REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
AEROSPEED LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
AEROSPEED LTD |
AEROSPEED LTD (REGISTERED NUMBER: 03704282) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
AEROSPEED LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Croft Chambers |
11 Bancroft |
Hitchin |
Hertfordshire |
SG5 1JQ |
AEROSPEED LTD (REGISTERED NUMBER: 03704282) |
STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
AEROSPEED LTD (REGISTERED NUMBER: 03704282) |
STATEMENT OF FINANCIAL POSITION - continued |
30 NOVEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
AEROSPEED LTD (REGISTERED NUMBER: 03704282) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Aerospeed Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced aircraft hire fees, excluding value added tax. |
Tangible fixed assets |
Aircraft | - |
Motor vehicles | - |
Computer equipment | - |
Aircraft are depreciated at the rate shown above and are revalued either externally or by the director on an open market basis as at the year end on a regular basis and particularly when it is felt that values have changed significantly during the year. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
AEROSPEED LTD (REGISTERED NUMBER: 03704282) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Motor | Computer |
Aircraft | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 December 2022 |
Additions |
Revaluations | ( |
) | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Revaluation adjustments | ( |
) | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Cost or valuation at 30 November 2023 is represented by: |
Plant and |
machinery |
etc |
£ |
Valuation in 2023 | (173,634 | ) |
Cost | 446,757 |
273,123 |
If the aircraft had not been revalued they would have been included at the following historical cost: |
30.11.23 | 30.11.22 |
£ | £ |
Cost | 418,364 | 418,634 |
Aggregate depreciation | 418,634 | 418,634 |
The aircraft were valued on an open market basis on 30 November 2023 by the director, Mr S W Purchase . |
Prior year revaluations have been consolidated in the figure for revaluations in the year ended 30 November 2022. |
5. | FIXED ASSET INVESTMENTS |
The investment is in Smart Property Maintenance and Renovation Ltd and is in the form of preference shares. The directors son, Mr George Purchase, holds 50% of the issued ordinary shares.The investment is shown at cost. |
AEROSPEED LTD (REGISTERED NUMBER: 03704282) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Trade debtors |
VAT |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Trade creditors |
Tax |
Directors' current accounts | 301 | 275 |
Accrued expenses |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 December 2022 |
Revalued in the year | (10,000 | ) |
Depreciation | 25,500 |
Transfers | (25,500 | ) |
At 30 November 2023 |
9. | RELATED PARTY DISCLOSURES |
The controlling party of the company and only shareholders are the two directors. |
Trade debtors includes £280,000 due from Helix AV Ltd, a company partly owned by Mr S W Purchase. |
During the year there were sales of £40,667 (2022: £458,000) and purchase of £23,019 (2022: £9,701) to/from the company. |