| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| IONIAN AIR LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| IONIAN AIR LIMITED |
| IONIAN AIR LIMITED (REGISTERED NUMBER: 07600341) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| IONIAN AIR LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 August 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Unit 2 Charnwood Edge Business Park |
| Syston Road, Leicester |
| LE7 4UZ |
| Magma Audit LLP is part |
| Of the Dains Group |
| IONIAN AIR LIMITED (REGISTERED NUMBER: 07600341) |
| BALANCE SHEET |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks |
| Debtors | 4 |
| Investments | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director and authorised for issue on |
| IONIAN AIR LIMITED (REGISTERED NUMBER: 07600341) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Ionian Air Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is Unit 2 Charnwood Edge Business Park, Syston Road, Cossington, Leicester, LE7 4UZ and the registered number is 07600341. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The presentation currency of the financial statements is pound sterling (£) and figures are rounded to the nearest £1. |
| Turnover |
| 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 revenue is recognised: |
| Rendering of services |
| Revenue 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 revenue 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. |
| Rendering of goods |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed ot the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable 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. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
| 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. |
| Financial instruments |
| (i) Financial assets |
| Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Such assets are subsequently carried at amortised cost using the effective interest rate method. |
| ii) Financial liabilities |
| Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate. |
| IONIAN AIR LIMITED (REGISTERED NUMBER: 07600341) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| The tax expense for the year comprises current and deferred tax. |
| Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: |
| - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
| - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
| Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Investments |
| Investments which are held for capital appreciation are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 5. | CURRENT ASSET INVESTMENTS |
| 2024 | 2023 |
| £ | £ |
| Listed investments | 3,950 | - |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| IONIAN AIR LIMITED (REGISTERED NUMBER: 07600341) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 August 2024 |
| 7. | RELATED PARTY DISCLOSURES |
| During the year purchases of £Nil (2023: £Nil) and sales of £35,871 (2023: £Nil) were made from OE Sail Ionian, a overseas company in which N Bingham is a director. At the year end £77,824 (2023: £21,885) was owed to Ionian Air Limited. |
| During the year purchases of £Nil (2023: £Nil) and sales of £Nil (2023: £Nil) were made from O.E Yacht Charter, a overseas company in which N Bingham is a director. At the year end £108,206 (2023: £111,993) was owed to Ionian Air Limited. |
| During the year purchases of £Nil (2023: £Nil) and sales of £Nil (2023: £Nil) were made from Sale Ionian Yacht Charter, a overseas company in which N Bingham is a director. At the year end £26,381 (2023: £38,381) was owed to Ionian Air Limited. |