Year Ended
Registration number:
Centreline AV Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Centreline AV Limited
Company Information
Directors |
A C Paterson S J Page |
Company secretary |
A C Paterson |
Registered office |
|
Auditors |
|
Centreline AV Limited
Strategic Report for the Year Ended 30 September 2023
The directors present their strategic report for the year ended 30 September 2023.
Principal activity
The principal activity of the company is the continuing provision of a full spectrum of business aviation services. Centreline holds an Air Operators Certificate and derives the majority of its revenue from aircraft management and charter. Other significant activities include scheduled and ad hoc aircraft handling and fuelling.
Fair review of the business
The company has built a strong position in the business aviation sector and was well-placed to weather the shocks presented to the industry during the COVID-19 pandemic. The directors have been able to continue with most elements of their strategy during the period, and has seen the industry return to pre pandemic conditions.
The medical charter division, was hardest hit during the pandemic, and cash flows were impacted as a result, although as predicted once commercial travel increased so did the demand for medical services, and improvements have been seen during the year.
Two new aircraft joined the charter fleet in the year one Embraer 300 and one Embraer 550, strengthening the businesses position within the UK Charter market.
The contract held with the UK Ministry of Defence, has performed well during the year, and an extension has been agreed for a further 30 months into 2026. The revenue stream has bolstered the diversity of the company, providing more stability for its employees and shareholders. Centreline has worked with the MOD on additional projects during the year.
The company has paid dividends during the period of £550,000 and net assets have correspondingly reduced.
The company's key financial performance indicators during the year were as follows:
Unit |
2023 |
2022 |
|
Gross Profit Margin |
% |
32 |
32 |
Salaries as a % of turnover |
% |
17 |
19 |
Principal risks and uncertainties
Global supply chains remain a challenge. The residual effects of the pandemic and subsequent conflicts in Ukraine, the Middle East and East Africa have all caused disruption to historically reliable suppliers, leading in some cases to greatly extended downtime for aircraft. The directors have absolute confidence in our experienced and expert team to minimize such disruption and remain ahead of our competitors.
Aside from the on-going impact of the global pandemic, the company's principal risks and uncertainties are generated by economic forces and external events.
Its exposure to economic forces is largely mitigated by its clients being, for the most part, high net worth individuals who are relatively unaffected by economic uncertainty.
The company’s exposure to sterling/dollar exchange rate variations is low, whereas previously fuel for resale was purchased in USD$, it is now purchased in GBP£ therefore significantly reducing its currency exposure.
Centreline AV Limited
Strategic Report for the Year Ended 30 September 2023
Future developments
Subsequent to the financial year end, the business is working with the MOD on additional projects.
Approved and authorised by the
......................................... |
Centreline AV Limited
Directors' Report for the Year Ended 30 September 2023
The directors present their report and the financial statements for the year ended 30 September 2023.
Results and dividends
The profit for the year, after taxation, amounted to £812,314 (2022 - profit after taxation of £912,276).
A dividend was declared and paid during the period of £550,000 (2022 - £600,000).
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's principal financial instruments comprise bank balances and trade debtors and creditors.
Price risk, credit risk, liquidity risk and cash flow risk
The company’s overall objective is to ensure that it is able to meet its financial commitments as they fall due. Accordingly, surplus funds are held available to meet expected cash flows. The company deposits its money with reputable financial institutes.
The company uses borrowing facilities provided by its parent company and has access to overdraft facilities provided by Barclays. The maturity profile of banking facilities is regularly reviewed and such facilities are extended or replaced well in advance of their expiry.
The company’s credit risk is primarily attributable to its trade debtors. To manage this, few customer are offered credit terms and the company’s policy is to obtain appropriate credit checks on potential credit customer before sales are made.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Centreline AV Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Centreline AV Limited
Independent Auditor's Report to the Members of Centreline AV Limited
Opinion
We have audited the financial statements of Centreline AV Limited (the 'company') for the year ended 30 September 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Centreline AV Limited
Independent Auditor's Report to the Members of Centreline AV Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Centreline AV Limited
Independent Auditor's Report to the Members of Centreline AV Limited
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. As part of this, we reviewed the company’s website for indication of any regulations and certification in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified were the regulations of the Civil Aviation Authority (CAA) and Care Quality Commission (CQC), as well as tax legislation, employment law and breaches of The General Data Protection Regulation (“GDPR”). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• |
Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. |
• |
Reviewing CAA and CQC reports, and enquiries of management with regard to points raised and (where relevant) action plans developed. |
• |
Reviewing the Information Commissioner’s Office (ICO) website for any enforcement actions or decision notices impacting the company. |
• |
Reviewing the company’s GDPR policy and enquiries to management as to the occurrence and outcome of any reportable breaches. |
• |
Reviewing legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance. |
As part of our enquiries, we discussed with management whether there had been any instances of known or alleged fraud, of which management confirmed there were none.
