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REGISTERED NUMBER: 07102920 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31st December 2024

for

Hmg Aerospace Ltd

Hmg Aerospace Ltd (Registered number: 07102920)

Contents of the Financial Statements
for the Year Ended 31st December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Certified Accountants' Report 10

Hmg Aerospace Ltd

Company Information
for the Year Ended 31st December 2024







DIRECTORS: M J Howells
Mrs R D Howells





REGISTERED OFFICE: Cody Technology Park
First Floor Building A8, Suite 1038
Ively Road
Farnborough
Hampshire
GU14 0LX





REGISTERED NUMBER: 07102920 (England and Wales)





ACCOUNTANTS: Whiteleys
Chartered Certified Accountants
Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT

Hmg Aerospace Ltd (Registered number: 07102920)

Balance Sheet
31st December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - 15,000
Tangible assets 6 80,457 102,358
80,457 117,358

CURRENT ASSETS
Debtors 7 303,702 395,396
Cash at bank 297,619 237,506
601,321 632,902
CREDITORS
Amounts falling due within one year 8 185,759 138,391
NET CURRENT ASSETS 415,562 494,511
TOTAL ASSETS LESS CURRENT
LIABILITIES

496,019

611,869

CREDITORS
Amounts falling due after more than one
year

9

(81,932

)

(129,947

)

PROVISIONS FOR LIABILITIES (16,756 ) (22,141 )
NET ASSETS 397,331 459,781

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 397,231 459,681
SHAREHOLDERS' FUNDS 397,331 459,781

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Hmg Aerospace Ltd (Registered number: 07102920)

Balance Sheet - continued
31st December 2024


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 10th June 2025 and were signed on its behalf by:





M J Howells - Director


Hmg Aerospace Ltd (Registered number: 07102920)

Notes to the Financial Statements
for the Year Ended 31st December 2024


1. STATUTORY INFORMATION

Hmg Aerospace Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

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.

Publishing rights are being amortised evenly over their estimated useful life of 5 years.

Tangible fixed assets
Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as follows:

Office equipment-Straight line over 3 years
Motor vehicles-25% reducing balance
Website-Straight line over 3 years

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss, and included in other operating income.


Hmg Aerospace Ltd (Registered number: 07102920)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Hmg Aerospace Ltd (Registered number: 07102920)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024


3. ACCOUNTING POLICIES - continued

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 17 ) .

5. INTANGIBLE FIXED ASSETS
Publishing
rights
£   
COST
At 1st January 2024
and 31st December 2024 250,000
AMORTISATION
At 1st January 2024 235,000
Amortisation for year 15,000
At 31st December 2024 250,000
NET BOOK VALUE
At 31st December 2024 -
At 31st December 2023 15,000

Hmg Aerospace Ltd (Registered number: 07102920)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024


6. TANGIBLE FIXED ASSETS
Office Motor
equipment vehicles Website Totals
£    £    £    £   
COST
At 1st January 2024 - 120,600 7,860 128,460
Additions 1,666 - - 1,666
At 31st December 2024 1,666 120,600 7,860 130,126
DEPRECIATION
At 1st January 2024 - 18,242 7,860 26,102
Charge for year 278 23,289 - 23,567
At 31st December 2024 278 41,531 7,860 49,669
NET BOOK VALUE
At 31st December 2024 1,388 79,069 - 80,457
At 31st December 2023 - 102,358 - 102,358

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st January 2024
and 31st December 2024 120,600
DEPRECIATION
At 1st January 2024 18,242
Charge for year 23,289
At 31st December 2024 41,531
NET BOOK VALUE
At 31st December 2024 79,069
At 31st December 2023 102,358

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 279,157 355,962
Other debtors 24,545 39,434
303,702 395,396

Hmg Aerospace Ltd (Registered number: 07102920)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 30,000 30,000
Hire purchase contracts (see note 10) 18,015 16,860
Trade creditors 53,903 27,849
Taxation and social security 39,223 40,546
Other creditors 44,618 23,136
185,759 138,391

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 15,000 45,000
Hire purchase contracts (see note 10) 66,932 84,947
81,932 129,947

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 18,015 16,860
Between one and five years 66,932 84,947
84,947 101,807

Non-cancellable operating leases
2024 2023
£    £   
Within one year 42,000 42,000
Between one and five years 17,500 59,500
59,500 101,500

Hmg Aerospace Ltd (Registered number: 07102920)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2024 and 31st December 2023:

2024 2023
£    £   
Mrs R D Howells and M J Howells
Balance outstanding at start of year 17,988 17,658
Amounts advanced - 17,988
Amounts repaid (17,988 ) (17,658 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 17,988

Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Hmg Aerospace Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hmg Aerospace Ltd for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Hmg Aerospace Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hmg Aerospace Ltd and state those matters that we have agreed to state to the Board of Directors of Hmg Aerospace Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hmg Aerospace Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hmg Aerospace Ltd. You consider that Hmg Aerospace Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hmg Aerospace Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Whiteleys
Chartered Certified Accountants
Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT


10th June 2025