REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 August 2022 |
for |
HSM Aero Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 August 2022 |
for |
HSM Aero Limited |
HSM Aero Limited (Registered number: 04794306) |
Contents of the Financial Statements |
for the Year Ended 31 August 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
HSM Aero Limited |
Company Information |
for the Year Ended 31 August 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
69 Knowl Piece |
Wilbury Way |
Hitchin |
Hertfordshire |
SG4 0TY |
HSM Aero Limited (Registered number: 04794306) |
Balance Sheet |
31 August 2022 |
31.8.22 | 31.8.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
HSM Aero Limited (Registered number: 04794306) |
Notes to the Financial Statements |
for the Year Ended 31 August 2022 |
1. | STATUTORY INFORMATION |
HSM Aero Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover consists of precision engineering and manufacture of mechanical equipment. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Improvements to property | 15% on reducing balance |
Plant and machinery | 25% on reducing balance and 10% on cost |
Fixtures and fittings | 15% on reducing balance |
Motor vehicles | 20% on cost |
Office equipment | 15% on reducing balance |
Government grants |
Grants are accounted for under the accruals model. |
Grants of a revenue nature are recognised in 'other income' within profit and loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme. |
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. |
HSM Aero Limited (Registered number: 04794306) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Discounted debts |
At 31st August 2022 trade debtors totalling £634,469 (2021 - £804,671) had been discounted and an amount of £539,002 (2021 - £619,701) had been advanced to the company under this financing agreement. The financial statements reflect a separate presentation i.e. gross discounted debts are included within assets and proceeds received from factors are included within liabilities. The factor's charges are accrued as arising and included within the profit and loss account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 September 2021 |
Additions |
Disposals | ( |
) |
At 31 August 2022 |
DEPRECIATION |
At 1 September 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 August 2022 |
NET BOOK VALUE |
At 31 August 2022 |
At 31 August 2021 |
HSM Aero Limited (Registered number: 04794306) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2021 |
Additions |
Disposals | ( |
) |
At 31 August 2022 |
DEPRECIATION |
At 1 September 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 August 2022 |
NET BOOK VALUE |
At 31 August 2022 |
At 31 August 2021 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 September 2021 |
and 31 August 2022 |
DEPRECIATION |
At 1 September 2021 |
Charge for year |
At 31 August 2022 |
NET BOOK VALUE |
At 31 August 2022 |
At 31 August 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.22 | 31.8.21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
HSM Aero Limited (Registered number: 04794306) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.22 | 31.8.21 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.22 | 31.8.21 |
£ | £ |
Hire purchase contracts (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.8.22 | 31.8.21 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31.8.22 | 31.8.21 |
£ | £ |
Within one year |
Between one and five years |
HSM Aero Limited (Registered number: 04794306) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.22 | 31.8.21 |
£ | £ |
Hire purchase contracts | 152,675 | 287,613 |
Discounted debts | 539,002 | 619,701 |
Securities include: |
Fixed and floating charge created in favour of LLoyds Bank to cover all property or undertaking of the company. The charge includes a negative pledge. |
Fixed charge over non- vesting debts within the Invoice finance facility. |
Fixed and floating charge created in favour of Aldermore Bank PLC to cover all property or undertaking of the company. The charge includes a negative pledge. |
The company has a cross guarantee with it's fellow group companies: |
Cabinair Services Ltd |
SATTO Solutions Ltd |
Specialist Aviation Holding Ltd |
Specialist Aviation Ltd |
Hermitage S M Ltd |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
At the balance sheet date the following amounts are due from companies under common control: |
31.8.22 | 31.8.21 |
£ | £ |
SATTO Solutions Limited | Nil | 8,673 |
Specialist Aviation Holdings Limited | (123,776 | ) | 504,282 |
Cabinair Services Limited | Nil | 125,000 |
At the balance sheet date the following amounts are due to companies under common control: |
31.8.22 | 31.8.21 |
£ | £ |
Specialist Aviation Limited | Nil | 417,611 |
The ultimate controlling party is |
12. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Specialist Aviation Holdings Limited, the registered office is: Aerospace Logistics Centre, Fifth Avenue, Letchworth Garden City, Herts SG6 2TS |