Air Sea 1 Ltd 31/03/2023 iXBRL

Air Sea 1 Ltd 31/03/2023 iXBRL

AIR SEA 1 LTD - Company Information

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1 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-02-23 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 13935416 2022-02-23 2023-03-31 13935416 2023-03-31 13935416 bus:RegisteredOffice 2022-02-23 2023-03-31 13935416 bus:LeadAgentIfApplicable 2022-02-23 2023-03-31 13935416 bus:Director1 2022-02-23 2023-03-31 13935416 core:WithinOneYear 2023-03-31 13935416 core:ShareCapital 2023-03-31 13935416 core:RetainedEarningsAccumulatedLosses 2023-03-31 13935416 bus:Director1 2023-03-31 13935416 bus:SmallEntities 2022-02-23 2023-03-31 13935416 bus:AuditExemptWithAccountantsReport 2022-02-23 2023-03-31 13935416 bus:AbridgedAccounts 2022-02-23 2023-03-31 13935416 bus:SmallCompaniesRegimeForAccounts 2022-02-23 2023-03-31 13935416 bus:PrivateLimitedCompanyLtd 2022-02-23 2023-03-31
Company registration number: 13935416
Air Sea 1 Ltd
Unaudited filleted abridged financial statements
31 March 2023
Air Sea 1 Ltd
Contents
Directors and other information
Accountant's report
Abridged statement of financial position
Notes to the financial statements
Air Sea 1 Ltd
Directors and other information
Directors Mr Graham Lee (Appointed 23 February 2022)
Company number 13935416
Registered office Station Approach
Shepperton
Middlesex
TW17 8AS
Accountant Alan James & Associates Limited
1 Shepperton Marina
Felix Lane
Shepperton
Middlesex
TW17 8NS
Air Sea 1 Ltd
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Air Sea 1 Ltd
Period ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Air Sea 1 Ltd for the period ended 31 March 2023 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Air Sea 1 Ltd, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Air Sea 1 Ltd and state those matters that we have agreed to state to the board of directors of Air Sea 1 Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Air Sea 1 Ltd and its board of directors as a body for my work or for this report.
It is your duty to ensure that Air Sea 1 Ltd 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 Air Sea 1 Ltd. You consider that Air Sea 1 Ltd is exempt from the statutory audit requirement for the period.
I have not been instructed to carry out an audit or a review of the financial statements of Air Sea 1 Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Alan James & Associates Limited
Chartered Accountants
1 Shepperton Marina
Felix Lane
Shepperton
Middlesex
TW17 8NS
21 June 2023
Air Sea 1 Ltd
Abridged statement of financial position
31 March 2023
31/03/23
Note £ £
Fixed assets
Tangible assets 5 3,459
_______
3,459
Current assets
Debtors 19,664
Cash at bank and in hand 64,157
_______
83,821
Creditors: amounts falling due
within one year ( 71,980)
_______
Net current assets 11,841
_______
Total assets less current liabilities 15,300
_______
Net assets 15,300
_______
Capital and reserves
Called up share capital 2
Profit and loss account 15,298
_______
Shareholders funds 15,300
_______
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current period ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 21 June 2023 , and are signed on behalf of the board by:
Mr Graham Lee
Director
Company registration number: 13935416
Air Sea 1 Ltd
Notes to the financial statements
Period ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Graham Lee Terminal House, Station Approach, Shepperton, Middlesex, TW17 8AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1
5. Tangible assets
£
Cost
At 23 February 2022 -
Additions 4,612
_______
At 31 March 2023 4,612
_______
Depreciation
At 23 February 2022 -
Charge for the year 1,153
_______
At 31 March 2023 1,153
_______
Carrying amount
At 31 March 2023 3,459
_______
6. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 31/03/23
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Graham Lee - 143,199 ( 143,253) ( 54)
_______ _______ _______ _______