N.T.N. Aerospares Limited - Period Ending 2022-03-31

N.T.N. Aerospares Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 8

N.T.N. Aerospares Limited

Company Information

Directors

N J Brown K Sweeney

Company secretary

N J Brown

Registered office

5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Bankers

HSBC Plc 13 Market Street Castle Donnington Derbyshire DE74 2JD

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
N.T.N. Aerospares Limited
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of N.T.N. Aerospares Limited for the year ended 31 March 2022 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of N.T.N. Aerospares Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of N.T.N. Aerospares Limited and state those matters that we have agreed to state to the Board of Directors of N.T.N. Aerospares Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-
factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than N.T.N. Aerospares Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that N.T.N. Aerospares Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of N.T.N. Aerospares Limited. You consider that N.T.N. Aerospares Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of N.T.N. Aerospares 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 accounts.

.............................................................................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

6 July 2022

N.T.N. Aerospares Limited

(Registration number: 04882540)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	302	450
Current assets
Stocks	5	23,214	31,197
Debtors	6	103,999	265,855
Cash at bank and in hand		346,550	92,188
		473,763	389,240
Creditors: Amounts falling due within one year	7	(133,869)	(7,934)
Net current assets		339,894	381,306
Total assets less current liabilities		340,196	381,756
Provisions for liabilities		(57)	(86)
Net assets		340,139	381,670
Capital and reserves
Called up share capital		300	300
Profit and loss account		339,839	381,370
Total equity		340,139	381,670

N.T.N. Aerospares Limited

(Registration number: 04882540)
Balance Sheet as at 31 March 2022

For the financial year ending 31 March 2022 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 July 2022 and signed on its behalf by:
 

......................................... N J Brown Company secretary and director

N.T.N. Aerospares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1	General information

The address of the registered office is given in the company information on page 1 of the financial statements.

The company is a private limited company by share capital incorporated in England.

The principal place of business is Leicestershire.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 presented in Sterling (£) and are rounded to the nearest £1.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

N.T.N. Aerospares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Tax

The tax expense for the period comprises current and deferred 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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
Computer equipment	33% reducing balance
Plant and machinery	33% reducing balance

Stocks

Stock is valued at the lower of cost and net relisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

N.T.N. Aerospares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4	Tangible assets

	Computer equipment £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2021	599	652	1,251
At 31 March 2022	599	652	1,251
Depreciation
At 1 April 2021	198	603	801
Charge for the year	132	16	148
At 31 March 2022	330	619	949
Carrying amount
At 31 March 2022	269	33	302
At 31 March 2021	401	49	450

5

Stocks

	2022 £	2021 £
Finished goods and goods for resale	23,214	31,197

6

Debtors

	2022 £	2021 £
Trade debtors	96,625	70,794
Other debtors	7,374	195,061
	103,999	265,855

N.T.N. Aerospares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Creditors

		2022 £	2021 £
Due within one year
Trade creditors		129,370	-
Other creditors		4,499	7,934
		133,869	7,934

8	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	300	300	300	300

9	Related party transactions

Summary of transactions with other related parties

Directors of the company
 At the balance sheet date amounts owed to directors amounted to £1,618 (2021 - £1,067).