Complete Aircraft Tooling Limited - Period Ending 2022-05-31

Complete Aircraft Tooling Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Complete Aircraft Tooling Limited

Company Information

Director

Mr W H Crook

Registered office

Centenary House Peninsula Park Rydon Lane Exeter Devon EX2 7XE

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter Devon EX2 7XE

Complete Aircraft Tooling Limited

Balance Sheet

31 May 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	149,241	150,370
Current assets
Stocks		864,107	858,107
Debtors	5	1,825,231	862,229
Cash at bank and in hand		117,904	4,071
		2,807,242	1,724,407
Creditors: Amounts falling due within one year	6	(2,351,450)	(1,720,192)
Net current assets		455,792	4,215
Total assets less current liabilities		605,033	154,585
Creditors: Amounts falling due after more than one year	6	(50,403)	(63,296)
Provisions for liabilities		(30,000)	(20,900)
Net assets		524,630	70,389
Capital and reserves
Called up share capital	8	1	1
Profit and loss account		524,629	70,388
Shareholders' funds		524,630	70,389

Complete Aircraft Tooling Limited

Balance Sheet

31 May 2022

For the financial year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 May 2023
 

......................................... Mr W H Crook Director

Company Registration Number: 12000633

Complete Aircraft Tooling Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2022

1	General information

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

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7XE

These financial statements were authorised for issue by the director on 12 May 2023.

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. There are no material departures from FRS 102 Section 1A.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The presentational currency of Complete Aircraft Tooling Limited is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates.

Going concern

Taking into account all available information about the future, the director has assessed the ability of the company to continue as a going concern and considers the going concern assumption is appropriate when preparing the financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in repsect of the sale of goods and services to customers.

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.

Complete Aircraft Tooling Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2022

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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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
Motor vehicles	25% reducing balance
Other property, plant and equipment	25% straight line
Furniture, fittings and equipment	25% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Complete Aircraft Tooling Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Other loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for other loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Other loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2021 - 6).

Complete Aircraft Tooling Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2022

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 June 2021	8,061	30,845	150,278	189,184
Additions	-	-	47,894	47,894
At 31 May 2022	8,061	30,845	198,172	237,078
Depreciation
At 1 June 2021	1,117	1,928	35,769	38,814
Charge for the year	2,017	7,340	39,666	49,023
At 31 May 2022	3,134	9,268	75,435	87,837
Carrying amount
At 31 May 2022	4,927	21,577	122,737	149,241
At 31 May 2021	6,944	28,917	114,509	150,370

5

Debtors

	2022 £	2021 £
Trade debtors	672,431	85,156
Prepayments	97,697	50,120
Other debtors	1,055,103	726,953
	1,825,231	862,229

Complete Aircraft Tooling Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2022

6

Creditors

	Note	2022 £	2021 £
Due within one year
Loans and borrowings	7	1,118,157	1,139,323
Trade creditors		904,604	512,182
Taxation and social security		249,770	50,990
Other creditors		1,364	15,297
Accruals and deferred income		77,555	2,400
		2,351,450	1,720,192

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	7	50,403	63,296

7	Loans and borrowings

	2022 £	2021 £
Loans and borrowings due after one year
Bank borrowings	30,833	40,833
HP and finance lease liabilities	19,570	22,463
	50,403	63,296

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	10,000	9,167
Hire purchase contracts	2,893	2,893
Other borrowings	1,105,264	1,127,263
	1,118,157	1,139,323

Other borrowings
Included in loans and borrowings at the year end is £322,501 (2021 - £350,000) on which security has been provided.

Complete Aircraft Tooling Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2022

8	Share capital

Allotted, called up and fully paid shares

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

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2021 - £20,833).

10	Related party transactions

Transactions with the director

2022	At 1 June 2021 £	Advances to director £	Repayments by director £	At 31 May 2022 £
Mr W H Crook
Interest free and repayable on demand	338,660	168,340	(338,660)	168,340

2021	At 1 June 2020 £	Advances to director £	Repayments by director £	At 31 May 2021 £
Mr W H Crook
Interest free and repayable on demand	-	338,660	-	338,660