REGISTERED NUMBER: |
ATLANTIC BRIDGE AVIATION LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
REGISTERED NUMBER: |
ATLANTIC BRIDGE AVIATION LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
ATLANTIC BRIDGE AVIATION LIMITED (REGISTERED NUMBER: 02335158) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 6 |
ATLANTIC BRIDGE AVIATION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
82 High Street |
Tenterden |
Kent |
TN30 6JG |
ATLANTIC BRIDGE AVIATION LIMITED (REGISTERED NUMBER: 02335158) |
BALANCE SHEET |
31ST MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ATLANTIC BRIDGE AVIATION LIMITED (REGISTERED NUMBER: 02335158) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | STATUTORY INFORMATION |
Atlantic Bridge Aviation Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has a net liability position at the year end. The company is dependent upon the trading activity and financial support of its fellow group companies and vice versa. The directors of the company are of the opinion that the financial statements should be prepared on a going concern basis as they have reviewed the activities and position of the group as a whole and the companies will continue to provide such financial support to each other as is necessary. |
Preparation of consolidated financial statements |
The financial statements contain information about Atlantic Bridge Aviation Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Aircraft | - |
Plant & office equipment | - |
Motor vehicles | - |
Aircraft are not depreciated as their residual values are maintained above their cost. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Where stock has been appropriated from fixed assets, it has been done so at market value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
ATLANTIC BRIDGE AVIATION LIMITED (REGISTERED NUMBER: 02335158) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant & |
office | Motor |
Aircraft | equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2022 |
Additions |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
In 2008, the valuations of the aircraft were reviewed and found that excessive depreciation had been applied. Consequently, depreciation was written back via an adjustment to the revaluation reserve. Since the revaluation, depreciation has been charged in accordance with the accounting policy and proportionately applied to the revaluation reserve and profit and loss reserve until 2017 when depreciation has stopped being charged as the aircraft residual values are above their carrying value. |
ATLANTIC BRIDGE AVIATION LIMITED (REGISTERED NUMBER: 02335158) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st April 2022 |
and 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Reclassification as stock | - | 5,000 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
ATLANTIC BRIDGE AVIATION LIMITED (REGISTERED NUMBER: 02335158) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
The bank overdraft is secured by way of a fixed and floating charge over all of the company's assets. In addition, the company has given an unlimited composite company guarantee for all group companies. |
Mr JM Gordon, director and shareholder of the company, has also provided a personal bank guarantee of £265,000. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,444 | 1,444 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | OTHER FINANCIAL COMMITMENTS |
The company has agreed to provide financial assistance to its fellow group companies. |
14. | RELATED PARTY DISCLOSURES |
Atlantic Bridge Aviation Limited is the ultimate parent company in a group. |
LyddAir Limited is a subsidiary and at the year end the company owed LyddAir Limited £193,182 (2022: £129,622).This is interest free as are all the intercompany loans. |
South East Airports Limited is a subsidiary company and at the end of the year the company owed South East Airports Limited £1,239,969 (2022: £1,239,969). |
The company has claimed exemption from disclosing detailed related party transactions as all the above companies are all wholly owned subsidiaries in the group. |