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COMPANY REGISTRATION NUMBER: 06402780
Aviation Business Continuity Ltd
Financial Statements
31 October 2023
Aviation Business Continuity Ltd
Financial Statements
Year ended 31 October 2023
Contents
Page
Strategic report
1
Director's report
3
Independent auditor's report to the member
5
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Accounting policies
12
Notes to the financial statements
14
Aviation Business Continuity Ltd
Strategic Report
Year ended 31 October 2023
Results and Performance The results of the company for the year, show a profit on ordinary activities before tax of £4,310,772 (2022: £3,113,761). The shareholders' funds of the company total £1,567,932 (2021: £1,138,862). The Director considers the performance of the company during 2023 to be satisfactory.
Business environment Aviation Business Continuity, has seen positive growth in its UK business with an upturn in turnover of 41%, and a pre-tax profit growth of 38% We have also been focusing our growth outside of the UK, specifically Vancouver Airport where we have successfully set up a Canadian based company known as AviBC Aviation Services LTD, which has entered into a joint venture with a local engineering company, Coast Industrial Maintenance and machine LTD. The joint venture has successfully been awarded the contract for running Vancouver Airport's Baggage Operation, Operational Readiness, Carts operation and support in with Passengers with Restricted Mobility (PRM). Using the skills and knowledge from our team in the UK we will, in collaboration with Vancouver Airport be looking at ways to transform their operation. The current contract will be reviewed yearly with the intention of working with Vancouver Airport to build a strategic partnership. From the CEO, the operative on the shopfloor and our business partners we continue to hold safety at the core of everything we do. We have just successfully completed our yearly audit by the British Assessment Bureau of our ISO compliance and we continue to operate under ISO 9001, ISO14001 and ISO 45001. Aviation Business Continuity continues to grow having secured some long term contracts at Heathrow. Of note was our extended Operational Readiness Framework which we have held continually since 2010. With the current growth we are expanding our teams from board level to shopfloor to ensure we have a robust business that will continue to deliver above target expectations.
Interest rate risk The nature of the company's activities and the basis of funding are such that the directors envisage the company has sufficient liquid resources. The company is not financially dependent on the income earned on these resources and therefore the risk of interest rate fluctuations is not significant to the business. Nevertheless the directors continue to take steps to secure rates of interest which will generate the best return for the company which is crucial given the current interest rate market.
Health and Safety Health and safety is at the heart of everything we do at ABC. ABC has a fulltime Health, Safety and Environment Manger, who along with his team report directly into the Manager Director. The team have been striving to achieve excellence, with accreditation in, ISO 9001, ISO 14001 and ISO 45001. Our Safety management System (SMS) is continually reviewed and improved with all monthly stats recorded and presented at the Exec Board to ensure everyone at ABC has safety as their top priority.
Recruitment, training and employee awareness It is the company's policy to give full and fair consideration to applications for employment by disabled persons. The company will continue to employ, train and promote the career development of any person who becomes disabled whilst in the company's employment.
This report was approved by the board of directors on 30 July 2024 and signed on behalf of the board by:
Mr G Thompson
Director
Registered office:
2nd Floor
Heathrow Five Bath Road
Heathrow Boulevard
Harmondsworth
Middlesex
UB7 0DQ
Aviation Business Continuity Ltd
Director's Report
Year ended 31 October 2023
The director presents his report and the financial statements of the company for the year ended 31 October 2023 .
Director
The director who served the company during the year was as follows:
Mr G Thompson
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Financial instruments
The director does not consider that there are any material financial risks over the financial instruments of the company.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is 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. He is 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 30 July 2024 and signed on behalf of the board by:
Mr G Thompson
Director
Registered office:
2nd Floor
Heathrow Five Bath Road
Heathrow Boulevard
Harmondsworth
Middlesex
UB7 0DQ
Aviation Business Continuity Ltd
Independent Auditor's Report to the Member of Aviation Business Continuity Ltd
Year ended 31 October 2023
Opinion
We have audited the financial statements of Aviation Business Continuity Ltd (the 'company') for the year ended 31 October 2023 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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 31 October 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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's 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 are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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.
