Electric Aviation Group Ltd - Period Ending 2021-08-31
Electric Aviation Group Ltd - Period Ending 2021-08-31
Registration number:
for the Year Ended
Electric Aviation Group Ltd
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Electric Aviation Group Ltd
(Registration number: 10936437)
Balance Sheet as at 31 August 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Other reserves |
|
- |
|
Profit and loss account |
( |
( |
|
Shareholders' deficit |
( |
( |
Electric Aviation Group Ltd
(Registration number: 10936437)
Balance Sheet as at 31 August 2021
For the financial year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Electric Aviation Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Going concern
At the period end the company had net liabilities of £168,663.
The financial statements have been prepared on the going concern basis, which assumes that the company will have sufficient working capital facilities to enable it to continue to remain in business for the foreseeable future.
In reaching this conclusion the directors have considered the financial forecasts of the company, that indicate the company requires its funding facilities to continue to operate as a going concern. The directors are confident that the funding facilities in place will not be withdrawn or called in on demand in a period not less than 12 months from the date of approval of these financial statements. The financial statements therefore do not include any adjustments that would be necessary if the company was unable to continue as a going concern.
Electric Aviation Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be realiable measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership;
- nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probably that future economic benefits will flow to the entity; and
- specific criterial have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
20% reducing balance |
Electric Aviation Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
Intangible assets
Separately acquired trademarks and patents are shown at historical cost.
Trademarks, patents and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, patents and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patent |
5% straight line |
Trademark |
5% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Electric Aviation Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Convertible loan notes
The component of convertible loan notes that exhibits characteristics of debt is recognised as a liability in the Balance Sheet. On issue of convertible loan notes, the fair value of the liability component is determined using a market rate for an equivalent non-convertible bond and this amount is carried as a liability on the amortised cost basis until extinguished on conversion or redemption. The increase in the liability due to the passage of time is recognised as a finance cost. The remainder of the proceeds is allocated to the equity component and is recognised in shareholders’ equity. The carrying amount of the equity component is not remeasured in subsequent years.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Electric Aviation Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
Research and development
Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development
Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit. During the period of development the asset is tested for impairment annually.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Intangible assets |
Trademarks, patents and licenses |
Total |
|
Cost or valuation |
||
At 1 September 2020 |
|
|
Additions internally developed |
|
|
At 31 August 2021 |
|
|
Amortisation |
||
At 1 September 2020 |
|
|
Amortisation charge |
|
|
At 31 August 2021 |
|
|
Carrying amount |
||
At 31 August 2021 |
|
|
At 31 August 2020 |
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2020 - £
Electric Aviation Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 September 2020 |
|
|
Additions |
|
|
At 31 August 2021 |
|
|
Depreciation |
||
At 1 September 2020 |
|
|
Charge for the year |
|
|
At 31 August 2021 |
|
|
Carrying amount |
||
At 31 August 2021 |
|
|
At 31 August 2020 |
|
|
Debtors |
2021 |
2020 |
|
Other debtors |
|
|
|
|
Creditors |
Due within one year |
Note |
2021 |
2020 |
Loans and borrowings |
|
- |
|
Trade creditors |
|
- |
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Electric Aviation Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
96 |
|
110 |
|
|
5 |
- |
- |
|
|
5 |
- |
- |
|
|
12 |
- |
- |
|
|
4 |
- |
- |
|
|
|
|
The rights attributable to theses shares are publically available at Companies House.
On 7 January 2021, 1,172,850 Ordinary B shares of £0.00001 were issued at par with an aggregate nominal value of £11.73.
Loans and borrowings |
2021 |
2020 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Other borrowings |
|
- |
|
|
2021 |
2020 |
|
Current loans and borrowings |
||
Bank borrowings |
|
- |
Electric Aviation Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
Related party transactions |
Loans from related parties
2021 |
Key management |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
2020 |
Key management |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
Terms of loans from related parties
Non adjusting events after the financial period |
|