Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30Aircraft leasingtrue22022-12-01false2falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07077559 2022-12-01 2023-11-30 07077559 2021-12-01 2022-11-30 07077559 2023-11-30 07077559 2022-11-30 07077559 c:Director2 2022-12-01 2023-11-30 07077559 d:CurrentFinancialInstruments 2023-11-30 07077559 d:CurrentFinancialInstruments 2022-11-30 07077559 d:Non-currentFinancialInstruments 2023-11-30 07077559 d:Non-currentFinancialInstruments 2022-11-30 07077559 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 07077559 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 07077559 d:ShareCapital 2023-11-30 07077559 d:ShareCapital 2022-11-30 07077559 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 07077559 d:RetainedEarningsAccumulatedLosses 2023-11-30 07077559 d:RetainedEarningsAccumulatedLosses 2022-11-30 07077559 c:OrdinaryShareClass1 2022-12-01 2023-11-30 07077559 c:OrdinaryShareClass1 2023-11-30 07077559 c:OrdinaryShareClass1 2022-11-30 07077559 c:FRS102 2022-12-01 2023-11-30 07077559 c:IndependentExaminationCharity 2022-12-01 2023-11-30 07077559 c:FullAccounts 2022-12-01 2023-11-30 07077559 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07077559 2 2022-12-01 2023-11-30 xbrli:pure iso4217:GBP xbrli:shares

Registered number: 07077559









PB LEASING AIRCRAFT NO. 9 LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
PB LEASING AIRCRAFT NO. 9 LIMITED
REGISTERED NUMBER: 07077559

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 5 
2,375,899
1,442,322

Debtors: amounts falling due within one year
 5 
143,847
920,412

Cash at bank and in hand
 6 
544,142
972,879

  
3,063,888
3,335,613

Creditors: amounts falling due within one year
 7 
(3,722)
(102,639)

Net current assets
  
 
 
3,060,166
 
 
3,232,974

Total assets less current liabilities
  
3,060,166
3,232,974

  

Net assets
  
3,060,166
3,232,974


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
 9 
3,059,166
3,231,974

  
3,060,166
3,232,974

Page 1

 
PB LEASING AIRCRAFT NO. 9 LIMITED
REGISTERED NUMBER: 07077559
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 16 July 2024.




H D Gamble
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
PB LEASING AIRCRAFT NO. 9 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

PB Leasing Aircraft No. 9 Limited is a private company limited by shares and incorporated in England under registered number 07077559. Its registered office is at  Second Floor, 1 Putney High Street,Putney, London, SW15 1SZ.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional currency is US$. This differs from the presentational currency which is GBP. The reason for the difference is that all the Company's  revenue is generated in US$.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Turnover is attributable to the principal activity of the company, that of aircraft leasing, wholly undertaken outside the United Kingdom. Turnover is reognised when the lease income is earned.
Debtors under operating leases represent outstanding amounts due under these arrangements.

Page 3

 
PB LEASING AIRCRAFT NO. 9 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Taxation

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.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

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.

 
2.9

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.

Page 4

 
PB LEASING AIRCRAFT NO. 9 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the Company's accounting policies.
The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions.
The directors believe that there are no key accounting estimates and assumptions involved in applying the
Company's accounting policies that warrant disclosure.
 


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
PB LEASING AIRCRAFT NO. 9 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
532,030
-

Net investment in finance leases and hire purchase contracts
1,843,869
1,442,322

2,375,899
1,442,322


2023
2022
£
£

Due within one year

Trade debtors
-
1,037

Amounts owed by related parties
88,171
91,749

Other debtors
54,962
4,047

Prepayments and accrued income
446
455

Net investment in finance leases contracts
-
822,321

VAT
268
803

143,847
920,412




2023
2022
£
£

Net investment in finance leases contracts comprises:


Total amount receivable
2,197,570
2,623,234

Interest allocated to future periods
(353,701)
(358,592)

1,843,869
2,264,642


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
544,142
972,879

544,142
972,879


Page 6

 
PB LEASING AIRCRAFT NO. 9 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
17
3,262

Corporation tax
-
11,464

Accruals and deferred income
3,705
87,913

3,722
102,639



8.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares shares of £1.00 each
1,000
1,000


9.


Reserves

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.
Page 7

 
PB LEASING AIRCRAFT NO. 9 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


Transactions with directors

2023
2022
£
£

H D Gamble


Balance outstanding at the start of the year
-
222,005

Amount advanced by the director
-
-

Amount repaid to the director
-
(222,005)

-
-

2023
2022
£
£

R J Allard


Balance outstanding at the start of the year
-
11,946

Amount advanced by the director
-
-

Amount repaid to the director
-
(11,946)

-
-

Unsecured interest free loan with no fixed repayment date, included in creditors due within one year.


11.


Related party transactions

Plane Invest Limited - Mr R J Allard and Mr H D Gamble are directors and shareholders of PB Leasing Aircraft No.9 Limited and also directors of this company. Payment of fees for management of aircraft leases paid to the related party amounted to £29,935 (2022: £54,951). At year end, the amount due to the related party amounted to £17 (2022: £3,262) and is contained in Trade creditors.
Chelsea Green Engines Limited - Mr R J Allard and Mr H D Gamble are directors and shareholders of PB Leasing Aircraft No.9 Limited and also directors of this company. At year end, the amount due from the related party amounted to £88,171 (2022: £91,749), the loan is interest free with no fixed repayment date and is contained in Amounts owed by related parties.
Aerohal Limited - Mr H D Gamble is a director and shareholder of PB Leasing Aircraft No.9 Limited and also a director of this company. During the year management fees expensed to the related party amounted to £nil (2022: £10,036). At year end the amount due to the related party amounted to £nil (2022: £10,036) and is contained in Accruals and deferred income.
Roger Allard Limited - Mr R J Allard is a director and shareholder of PB Leasing Aircraft No.9 Limited and also a director of this company. During the year management fees expensed to the related party amounted to £nil (2022: £73,599). At year end the amount due to the related party amounted to £nil (2022: £73,599) and is contained in Accruals and deferred income.
 

Page 8

 
PB LEASING AIRCRAFT NO. 9 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Controlling party

The Company is controlled by Mr R J Allard, a director, by virtue of his ownership of 88% of the issued share capital in the Company.      
 
Page 9