IRIS Accounts Production v23.3.1.45 02335158 Board of Directors 1.4.22 31.3.23 31.3.23 23/12/2023 true false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure023351582022-03-31023351582023-03-31023351582022-04-012023-03-31023351582021-03-31023351582021-04-012022-03-31023351582022-03-3102335158ns16:EnglandWales2022-04-012023-03-3102335158ns15:PoundSterling2022-04-012023-03-3102335158ns11:Director12022-04-012023-03-3102335158ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3102335158ns11:SmallEntities2022-04-012023-03-3102335158ns11:Audited2022-04-012023-03-3102335158ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3102335158ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3102335158ns11:FullAccounts2022-04-012023-03-3102335158ns11:OrdinaryShareClass12022-04-012023-03-3102335158ns11:Director22022-04-012023-03-3102335158ns11:RegisteredOffice2022-04-012023-03-3102335158ns6:CurrentFinancialInstruments2023-03-3102335158ns6:CurrentFinancialInstruments2022-03-3102335158ns6:Non-currentFinancialInstruments2023-03-3102335158ns6:Non-currentFinancialInstruments2022-03-3102335158ns6:ShareCapital2023-03-3102335158ns6:ShareCapital2022-03-3102335158ns6:SharePremium2023-03-3102335158ns6:SharePremium2022-03-3102335158ns6:RetainedEarningsAccumulatedLosses2023-03-3102335158ns6:RetainedEarningsAccumulatedLosses2022-03-3102335158ns6:PlantMachinery2022-04-012023-03-3102335158ns6:FurnitureFittings2022-04-012023-03-3102335158ns6:MotorVehicles2022-04-012023-03-3102335158ns6:PlantMachinery2022-03-3102335158ns6:FurnitureFittings2022-03-3102335158ns6:MotorVehicles2022-03-3102335158ns6:PlantMachinery2023-03-3102335158ns6:FurnitureFittings2023-03-3102335158ns6:MotorVehicles2023-03-3102335158ns6:PlantMachinery2022-03-3102335158ns6:FurnitureFittings2022-03-3102335158ns6:MotorVehicles2022-03-3102335158ns6:CostValuation2022-03-3102335158ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3102335158ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3102335158ns6:Secured2023-03-3102335158ns6:Secured2022-03-3102335158ns11:OrdinaryShareClass12023-03-31
REGISTERED NUMBER: 02335158 (England and Wales)














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: J M Gordon
Mrs A W Gordon





REGISTERED OFFICE: 82 High Street
Tenterden
Kent
TN30 6JG





REGISTERED NUMBER: 02335158 (England and Wales)





AUDITORS: GMP Audit Limited, Statutory Auditor
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 4 733,888 629,802
Investments 5 1 1
733,889 629,803

CURRENT ASSETS
Stocks 6 - 5,000
Debtors 7 13,888 3,250
Cash at bank 1,977 658
15,865 8,908
CREDITORS
Amounts falling due within one year 8 498,790 361,856
NET CURRENT LIABILITIES (482,925 ) (352,948 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

250,964

276,855

CREDITORS
Amounts falling due after more than
one year

9

1,368,308

1,311,947
NET LIABILITIES (1,117,344 ) (1,035,092 )

CAPITAL AND RESERVES
Called up share capital 11 1,444 1,444
Share premium 309,556 309,556
Retained earnings (1,428,344 ) (1,346,092 )
SHAREHOLDERS' FUNDS (1,117,344 ) (1,035,092 )

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

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 21st December 2023 and were signed on its behalf by:





J M Gordon - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Aircraft - not provided
Plant & office equipment - 50% on reducing balance and 33% on reducing balance
Motor vehicles - 25% on reducing balance

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 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant &
office Motor
Aircraft equipment vehicles Totals
£    £    £    £   
COST
At 1st April 2022 588,236 17,380 42,187 647,803
Additions 114,499 - - 114,499
At 31st March 2023 702,735 17,380 42,187 762,302
DEPRECIATION
At 1st April 2022 - 17,122 879 18,001
Charge for year - 86 10,327 10,413
At 31st March 2023 - 17,208 11,206 28,414
NET BOOK VALUE
At 31st March 2023 702,735 172 30,981 733,888
At 31st March 2022 588,236 258 41,308 629,802

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 1
NET BOOK VALUE
At 31st March 2023 1
At 31st March 2022 1

6. STOCKS
2023 2022
£    £   
Reclassification as stock - 5,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 9,600 -
Other debtors 4,288 3,250
13,888 3,250

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 381,118 244,122
Trade creditors 119 40
Amounts owed to group undertakings 64,844 57,644
Taxation and social security - 21,059
Other creditors 52,709 38,991
498,790 361,856

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 1,368,308 1,311,947

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 381,118 244,122

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: £    £   
1,444 Ordinary £1 1,444 1,444

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Samantha Whiting FCA (Senior Statutory Auditor)
for and on behalf of GMP Audit Limited, Statutory Auditor

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.