LAS Aerospace Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 8

LAS Aerospace Ltd

(Registration number: 02041506)
Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	-	-
Tangible assets	5	541,575	521,864
		541,575	521,864
Current assets
Stocks		1,168,685	1,290,160
Debtors	6	325,478	280,294
Cash at bank and in hand		1,644,674	843,691
		3,138,837	2,414,145
Creditors: Amounts falling due within one year	7	(952,418)	(524,936)
Net current assets		2,186,419	1,889,209
Total assets less current liabilities		2,727,994	2,411,073
Provisions for liabilities		(105,569)	(73,900)
Net assets		2,622,425	2,337,173
Capital and reserves
Called up share capital		900	900
Profit and loss account		2,621,525	2,336,273
Shareholders' funds		2,622,425	2,337,173

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 15 December 2025 and signed on its behalf by:
 

Mrs Jacqueline Powell Company secretary and director

LAS Aerospace Ltd

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:
Concorde House
North Road Industrial Estate
Okehampton
Devon
EX20 1BQ

Principal activity

The principal activity of the company is the supply of aircraft supplies.

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.

Going concern

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

LAS Aerospace Ltd

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 and deferred 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.

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.

LAS Aerospace Ltd

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

2	Accounting policies (continued)

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
Fixtures, fittings and equipment	15% reducing balance or 3 years straight line
Motor vehicles	25% reducing balance

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

LAS Aerospace Ltd

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

2	Accounting policies (continued)

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2024 - 22).

LAS Aerospace Ltd

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

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2024	30,000	30,000
At 31 March 2025	30,000	30,000
Amortisation
At 1 April 2024	30,000	30,000
At 31 March 2025	30,000	30,000
Carrying amount
At 31 March 2025	-	-

5	Tangible assets

	Long leasehold property £	Fixtures, fittings and equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	595,614	225,493	25,000	846,107
Additions	55,056	10,866	38,445	104,367
At 31 March 2025	650,670	236,359	63,445	950,474
Depreciation
At 1 April 2024	114,102	198,911	11,230	324,243
Charge for the year	65,070	6,532	13,054	84,656
At 31 March 2025	179,172	205,443	24,284	408,899
Carrying amount
At 31 March 2025	471,498	30,916	39,161	541,575
At 31 March 2024	481,512	26,582	13,770	521,864

LAS Aerospace Ltd

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

6

Debtors

	2025 £	2024 £
Trade debtors	291,586	274,884
Other debtors	33,892	5,410
	325,478	280,294

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Trade creditors		523,777	236,284
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9	3,593	3,593
Taxation and social security		221,440	276,131
Accruals and deferred income		5,366	5,095
Other creditors		198,242	3,833
		952,418	524,936

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9	Related party transactions

Transactions with directors

2025	At 1 April 2024 £	Advances to director £	At 31 March 2025 £
The Directors	-	2,503	2,503

The loans are repayable on demand. Overdrawn balances are subject to interest at the official rate.

LAS Aerospace Ltd

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

10	Parent and ultimate parent undertaking

The company's immediate parent is Powell Enterprise Group Ltd, incorporated in England and Wales.

 The ultimate controlling party is the directors.