Opinions on other matters 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 the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the 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 or the director's report. We have nothing to report in respect of the following matters in relation to which 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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: Irregularities - ability to detect We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management (as required by auditing standards), the polices and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statement, for instance through the imposition of fines or litigation. We indentified areas as those most likely to have such an effect: anti bribery and certain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to inquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatement in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as we any audit there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's member, 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 member 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Thomas McManners BSc ACA ACMI
(Senior Statutory Auditor)
For and on behalf of
TTCA Ltd
Chartered accountants & statutory auditor
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
30 July 2024
Aviation Business Continuity Ltd
Statement of Income and Retained Earnings
Year ended 31 October 2023
2023
2022
Note
£
£
Turnover
3
17,475,619
12,405,391
Cost of sales
11,411,843
8,157,266
-------------
-------------
Gross profit
6,063,776
4,248,125
Administrative expenses
1,754,093
1,134,518
------------
------------
Operating profit
4
4,309,683
3,113,607
Other interest receivable and similar income
8
2,868
154
Interest payable and similar expenses
9
12,669
------------
------------
Profit before taxation
4,299,882
3,113,761
Tax on profit
10
929,131
592,967
------------
------------
Profit for the financial year and total comprehensive income
3,370,751
2,520,794
------------
------------
Dividends paid and payable
11
( 2,950,019)
( 1,866,730)
Retained earnings at the start of the year
1,138,762
484,698
------------
------------
Retained earnings at the end of the year
1,559,494
1,138,762
------------
------------
All the activities of the company are from continuing operations.
Aviation Business Continuity Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
13
186,387
90,387
Current assets
Debtors
14
5,516,948
5,637,589
Cash at bank and in hand
1,901,120
2,054,663
------------
------------
7,418,068
7,692,252
Creditors: amounts falling due within one year
15
6,044,861
6,643,777
------------
------------
Net current assets
1,373,207
1,048,475
------------
------------
Total assets less current liabilities
1,559,594
1,138,862
------------
------------
Net assets
1,559,594
1,138,862
------------
------------
Capital and reserves
Called up share capital
19
100
100
Profit and loss account
20
1,559,494
1,138,762
------------
------------
Shareholder funds
1,559,594
1,138,862
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr G Thompson
Director
Company registration number: 06402780
Aviation Business Continuity Ltd
Statement of Cash Flows
Year ended 31 October 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
3,370,751
2,520,794
Adjustments for:
Depreciation of tangible assets
81,988
104,876
Other interest receivable and similar income
( 2,868)
( 154)
Interest payable and similar expenses
12,669
Gains on disposal of tangible assets
( 5,627)
( 33,220)
Tax on profit
929,131
592,967
Accrued (income)/expenses
( 285,042)
240,153
Changes in:
Trade and other debtors
97,051
( 1,012,221)
Trade and other creditors
185,443
389,249
------------
------------
Cash generated from operations
4,383,496
2,802,444
Interest paid
( 12,669)
Interest received
2,868
154
Tax paid
( 1,404,858)
( 160,341)
------------
------------
Net cash from operating activities
2,968,837
2,642,257
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 191,361)
( 38,970)
Proceeds from sale of tangible assets
19,000
48,220
------------
------------
Net cash (used in)/from investing activities
( 172,361)
9,250
------------
------------
Cash flows from financing activities
Dividends paid
( 2,950,019)
( 1,866,730)
------------
------------
Net cash used in financing activities
( 2,950,019)
( 1,866,730)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 153,543)
784,777
Cash and cash equivalents at beginning of year
2,054,663
1,269,886
------------
------------
Cash and cash equivalents at end of year
1,901,120
2,054,663
------------
------------
Aviation Business Continuity Ltd
Accounting Policies
Year ended 31 October 2023
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Although adversely impacted by the Covid19 pandemic, Aviation Business Continuity Ltd retains very strong cash reserves and currently has underlying profitability. The UK generated business is much reduced but following restructuring remains profitable, and new opportunities overseas have given new profitable revenue streams which are now active. Based on the current assessment of the global aviation sector forecasting increases in passenger numbers and the reinstatement of capital infrastructure projects it is very difficult, but the plan is to grow the business back to pre-Covid19 levels. The business remains very much a going concern.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year concern the estimation and timing of revenue recognition for ongoing service contracts. The director has considered these contracts and the level of revenue to be be shown within the year based on work done and expected outcomes.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Defined contribution plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Aviation Business Continuity Ltd
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2nd Floor, Heathrow Five Bath Road, Heathrow Boulevard, Harmondsworth, UB7 0DQ, Middlesex.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
17,475,619
12,405,391
-------------
-------------
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2023
2022
£
£
United Kingdom
14,799,584
10,793,891
Overseas
2,676,035
1,611,500
-------------
-------------
17,475,619
12,405,391
-------------
-------------
4. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Depreciation of tangible assets
81,988
104,876
Gains on disposal of tangible assets
( 5,627)
( 33,220)
Impairment of trade debtors
245
(105)
--------
---------
5. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
8,900
8,500
-------
-------
6. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2023
2022
No.
