REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2022 |
for |
Aerofol Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2022 |
for |
Aerofol Limited |
Aerofol Limited (Registered number: 07677955) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Aerofol Limited |
Company Information |
for the Year Ended 31 December 2022 |
Director: |
Registered office: |
Registered number: |
Accountants: |
120 New Cavendish Street, |
London |
W1W 6XX |
Aerofol Limited (Registered number: 07677955) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
Current assets |
Debtors | 4 |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
Net current assets/(liabilities) | ( |
) |
Total assets less current liabilities | ( |
) |
Creditors |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
Net assets/(liabilities) | ( |
) |
Capital and reserves |
Called up share capital | 8 |
Retained earnings | 9 | ( |
) |
Shareholders' funds | ( |
) |
The director acknowledges his 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. |
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 |
Aerofol Limited (Registered number: 07677955) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | Statutory information |
The Company is a private company limited by shares, incorporated in England and Wales. Its registered office is 24 Old Burlington Street, London, England, W1S 3AW. |
The company's principal business activity is that of the provision of non-scheduled passenger air transport. |
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. |
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. |
Going concern |
After making enquiries the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason he continues to adopt the going concern basis in preparing the financial statements. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Debtors: amounts falling due within one year |
31.12.22 | 31.12.21 |
£ | £ |
Other debtors |
Aerofol Limited (Registered number: 07677955) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
5. | Creditors: amounts falling due within one year |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans and overdrafts (see note 7) |
Trade creditors |
Taxation and social security |
Other creditors |
6. | Creditors: amounts falling due after more than one year |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans (see note 7) |
7. | Loans |
An analysis of the maturity of loans is given below: |
31.12.22 | 31.12.21 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary £1 shares | 1 | 2 | 2 |
Called-up share capital represents the nominal value of shares that have been issued. |
Aerofol Limited (Registered number: 07677955) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
9. | Reserves |
Retained |
earnings |
£ |
At 1 January 2022 | ( |
) |
Profit for the year |
Dividends | ( |
) |
At 31 December 2022 |
The retained earnings reserve records retained earnings and accumulated losses. |
10. | Director's advances, credits and guarantees |
During the year the director had the following loan account with the company: |
M P Foley |
31.12.22 | 31.12.21 |
£ | £ |
Balance brought forward | 9,685 | (5,891 | ) |
Monies paid to M P Foley | 93,257 | 23,905 |
Monies repaid to Aerofol Limited | (12,477 | ) | (8,329 | ) |
Dividends received | (91,000 | ) | - |
Balance carried forward | (535 | ) | 9,685 |
The above loan is unsecured, interest free and repayable on demand. |
11. | Related party disclosures |
Aerofol International Malta |
During the year the company received technical services costing £40,000 from Aerofol International Malta a company incorporated in Malta and controlled by the director M P Foley. As at the year end £40,000 was owed to Aerofol International Malta. |
12. | Ultimate controlling party |