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REGISTERED NUMBER: SC491496 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

CULSALMOND AIR LIMITED

CULSALMOND AIR LIMITED (REGISTERED NUMBER: SC491496)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


CULSALMOND AIR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mr J F Burnett
Mr C Burnett
Ms C M Dougherty





REGISTERED OFFICE: 15 Golden Square
Aberdeen
AB10 1WF





REGISTERED NUMBER: SC491496 (Scotland)





ACCOUNTANTS: Bain Henry Reid
51-53 High Street
Turriff
AB53 4EJ

CULSALMOND AIR LIMITED (REGISTERED NUMBER: SC491496)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 8,099,120 8,548,200

CURRENT ASSETS
Debtors 4 390,792 469,304
Cash at bank 2,648,646 2,566,127
3,039,438 3,035,431
CREDITORS
Amounts falling due within one year 5 1,263,903 1,540,799
NET CURRENT ASSETS 1,775,535 1,494,632
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,874,655

10,042,832

CREDITORS
Amounts falling due after more than one year 6 (6,634,138 ) (7,151,357 )

PROVISIONS FOR LIABILITIES (1,194,212 ) (980,980 )
NET ASSETS 2,046,305 1,910,495

CAPITAL AND RESERVES
Called up share capital 7 1 1
Retained earnings 8 2,046,304 1,910,494
SHAREHOLDERS' FUNDS 2,046,305 1,910,495

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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 16 August 2024 and were signed on its behalf by:





Ms C M Dougherty - Director


CULSALMOND AIR LIMITED (REGISTERED NUMBER: SC491496)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 30 November 2016 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 December 2015.

The transition to FRS 102 Section 1A small entities has resulted in no changes in accounting policies to those used previously.

The presentation currency is £ sterling.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

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.

Going concern
The financial statements have been prepared on a going concern basis as the company has the continuing support of Williamston Estate Limited.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

CULSALMOND AIR LIMITED (REGISTERED NUMBER: SC491496)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022
and 30 November 2023 11,227,968
DEPRECIATION
At 1 December 2022 2,679,768
Charge for year 449,080
At 30 November 2023 3,128,848
NET BOOK VALUE
At 30 November 2023 8,099,120
At 30 November 2022 8,548,200

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 52,137 3,613
Culsalmond Air Holdings Limited (2,318 ) (3,318 )
Accrued income 283,856 421,990
Prepayments 57,117 47,019
390,792 469,304

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 507,219 560,715
Other loans 10,000 10,000
Trade creditors 35,772 31,031
Taxation 14,809 -
VAT 84,933 166,140
Williamston Estates Ltd loan 573,973 739,252
Accruals 37,197 33,661
1,263,903 1,540,799

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Term Loan A 6,610,805 7,118,024
Other loans 23,333 33,333
6,634,138 7,151,357

CULSALMOND AIR LIMITED (REGISTERED NUMBER: SC491496)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary 1 1 1

8. RESERVES
Retained
earnings
£   

At 1 December 2022 1,910,494
Profit for the year 695,922
Dividends (560,112 )
At 30 November 2023 2,046,304

9. RELATED PARTY DISCLOSURES

During the year the company had the following transactions with Williamston Estate Limited, a company in which Mr C Burnett and Mr J Burnett are also directors:
2022 2021
£    £   

Amount due to Williamston Estate Ltd at 30th November 2021 870,742 908,724
Received from Williamston Estate Ltd during year - -
Interest 48,510 52,018
Paid to Williamston Estate Ltd during the year (180,000 ) (90,000 )
Amount due to Williamston Estate Ltd at 30th November 2022 739,252 870,742

There are no fixed terms of repayment.

10. ULTIMATE CONTROLLING PARTY

Mr JF Burnett, Mr C Burnett and Ms CM Dougherty, directors and close family members control the company by virtue of a 100% controlling interest in issued share capital of the company.