| REGISTERED NUMBER: |
| Abridged Unaudited Financial Statements for the Year Ended 30 September 2024 |
| for |
| Airxcite Limited |
| T/A |
| Virgin Balloon Flights |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Prepayments and accrued income |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 6 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDER FUNDS | ( |
) | ( |
) |
| 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 were approved by the director and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| Tangible fixed assets |
| Ballooning equipment, plant and machinery | - |
| Fixtures, fittings and equipment | - |
| Motor vehicles | - |
| 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 |
| 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 |
| AMORTISATION |
| At 1 October 2023 |
| Amortisation for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 6. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| 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 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 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. |