We assessed the susceptibility of the financial statements to material misstatement through management override or fraud, and obtained an understanding of the controls in place to mitigate the risk of fraud. We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. The key risk we identified was the overstatement of the financial position of the company for commercial purposes. Based upon our understanding we designed and conducted audit procedures including:
• |
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
• |
Undertook specific cut-off procedures in respect of revenue recognition; and |
• |
Reviewing estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.
Centreline AV Limited
Independent Auditor's Report to the Members of Centreline AV Limited
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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90 Victoria Street
BS1 6DP
Centreline AV Limited
Profit and Loss Account
Year Ended 30 September 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
( |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Centreline AV Limited
Balance Sheet
30 September 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
......................................... |
Company Registration Number: 02333041
Centreline AV Limited
Statement of Changes in Equity
Year Ended 30 September 2023
Share capital |
Share premium |
Profit and loss account |
Total |
|
At 1 October 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 September 2023 |
|
|
|
|
Share capital |
Share premium |
Profit and loss account |
Total |
|
At 1 October 2021 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 September 2022 |
|
|
|
|
Centreline AV Limited
Statement of Cash Flows
Year Ended 30 September 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation |
|
|
|
Loss on disposal of tangible assets |
|
- |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Corporation tax |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Increase in debtors |
( |
( |
|
Increase in creditors |
|
|
|
Increase in provisions |
|
- |
|
Cash generated from operations |
|
|
|
Corporation tax received |
- |
|
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
- |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Repayment of loans and borrowings |
(221,666) |
(413,667) |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 October |
|
|
|
Cash and cash equivalents at 30 September |
349,020 |
1,403,753 |
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office and principal place of business is:
United Kingdom
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and the Companies Act 2006. There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The functional currency of the company is considered to be pounds sterling, because this is the currency of the primary economic environment in which the company operates.
Going concern
The directors have prepared detailed financial forecasting to December 2024, and long range reviews to 2027, including cash analysis to 2027. They have considered possible plausible downsides within these forecasts.
The directors are satisfied, based on these forecasts, that the company will continue to meet its liabilities as they fall due, and are satisfied that the company will continue to operate with sufficient cash headroom for a period of at least 12 months (from the date of approval of these financial statements).
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Key accounting judgements and sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The accounting estimates that have a significant effect on the amounts recognised in the financial statements are described below:
Aircraft are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This required an estimate of the depreciation rates used as well as assessment of the ongoing economic contribution and physical condition of the assets as to whether an indicator of impairment has occurred. The carrying amount is £651,934 (2022 -£381,331).
Provisions are held in relation to the CSAT contract for maintenance and other costs that arise under the terms of the contract. The costs to be incurred are estimated over the term of contract and actual costs incurred may differ from the provision. The carrying amount is £190,000 (2022 -£75,600).
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 and after eliminating sales within the company.
Revenue in respect of charter income is recognised on the charter date of the flight. Revenue in respect of engineering revenue is recognised on completion of the work. Revenue in respect of fixed based operations revenue is recognised on departure of the visiting aircraft. Revenue in respect of medical services is recognised on delivery of patients to their end destination.
In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect contracts for on-going services is recognised by reference to the stage of completion, which is dependent on the individual contracts.
For transactions where the company acts as agent, turnover shown in the profit and loss account is net commission earned and is recognised on completion of milestones.
Foreign currency transactions and balances
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.
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
The current corporation 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.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Buildings |
Over the period of the lease or 10-30 years straight line |
Aircraft |
20% straight line |
Medical equipment |
15% reducing balance |
Other plant, property and equipment |
Between 15% and 33% reducing balance method |
Investments
Investments in subsidiaries are measured at cost less impairment.
Stocks
Stock is valued at the lower of cost and net realisable value, being selling cost less costs to sell.
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.
Leases
Rentals payable under operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the period of the lease.
Defined contribution pension obligation
The company operates a defined contribution pension plan for eligible employees. Contribution to the scheme are recognised in the profit and loss account in accordance with the scheme.
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Short term intra-group debtors and creditors
• Other loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Turnover |
The analysis of the company's turnover for the year by class of business is as follows:
2023 |
2022 |
|
Business aviation services |
|
|
Medical services |
|
|
Aviation contracts |
|
|
|
|
All turnover arose within the United Kingdom, as with last year.
