Registration number:
Aerofin Laboratories Limited
for the
Year Ended 31 October 2024
Aerofin Laboratories Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Aerofin Laboratories Limited
Company Information
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Directors |
Mrs SI French Mr PJ French Mr AJ French |
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Company secretary |
Mrs SI French |
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Registered office |
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Accountants |
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Aerofin Laboratories Limited
(Registration number: 05904005)
Balance Sheet as at 31 October 2024
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2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Aerofin Laboratories Limited
(Registration number: 05904005)
Balance Sheet as at 31 October 2024
For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Aerofin Laboratories Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
68A Love Lane
Burnham-on-Sea
Somerset
TA8 1EY
England
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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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 presentation currency of the financial statements is Pound Sterling (£).
Aerofin Laboratories Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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 balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Aerofin Laboratories Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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2 |
Accounting policies (continued) |
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:
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Asset class |
Depreciation method and rate |
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Freehold building |
2% straight line |
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Freehold land |
N/A |
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Leasehold improvements |
10% straight line |
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Plant and machinery |
15% reducing balance |
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Furniture and fittings |
15% reducing balance |
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Motor vehicles |
25% reducing balance |
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Computer equipment |
25% straight line |
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Other intangible asset |
10 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand 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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Aerofin Laboratories Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Aerofin Laboratories Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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2 |
Accounting policies (continued) |
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
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.
Financial instruments
Classification
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Staff numbers |
The average number of persons employed by the company (excluding directors) during the year, was
Aerofin Laboratories Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Intangible assets |
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Other intangible assets |
Total |
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Cost or valuation |
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At 1 November 2023 |
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At 31 October 2024 |
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Amortisation |
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At 1 November 2023 |
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Amortisation charge |
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At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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Aerofin Laboratories Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Tangible assets |
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Land & Buildings |
Furniture, fittings and computer equipment |
Motor vehicles |
Plant and Equipment |
Total |
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Cost or valuation |
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At 1 November 2023 |
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Additions |
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- |
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At 31 October 2024 |
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Depreciation |
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At 1 November 2023 |
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Charge for the year |
( |
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At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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Stocks |
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2024 |
2023 |
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Stock |
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Aerofin Laboratories Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Amounts owed to parent undertaking |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors falling due within one year include bank loans which are secured of £0 (2023 - £18,116). Fixed and floating charges in favour of Lloyds Bank PLC, over property including units J7 and J12 Oak Tree Business Park, Bristol Road, Highbridge, Somerset, TA9 4HA, were satisfied on 26 April 2024.
Aerofin Laboratories Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Creditors (continued) |
Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Creditors falling due after more than one year include bank loans which are secured of £0 (2023 - £202,515). Fixed and floating charges in favour of Lloyds Bank PLC, over property including units J7 and J12 Oak Tree Business Park, Bristol Road, Highbridge, Somerset, TA9 4HA, were satisfied on 26 April 2024.
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
- |
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Aerofin Laboratories Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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10 |
Loans and borrowings (continued) |
Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
- |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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700 |
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700 |
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100 |
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100 |
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100 |
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100 |
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100 |
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100 |
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Rights, preferences and restrictions
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Ordinary A have the following rights, preferences and restrictions: |
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Ordinary B have the following rights, preferences and restrictions: |
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Ordinary C have the following rights, preferences and restrictions: |
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Ordinary D have the following rights, preferences and restrictions: |
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Related party transactions |
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Other transactions with directors |
Mr P & Mrs S French
During the year market value rent of £18,000 (2023 - £18,000) was paid to the directors.
Aerofin Laboratories Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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12 |
Related party transactions (continued) |
Summary of transactions with parent
Loans from related parties
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2024 |
Parent |
Total |
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Advanced |
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At end of period |
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Terms of loans from related parties
Loans to related parties
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2024 |
Other related parties |
Total |
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At start of period |
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Advanced |
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At end of period |
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2023 |
Other related parties |
Total |
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At start of period |
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Advanced |
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Interest transactions |
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At end of period |
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Aerofin Laboratories Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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12 |
Related party transactions (continued) |
Terms of loans to related parties
(A company under common control)
This loan is repayable on demand. Interest was charged on this loan at 7.5% up to 31 October 2023 and it is interest-free thereafter.
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Parent and ultimate parent undertaking |
The company's immediate parent is