PHI Aviation UK Limited 14127263 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Non-scheduled passenger air transport/Service activities incidental to air transportation Digita Accounts Production Advanced 6.30.9574.0 true false 14127263 2023-01-01 2023-12-31 14127263 2023-12-31 14127263 core:RetainedEarningsAccumulatedLosses 2023-12-31 14127263 core:ShareCapital 2023-12-31 14127263 core:CurrentFinancialInstruments 2023-12-31 14127263 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 14127263 bus:SmallEntities 2023-01-01 2023-12-31 14127263 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 14127263 bus:FullAccounts 2023-01-01 2023-12-31 14127263 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 14127263 bus:RegisteredOffice 2023-01-01 2023-12-31 14127263 bus:Director1 2023-01-01 2023-12-31 14127263 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 14127263 1 2023-01-01 2023-12-31 14127263 countries:EnglandWales 2023-01-01 2023-12-31 14127263 2022-05-24 2022-12-31 14127263 2022-12-31 14127263 core:RetainedEarningsAccumulatedLosses 2022-12-31 14127263 core:ShareCapital 2022-12-31 14127263 core:CurrentFinancialInstruments 2022-12-31 14127263 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 14127263

PHI Aviation UK Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 December 2023

 

PHI Aviation UK Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 4

 

PHI Aviation UK Limited

(Registration number: 14127263)
Statement of Financial Position as at 31 December 2023

Note

2023
$

2022
$

Current assets

 

Debtors

4

1,932,402

872,210

Cash at bank and in hand

 

121,459

-

 

2,053,861

872,210

Creditors: Amounts falling due within one year

5

(1,940,857)

(846,647)

Net assets

 

113,004

25,563

Capital and reserves

 

Called up share capital

125

125

Profit and loss account

112,879

25,438

Shareholders' funds

 

113,004

25,563

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 19 March 2024 and signed on its behalf by:
 

.........................................
J R Mitchell
Director

 

PHI Aviation UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in USD, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

 

PHI Aviation UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Debtors

Note

2023
$

2022
$

Amounts owed by related parties

1,857,929

872,210

Other debtors

 

3,041

-

Prepayments

 

71,432

-

 

1,932,402

872,210

 

PHI Aviation UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
$

2022
$

Trade creditors

 

5,001

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,565,746

756,667

Taxation and social security

 

71,116

6,018

Accruals and deferred income

 

298,994

83,962

 

1,940,857

846,647

6

Parent and ultimate parent undertaking

The company's immediate parent is PHI Aviation, LLC, incorporated in United States of America.

 The ultimate parent is PHI Group, Inc., incorporated in United States of America.

 The ultimate controlling party is PHI Group, Inc..