No.
Production staff
40
30
Administrative staff
4
4
----
----
44
34
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
2,463,377
1,797,445
Social security costs
265,062
206,729
Other pension costs
74,311
56,643
------------
------------
2,802,750
2,060,817
------------
------------
7. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
25,200
25,200
--------
--------
8. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
2,868
154
-------
----
9. Interest payable and similar expenses
2023
2022
£
£
Interest payable
12,669
--------
----
10. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
905,541
604,858
Deferred tax:
Origination and reversal of timing differences
23,590
( 11,891)
---------
---------
Tax on profit
929,131
592,967
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 22.50 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
4,299,882
3,113,761
------------
------------
Profit on ordinary activities by rate of tax
943,099
591,615
Effect of expenses not deductible for tax purposes
9,261
1,743
Effect of capital allowances and depreciation
( 23,229)
( 391)
------------
------------
Tax on profit
929,131
592,967
------------
------------
11. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,950,019
1,866,730
------------
------------
12. Intangible assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
50,000
--------
Amortisation
At 1 November 2022 and 31 October 2023
50,000
--------
Carrying amount
At 31 October 2023
--------
At 31 October 2022
--------
13. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 November 2022
801,733
26,802
828,535
Additions
182,406
8,955
191,361
Disposals
( 26,745)
( 26,745)
---------
--------
---------
At 31 October 2023
957,394
35,757
993,151
---------
--------
---------
Depreciation
At 1 November 2022
715,922
22,226
738,148
Charge for the year
79,680
2,308
81,988
Disposals
( 13,372)
( 13,372)
---------
--------
---------
At 31 October 2023
782,230
24,534
806,764
---------
--------
---------
Carrying amount
At 31 October 2023
175,164
11,223
186,387
---------
--------
---------
At 31 October 2022
85,811
4,576
90,387
---------
--------
---------
14. Debtors
2023
2022
£
£
Trade debtors
2,261,226
1,604,075
Deferred tax asset
13,780
37,368
Prepayments and accrued income
151,819
1,703,881
Other debtors
3,090,123
2,292,265
------------
------------
5,516,948
5,637,589
------------
------------
15. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,658,954
4,501,883
Accruals and deferred income
203,337
488,379
Corporation tax
105,541
604,858
Social security and other taxes
657,759
370,163
Other creditors
419,270
678,494
------------
------------
6,044,861
6,643,777
------------
------------
16. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in debtors (note 14)
13,780
37,368
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Deferred tax -effect of differences of capital allowances and depreciation
(13,780)
(37,368)
--------
--------
17. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 74,311 (2022: £ 56,643 ).
18. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
1,901,120
2,054,663
------------
------------
19. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
20. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
21. Analysis of changes in net debt
At 1 Nov 2022
Cash flows
At 31 Oct 2023
£
£
£
Cash at bank and in hand
2,054,663
(153,543)
1,901,120
------------
---------
------------
22. Related party transactions
At the year end, loans of £2,042,465 (2022: £2,042,465) remained payable from Blu Property Portfolio Ltd, a company of which Mr G Thompson is a director and majority shareholder. No interest is charged on this loan and it is repayable on demand. During the year, services amounting to £5,878,998 (2022: £4,242,345) were provided by the company by Airport Logistical Solutions Ltd, a company which is controlled by family members of Mr G Thompson . At the year end £4,061,209 (2022: £3,673,739) remained payable to Airport Logistical Solutions Ltd in respect of these services. At the year end a loan of £375,028 was repayable to Airport Logistical Solutions Ltd. During the year, the company made loans to Headley Stud Partnership, a partnership between the director and his wife totalling £1,284,527. This balance was cleared after the year end. During the year, services amounting to £902,028 (2022: £1,611,500) were provided to AVIBC Limited, a company incorporated in Canada of which Mr G Thompson is a director and shareholder. At the year end, a loan of £959,332 was repayable from AVIBC Limited. During the year, dividends amounting to £2,950,019 (2022: £1,866,730) were paid to the director.
23. Controlling party
The company is controlled by the director, Mr G Thompson.