REGISTERED NUMBER: |
AIRMAX REMOTE LIMITED |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
AIRMAX REMOTE LIMITED |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
AIRMAX REMOTE LIMITED (REGISTERED NUMBER: 04591575) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 6 |
AIRMAX REMOTE LIMITED |
Company Information |
for the year ended 31 March 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
5-6 Greenfield Crescent |
Edgbaston |
Birmingham |
West Midlands |
B15 3BE |
AIRMAX REMOTE LIMITED (REGISTERED NUMBER: 04591575) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 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 |
Creditors |
Amounts falling due after more than one year |
8 |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
AIRMAX REMOTE LIMITED (REGISTERED NUMBER: 04591575) |
Balance Sheet - continued |
31 March 2023 |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
AIRMAX REMOTE LIMITED (REGISTERED NUMBER: 04591575) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
Airmax Remote Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
At the time of approving the financial statements, the director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initiailly measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Patents and licences have started to be amortised evenly over their estimated useful life. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
AIRMAX REMOTE LIMITED (REGISTERED NUMBER: 04591575) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | Accounting policies - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Other |
intangible |
assets |
£ |
Cost |
At 1 April 2022 |
Additions |
At 31 March 2023 |
Amortisation |
Charge for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
5. | Tangible fixed assets |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
Included under plant and machinery are assets leased to third parties under operating leases at a cost of £141,144 (2022: £109,179) less accumulated depreciation of £57,291 (2022: £25,347). |
AIRMAX REMOTE LIMITED (REGISTERED NUMBER: 04591575) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Directors' current accounts | - | 14,716 |
Tax |
Accrued income |
Prepayments |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
VAT | 40,434 | 41,355 |
Other creditors |
Directors' current accounts | 3,307 | - |
Accruals and deferred income |
In 2021, an amount totalling £400,000 was included within the accounts which relates to the Coronavirus Business Interruption Loan Scheme (CBILS). A guarantee from the UK Government to Bank of Scotland has been provided for the bank loans under CBIL scheme. £200,000 of this loan attracts 2.90% interest and is due to be repaid by 31 May 2026. The remaining £200,000 attracts 3.30% interest and is due to be repaid by 30 November 2026. The remaining amount due as at 31st March 2023 was £308,956.. |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts |
9. | Director's advances, credits and guarantees |
As at 31 March 2023, the company owed the director R Perham £3,308 (2022 owed the company £14,716 ) by way of a directors loan account. |
10. | Ultimate controlling party |
The Immediate parent company is Airmax Group Limited, a company registered and incorporated in England and Wales. |
The Ultimate parent company and controlling party is Airmax Holdings Limited incorporated in England & Wales |