Air Core Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI604733

Air Core Limited

Filleted Unaudited Financial Statements

31 October 2024

Air Core Limited

Financial Statements

Year ended 31 October 2024

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Air Core Limited

Officers and Professional Advisers

The board of directors	Mr Brendan Boyd
	Mr Richard Steenson
	Ms G Monaghan

Registered office	2nd Floor (Killultagh) The Linenhall
	32-38 Linenhall Street
	Belfast
	Antrim
	BT2 8BG

Accountants	Maneely Mc Cann Chartered Accountants
	Chartered Accountants
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Barclays Bank PLC
	1 Churchill Place
	London
	E14 5HP

Air Core Limited

Statement of Financial Position

31 October 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	38,193	14,460
Investments	6	100,001	1
		---------	--------
		138,194	14,461

Current assets

Stocks		20,018	14,169
Debtors	7	6,009,369	5,188,427
Cash at bank and in hand		375,701	1,361,664
		------------	------------
		6,405,088	6,564,260

Creditors: amounts falling due within one year	8	4,681,771	4,786,227
		------------	------------
Net current assets		1,723,317	1,778,033
		------------	------------
Total assets less current liabilities		1,861,511	1,792,494

Creditors: amounts falling due after more than one year	9	532,912	500,000
		------------	------------
Net assets		1,328,599	1,292,494
		------------	------------

Capital and reserves

Called up share capital	10	10	10
Profit and loss account		1,328,589	1,292,484
		------------	------------
Shareholders funds		1,328,599	1,292,494
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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 financial statements for the year in question in accordance with section 476 ;

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

Air Core Limited

Statement of Financial Position (continued)

31 October 2024

These financial statements were approved by the board of directors and authorised for issue on 31 October 2025 , and are signed on behalf of the board by:

Mr Brendan Boyd

Director

Company registration number: NI604733

Air Core Limited

Notes to the Financial Statements

Year ended 31 October 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2nd Floor (Killultagh) The Linenhall, 32-38 Linenhall Street, Belfast, Antrim, BT2 8BG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Consolidation

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% reducing balance
Fixtures, fittings and equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).

5. Tangible assets

	Motor vehicles	Plant & Equipment	Total
	£	£	£
Cost
At 1 November 2023	32,110	349,560	381,670
Additions	45,000	1,274	46,274
Disposals	( 32,110)	–	( 32,110)
	--------	---------	---------
At 31 October 2024	45,000	350,834	395,834
	--------	---------	---------
Depreciation
At 1 November 2023	19,674	347,536	367,210
Charge for the year	14,318	1,352	15,670
Disposals	( 25,239)	–	( 25,239)
	--------	---------	---------
At 31 October 2024	8,753	348,888	357,641
	--------	---------	---------
Carrying amount
At 31 October 2024	36,247	1,946	38,193
	--------	---------	---------
At 31 October 2023	12,436	2,024	14,460
	--------	---------	---------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 November 2023	1
Additions	100,000
	---------
At 31 October 2024	100,001
	---------
Impairment
At 1 November 2023 and 31 October 2024	–
	---------

Carrying amount
At 31 October 2024	100,001
	---------
At 31 October 2023	1
	---------

7. Debtors

	2024	2023
	£	£
Trade debtors	427,051	206,625
Prepayments and accrued income	4,351	7,636
Amounts owed by related parties	5,548,222	4,938,260
Other debtors	29,745	35,906
	------------	------------
	6,009,369	5,188,427
	------------	------------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	7,661	5,249
Accruals and deferred income	7,000	12,124
Social security and other taxes	3,416	15,118
Obligations under finance leases and hire purchase contracts	12,007	19,369
Director loan accounts	4,650,172	4,720,647
Other creditors	1,515	13,720
	------------	------------
	4,681,771	4,786,227
	------------	------------

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	532,912	500,000
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £500,000) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

10. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.01 each	1,000	10	1,000	10
	-------	----	-------	----

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr Brendan Boyd	( 2,341,430)	72,239	( 2,269,191)
Ms Fiona Armstrong Boyd	( 2,379,217)	( 1,764)	( 2,380,981)
	------------	--------	------------
	( 4,720,647)	70,475	( 4,650,172)
	------------	--------	------------

	2023
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr Brendan Boyd	( 2,920,463)	579,033	( 2,341,430)
Ms Fiona Armstrong Boyd	( 2,378,905)	( 312)	( 2,379,217)
	------------	---------	------------
	( 5,299,368)	578,721	( 4,720,647)
	------------	---------	------------

12. Related party transactions

Mr Frank Boyd, father of Mr Brendan Boyd and Ms. Fiona Boyd Armstrong, is a director of a company to which a loan of £500,000 (2023: £500,000) is due. Mr Brendan Boyd is a common director and shareholder of a number of related companies. During the year Air Core Limited paid expenses on behalf and received payments from these companies, totalling £609,963 (2023: £496,341). The balance due to Air Core Limited at the year was £5,548,223 (2023: £4,938,260).