GT40 Aviation Ltd 11848611 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is renting and leasing of air passenger transport equipment Digita Accounts Production Advanced 6.30.9574.0 true true 11848611 2023-03-01 2024-02-29 11848611 2024-02-29 11848611 core:CurrentFinancialInstruments 2024-02-29 11848611 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 11848611 core:FurnitureFittingsToolsEquipment 2024-02-29 11848611 bus:SmallEntities 2023-03-01 2024-02-29 11848611 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 11848611 bus:FullAccounts 2023-03-01 2024-02-29 11848611 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 11848611 bus:RegisteredOffice 2023-03-01 2024-02-29 11848611 bus:Director1 2023-03-01 2024-02-29 11848611 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11848611 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 11848611 core:PlantMachinery 2023-03-01 2024-02-29 11848611 core:OtherRelatedParties 2023-03-01 2024-02-29 11848611 countries:EnglandWales 2023-03-01 2024-02-29 11848611 core:FurnitureFittingsToolsEquipment 2023-02-28 11848611 2022-03-01 2023-02-28 11848611 2023-02-28 11848611 core:CurrentFinancialInstruments 2023-02-28 11848611 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 11848611 core:FurnitureFittingsToolsEquipment 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 11848611

Prepared for the registrar

GT40 Aviation Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

GT40 Aviation Ltd

(Registration number: 11848611)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

692,627

554,914

Current assets

 

Debtors

5

9,338

25,555

Cash at bank and in hand

 

5,317

17,410

 

14,655

42,965

Creditors: Amounts falling due within one year

6

(952,403)

(815,285)

Net current liabilities

 

(937,748)

(772,320)

Net liabilities

 

(245,121)

(217,406)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(245,221)

(217,506)

Shareholders' deficit

 

(245,121)

(217,406)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Profit and Loss Account has been taken.

Approved and authorised by the director on 23 April 2024
 


P Geary
Director

 

GT40 Aviation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

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:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have confirmed that they will continue to provide support for the company. The company therefore continues to adopt the going concern basis in preparing it's financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the hiring of a helicopter in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

Based upon hours flown in the period

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

GT40 Aviation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

GT40 Aviation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

GT40 Aviation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

4

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 March 2023

621,937

Additions

167,164

At 29 February 2024

789,101

Depreciation

At 1 March 2023

67,023

Charge for the year

29,451

At 29 February 2024

96,474

Carrying amount

At 29 February 2024

692,627

At 28 February 2023

554,914

 

5

Debtors

2024
 £

2023
 £

Trade debtors

3,965

16,210

Other debtors

3,608

7,638

Prepayments

1,765

1,707

 

9,338

25,555

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

7

950,386

782,389

Trade creditors

 

192

31,321

Accrued expenses

 

1,825

1,575

 

952,403

815,285

 

7

Related party transactions

Summary of transactions with director

At 29 February 2024, the company owed £950,386 (2023: £782,389) to the director. No interest was charged on this balance and there are no fixed repayment terms.