Specialist Aviation Manufacturing Limite - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01179848 (England and Wales)

SPECIALIST AVIATION MANUFACTURING

LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2021

Page

Company Information

1

Accountants' Report

2

to

3

Abridged Statement of Financial Position

4

to

5

Notes to the Financial Statements

6

to

8

DIRECTORS:

N Cole

D E Spencer

REGISTERED OFFICE:

Jubilee House

Jubilee Road

Letchworth Garden City

Hertfordshire

SG6 1WU

REGISTERED NUMBER:

01179848 (England and Wales)

ACCOUNTANTS:

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Specialist Aviation Manufacturing Limited for the year ended 31st July 2021 which comprise the Income Statement, Abridged Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Specialist Aviation Manufacturing Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Specialist Aviation Manufacturing Limited and state those matters that we have agreed to state to the Board of Directors of Specialist Aviation Manufacturing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Specialist Aviation Manufacturing Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Specialist Aviation Manufacturing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Specialist Aviation Manufacturing Limited. You consider that Specialist Aviation Manufacturing 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 financial statements of Specialist Aviation Manufacturing 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 financial statements.

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

26th November 2021

FIXED ASSETS

Property, plant and equipment

5

274,295

-

CURRENT ASSETS

Inventories

145,387

-

Debtors

409,909

100

Cash at bank

43,769

-

599,065

100

CREDITORS

Amounts falling due within one year

(509,144

)

-

NET CURRENT ASSETS

89,921

100

TOTAL ASSETS LESS CURRENT LIABILITIES

364,216

100

CREDITORS

Amounts falling due after more than one year

(318,991

)

-

NET ASSETS

45,225

100

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

45,125

-

SHAREHOLDERS' FUNDS

45,225

100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31st July 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 24th November 2021 and were signed on its behalf by:

D E Spencer - Director

1.	STATUTORY INFORMATION

Specialist Aviation Manufacturing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared on a going concern basis and under the historical cost convention.

Significant judgements and estimates

No significant judgements or estimates have had to be made by the directors in preparing these financial statements.

Revenue

Turnover represents the total invoice value, excluding value added tax, trade discounts and all other taxes of sales made during the year.

Income recognition

Income is recognised when goods have been delivered and services supplied to customers such that risks and rewards of ownership have transferred to them.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Government grants

Government grants are recognised in the income statement on a systematic basis over the period in which the company recognises as expenses the related costs for which the grants are intended to compensate.

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Tax

Tax 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 tax 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2020 - NIL ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

Cost

Additions

326,544

At 31st July 2021

326,544

Depreciation

Charge for year

52,249

At 31st July 2021

52,249

Net book value

At 31st July 2021

274,295

6.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

£

Amounts falling due within one year or on demand:

Other loans

9,167

-

Amounts falling due between one and two years:

Other loans - 1-2 years

9,167

-

Amounts falling due between two and five years:

Other loans - 2-5 years

131,666

-

7.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2021

2020

£

£

Net obligations repayable:

Within one year

20,842

-

Between one and five years

78,158

-

99,000

-

8.	SECURED DEBTS

Security has been provided to the company bankers by way of a fixed and floating charge over all assets of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100