Aerospeed Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03704282 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

FOR

AEROSPEED LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S W Purchase

Mrs V S Purchase

SECRETARY:

Mr S W Purchase

REGISTERED OFFICE:

11 Bancroft

Hitchin

Hertfordshire

SG5 1JQ

REGISTERED NUMBER:

03704282 (England and Wales)

ACCOUNTANTS:

Bradshaw Johnson

Chartered Accountants

Croft Chambers

11 Bancroft

Hitchin

Hertfordshire

SG5 1JQ

FIXED ASSETS

Tangible assets

4

255,561

1,110,370

CURRENT ASSETS

Stocks

57,000

10,000

Debtors

5

652,489

6,574

Cash at bank

385,614

322,111

1,095,103

338,685

CREDITORS

Amounts falling due within one year

6

25,419

71,438

NET CURRENT ASSETS

1,069,684

267,247

TOTAL ASSETS LESS CURRENT LIABILITIES

1,325,245

1,377,617

PROVISIONS FOR LIABILITIES

48,450

210,970

NET ASSETS

1,276,795

1,166,647

CAPITAL AND RESERVES

Called up share capital

795,000

795,000

Revaluation reserve

7

255,000

1,069,463

Retained earnings

226,795

(697,816

)

SHAREHOLDERS' FUNDS

1,276,795

1,166,647

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 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.

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 11 April 2023 and were signed on its behalf by:

Mr S W Purchase - Director

1.	STATUTORY INFORMATION

Aerospeed Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced aircraft hire fees, excluding value added tax.

Tangible fixed assets

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

Aircraft

-

10% on cost

Computer equipment

-

20% on cost

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 (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Computer

Aircraft

equipment

Totals

£

£

£

COST OR VALUATION

At 1 December 2021

1,110,000

538

1,110,538

Additions

-

374

374

Disposals

(825,000

)

-

(825,000

)

Revaluations

(30,000

)

-

(30,000

)

At 30 November 2022

255,000

912

255,912

DEPRECIATION

At 1 December 2021

-

168

168

Charge for year

28,500

183

28,683

Revaluation adjustments

(28,500

)

-

(28,500

)

At 30 November 2022

-

351

351

NET BOOK VALUE

At 30 November 2022

255,000

561

255,561

At 30 November 2021

1,110,000

370

1,110,370

Cost or valuation at 30 November 2022 is represented by:

Plant and

machinery

etc

£

Valuation in 2022

(163,634

)

Cost

419,546

255,912

If the aircraft had not been revalued they would have been included at the following historical cost:

30.11.22

30.11.21

£

£

Cost

418,634

1,115,942

Aggregate depreciation

418,634

1,075,404

The aircraft were valued on an open market basis on 30 November 2022 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.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Trade debtors

652,000

-

VAT

489

6,574

652,489

6,574

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Other loans

-

50,000

Trade creditors

2,880

-

Tax

21,245

-

Directors' current accounts

275

6,171

Accrued expenses

1,019

15,267

25,419

71,438

7.

RESERVES

Revaluation

reserve

£

At 1 December 2021

1,069,463

Revalued in the year

(30,000

)

Depreciation

28,500

Transfers

(812,963

)

At 30 November 2022

255,000

8.	RELATED PARTY DISCLOSURES

The controlling party of the company and only shareholders are the two directors.

Trade debtors includes £350,000 due from Helix AV Ltd, a company partly owned by Mr S W Purchase.

During the year there were sales of £458,000 (2021: £56,697) and purchases of £9,701 (2021: £57,697) to/from this company.