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REGISTERED NUMBER: 03487563 (England and Wales)















Abridged Unaudited Financial Statements for the Year Ended 30 September 2024

for

Airxcite Limited
T/A
Virgin Balloon Flights

Airxcite Limited (Registered number: 03487563)
T/A Virgin Balloon Flights






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Airxcite Limited
T/A Virgin Balloon Flights

Company Information
for the Year Ended 30 September 2024







DIRECTOR: K R Karlstrom





REGISTERED OFFICE: Jesson House
Stafford Court
Telford
Shropshire
TF3 3BD





REGISTERED NUMBER: 03487563 (England and Wales)





ACCOUNTANTS: Litchfields
5 Luke Street
London
EC2A 4PX

Airxcite Limited (Registered number: 03487563)
T/A Virgin Balloon Flights

Abridged Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 250,910 472,094
Tangible assets 5 1,175,517 875,811
1,426,427 1,347,905

CURRENT ASSETS
Stocks 32,999 41,767
Debtors 1,490,956 1,216,673
Prepayments and accrued income 131,813 148,589
Cash at bank and in hand 1,523,511 2,780,014
3,179,279 4,187,043
CREDITORS
Amounts falling due within one year 6,558,497 7,137,860
NET CURRENT LIABILITIES (3,379,218 ) (2,950,817 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,952,791

)

(1,602,912

)

CAPITAL AND RESERVES
Called up share capital 6 1,000 1,000
Retained earnings (1,953,791 ) (1,603,912 )
SHAREHOLDER FUNDS (1,952,791 ) (1,602,912 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Airxcite Limited (Registered number: 03487563)
T/A Virgin Balloon Flights

Abridged Balance Sheet - continued
30 September 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 June 2025 and were signed by:





K R Karlstrom - Director


Airxcite Limited (Registered number: 03487563)
T/A Virgin Balloon Flights

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Airxcite Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net sales of goods and services excluding VAT.

Goods
Sale of goods and merchandise are recognised at the point of sale to the customer.

Services
The Company sells vouchers which can be redeemed for a hot air balloon flight or exchanged for an alternative experience. Revenue is recognised when the relevant service is rendered.

Revenue includes an estimate in relation to vouchers which will not be redeemed, based on historic non-redemption rates.

Fees to upgrade, exchange or extend vouchers are recognised when the associated service is provided.

Goodwill
Purchased goodwill is being amortised evenly over its estimated useful life of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Ballooning equipment, plant and machinery - Between 5% and 20% on cost
Fixtures, fittings and equipment - 100% on cost
Motor vehicles - Between 20% and 33.3% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Airxcite Limited (Registered number: 03487563)
T/A Virgin Balloon Flights

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 19 ) .

Airxcite Limited (Registered number: 03487563)
T/A Virgin Balloon Flights

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2023
and 30 September 2024 959,688
AMORTISATION
At 1 October 2023 487,594
Amortisation for year 221,184
At 30 September 2024 708,778
NET BOOK VALUE

At 30 September 2024 250,910
At 30 September 2023 472,094

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2023 3,037,399
Additions 567,500
Disposals (17,475 )
At 30 September 2024 3,587,424
DEPRECIATION
At 1 October 2023 2,161,588
Charge for year 261,278
Eliminated on disposal (10,959 )
At 30 September 2024 2,411,907
NET BOOK VALUE
At 30 September 2024 1,175,517
At 30 September 2023 875,811

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

Airxcite Limited (Registered number: 03487563)
T/A Virgin Balloon Flights

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
£    £   
K R Karlstrom
Balance outstanding at start of year 261 31,934
Amounts advanced 5,029 261
Amounts repaid (797 ) (31,934 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,493 261

The loan to the director is interest free with no fixed term for repayment.

8. RELATED PARTY DISCLOSURES

Included in other debtors is a loan to an entity which is jointly controlled by the director and a member of key management. The loan is interest free with no fixed term for repayment and the balance outstanding at 30 September 2024 was £437,469.

The jointly controlled entity owns 2 commercial properties which are used in Airxcite Limited's business rent free.

Included in other debtors is a second balance due from an entity which is jointly controlled by the director and a member of key management.The loan is interest free with no fixed term for repayment and the balance outstanding at 30 September 2024 was £483,248.The loan has been repaid post year end.

The second jointly controlled entity occupies the same premises as Airxcite Limited and is operated by staff employed and paid by the company. These costs are not reimbursed or recharged.