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REGISTERED NUMBER: 13433695 (England and Wales)




FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

UNI-FLY HELIWORX LIMITED

UNI-FLY HELIWORX LIMITED (REGISTERED NUMBER: 13433695)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


UNI-FLY HELIWORX LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr K B S Petersen
Mr F R S Petersen





SECRETARY: EBS Corporate Services Limited





REGISTERED OFFICE: Innovation Centre
Gallows Hill
Warwick
Warwickshire
CV34 6UW





REGISTERED NUMBER: 13433695 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

UNI-FLY HELIWORX LIMITED (REGISTERED NUMBER: 13433695)

BALANCE SHEET
31 December 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 815,417 910,417
Tangible assets 5 1,601,215 210,623
2,416,632 1,121,040

CURRENT ASSETS
Stocks 6 238,597 200,642
Debtors 7 2,764,354 2,946,213
Cash at bank 170,877 878,486
3,173,828 4,025,341
CREDITORS
Amounts falling due within one year 8 4,362,158 4,759,132
NET CURRENT LIABILITIES (1,188,330 ) (733,791 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,228,302

387,249

CREDITORS
Amounts falling due after more than one
year

9

(851,659

)

-

PROVISIONS FOR LIABILITIES 11 (52,021 ) (51,382 )
NET ASSETS 324,622 335,867

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 324,522 335,767
324,622 335,867

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 8 July 2024 and were signed on its behalf by:





Mr K B S Petersen - Director


UNI-FLY HELIWORX LIMITED (REGISTERED NUMBER: 13433695)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Uni-Fly Heliworx Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern
The directors have prepared the financial statements on the going concern basis. The directors have considered the following factors in their assessment of going concern.

The parent undertaking, MBF Holding ApS, and fellow subsidiary, Uni-fly A/S, have agreed to provide financial support to the company for a period of at least 12 months from the date of these financial statements. The financial support includes deferral of loan repayments in respect of amounts owed to group undertakings as shown in the notes to the financial statements. The directors are satisfied that the company has sufficient financial resources to continue trading for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from rendering of services is recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Interest and dividends receivable
Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other Intangible Assets are being amortised evenly over their estimated useful life of ten years.

UNI-FLY HELIWORX LIMITED (REGISTERED NUMBER: 13433695)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Plant & machinery- at varying rates on straight line basis between 3 and 10 years
Office equipment- Straight line over 3 years
Land and buildings- 50 years straight line

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 8 ) .

UNI-FLY HELIWORX LIMITED (REGISTERED NUMBER: 13433695)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
Intangible
Assets
£   
COST
At 1 January 2023
and 31 December 2023 950,000
AMORTISATION
At 1 January 2023 39,583
Amortisation for year 95,000
At 31 December 2023 134,583
NET BOOK VALUE
At 31 December 2023 815,417
At 31 December 2022 910,417

5. TANGIBLE FIXED ASSETS
Land and Plant and Office
Buildings machinery equipment Totals
£    £    £    £   
COST
At 1 January 2023 - 200,431 17,840 218,271
Additions 1,393,686 61,002 16,181 1,470,869
At 31 December 2023 1,393,686 261,433 34,021 1,689,140
DEPRECIATION
At 1 January 2023 - 5,982 1,666 7,648
Charge for year 11,614 60,568 8,095 80,277
At 31 December 2023 11,614 66,550 9,761 87,925
NET BOOK VALUE
At 31 December 2023 1,382,072 194,883 24,260 1,601,215
At 31 December 2022 - 194,449 16,174 210,623

6. STOCKS
2023 2022
as restated
£    £   
Stocks 238,597 200,642

UNI-FLY HELIWORX LIMITED (REGISTERED NUMBER: 13433695)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 2,228,281 2,282,908
Other debtors 536,073 663,305
2,764,354 2,946,213

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 20,390 3,963
Trade creditors 353,549 391,225
Amounts owed to group undertakings 3,649,487 3,388,577
Taxation and social security 97,358 66,621
Other creditors 241,374 908,746
4,362,158 4,759,132

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
£    £   
Bank loans 851,659 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Bank overdrafts 2,462 3,963
Bank loans 869,587 -
872,049 3,963

Streambank PLC has a fixed and floating charge over the undertaking and all property and assets present and future.

11. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax 52,021 51,382

UNI-FLY HELIWORX LIMITED (REGISTERED NUMBER: 13433695)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 51,382
Accelerated capital allowances 2,130
General provisions (819 )
Tax losses (672 )
Balance at 31 December 2023 52,021

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We were not appointed as auditor of the company until after the end of the comparative period end of 31 December 2022 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £200,642 held at 31 December 2022 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount at 31 December 2022 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31st December 2023.

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 Auditors' 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.

Mark Spafford (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited

13. OTHER FINANCIAL COMMITMENTS

The total of future minimum lease payments under non-cancellable operating leases as at 31 December 2023 was £8,985,228 (2022: £8,737,612).

14. RELATED PARTY DISCLOSURES

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 wholly owned subsidiaries within the group.

The smallest group undertaking in which the results are consolidated is that headed by MBF Holding ApS which is a company registered in Denmark. A copy of the group financial statements can be obtained from the registered office.

The company address of MBF Holding ApS is:
Tordensgårdevej 4
Svendborg
Syddanmark
5700
Denmark