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Registration number: 09951249

South West Aerospace Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

South West Aerospace Holdings Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

South West Aerospace Holdings Limited

(Registration number: 09951249)
Statement of Financial Position as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

62,645

76,073

Investments

5

100

100

Debtors

6

2,363,711

1,615,066

 

2,426,456

1,691,239

Current assets

 

Debtors

6

689,822

426,749

Cash at bank and in hand

 

1,804,016

2,842,675

 

2,493,838

3,269,424

Creditors: Amounts falling due within one year

7

(126,046)

(237,100)

Net current assets

 

2,367,792

3,032,324

Net assets

 

4,794,248

4,723,563

Capital and reserves

 

Called up share capital

600

600

Capital redemption reserve

301

301

Profit and loss account

4,793,347

4,722,662

Shareholders' funds

 

4,794,248

4,723,563

For the financial year ending 31 March 2025 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 30 June 2025 and signed on its behalf by:
 


Mr Michael Saywell
Director

 

South West Aerospace Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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:
Okehampton Point
Exeter Road Industrial Estate
Okehampton
Devon
EX20 1UA

Principal activity

The principal activity of the company is a holding company.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group..

Going concern

The financial statements have been prepared on a going concern basis.

 

South West Aerospace Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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 statement of financial position 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.

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

Long leasehold property

10 year straight line

Fittings, fixtures and equipment

15% reducing balance

Computer equipment

3 year straight line

 

South West Aerospace Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

South West Aerospace Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

4

Tangible assets

Long leasehold property
£

Fixtures, fittings and equipment
£

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2024

115,016

89,359

24,690

229,065

At 31 March 2025

115,016

89,359

24,690

229,065

Depreciation

At 1 April 2024

63,204

65,098

24,690

152,992

Charge for the year

9,740

3,688

-

13,428

At 31 March 2025

72,944

68,786

24,690

166,420

Carrying amount

At 31 March 2025

42,072

20,573

-

62,645

At 31 March 2024

51,812

24,261

-

76,073

5

Investments

2025
£

2024
£

Investments in subsidiaries

100

100

 

South West Aerospace Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

6

Debtors

2025
£

2024
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

3,052,306

2,040,417

Other debtors

1,227

1,398

 

3,053,533

2,041,815

The debtors above include the following amounts falling due after more than one year:

Non-current

2025
£

2024
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

2,363,711

1,615,066

 

2,363,711

1,615,066

7

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

Trade creditors

858

192

Taxation and social security

99,652

196,008

Accruals and deferred income

7,385

7,724

Other creditors

18,151

33,176

126,046

237,100

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

South West Aerospace Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

9

Related party transactions

Transactions with directors

2025

At 1 April 2024
£

Advances to director
£

At 31 March 2025
£

The Directors

(24,700)

11,325

(13,375)

       
     

 

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

The Directors

(42,031)

202,331

(185,000)

(24,700)

 

The loans are repayable on demand and overdrawn balances carry interest at the official rate.

Summary of transactions with other related parties

At the year end, £4,776 was due to an owner holding a participating interest (2024: £8,476). The loan is repayable on demand and overdrawn balances carry interest at the official rate.