ACCOUNTS - Final Accounts preparation

Registered number: 10738183

LGAir Limited

Financial statements

Information for filing with the registrar

31 March 2025


LGAir Limited

Balance sheet

At 31 March 2025

		2025		2024
Note		£		£


Current assets
Debtors	4	560,871		592,836
Cash at bank and in hand		30,765		1,157
		591,636		593,993
Creditors	5	(1,551)		(2,199)
Net current assets			590,085		591,794
Total assets less current liabilities			590,085		591,794

Net assets			590,085		591,794

Capital and reserves
Called up share capital	2	2
Profit and loss account	590,083	591,792
Shareholders' funds	590,085	591,794


LGAir Limited

Balance sheet (continued)

At 31 March 2025

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 December 2025.

J P Reece

Director

Company registered number: 10738183
The notes on pages 3 to 4 form part of these financial statements.


LGAir Limited

Notes to the financial statements

Year ended 31 March 2025

1.	General information

The company is a private company limited by shares, registered and domiciled in England and Wales. The address of the registered office is Springfield House, Oakfield Road, Gosforth, Newcastle upon Tyne, NE3 4HS.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2.2

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.3

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.4

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Employees

The company has no employees other than the directors, who did not receive any remuneration.


LGAir Limited

Notes to the financial statements

Year ended 31 March 2025

Debtors

					2025	2024
					£	£


Amounts owed by related parties	560,871	560,871
Other debtors	-	31,965
	560,871	592,836

5.	Creditors: amounts falling due within one year
		2025	2024
		£	£

Trade creditors	351	219
Accruals and deferred income	1,200	1,980
	1,551	2,199

6.	Related party transactions

The company operated a loan account with a related company. The balance owing to the company at the year end is £560,871 (2024 : £560,871). The loan is unsecured, interest free, and repayable on demand.