REGISTERED NUMBER: 12262376 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2024

for

Premium Air Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J A Lovey

REGISTERED OFFICE:

4th Floor

Silverstream House

45 Fitzroy Street

London

W1T 6EB

REGISTERED NUMBER:

12262376 (England and Wales)

ACCOUNTANTS:

Burnbecks Limited

Chartered Certified Accountants

71-75 Shelton Street

London

WC2H 9JQ

FIXED ASSETS

Tangible assets

4

41,299

11,839

CURRENT ASSETS

Debtors

220,086

363,255

Cash at bank and in hand

22,598

36,923

242,684

400,178

CREDITORS

Amounts falling due within one year

419,729

400,778

NET CURRENT LIABILITIES

(177,045

)

(600

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(135,746

)

11,239

CREDITORS

Amounts falling due after more than one year

(43,788

)

(25,470

)

PROVISIONS FOR LIABILITIES

(1,759

)

(2,250

)

NET LIABILITIES

(181,293

)

(16,481

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(181,393

)

(16,581

)

SHAREHOLDERS' FUNDS

(181,293

)

(16,481

)

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

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

The director acknowledges his 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.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 29 October 2025 and were signed by:

J A Lovey - Director

1.	STATUTORY INFORMATION

Premium Air Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

At the balance sheet date the company's liabilities exceeded its assets by £181,293. Working capital is provided by a loan from the director/shareholders and as these loans will only be repaid once cash flow permits, the director has prepared these accounts on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant & machinery

-

15% on cost

Computer equipment

-

33% on cost

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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2023

17,972

Additions

43,061

At 31 October 2024

61,033

DEPRECIATION

At 1 November 2023

6,133

Charge for year

13,601

At 31 October 2024

19,734

NET BOOK VALUE

At 31 October 2024

41,299

At 31 October 2023

11,839

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Totals

£

COST

At 1 November 2023

13,950

Additions

42,500

At 31 October 2024

56,450

DEPRECIATION

At 1 November 2023

3,488

Charge for year

13,241

At 31 October 2024

16,729

NET BOOK VALUE

At 31 October 2024

39,721

At 31 October 2023

10,462