Farnborough Aerospace Centre Management - Limited company accounts 20.1

REGISTERED NUMBER: 02660403 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

FARNBOROUGH AEROSPACE CENTRE MANAGEMENT

LIMITED

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

6

DIRECTORS:

S P Bradley

R Davis

C L Holland

M G Smith

J J Turpin

SECRETARY:

A Wellman

REGISTERED OFFICE:

Minton Place

Station Road

Swindon

SN1 1DA

REGISTERED NUMBER:

02660403 (England and Wales)

ACCOUNTANTS:

Websters

12 Melcombe Place

London

NW1 6JJ

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

PRINCIPAL ACTIVITY

The company's principal activities comprise the control, supervision and management of the site known as Farnborough Aerospace Centre.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

S P Bradley (Alternate to S J Ellis until 18 July 2022) (Alternate Director to C Holland from 19 July 2022)

R Davis

M G Smith

Other changes in directors holding office are as follows:

S J Ellis - resigned 18 July 2022

C L Holland - appointed 19 July 2022

M A Reason - resigned 3 November 2022

J J Turpin - appointed 3 November 2022 (Alternate to M A Reason until 3 November 2022)

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

M G Smith - Director

19 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Farnborough Aerospace Centre Management Limited for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet 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 Farnborough Aerospace Centre Management 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 Farnborough Aerospace Centre Management Limited and state those matters that we have agreed to state to the Board of Directors of Farnborough Aerospace Centre Management 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 Farnborough Aerospace Centre Management Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Farnborough Aerospace Centre Management 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 Farnborough Aerospace Centre Management Limited. You consider that Farnborough Aerospace Centre Management 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 Farnborough Aerospace Centre Management 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.

Websters

12 Melcombe Place

London

NW1 6JJ

26 September 2023

SERVICE CHARGES RECEIVABLE

454,244

482,728

Service charge expenditure

(454,244

)

(482,728

)

GROSS PROFIT

-

OPERATING PROFIT and

PROFIT BEFORE TAXATION

-

Tax on profit

-

PROFIT FOR THE FINANCIAL YEAR

-

CURRENT ASSETS

Debtors

5

499,683

392,164

CREDITORS

Amounts falling due within one year

6

(469,579

)

(357,060

)

NET CURRENT ASSETS

30,104

35,104

TOTAL ASSETS LESS CURRENT
LIABILITIES

30,104

35,104

PROVISIONS FOR LIABILITIES

(30,000

)

(35,000

)

NET ASSETS

104

CAPITAL AND RESERVES

Called up share capital

104

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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2023 and were signed on its behalf by:

M G Smith - Director

1.	STATUTORY INFORMATION

Farnborough Aerospace Centre Management 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Service charges receivable

Service charges receivable comprises the reimbursement of service charge expenditure deployed by the management company on behalf of the service charge fund for Farnborough Aerospace Centre.

Recognition of income

Service charges receivable is recognised in the financial statements concurrently with the recognition of the service charge expenditure that is being funded.

3.	EMPLOYEES AND DIRECTORS

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

4.	OPERATING PROFIT

The directors received no remuneration in respect of their services to the company for the year.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

Other debtors

499,683

392,164

In prior years service charge funds held in the managing agents client bank account have been included as cash at bank. As these funds are not under control of the company or in its own name, these have been included this year in other debtors (£466,335) and the comparative figure (£360,025) has been adjusted to reflect this reclassification.

In year ended 31 December 2021 Trade Debtors included amounts due on 1 January 2022 in respect of service charge contributions for the quarter ended 31 March 2022, with a corresponding credit for deferred income within Other Creditors. As the income is not due until 1 January following the end of the accounting period, these accounts do not include any trade debtor, nor corresponding deferred income, in respect of the quarter ended 31 March 2023. The comparative figures have been adjusted to reflect this revised treatment.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

Trade creditors

434,860

237,506

Other creditors

34,719

119,554

469,579

357,060

7.	ULTIMATE CONTROLLING PARTY

The company is controlled by a voting majority of its shareholders and accordingly there is no controlling party.