Merseyflight Limited
Company Registration No. 06452587 (England And Wales)
Unaudited Financial Statements
Year Ended 31 December 2024
MERSEYFLIGHT LIMITED
Merseyflight Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MERSEYFLIGHT LIMITED
Merseyflight Limited
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
347,161
178,681
Current assets
Stocks
500
1,470
Debtors
4
7,818
8,639
Cash at bank and in hand
52,991
70,741
61,309
80,850
Creditors: amounts falling due within one year
5
(106,815)
(102,369)
Net current liabilities
(45,506)
(21,519)
Total assets less current liabilities
301,655
157,162
Creditors: amounts falling due after more than one year
6
(276,269)
(130,786)
Provisions for liabilities
(26,444)
(26,394)
Net liabilities
(1,058)
(18)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,158)
(118)
Total equity
(1,058)
(18)
MERSEYFLIGHT LIMITED
Merseyflight Limited
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 3 July 2025 and are signed on its behalf by:
Mr N Williams
Director
Company registration number 06452587 (England and Wales)
MERSEYFLIGHT LIMITED
Merseyflight Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Merseyflight Limited is a private company limited by shares incorporated in England and Wales. The registered office is General Aviation Centre, International House, Aviation Park, Flint Road, Saltney Ferry, Chester, Flintshire, Wales, CH4 0GZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MERSEYFLIGHT LIMITED
Merseyflight Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Buildings improvements
15% on reducing balance
Plant and equipment
at various rates in line with aircraft useful life (previously 16% reducing balance)
Computers
straight line over 4 years (previously 25% reducing balance)
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Plant and equipment depreciation has been adjusted in line with remaining useful life and residual values of the assets.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MERSEYFLIGHT LIMITED
Merseyflight Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

MERSEYFLIGHT LIMITED
Merseyflight Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
7
3
Tangible fixed assets
Buildings improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
3,879
222,088
38,450
33,145
297,562
Additions
-
0
195,500
1,515
-
0
197,015
Disposals
-
0
(41,588)
(26,606)
(33,145)
(101,339)
At 31 December 2024
3,879
376,000
13,359
-
0
393,238
Depreciation and impairment
At 1 January 2024
1,497
69,554
28,668
19,162
118,881
Depreciation charged in the year
357
(11,677)
4,651
-
0
(6,669)
Eliminated in respect of disposals
-
0
(23,874)
(23,099)
(19,162)
(66,135)
At 31 December 2024
1,854
34,003
10,220
-
0
46,077
Carrying amount
At 31 December 2024
2,025
341,997
3,139
-
0
347,161
At 31 December 2023
2,382
152,534
9,782
13,983
178,681
MERSEYFLIGHT LIMITED
Merseyflight Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
391
1,316
Other debtors
7,427
7,323
7,818
8,639
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
52,938
26,473
Trade creditors
31,519
40,995
Taxation and social security
2,423
2,764
Other creditors
-
0
178
Accruals and deferred income
19,935
31,959
106,815
102,369
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
276,269
130,786
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
67,660
52,394
7
Secured debts

Included within creditors are secured debts in the sum of £302570 (2023 £129758).

MERSEYFLIGHT LIMITED
Merseyflight Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
8
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors Loan
-
-
7,427
7,427
-
7,427
7,427
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