Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalse2022-01-01Aircraft recovery33 9249104 2022-01-01 2022-12-31 9249104 2020-11-01 2021-12-31 9249104 2022-12-31 9249104 2021-12-31 9249104 c:Director5 2022-01-01 2022-12-31 9249104 d:PlantMachinery 2022-01-01 2022-12-31 9249104 d:PlantMachinery 2022-12-31 9249104 d:PlantMachinery 2021-12-31 9249104 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 9249104 d:MotorVehicles 2022-01-01 2022-12-31 9249104 d:MotorVehicles 2022-12-31 9249104 d:MotorVehicles 2021-12-31 9249104 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 9249104 d:OfficeEquipment 2022-01-01 2022-12-31 9249104 d:OfficeEquipment 2022-12-31 9249104 d:OfficeEquipment 2021-12-31 9249104 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 9249104 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 9249104 d:Goodwill 2022-01-01 2022-12-31 9249104 d:Goodwill 2022-12-31 9249104 d:Goodwill 2021-12-31 9249104 d:CurrentFinancialInstruments 2022-12-31 9249104 d:CurrentFinancialInstruments 2021-12-31 9249104 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 9249104 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 9249104 d:ShareCapital 2022-12-31 9249104 d:ShareCapital 2021-12-31 9249104 d:RetainedEarningsAccumulatedLosses 2022-12-31 9249104 d:RetainedEarningsAccumulatedLosses 2021-12-31 9249104 c:FRS102 2022-01-01 2022-12-31 9249104 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 9249104 c:FullAccounts 2022-01-01 2022-12-31 9249104 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 9249104 2 2022-01-01 2022-12-31 9249104 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 9249104 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 9249104 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 9249104 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 9249104










AMS AIRCRAFT RECOVERY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2022

 
AMS AIRCRAFT RECOVERY LIMITED
REGISTERED NUMBER: 9249104

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
4,846
7,922

  
4,846
7,922

Current assets
  

Stocks
  
31,935
5,481

Debtors: amounts falling due within one year
 6 
268,710
43,527

Cash at bank and in hand
 7 
197,605
264,837

  
498,250
313,845

Creditors: amounts falling due within one year
 8 
(97,017)
(32,582)

Net current assets
  
 
 
401,233
 
 
281,263

Total assets less current liabilities
  
406,079
289,185

Provisions for liabilities
  

Deferred tax
 9 
(1,212)
-

  
 
 
(1,212)
 
 
-

Net assets
  
404,867
289,185

Page 1

 
AMS AIRCRAFT RECOVERY LIMITED
REGISTERED NUMBER: 9249104
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
404,767
289,085

  
404,867
289,185


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






J. Sameth
Director

Date: 28 September 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
AMS AIRCRAFT RECOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

AMS Aircraft Recovery Limited is a private limited liability Company incorporated in England and Wales.
The address of its registered office is:
Wey Court West,
Union Road,
Farnham,
Surrey
GU9 7PT
Registration no. is 9249104

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
AMS AIRCRAFT RECOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Intellectual Property Rights
-
20%
straight line

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
AMS AIRCRAFT RECOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Page 5

 
AMS AIRCRAFT RECOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 6

 
AMS AIRCRAFT RECOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.14

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the period was 3 (2021 - 3).

Page 7

 
AMS AIRCRAFT RECOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

4.


Intangible assets




Intellectual Property Rights

£



Cost


At 1 January 2022
10,000



At 31 December 2022

10,000



Amortisation


At 1 January 2022
10,000



At 31 December 2022

10,000



Net book value



At 31 December 2022
-



At 31 December 2021
-



Page 8

 
AMS AIRCRAFT RECOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
152
15,325
15,423
30,900



At 31 December 2022

152
15,325
15,423
30,900



Depreciation


At 1 January 2022
152
13,392
9,434
22,978


Charge for the period on owned assets
-
483
2,593
3,076



At 31 December 2022

152
13,875
12,027
26,054



Net book value



At 31 December 2022
-
1,450
3,396
4,846



At 31 December 2021
-
1,933
5,989
7,922


6.


Debtors

2022
2021
£
£


Trade debtors
81,638
8,423

Amounts owed by group undertakings
125,262
-

Other debtors
26,901
9,861

Prepayments and accrued income
34,909
5,089

Deferred taxation
-
20,154

268,710
43,527


Page 9

 
AMS AIRCRAFT RECOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
197,605
264,837

197,605
264,837



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
59,321
7,937

Corporation tax
9,042
-

Other creditors
6,985
111

Accruals and deferred income
21,669
24,534

97,017
32,582



9.


Deferred taxation




2022


£






At beginning of year
20,154


Charged to profit or loss
(21,366)



At end of year
(1,212)

The deferred taxation balance is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(1,212)
(1,981)

Tax losses carried forward
-
22,135

(1,212)
20,154

Page 10

 
AMS AIRCRAFT RECOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

10.


Controlling party

The company is a 90% subsidiary of AGE Logistics Corporation, 426 East Duarte Road, Monrovia, California, USA, 91016.

 
Page 11