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REGISTERED NUMBER: 04287335 (England and Wales)














LYDDAIR LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023






LYDDAIR LIMITED (REGISTERED NUMBER: 04287335)

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


LYDDAIR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: J M Gordon
Mrs A W Gordon





SECRETARY: J M Gordon





REGISTERED OFFICE: 82 High Street
Tenterden
Kent
TN30 6JG





REGISTERED NUMBER: 04287335 (England and Wales)





AUDITORS: GMP Audit Limited, Statutory Auditor
82 High Street
Tenterden
Kent
TN30 6JG

LYDDAIR LIMITED (REGISTERED NUMBER: 04287335)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 443 1,695

CURRENT ASSETS
Debtors 5 558,581 497,503
Cash at bank and in hand 2,954 17,996
561,535 515,499
CREDITORS
Amounts falling due within one year 6 33,457 40,900
NET CURRENT ASSETS 528,078 474,599
TOTAL ASSETS LESS CURRENT
LIABILITIES

528,521

476,294

CAPITAL AND RESERVES
Called up share capital 8 100,000 100,000
Share premium 660,000 660,000
Retained earnings (231,479 ) (283,706 )
SHAREHOLDERS' FUNDS 528,521 476,294

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


LYDDAIR LIMITED (REGISTERED NUMBER: 04287335)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023


1. STATUTORY INFORMATION

LyddAir 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.

Whilst the company has a net asset position at the year end, the company is dependent upon the financial support and trading activity 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.

Coronavirus
During 2020 and 2021 the country saw various Covid restrictions including lock downs sometimes with an overriding restriction to stay at home. This had a significant impact on the activity of the group due to it being in the transport sector. With only essential travel being allowed during some of this period the turnover for the group has been put under pressure. The group has been cost saving where it can but the maintenance and upkeep of the aircraft are unavoidable costs that must be met. The group has taken advantage of government support where appropriate during this period. The directors reviewed the aircraft within the group and any which were surplus to its future activities were actively marketed for sale and sold. In addition, there has been an increase in Private Charter to private clients with new clients recently signed on.

With the continuation of the vaccine program and the return to increasing freedom, the directors are of the opinion the group activity will increase and are of the opinion the group will continue as a going concern for the foreseeable future.

Turnover
Turnover comprises revenues (excluding VAT and similar taxes) from passengers and cargo operations arising in the normal course of business.

Revenues from passenger and cargo operations are recognised when transportation is provided. The value of sales made, for which transportation has not been provided at the year end, is included in creditors falling due within one year. Expired coupons are recognised as revenue on expiry.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings and equipment - 33% on cost

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.


LYDDAIR LIMITED (REGISTERED NUMBER: 04287335)

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.

Pension costs and other post-retirement benefits
Contributions payable to personal pension schemes are charged to the profit and loss account in the period to which they relate.

Covid-19 and related government grants
Covid-19 has impacted the company and its staff during the year and great effort has been applied to establishing robust procedures to protect both our employees and our ability to provide services to our clients. To alleviate some of the costs of this disruption the company has been in receipt of certain government grants during the year. These have been recognised as income using the accrual model such that they are taken as income over the same periods as the company has recognised the costs to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
and
equipment
£   
COST
At 1st April 2022
and 31st March 2023 16,825
DEPRECIATION
At 1st April 2022 15,130
Charge for year 1,252
At 31st March 2023 16,382
NET BOOK VALUE
At 31st March 2023 443
At 31st March 2022 1,695

LYDDAIR LIMITED (REGISTERED NUMBER: 04287335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 3,689 23,887
Amounts owed by group undertakings 64,844 57,644
Other debtors 39,501 23,766
108,034 105,297

Amounts falling due after more than one year:
Amounts owed by group undertakings 450,547 392,206

Aggregate amounts 558,581 497,503

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,443 7,126
Taxation and social security 3,005 3,796
Other creditors 28,009 29,978
33,457 40,900

7. SECURED DEBTS

The company has given an unlimited composite company guarantee for all group companies.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary 1 100,000 100,000

9. 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

10. CONTINGENT LIABILITIES

The company has a guarantee dated 15 January 2010 in favour of HSBC Merchant Services LLP for £27,000 (2022 - £27,000).

11. OTHER FINANCIAL COMMITMENTS

The company has agreed to provide financial assistance to its fellow group companies.

LYDDAIR LIMITED (REGISTERED NUMBER: 04287335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


12. RELATED PARTY DISCLOSURES

Lyddair Limited is part of a group in which the ultimate parent company is Atlantic Bridge Aviation Limited, a company registered in the UK. At the year end Atlantic Bridge Aviation Limited owed the company £192,225 (2022: £129,622), which is interest free as are all the intercompany loans.

South East Airports Limited, which is a group company, owed £322,208 to the company (2022: £320,228).

The company has claimed exemption from disclosing detailed related party transactions as all the above companies are all wholly owned subsidiaries in the group.

13. INTANGIBLE ASSETS

The company has an intangible asset, being an Aircraft Operator Certificate (AOC), which is not recognised in the accounts as the value of the asset cannot be measured reliably.