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Registered number: 05246833 AEROLITE GARAGE LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
AEROLITE GARAGE LIMITED CONTENTS
| Page
Accountants' report | 1
Balance sheet | 2 - 3
Notes to the financial statements | 4 - 12
AEROLITE GARAGE LIMITED CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AEROLITE GARAGE LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2025 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aerolite Garage Limited for the year ended 30 November 2025 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation. This report is made solely to the Board of directors of Aerolite Garage Limited, as a body, in accordance with the terms of our engagement letter dated 8 June 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Aerolite Garage Limited and state those matters that we have agreed to state to the Board of directors of Aerolite Garage Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aerolite Garage Limited and its Board of directors, as a body, for our work or for this report. It is your duty to ensure that Aerolite Garage Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aerolite Garage Limited. You consider that Aerolite Garage Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or review of the financial statements of Aerolite Garage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ 17 February 2026 Page 1
AEROLITE GARAGE LIMITED REGISTERED NUMBER: 05246833 BALANCE SHEET AS AT 30 NOVEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 163,739 |  | 138,790
|  |  | 163,739 |  | 138,790
Current assets |  |  |  |  |
Stocks |  | 59,893 |  | 57,611 |
Debtors: amounts falling due within one year | 6 | 24,381 |  | 245,139 |
Cash at bank and in hand |  | 503,184 |  | 369,494 |
|  | 587,458 |  | 672,244 |
Creditors: amounts falling due within one year | 7 | (156,851) |  | (143,598) |
Net current assets |  |  | 430,607 |  | 528,646
Total assets less current liabilities |  |  | 594,346 |  | 667,436
Provisions for liabilities |  |  |  |  |
Deferred tax |  |  | (37,273) |  | (31,312)
Net assets |  |  | 557,073 |  | 636,124
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 100 |  | 100
Profit and loss account |  |  | 556,973 |  | 636,024
|  |  | 557,073 |  | 636,124
Page 2
AEROLITE GARAGE LIMITED REGISTERED NUMBER: 05246833 BALANCE SHEET (CONTINUED) AS AT 30 NOVEMBER 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 profit and loss account 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 9 February 2026.
S Parrott
Director
The notes on pages 4 to 12 form part of these financial statements. Page 3
AEROLITE GARAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
1. | General information
The Company is a private company limited by shares. It is incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. The Company's principal activity is that of garage proprietors. The principal place of business is Watton, Norfolk. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 4
AEROLITE GARAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.3 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.4 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date. Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Goodwill | - | 20 | years
Page 5
AEROLITE GARAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | not depreciated
|  |  |  | Plant & machinery | - | 15% reducing balance
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Computer equipment | - | 33% straight line
|  |  |  | Other fixed assets | - | 3.33%/5% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | 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.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.11 | 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. Page 6
AEROLITE GARAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 7
AEROLITE GARAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Other financial instruments Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.13 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 10 (2024 - 10).
Page 8
AEROLITE GARAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
4. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 December 2024 | 200,000
| At 30 November 2025 | 200,000
| Amortisation |
| At 1 December 2024 | 200,000
| At 30 November 2025 | 200,000
| Net book value |
| At 30 November 2025 | -
| At 30 November 2024 | -
Page 9
AEROLITE GARAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
5. | Tangible fixed assets
|  | Freehold property | Plant & machinery | Motor vehicles | Other fixed assets | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 December 2024 | 6,200 | 76,792 | 8,350 | 126,726 | 218,068
| Additions | 1,612 | - | 37,100 | - | 38,712
| Disposals | - | (4,795) | (2,177) | - | (6,972)
| At 30 November 2025 | 7,812 | 71,997 | 43,273 | 126,726 | 249,808
| Depreciation |  |  |  |  |
| At 1 December 2024 | - | 44,677 | 3,535 | 31,064 | 79,276
| Charge for the year on owned assets | - | 4,695 | 1,976 | 6,278 | 12,949
| Disposals | - | (3,979) | (2,177) | - | (6,156)
| At 30 November 2025 | - | 45,393 | 3,334 | 37,342 | 86,069
| Net book value |  |  |  |  |
| At 30 November 2025 | 7,812 | 26,604 | 39,939 | 89,384 | 163,739
| At 30 November 2024 | 6,200 | 32,114 | 4,815 | 95,661 | 138,790
Page 10
AEROLITE GARAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 24,381 | 26,360
| Other debtors | - | 218,779
|  | 24,381 | 245,139
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | - | 7,400
| Trade creditors | 67,999 | 58,355
| Other taxation and social security | 72,800 | 69,238
| Other creditors | 7,557 | -
| Accruals and deferred income | 8,495 | 8,605
|  | 156,851 | 143,598
8. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 35 'A' Ordinary shares of £1.00 each | 35 | 35
|  | 35 'B' Ordinary shares of £1.00 each | 35 | 35
|  | 15 'C' Ordinary shares of £1.00 each | 15 | 15
|  | 15 'D' Ordinary shares of £1.00 each | 15 | 15
|  |  | 100 | 100
9.Commitments, guarantees and contingencies At 30 November 2025, the company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £44,181 (2024: £47,699). Page 11
AEROLITE GARAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
10. | Transactions with directors
As at 1 December 2024 the directors owed the company £ 218,458. During the year £367,750 was introduced and personal expenses of £140,665 were met by the company. Interest at 2.25% / 3.75% of £1,069 was charged on the overdrawn balances. As at 30 November 2025 the company owed £ 7,558 to the directors. Directors loans are repayable upon demand and included within creditors per note 7 to the accounts. Interest is only charged when the loans are overdrawn.
Page 12