North West Aerospace Alliance

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 5

North West Aerospace Alliance

(Registration number: 03005520)
Balance Sheet as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	6,857	9,008
Current assets
Debtors	5	219,677	198,465
Cash at bank and in hand		402,195	236,183
		621,872	434,648
Creditors: Amounts falling due within one year	6	(338,836)	(165,570)
Net current assets		283,036	269,078
Net assets		289,893	278,086
Reserves
Retained earnings		289,893	278,086
		289,893	278,086

For the financial year ending 31 March 2026 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 Profit and Loss Account.

Approved and authorised by the Board on 26 August 2026 and signed on its behalf by:
 

......................................... A B Hammond Director

North West Aerospace Alliance

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1	General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Suite 202, Pendle Business Centre
Commercial Street
Nelson
Lancashire
BB9 9BT

These financial statements were authorised for issue by the Board on 26 August 2026.

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 company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

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

Revenue recognition

Turnover represents grants receivable and income from members together with membership subscriptions excluding VAT.

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.

Tax

The tax expense for the period comprises current 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.

North West Aerospace Alliance

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Tangible assets

Tangible assets are stated in the balance sheet 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	20% to 50% per annum straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2025 - 7).

North West Aerospace Alliance

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

4	Tangible assets

	Fixtures, fittings and equipment  £	Total £
Cost
At 1 April 2025	15,947	15,947
Additions	1,574	1,574
At 31 March 2026	17,521	17,521
Depreciation
At 1 April 2025	6,939	6,939
Charge for the year	3,725	3,725
At 31 March 2026	10,664	10,664
Carrying amount
At 31 March 2026	6,857	6,857
At 31 March 2025	9,008	9,008

5

Debtors

	2026 £	2025 £
Trade debtors	100,300	169,614
Other debtors	9	30
Prepayments	119,368	28,821
	219,677	198,465

6

Creditors

	2026 £	2025 £
Due within one year
Trade creditors	28,070	28,586
Taxation and social security	27,819	36,797
Accruals and deferred income	282,947	100,187
	338,836	165,570

North West Aerospace Alliance

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

7	Related party transactions

Summary of transactions with other related parties

G K O'Dwyer (trading as North Star Aero Consulting)

Expenditure with and payables to related parties

2026	Other related parties £
Consultancy fees	7,800

8

Control

The company is controlled by the directors in accordance with the Articles and Memorandum of Association.