Company registration number 03409728 (England and Wales)
PETERBOROUGH BUSINESS AIRPORT LTD (FORMERLY AEROLEASE LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PETERBOROUGH BUSINESS AIRPORT LTD (FORMERLY AEROLEASE LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PETERBOROUGH BUSINESS AIRPORT LTD (FORMERLY AEROLEASE LIMITED)
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1
1
Tangible assets
5
441,050
450,800
441,051
450,801
Current assets
Stocks
23,116
22,246
Debtors
6
28,869
48,063
Cash at bank and in hand
5,414
101,546
57,399
171,855
Creditors: amounts falling due within one year
7
(592,005)
(576,931)
Net current liabilities
(534,606)
(405,076)
Total assets less current liabilities
(93,555)
45,725
Creditors: amounts falling due after more than one year
8
(16,000)
(24,000)
Net (liabilities)/assets
(109,555)
21,725
Capital and reserves
Called up share capital
9
470,000
470,000
Revaluation reserve
246,108
246,108
Profit and loss reserves
(825,663)
(694,383)
Total equity
(109,555)
21,725
PETERBOROUGH BUSINESS AIRPORT LTD (FORMERLY AEROLEASE LIMITED)
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he member has 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 17 March 2026 and are signed on its behalf by:
Mr R J Nisbet
Director
Company registration number 03409728 (England and Wales)
PETERBOROUGH BUSINESS AIRPORT LTD (FORMERLY AEROLEASE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Peterborough Business Airport Ltd (Formerly Aerolease Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Erwin House, Peterborough Business Airport, Holme, Peterborough, PE7 3PX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on the going concern basis although the company has net current liabilities of £534,606 (2023: £405,076). The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.true

1.3
Turnover

Turnover represents amounts receivable in respect of aeroplane hire, aeroplane maintenance and repair, flying instruction and taxi services, net of VAT and trade discounts. Turnover is recognised once the service has been performed.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and amortised over its useful life.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% per annum straight line
Aircraft
2% per annum straight line
Equipment
20% per annum straight line
Motor vehicles
25% per annum straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PETERBOROUGH BUSINESS AIRPORT LTD (FORMERLY AEROLEASE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

PETERBOROUGH BUSINESS AIRPORT LTD (FORMERLY AEROLEASE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

PETERBOROUGH BUSINESS AIRPORT LTD (FORMERLY AEROLEASE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
22
22
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
2
Amortisation and impairment
At 1 May 2023 and 30 April 2024
1
Carrying amount
At 30 April 2024
1
At 30 April 2023
1
PETERBOROUGH BUSINESS AIRPORT LTD (FORMERLY AEROLEASE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 May 2023 and 30 April 2024
250,000
332,581
582,581
Depreciation and impairment
At 1 May 2023
30,000
101,781
131,781
Depreciation charged in the year
5,000
4,750
9,750
At 30 April 2024
35,000
106,531
141,531
Carrying amount
At 30 April 2024
215,000
226,050
441,050
At 30 April 2023
220,000
230,800
450,800

Land and buildings with a carrying amount of £250,000 were revalued at 30 April 2017 by Baker Storey Matthews, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

Aircraft with a carrying value of £230,000 were revalued at 30 April 2023 by an independent expert not connected with the company on the basis of market value. The valuation was based on recent market transactions on arm's length terms for similar items.

The directors consider the valuations to remain appropriate.

If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

Land and buildings
Plant and machinery
2024
2023
2024
2023
£
£
£
£
Cost
246,964
246,964
112,000
112,000
Accumulated depreciation
(108,248)
(103,308)
(53,760)
(51,520)
Carrying value
138,716
143,656
58,240
60,480
PETERBOROUGH BUSINESS AIRPORT LTD (FORMERLY AEROLEASE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,291
31,885
Other debtors
17,578
16,178
28,869
48,063
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,000
8,000
Trade creditors
21,933
44,841
Taxation and social security
73,861
65,912
Other creditors
488,211
458,178
592,005
576,931
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
16,000
24,000
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
470,000
470,000
470,000
470,000
10
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
2,500
2,500
11
Related party transactions

At the balance sheet date the director was owed £157,826 (2023 - £147,326) from the company. This loan carries no interest.

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