The comparative figures have been reanalysed to correctly show the income from business aviation contracts, as previously some had been reported within avaiton contracts. There has been no change to the total turnover figure.
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Foreign exchange losses |
|
|
Loss on disposal of property, plant and equipment |
|
- |
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Engineering |
|
|
Finance and administration |
|
|
Sales, marketing and distribution |
|
|
Management |
|
|
|
|
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
- |
153,338 |
118,333 |
During the year the number of directors who were receiving benefits was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
One director (2022 - one) receives no remuneration from the company and is paid by another group company.
Auditor's remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest expense on loans and borrowings |
|
|
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
Group relief payable/(receivable) |
190,887 |
221,399 |
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Arising from changes in tax rates and laws |
|
( |
Total deferred taxation |
|
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Expenses not deductible |
|
|
Deferred tax expense/(credit) relating to changes in tax rates or laws |
|
( |
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Total tax charge |
|
|
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Deferred tax
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Fixed asset timing differences |
- |
|
Short term timing differences |
|
- |
|
|
2022 |
Asset |
Liability |
Fixed asset timing differences |
- |
|
Short term timing differences |
|
- |
|
|
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Tangible assets |
Buildings |
Aircraft |
Medical equipment |
Other property, plant and equipment |
Total |
|
Cost or valuation |
|||||
At 1 October 2022 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
At 30 September 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 October 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
At 30 September 2023 |
|
|
|
|
|
Carrying amount |
|||||
At 30 September 2023 |
|
|
|
|
|
At 30 September 2022 |
|
|
|
|
|
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Included within the net book value of buildings above is £475,687 (2022 - £522,675) in respect of freehold buildings and £Nil (2022 - £3,202) in respect of short leasehold buildings.
Investments in subsidiaries |
£ |
|
Cost or valuation |
|
At 1 October 2022 and 30 September 2023 |
|
Provision |
|
At 1 October 2022 and 30 September 2023 |
|
Carrying amount |
|
At 30 September 2023 |
- |
At 30 September 2022 |
- |
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
Centreline,
|
Ordinary shares |
|
|
Subsidiary undertakings |
Centreline Air Charter Limited The principal activity of Centreline Air Charter Limited is |
Stocks |
2023 |
2022 |
|
Raw materials and consumables |
|
|
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Amounts due from group undertakings |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash at bank |
|
|
Analysis of cash and net debt
At 1 October 2022 |
Cash flow |
Non-cash movements |
At 30 September 2023 |
|
£ |
£ |
£ |
£ |
|
Cash at bank and on hand |
1,403,753 |
(1,054,733) |
- |
349,020 |
1,403,753 |
(1,054,733) |
- |
349,020 |
|
Debt: |
||||
Loans from group companies |
(277,083) |
221,666 |
- |
(55,417) |
(277,083) |
221,666 |
- |
(55,417) |
|
Net cash |
1,126,670 |
(833,067) |
- |
293,603 |
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to group undertakings |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
- |
|
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Loans from group companies |
- |
|
2023 |
2022 |
|
Current loans and borrowings |
||
Loans from group companies |
|
|
The loan is repayable in monthly installments, with the final payment due in December 2023. Interest on the loan is 2.5% per annum.
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
- |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Provisions |
Deferred tax |
Other provisions |
Total |
|
At 1 October 2022 |
|
- |
|
Additional provisions |
- |
|
|
Increase in existing provisions |
|
- |
|
At 30 September 2023 |
|
|
|
|
Pension scheme |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
138,611 |
|
138,611 |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Dividends |
Interim dividends paid
2023 |
2022 |
|||
Interim dividend of £ |
|
|
||
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Related party transactions |
Summary of transactions with other related parties
Income and receivables from related parties
2023 |
Other related parties |
Sales to related parties |
|
Expenditure recharged to related parties |
|
|
|
Amounts receivable from related party |
|
|
2022 |
Other related parties |
Sales to related parties |
|
Expenditure recharged to related parties |
|
|
|
Amounts receivable from related party |
|
|
Expenditure with and payables to related parties
2023 |
Other related parties |
Purchases from related parties |
|
Group relief payable to related parties |
|
|
|
Amounts payable to related party |
|
|
Centreline AV Limited
Notes to the Financial Statements
Year Ended 30 September 2023
2022 |
Other related parties |
Purchases from related parties |
|
Group relief payable |
|
|
|
Amounts payable to related party |
|
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling party is