Caseware UK (AP4) 2022.0.179 2022.0.179 2023-10-312023-10-31true2022-11-01Aircraft seat provider01falsetrue 02535246 2022-11-01 2023-10-31 02535246 2021-11-01 2022-10-31 02535246 2023-10-31 02535246 2022-10-31 02535246 2021-11-01 02535246 1 2022-11-01 2023-10-31 02535246 1 2021-11-01 2022-10-31 02535246 5 2021-11-01 2022-10-31 02535246 d:Director1 2022-11-01 2023-10-31 02535246 e:Buildings 2023-10-31 02535246 e:Buildings 2022-10-31 02535246 e:LandBuildings 2023-10-31 02535246 e:LandBuildings 2022-10-31 02535246 e:CurrentFinancialInstruments 2023-10-31 02535246 e:CurrentFinancialInstruments 2022-10-31 02535246 e:Non-currentFinancialInstruments 2023-10-31 02535246 e:Non-currentFinancialInstruments 2022-10-31 02535246 e:CurrentFinancialInstruments e:WithinOneYear 2023-10-31 02535246 e:CurrentFinancialInstruments e:WithinOneYear 2022-10-31 02535246 e:Non-currentFinancialInstruments e:AfterOneYear 2023-10-31 02535246 e:Non-currentFinancialInstruments e:AfterOneYear 2022-10-31 02535246 e:ShareCapital 2023-10-31 02535246 e:ShareCapital 2021-11-01 2022-10-31 02535246 e:ShareCapital 2022-10-31 02535246 e:ShareCapital 2021-11-01 02535246 e:SharePremium 2022-11-01 2023-10-31 02535246 e:SharePremium 2023-10-31 02535246 e:SharePremium 2021-11-01 2022-10-31 02535246 e:SharePremium 2022-10-31 02535246 e:SharePremium 2021-11-01 02535246 e:RevaluationReserve 2022-11-01 2023-10-31 02535246 e:RevaluationReserve 2023-10-31 02535246 e:RevaluationReserve 2021-11-01 2022-10-31 02535246 e:RevaluationReserve 2022-10-31 02535246 e:RevaluationReserve 2021-11-01 02535246 e:RevaluationReserve 5 2021-11-01 2022-10-31 02535246 e:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 02535246 e:RetainedEarningsAccumulatedLosses 2023-10-31 02535246 e:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 02535246 e:RetainedEarningsAccumulatedLosses 2022-10-31 02535246 e:RetainedEarningsAccumulatedLosses 2021-11-01 02535246 e:AcceleratedTaxDepreciationDeferredTax 2023-10-31 02535246 e:AcceleratedTaxDepreciationDeferredTax 2022-10-31 02535246 d:OrdinaryShareClass1 2022-11-01 2023-10-31 02535246 d:OrdinaryShareClass1 2023-10-31 02535246 d:OrdinaryShareClass1 2022-10-31 02535246 d:OrdinaryShareClass2 2022-11-01 2023-10-31 02535246 d:OrdinaryShareClass2 2023-10-31 02535246 d:OrdinaryShareClass2 2022-10-31 02535246 d:EntityNoLongerTradingButTradedInPast 2022-11-01 2023-10-31 02535246 d:FRS102 2022-11-01 2023-10-31 02535246 d:Audited 2022-11-01 2023-10-31 02535246 d:FullAccounts 2022-11-01 2023-10-31 02535246 d:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 02535246 d:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 02535246 4 2022-11-01 2023-10-31 02535246 5 2022-11-01 2023-10-31 02535246 6 2022-11-01 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02535246









INDEPENDENT AVIATION GROUP LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
INDEPENDENT AVIATION GROUP LIMITED
REGISTERED NUMBER: 02535246

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
1,675,000
1,675,000

Investments
 4 
94,363
94,363

  
1,769,363
1,769,363

Current assets
  

Debtors: amounts falling due within one year
 5 
55,794
67,339

Cash at bank and in hand
 6 
3,398
23,025

  
59,192
90,364

Creditors: amounts falling due within one year
 7 
(206,015)
(237,187)

Net current liabilities
  
 
 
(146,823)
 
 
(146,823)

Total assets less current liabilities
  
1,622,540
1,622,540

Creditors: amounts falling due after more than one year
 8 
(3,858)
(3,858)

Provisions for liabilities
  

Deferred tax
 9 
(102,195)
(102,195)

  
 
 
(102,195)
 
 
(102,195)

Net assets
  
1,516,487
1,516,487


Capital and reserves
  

Called up share capital 
 10 
80,000
80,000

Share premium account
 11 
616,872
616,872

Revaluation reserve
 11 
1,010,333
1,010,333

Profit and loss account
 11 
(190,718)
(190,718)

  
1,516,487
1,516,487


Page 1

 
INDEPENDENT AVIATION GROUP LIMITED
REGISTERED NUMBER: 02535246
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 February 2024.




T D Davey
Director

The notes on pages 6 to 13 form part of these financial statements.

