement of Financial Position as at 29 February 2024 (continued)

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 15 May 2025 and signed on its behalf by:
 


Mr A C McLaird
Director

 

Aviation South West Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Airport House, Exeter Airport
Clyst Honiton
Exeter
Devon
EX5 2BD

Principal activity

The principal activity of the company is provision of flight training courses together with flight experience sessions.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis, due to the continued support of the directors who have expressed their willingness to continue to provide this support to the company.

 

Aviation South West Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover represents the total value of training courses and experience flights undertaken, excluding value added tax, to customers during the year.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Property improvements

Straight line over the life of the lease

Fittings, fixtures and equipment

15% reducing balance

Motor vehicles

20% reducing balance

Simulator

5% straight line

Aircraft

5% straight line

 

Aviation South West Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 12).

 

Aviation South West Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

5,500

5,500

At 29 February 2024

5,500

5,500

Amortisation

At 1 March 2023

5,500

5,500

At 29 February 2024

5,500

5,500

Carrying amount

At 29 February 2024

-

-

 

Aviation South West Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

5

Tangible assets

Simulator
£

Fixtures and fittings
£

Property improvements
£

Aircraft
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

83,500

31,841

38,415

441,950

7,995

603,701

At 29 February 2024

83,500

31,841

38,415

441,950

7,995

603,701

Depreciation

At 1 March 2023

4,175

15,090

25,823

31,039

6,654

82,781

Charge for the year

4,175

2,513

7,683

29,086

268

43,725

At 29 February 2024

8,350

17,603

33,506

60,125

6,922

126,506

Carrying amount

At 29 February 2024

75,150

14,238

4,909

381,825

1,073

477,195

At 28 February 2023

79,325

16,751

12,592

410,911

1,341

520,920

 

Aviation South West Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

4,242

2,587

Other debtors

 

355,782

235,423

Prepayments

 

3,674

-

Accrued income

 

25,000

-

Income tax asset

10,944

8,429

 

399,642

246,439

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

37,759

37,759

Trade creditors

 

437,603

283,731

Taxation and social security

 

80,848

90,065

Accruals and deferred income

 

12,123

11,910

Other creditors

 

89,228

62,954

 

657,561

486,419

The above includes a loan of £10,000 (2023 - £10,000) supported by way of a 100% guarantee from the UK Government. In addition, also included is a loan of £27,759 (2023 - £27,759) used to purchase aircraft and equipment that is secured over the assets acquired.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

224,573

261,951

Deferred income

 

62,618

66,301

 

287,191

328,252

The above includes a loan of £13,280 (2023 - £22,900) supported by way of a 100% guarantee from the UK Government. In addition, also included is a loan of £211,292 (2023 - £239,051) used to purchase aircraft and equipment that is secured over the assets acquired.

Creditors include loans repayable by instalments of £130,128 (2023 - £157,887 ) due after more than five years.

 

Aviation South West Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

3,188

Later than five years

250,720

282,060

250,720

285,248

10

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

16,375

8,204

24,579

       
     

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

28,124

58,107

(69,856)

16,375

 

Summary of transactions with related party

During the year the company provided a non interest bearing loan to a related party. At 29 February 2024 the loan amounted to £327,702 (2023 - £217,048).