TGIS Aviation Limited 4507434 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is aviation consultancy Digita Accounts Production Advanced 6.30.9574.0 4507434 2023-01-01 2023-12-31 4507434 2023-12-31 4507434 core:CurrentFinancialInstruments 2023-12-31 4507434 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 4507434 core:Non-currentFinancialInstruments 2023-12-31 4507434 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 4507434 core:FurnitureFittingsToolsEquipment 2023-12-31 4507434 core:OtherPropertyPlantEquipment 2023-12-31 4507434 bus:SmallEntities 2023-01-01 2023-12-31 4507434 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 4507434 bus:FilletedAccounts 2023-01-01 2023-12-31 4507434 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 4507434 bus:RegisteredOffice 2023-01-01 2023-12-31 4507434 bus:CompanySecretary1 2023-01-01 2023-12-31 4507434 bus:Director1 2023-01-01 2023-12-31 4507434 bus:Director2 2023-01-01 2023-12-31 4507434 bus:Director3 2023-01-01 2023-12-31 4507434 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 4507434 core:FurnitureFittings 2023-01-01 2023-12-31 4507434 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 4507434 core:OfficeEquipment 2023-01-01 2023-12-31 4507434 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 4507434 core:AllSubsidiaries 2023-01-01 2023-12-31 4507434 countries:EnglandWales 2023-01-01 2023-12-31 4507434 2022-12-31 4507434 core:FurnitureFittingsToolsEquipment 2022-12-31 4507434 core:OtherPropertyPlantEquipment 2022-12-31 4507434 2022-01-01 2022-12-31 4507434 2022-12-31 4507434 core:CurrentFinancialInstruments 2022-12-31 4507434 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 4507434 core:Non-currentFinancialInstruments 2022-12-31 4507434 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 4507434 core:FurnitureFittingsToolsEquipment 2022-12-31 4507434 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 4507434

TGIS Aviation Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

TGIS Aviation Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

TGIS Aviation Limited

Company Information

Directors

P M Smith

I L Smith

B J Smith

Company secretary

Miss A L Smith

Registered office

The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

TGIS Aviation Limited

(Registration number: 4507434)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,239

19,719

Current assets

 

Debtors

5

158,558

231,936

Cash at bank and in hand

 

508

56,152

 

159,066

288,088

Creditors: Amounts falling due within one year

6

(114,214)

(131,567)

Net current assets

 

44,852

156,521

Total assets less current liabilities

 

63,091

176,240

Creditors: Amounts falling due after more than one year

6

(14,806)

(25,174)

Provisions for liabilities

(3,600)

(4,200)

Net assets

 

44,685

146,866

Capital and reserves

 

Called up share capital

200

200

Retained earnings

44,485

146,666

Shareholders' funds

 

44,685

146,866

 

TGIS Aviation Limited

(Registration number: 4507434)
Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
P M Smith
Director

 

TGIS Aviation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 4507434.

The address of its registered office is:
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
England

These financial statements were authorised for issue by the Board on 31 July 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Group accounts not prepared

For the year ended 31 December 2022 the company was entitled to exemption from preparing group accounts under Section 398 of the Companies Act 2006. The subsidiary ceased to trade dated 31 December 2022.

 

TGIS Aviation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Government grants

Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred 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.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

TGIS Aviation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33.3% straight line basis

Fixtures and fittings

15% reducing balance basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

TGIS Aviation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 5).

 

TGIS Aviation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

12,647

21,308

33,955

Additions

958

5,261

6,219

At 31 December 2023

13,605

26,569

40,174

Depreciation

At 1 January 2023

3,956

10,280

14,236

Charge for the year

1,379

6,320

7,699

At 31 December 2023

5,335

16,600

21,935

Carrying amount

At 31 December 2023

8,270

9,969

18,239

At 31 December 2022

8,691

11,028

19,719

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

119,185

125,167

Amounts owed by related parties

9

-

80,100

Prepayments

 

35,753

17,716

Other debtors

 

3,620

8,953

   

158,558

231,936

 

TGIS Aviation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

13,642

9,890

Trade creditors

 

41,047

20,485

Taxation and social security

 

11,054

66,353

Accruals and deferred income

 

13,551

26,454

Other creditors

 

34,920

8,385

 

114,214

131,567

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,140 (2022 - £9,890) and have been 100% guaranteed by the government.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

14,806

24,946

Other creditors

 

-

228

 

14,806

25,174

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £14,806 (2022 - £24,946) and have been 100% guaranteed by the government.

 

TGIS Aviation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

7

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,140

9,890

Bank overdrafts

3,502

-

13,642

9,890

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,806

24,946

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £50,600 (2022 - £83,400). The financial commitments relate to operating lease payments with £34,100 due within one year (2022: £33,900) and £16,500 due between two and five years (2022: £49,500)

9

Related party transactions

Summary of transactions with subsidiaries

The company has taken advantage of the exemption under FRS102 Section 1A in respect of disclosing transactions with other members of the group.