Aerofoil Energy Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 08789020 (England and Wales)

AEROFOIL ENERGY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N J Burke

R D Frost

P F McAndrew

D M Shapland

REGISTERED OFFICE:

Suite F2.1

Adelphi Mill Business Centre

Grimshaw Lane

Bollington

SK10 5JB

REGISTERED NUMBER:

08789020 (England and Wales)

ACCOUNTANTS:

Clarke Nicklin LLP

Chartered Accountants

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

FIXED ASSETS

Tangible assets

4

67,259

70,086

CURRENT ASSETS

Stocks

5

141,955

70,734

Debtors

6

811,522

275,067

Cash at bank and in hand

1,655,691

956,629

2,609,168

1,302,430

CREDITORS

Amounts falling due within one year

7

484,977

188,209

NET CURRENT ASSETS

2,124,191

1,114,221

TOTAL ASSETS LESS CURRENT LIABILITIES

2,191,450

1,184,307

PROVISIONS FOR LIABILITIES

8

1,874

13,237

NET ASSETS

2,189,576

1,171,070

CAPITAL AND RESERVES

Called up share capital

9

325

325

Retained earnings

10

2,189,251

1,170,745

SHAREHOLDERS' FUNDS

2,189,576

1,171,070

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 30 July 2023 and were signed on its behalf by:

N J Burke - Director

1.	STATUTORY INFORMATION

Aerofoil Energy 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.

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.

The financial statements are presented in Sterling (£).

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Government grants

Grant income receivable is recognised in the Income Statement as qualifying costs are incurred by the company.

Stocks

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

Taxation

Taxation 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 taxation 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2022

143,632

3,044

146,676

Additions

30,496

-

30,496

At 31 December 2022

174,128

3,044

177,172

DEPRECIATION

At 1 January 2022

74,249

2,341

76,590

Charge for year

32,677

646

33,323

At 31 December 2022

106,926

2,987

109,913

NET BOOK VALUE

At 31 December 2022

67,202

57

67,259

At 31 December 2021

69,383

703

70,086

5.

STOCKS

2022

2021

£

£

Stocks

141,955

70,734

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

700,042

129,669

Amounts owed by group undertakings

2,970

2,035

Directors' current accounts

10,876

15,229

Corporation tax

46,894

48,315

VAT

31,904

36,324

Accrued income

8,711

23,216

Prepayments

10,125

20,279

811,522

275,067

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

142,925

44,310

Corporation tax

63,716

-

Social security and other taxes

21,615

13,533

Accruals and deferred income

256,721

130,366

484,977

188,209

Included in accrued expenses is £63,578 (2021: £1,504) of unpaid pension contributions.

8.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

Accelerated capital allowances

16,815

13,237

Other timing differences

(14,941

)

-

1,874

13,237

Deferred

tax

£

Balance at 1 January 2022

13,237

Provided during year

(11,363

)

Balance at 31 December 2022

1,874

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

32,500

Ordinary

1p

325

325

10.

RESERVES

Retained

earnings

£

At 1 January 2022

1,170,745

Profit for the year

1,018,506

At 31 December 2022

2,189,251

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Director's loans are unsecured, repayable on demand, and charged interest at 2.5% per annum.

At the year end, the balance due from P F McAndrew was £10,876 (2021: £15,229). Amounts advanced and repaid in the year totalled £859, (2021: £1,060) and £5,212 (2021: £5,785) respectively.

12.	ULTIMATE CONTROLLING PARTY

The ultimate parent company and controlling party is Aerofoil Energy (Holdings) Limited. There is no overall controlling party of Aerofoil Energy (Holdings) Limited.