Aerospace Wales Forum Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04680527

Aerospace Wales Forum Limited

Company Limited by Guarantee

Filleted Financial Statements

For the year ended

31 March 2025

Aerospace Wales Forum Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2025

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Aerospace Wales Forum Limited

Company Limited by Guarantee

Officers and Professional Advisers

The board of directors	Mr P J Greig
	Mr M W Hughes
	Ms R J Blackburn
	Mr J Bennett
	Mr J Davies

Registered office	Suite A5
	Waterton Technology Centre
	Waterton Industrial Estate
	Bridgend
	CF31 3WT

Auditor	Xeinadin Audit Limited
	Chartered accountants & statutory auditor
	(Statutory Auditor)
	Suite 2D, Building 1
	Eastern Business Park
	St. Mellons
	Cardiff
	CF3 5EA

Bankers	Barclays Bank Plc
	North East Wales Group
	Leicester
	LE87 2BB

Aerospace Wales Forum Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	6		3,547	2,295

Current assets

Debtors	7	128,706	96,172
Cash at bank and in hand		110,063	109,617
		---------	---------
		238,769	205,789

Creditors: amounts falling due within one year	8	63,347		61,650
		---------		---------
Net current assets			175,422	144,139
			---------	---------
Total assets less current liabilities			178,969	146,434
			---------	---------
Net assets			178,969	146,434
			---------	---------

Capital and reserves

Profit and loss account	9	178,969	146,434
		---------	---------
Members funds		178,969	146,434
		---------	---------

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.

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.

These financial statements were approved by the board of directors and authorised for issue on 18 December 2025 , and are signed on behalf of the board by:

Ms R J Blackburn

Director

Company registration number: 04680527

Aerospace Wales Forum Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Suite A5, Waterton Technology Centre, Waterton Industrial Estate, Bridgend, CF31 3WT.

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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have assessed whether there are any material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the future, and conclude that the company has adequate resources to to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Government contributions

Government contributions are credited to deferred revenue. Government contributions towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Government contributions are released to the profit and loss account as the related expenditure is incurred.

Critical accounting judgements and estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents amounts receivable during the year and relates to the principal activity which was that of a representation body in the aerospace industry sector. Revenue is recognised when it is probable that economic benefits will flow to the entity and the amount of revenue can be reliably measured. The company received significant grant funding from the Welsh Government to aid delivery of its services. Revenue in respect of core grant income is recognised on an accruals basis. Membership income relates to the delivery of services over time. The entity recognises revenue as it satisfies performance obligations by providing access to resources included in the membership package. Revenue from event income is recognised when the event takes place or services delivered during that event. For service contracts, revenue is measured by reference to the stage of completion of the service transaction at the end of the reporting period. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

	Equipment	-	25% straight line

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Company limited by guarantee

The company has no share capital as it is limited by guarantee.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2024: 3 ).

6. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 April 2024	12,224	12,224
Additions	2,391	2,391
Disposals	( 4,587)	( 4,587)
	--------	--------
At 31 March 2025	10,028	10,028
	--------	--------
Depreciation
At 1 April 2024	9,929	9,929
Charge for the year	1,139	1,139
Disposals	( 4,587)	( 4,587)
	--------	--------
At 31 March 2025	6,481	6,481
	--------	--------
Carrying amount
At 31 March 2025	3,547	3,547
	--------	--------
At 31 March 2024	2,295	2,295
	--------	--------

7. Debtors

	2025	2024
	£	£
Trade debtors	70,337	50,765
Other debtors	58,369	45,407
	---------	--------
	128,706	96,172
	---------	--------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	2,869	15,826
Social security and other taxes	16,519	14,161
Other creditors	43,959	31,663
	--------	--------
	63,347	61,650
	--------	--------

9. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

10. Contingencies

The Aerospace Wales Forum is the trade association for all companies operating in the Aerospace & Defence sector in Wales. Based on the nature of the company's activities and tax status, it has been historically considered exempt from corporation tax on its surpluses. However, following a recent review of the company’s financial records and tax filings, there is a possibility that certain activities may not have fully met the criteria for tax exemption in prior years. As of the date of approval of these financial statements, the potential corporation tax liability arising from profits reported in previous financial periods is uncertain. No formal assessment or demand has been issued by HMRC, and it is not possible to determine the likelihood, timing, or amount of any tax liability that may arise. In accordance with FRS 102, Section 21 "Provisions and Contingencies", no provision has been made in these financial statements as the company considers the outflow of resources to settle this potential liability to be uncertain at this time. The directors will continue to monitor the situation and will reassess the position should further information become available, or the surplus reserves are spent on the company's objects.

11. Events after the end of the reporting period

Following the reporting date, the entity has been informed that, due to circumstances outside of its control, the core funding that is currently in place will come to an end after the 31 March 2026 financial year. Beyond this period, the entity will no longer receive core funding and will instead seek alternative funding opportunities. As at the date of approval of these financial statements, the directors have considered the financial position and future funding prospects and are satisfied that the entity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis

12. Summary audit opinion

The auditor's report dated 18 December 2025 was unqualified .

The senior statutory auditor was Tania Cregg FCCA , for and on behalf of Xeinadin Audit Limited .

13. Related party transactions

Aerospace Wales Limited is a subsidiary of Sector Development Wales Partnership Limited. Welsh Automotive Forum and Estnet Limited are also subsidiaries of this company. During the year, Aerospace Wales Forum Limited received funding of £122,155 (2024:£142,155) from Sector Development Wales Partnership Limited. Aerospace Wales Forum Limited also made purchases of £272 (2024:£228) from Sector Development Wales Partnership Limited. The company also made purchases of £nil (2024:£2,000) from Welsh Automotive Forum Limited.