REGISTERED NUMBER: |
LYDDAIR LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
LYDDAIR LIMITED (REGISTERED NUMBER: 04287335) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | STATUTORY INFORMATION |
LyddAir Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures, fittings and equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
and |
equipment |
£ |
COST |
At 1st April 2022 |
and 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
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: | £ | £ |
Ordinary | 1 | 100,000 | 100,000 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |