First Air Limited - Accounts to registrar (filleted) - small 23.2.5
First Air Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| FOR |
| FIRST AIR LIMITED |
| FIRST AIR LIMITED (REGISTERED NUMBER: 04401539) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| FIRST AIR LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Limited liability partnership in England & Wales |
| Registered number OC312313 |
| Elfed House |
| Oak Tree Court |
| Cardiff Gate Business Park |
| Cardiff |
| CF23 8RS |
| FIRST AIR LIMITED (REGISTERED NUMBER: 04401539) |
| BALANCE SHEET |
| 31 MARCH 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Non distributable reserves |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| 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. |
| FIRST AIR LIMITED (REGISTERED NUMBER: 04401539) |
| BALANCE SHEET - continued |
| 31 MARCH 2023 |
| 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 |
| FIRST AIR LIMITED (REGISTERED NUMBER: 04401539) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 1. | STATUTORY INFORMATION |
| First Air Limited is a |
| The company's functional and presentational currency in the financial statements is Sterling (£), rounded to the nearest pound. |
| The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| There have been no departures from Financial Reporting Standard 102. |
| Turnover |
| Turnover is measured at the fair value of consideration received or receivable excluding value added tax for the hire of aircraft and provision of ancillary services. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Patents and licences are being amortised evenly over their estimated useful life of 10 years. |
| Tangible fixed assets |
| Aircraft | - |
| Computer equipment | - |
| Tangible fixed assets are initially measured at cost . After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. |
| Aircraft will be included at their fair value at the year end. |
| Revaluation gains are recognised in income and accumulated in equity and are recognised in profit or loss to the extent that they reverse a revaluation decrease of the same asset previously recognised in profit or loss. |
| A decrease as a result of a revaluation will be recognised in other comprehensive income to the extent that any previously recognised revaluation increase in respect of that asset but if a revaluation decrease exceeds the revaluation gains accumulated in equity in respect of that asset, the excess is recognised in profit or loss. |
| Financial instruments |
| Basic Financial Instruments are recognised at amortised cost. |
| FIRST AIR LIMITED (REGISTERED NUMBER: 04401539) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 |
| AMORTISATION |
| At 1 April 2022 |
| Charge for year |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| FIRST AIR LIMITED (REGISTERED NUMBER: 04401539) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Computer |
| Aircraft | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2022 |
| Revaluations | ( |
) | ( |
) |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| Revaluation adjustments | ( |
) | ( |
) |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| Cost or valuation at 31 March 2023 is represented by: |
| Computer |
| Aircraft | equipment | Totals |
| £ | £ | £ |
| Valuation in 2023 | 73,500 | 1,405 | 74,905 |
| If the aircraft had not been revalued they would have been included at the following historical cost: |
| 2023 | 2022 |
| £ | £ |
| Cost | 238,479 | 238,479 |
| Aggregate depreciation | 235,979 | 223,479 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Prepayments |
| FIRST AIR LIMITED (REGISTERED NUMBER: 04401539) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Amounts owed to group undertakings |
| Other creditors |
| Directors' current accounts | 3,228 | 3,183 |
| Accrued expenses |
| 8. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions within the group. |
| The company is fully owned by Janus Medical Reporting Limited (the parent company) |