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Registration number: 05904005

Aerofin Laboratories Limited

Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Aerofin Laboratories Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 15

 

Aerofin Laboratories Limited

Company Information

Directors

Mrs SI French

Mr PJ French

Mr AJ French

Company secretary

Mrs SI French

Registered office

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

 

Aerofin Laboratories Limited

(Registration number: 05904005)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

266

310

Tangible assets

5

958,462

882,260

 

958,728

882,570

Current assets

 

Stocks

6

34,380

35,000

Debtors

7

705,205

605,800

Cash at bank and in hand

 

536,412

488,385

 

1,275,997

1,129,185

Creditors: Amounts falling due within one year

8

(429,047)

(364,342)

Net current assets

 

846,950

764,843

Total assets less current liabilities

 

1,805,678

1,647,413

Creditors: Amounts falling due after more than one year

8

-

(202,515)

Provisions for liabilities

(62,244)

(52,542)

Net assets

 

1,743,434

1,392,356

Capital and reserves

 

Called up share capital

11

1,000

1,000

Retained earnings

1,742,434

1,391,356

Shareholders' funds

 

1,743,434

1,392,356

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 July 2025 and signed on its behalf by:
 

.........................................
Mr AJ French
Director

 

Aerofin Laboratories Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF
United Kingdom

The principal place of business is:
68A Love Lane
Burnham-on-Sea
Somerset
TA8 1EY
England

2

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

2

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

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:

Asset class

Depreciation method and rate

Freehold building

2% straight line

Freehold land

N/A

Leasehold improvements

10% straight line

Plant and machinery

15% reducing balance

Furniture and fittings

15% reducing balance

Motor vehicles

25% reducing balance

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:

Asset class

Amortisation method and rate

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

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

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instruments is any contact that evidences a residual interest in the assets of the company, after deducting all liabilities.

3

Staff numbers

The average number of persons employed by the company (excluding directors) during the year, was 15 (2023 - 13).

 

Aerofin Laboratories Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 November 2023

443

443

At 31 October 2024

443

443

Amortisation

At 1 November 2023

133

133

Amortisation charge

44

44

At 31 October 2024

177

177

Carrying amount

At 31 October 2024

266

266

At 31 October 2023

310

310

 

Aerofin Laboratories Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Tangible assets

Land & Buildings
£

Furniture, fittings and computer equipment
 £

Motor vehicles
 £

Plant and Equipment
 £

Total
£

Cost or valuation

At 1 November 2023

752,516

68,477

51,136

418,237

1,290,366

Additions

55,713

7,476

-

58,484

121,673

At 31 October 2024

808,229

75,953

51,136

476,721

1,412,039

Depreciation

At 1 November 2023

102,834

50,254

33,535

221,482

408,105

Charge for the year

(4,363)

7,149

4,400

38,286

45,472

At 31 October 2024

98,471

57,403

37,935

259,768

453,577

Carrying amount

At 31 October 2024

709,758

18,550

13,201

216,953

958,462

At 31 October 2023

649,681

18,223

17,601

196,755

882,260

6

Stocks

2024
£

2023
£

Stock

34,380

35,000

 

Aerofin Laboratories Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Debtors

2024
£

2023
£

Trade debtors

357,092

402,259

Prepayments

7,480

5,529

Other debtors

340,633

198,012

705,205

605,800

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

-

18,116

Trade creditors

 

17,705

22,842

Amounts owed to parent undertaking

12

58,500

-

Taxation and social security

 

264,607

291,347

Accruals and deferred income

 

73,361

11,048

Other creditors

 

14,874

20,989

 

429,047

364,342


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

8

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

202,515


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.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

1,619

1,619

1,619

1,619

The amount of non-cancellable operating lease payments recognised as an expense during the year was £18,518 (2023 - £18,159).

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

202,515

 

Aerofin Laboratories Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

10

Loans and borrowings (continued)

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

18,116

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

700

700

700

700

Ordinary B of £1 each

100

100

100

100

Ordinary C of £1 each

100

100

100

100

Ordinary D of £1 each

100

100

100

100

1,000

1,000

1,000

1,000

Rights, preferences and restrictions

Ordinary A have the following rights, preferences and restrictions:
Full voting, full equity, dividend rights, non redeemable

Ordinary B have the following rights, preferences and restrictions:
Non-voting, full equity, dividend rights, non redeemable

Ordinary C have the following rights, preferences and restrictions:
Non-voting, full equity, dividend rights, non redeemable

Ordinary D have the following rights, preferences and restrictions:
Non-voting, full equity, dividend rights, non redeemable

12

Related party transactions

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

12

Related party transactions (continued)

Summary of transactions with parent

Willow Tree (South West) Limited
The company was aquired by the parent on 31 January 2024 by way of share for share exchange.

Loans from related parties

2024

Parent
£

Total
£

Advanced

58,500

58,500

At end of period

58,500

58,500

Terms of loans from related parties

This loan is interest free and repayable on demand. The loan was repaid within 5 months of the year end.
 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

197,327

197,327

Advanced

143,306

143,306

At end of period

340,633

340,633

2023

Other related parties
£

Total
£

At start of period

2,337

2,337

Advanced

187,718

187,718

Interest transactions

7,272

7,272

At end of period

197,327

197,327

 

Aerofin Laboratories Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

12

Related party transactions (continued)

Terms of loans to related parties

PADLS Limited
(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.

13

Parent and ultimate parent undertaking

There is no ultimate controlling party.

 The company's immediate parent is Willow Tree (South West) Limited, incorporated in United Kingdom.