Page 2

 
INDEPENDENT AVIATION GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 November 2022
80,000
616,872
1,010,333
(190,718)
1,516,487


At 31 October 2023
80,000
616,872
1,010,333
(190,718)
1,516,487


The notes on pages 6 to 13 form part of these financial statements.

Page 3

 
INDEPENDENT AVIATION GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 November 2021
80,000
616,872
1,111,583
(209,277)
1,599,178


Comprehensive income for the year

Profit for the year
-
-
-
18,559
18,559

Deficit on revaluation of freehold property
-
-
(101,250)
-
(101,250)
Total comprehensive income for the year
-
-
(101,250)
18,559
(82,691)


At 31 October 2022
80,000
616,872
1,010,333
(190,718)
1,516,487


The notes on pages 6 to 13 form part of these financial statements.

Page 4

 
INDEPENDENT AVIATION GROUP LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
-
18,559

Adjustments for:

(Increase)/decrease in debtors
(258)
129

Decrease/(increase) in amounts owed by groups
11,803
(10,153)

(Decrease) in creditors
(18,367)
(17,619)

(Decrease) in amounts owed to groups
(12,805)
(2,226)

Net cash generated from operating activities

(19,627)
(11,310)




Net (decrease) in cash and cash equivalents
(19,627)
(11,310)

Cash and cash equivalents at beginning of year
23,025
34,335

Cash and cash equivalents at the end of year
3,398
23,025


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,398
23,025

3,398
23,025


The notes on pages 6 to 13 form part of these financial statements.

Page 5

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Independent Travel Group Limited is a private company limited by shares and incorporated in England and Wales under registered number 02535246. Its registered office is: Bolney Place, Cowfold Road, Bolney, West Sussex, RH17 5QT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

 
2.2

Going concern

The travel industry experienced the benefit of a post-Covid-19 bounce back in travel; however, with consumer unease in relation to the current economic environment, increasing energy costs, and the impact of inflation, Company management and the directors have continued to review the Company’s financial position. This is to ensure a swift response to any changes in planned trading performance.
The directors have prepared budgets and cashflow forecasts to 30 April 2025 which reflect good operational liquidity and profitability throughout. Additionally, they have also performed a sensitivity analysis on the Company's budgets and forecasts to assess the financial impact of any potential further slowdown in trading from the reforecast and its impact, which still shows a healthy finan cial position going. 
Company management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. 
As a result, and with the Company continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 6

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.4

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 7

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.10

Financial instruments

The Company only enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing
Page 8

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.


3.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 November 2022
1,675,000



At 31 October 2023

1,675,000






Net book value



At 31 October 2023
1,675,000



At 31 October 2022
1,675,000

The freehold  property is held at Bolney Place, Cowfold Road, Bolney, West Sussex RH17 5QT.
The property was revalued on 22nd August 2022 by SHW.CO.UK, Lees House, 21-23 Dyke Road, Brighton BN1 3FE.




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
1,675,000
1,675,000

1,675,000
1,675,000


Page 9

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
94,363



At 31 October 2023
94,363





5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
35,536
47,339

Other debtors
20,258
20,000

55,794
67,339



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,398
23,025

3,398
23,025



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
274
272

Amounts owed to group undertakings
205,741
218,546

Other taxation and social security
-
18,369

206,015
237,187


Page 10

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
3,858
3,858

3,858
3,858


Other creditors consist of preference shares of £1 each.These shares may be redeemed at anytime at the option of the Company at £1 per share.


9.


Deferred taxation




2023


£






At beginning of year
(102,195)



At end of year
(102,195)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Tax on revaluation of property
(102,195)
(102,195)

(102,195)
(102,195)

Page 11

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



67,458 (2022 - 67,458) C Ordinary shares shares of £1.00 each
67,458
67,458
12,542 (2022 - 12,542) B Ordinary shares shares of £1.00 each
12,542
12,542

80,000

80,000



11.


Reserves

Share premium account

The share premium account represents the additional amount shareholders have paid for their issued shares that was in excess of the nominal value of those shares.

Revaluation reserve

The revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decreases relate to a previous increase on the same asset.

Profit and loss account

The profit and loss account represents the net distributable reserves of the Company at the date of the statement of financial position.


12.


Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other wholly owned subsidiaries within the group. This is because the ultimate parent company prepares consolidated financial statements in which these transactions are eliminated in full.
Rookfield Financial Services Limited - A company where director T D Davey is also a direcor and a shareholder. Amount owed by the related party £20,000 (2022: £20,000) , included in debtors due within one year


13.


Holding company

The ultimate holding company is IAG Holdings Limited, registered in England and Wales under company number 03646321 with its registered office at Bolney Place, Cowfold Road, Bolney, West Sussex RH17 5QT.

Page 12

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

14.


Controlling party

The directors consider that the ultimate controlling party is Ms T D Davey by virtue of her controlling interest in the parent undertaking IAG Holdings Limited.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2023 was unqualified.

The audit report was signed on 14 February 2024 by Ms N A Spoor FCA FCCA (Senior Statutory Auditor) on behalf of White Hart Associates ( London) Limited.

 
Page 13