Company Registration No. 11377595 (England and Wales)
53 North Aviation Ltd
Unaudited accounts
for the year ended 30 June 2022
53 North Aviation Ltd
Unaudited accounts
Contents
53 North Aviation Ltd
Company Information
for the year ended 30 June 2022
Directors
Mark Chapman
Glyn Wall
Company Number
11377595 (England and Wales)
Registered Office
Latitude House
Greenside Way
Manchester
M24 1SW
England
Accountants
Middleton Accountancy Services
211 Manchester New Road
Alkrington
Middleton
M24 1JT
53 North Aviation Ltd
Statement of financial position
as at
30 June 2022
Tangible assets
50,108
40,329
Inventories
518,459
122,791
Cash at bank and in hand
487,916
72,148
Creditors: amounts falling due within one year
(569,436)
(196,286)
Net current assets
1,000,435
69,903
Total assets less current liabilities
1,050,543
110,232
Creditors: amounts falling due after more than one year
(29,167)
(58,445)
Net assets
1,021,376
51,787
Called up share capital
1,000
1,000
Profit and loss account
1,020,376
50,787
Shareholders' funds
1,021,376
51,787
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2022 and were signed on its behalf by
Mark Chapman
Director
Company Registration No. 11377595
53 North Aviation Ltd
Notes to the Accounts
for the year ended 30 June 2022
53 North Aviation Ltd is a private company, limited by shares, registered in England and Wales, registration number 11377595. The registered office is Latitude House, Greenside Way, Manchester, M24 1SW, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
20% straight line
Plant & machinery
20% straight line
Motor vehicles
20% straight line
Fixtures & fittings
20% straight line
Computer equipment
20% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
53 North Aviation Ltd
Notes to the Accounts
for the year ended 30 June 2022
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 July 2021
13,473
13,670
29,990
10,403
3,916
71,452
Additions
-
26,161
-
1,593
2,333
30,087
At 30 June 2022
13,473
39,831
29,990
11,996
6,249
101,539
At 1 July 2021
8,084
6,289
11,996
3,647
1,107
31,123
Charge for the year
2,694
7,966
5,998
2,400
1,250
20,308
At 30 June 2022
10,778
14,255
17,994
6,047
2,357
51,431
At 30 June 2022
2,695
25,576
11,996
5,949
3,892
50,108
At 30 June 2021
5,389
7,381
17,994
6,756
2,809
40,329
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
11,996
17,994
Amounts falling due within one year
Trade debtors
472,608
21,852
Accrued income and prepayments
66,775
42,637
53 North Aviation Ltd
Notes to the Accounts
for the year ended 30 June 2022
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
19,279
4,590
Trade creditors
281,338
149,428
Taxes and social security
234,001
8,855
Other creditors
24,818
23,413
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Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
-
19,279
8
Average number of employees
During the year the average number of employees was 7 (2021: 5).