Air Power East Limited Filleted accounts for Companies House (small and micro)

AIR POWER EAST LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02626574

Air Power East Limited

Unaudited financial statements

30 June 2021

Air Power East Limited

Statement of financial position

30 June 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Tangible assets	5		143,385		122,254

Current assets

Stocks		147,619	158,457
Debtors	6	788,384	371,185
Cash at bank and in hand		343,478	323,308
		-----------	---------
		1,279,481	852,950

Creditors: Amounts falling due within one year	7	( 789,907)		( 416,603)
		-----------		---------
Net current assets			489,574		436,347
			---------		---------
Total assets less current liabilities			632,959		558,601

Creditors: Amounts falling due after more than one year	8		( 50,987)		( 22,028)

Provisions

Taxation including deferred tax	( 21,696)	( 16,598)
	---------	---------
Net assets	560,276	519,975
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	560,176	519,875
	---------	---------
Shareholders funds	560,276	519,975
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2021 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Air Power East Limited

Statement of financial position (continued)

30 June 2021

These financial statements were approved by the board of directors and authorised for issue on 31 January 2022 , and are signed on behalf of the board by:

R P R Sewell

Director

Company registration number: 02626574

Air Power East Limited

Notes to the financial statements

Year ended 30 June 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10, Shepherds Grove Industrial Estate, West Stanton, Bury St Edmunds, Suffolk, IP31 2AR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	10% straight line
Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Computer equipment	-	33% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of employees during the year was 16 (2020: 15 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Computer equipment	Total
	£	£	£	£	£	£
Cost
At 1 July 2020	13,419	65,983	45,527	221,922	42,986	389,837
Additions	–	–	–	71,487	–	71,487
Disposals	–	( 36,171)	( 45,527)	( 35,942)	( 2,990)	( 120,630)
	-------	-------	-------	---------	-------	---------
At 30 June 2021	13,419	29,812	–	257,467	39,996	340,694
	-------	-------	-------	---------	-------	---------
Depreciation
At 1 July 2020	13,419	53,170	44,827	126,176	29,991	267,583
Charge for the year	–	2,092	–	28,080	12,991	43,163
Disposals	–	( 33,814)	( 44,827)	( 31,807)	( 2,989)	( 113,437)
	-------	-------	-------	---------	-------	---------
At 30 June 2021	13,419	21,448	–	122,449	39,993	197,309
	-------	-------	-------	---------	-------	---------
Carrying amount
At 30 June 2021	–	8,364	–	135,018	3	143,385
	-------	-------	-------	---------	-------	---------
At 30 June 2020	–	12,813	700	95,746	12,995	122,254
	-------	-------	-------	---------	-------	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	773,879	357,759
Other debtors	14,505	13,426
	---------	---------
	788,384	371,185
	---------	---------

7. Creditors: Amounts falling due within one year

	2021	2020
	£	£
Trade creditors	436,754	228,281
Amounts owed to group undertakings and undertakings in which the company has a participating interest	129,600	–
Social security and other taxes	145,312	123,877
Other creditors	78,241	64,445
	---------	---------
	789,907	416,603
	---------	---------

Liabilities in respect of hire purchase commitments of £28,722 (2020: £21,503) are secured on the assets involved.

8. Creditors: Amounts falling due after more than one year

	2021	2020
	£	£
Other creditors	50,987	22,028
	-------	-------

Liabilities in respect of hire purchase commitments of £50,987 (2020: £22,028) are secured on the assets involved.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	4,826	–
Later than 1 year and not later than 5 years	–	24,131
	------	-------
	4,826	24,131
	------	-------

10. Directors' advances, credits and guarantees

Included within debtors at the year end is an amount of £3,603 (2020: £8,838) due to the company from the directors. The maximum amount overdrawn during the year was £8,838.