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REGISTERED NUMBER: SC656770 (Scotland)












Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

Air Charter Scotland Group Limited

Air Charter Scotland Group Limited (Registered number: SC656770)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Air Charter Scotland Group Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: G E McFarlane





REGISTERED OFFICE: 3 Colvilles Place
East Kilbride
Glasgow
G75 0PZ





REGISTERED NUMBER: SC656770 (Scotland)





AUDITORS: O'Haras Accountants Limited
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Air Charter Scotland Group Limited (Registered number: SC656770)

Group Strategic Report
for the Year Ended 31 December 2023

The director presents his strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
We aim to present a balanced, comprehensive review of the development and performance of our business during the year and its position at the end of the year. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

As a private jet operator, the company continues to manage different jet types on behalf of owners and provide a service to the commercial world through 3rd party agents and continued direct customer contacts.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company, these being turnover, gross margin and return on capital employed.

Despite the challenges we face, with the economy here in the UK and around the world, and with the war in Ukraine, the company overall is in a good financial position at the end of the year, in line with our expectations.

During the year under review, revenue increased by 18% to £20.76 million. Profitability increased in the year to December 2023 with a gross profit margin of 15.8% (2022: 13.8%).

Overall, operating profit has increased from £404k (2.3%) to £1,156k (5.6%) and profit before tax increased from £349k to £1,107k.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the main risk facing the company as being the competition from other companies within the industry. The directors believe that the reputation of the company and the quality of the service provided will mitigate this risk.

FINANCIAL RISK MANAGEMENT
The company makes little use of financial instruments other than an operational bank account so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material when assessing the assets, liabilities, financial position and profit or loss of the company.

GOING CONCERN
The directors have prepared financial projections covering a period of 12 months from the date of signing these financial statements. These show that on the basis of reasonable assumptions with regards to revenue, costs and cash flows that the company can continue to operate as a going concern, meeting liabilities as they fall due. On this basis the directors believe it is appropriate for these financial statements to be prepared on a going concern basis.

ON BEHALF OF THE BOARD:





G E McFarlane - Director


19 August 2024

Air Charter Scotland Group Limited (Registered number: SC656770)

Report of the Director
for the Year Ended 31 December 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTOR
G E McFarlane held office during the whole of the period from 1 January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, O'Haras Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G E McFarlane - Director


19 August 2024

Report of the Independent Auditors to the Members of
Air Charter Scotland Group Limited

Opinion
We have audited the financial statements of Air Charter Scotland Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 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 group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Air Charter Scotland Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 director
As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the aviation industry in which it operates. We made enquiries of management as to whether there were any known or suspected instances of non compliance with laws and regulations and reviewed Civil Aviation Authority audit reports for any indication of such matters.

We gained an understanding of management's internal controls designed to prevent and detect irregularities in their day-to-day operations.

We considered laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement components. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of relevant third parties.

We considered how fraud might occur in this company and designed our tests accordingly.

As in all audits, we also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Air Charter Scotland Group Limited


Use of our report
This report is made solely to the company's members, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




John O'Hara CA (Senior Statutory Auditor)
for and on behalf of O'Haras Accountants Limited
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

19 August 2024

Air Charter Scotland Group Limited (Registered number: SC656770)

Consolidated Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 25,055,269 20,390,898

Cost of sales 20,696,902 17,168,445
GROSS PROFIT 4,358,367 3,222,453

Administrative expenses 2,686,360 2,510,899
1,672,007 711,554

Other operating income 237,725 183,056
OPERATING PROFIT 4 1,909,732 894,610

Income from shares in group undertakings 27,843 167,138
Interest receivable and similar income 32,200 6,424
60,043 173,562
1,969,775 1,068,172

Interest payable and similar expenses 5 80,986 61,327
PROFIT BEFORE TAXATION 1,888,789 1,006,845

Tax on profit 6 303,276 277,813
PROFIT FOR THE FINANCIAL YEAR 1,585,513 729,032
Profit attributable to:
Owners of the parent 1,585,513 729,032

Air Charter Scotland Group Limited (Registered number: SC656770)

Consolidated Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,585,513 729,032


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,585,513

729,032

Total comprehensive income attributable to:
Owners of the parent 1,201,634 482,545
Non-controlling interests 383,879 246,487
1,585,513 729,032

Air Charter Scotland Group Limited (Registered number: SC656770)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 75,776 88,406
Tangible assets 9 318,132 204,885
Investments 10 - -
393,908 293,291

CURRENT ASSETS
Stocks 11 13,141 11,712
Debtors 12 5,751,340 5,999,929
Cash at bank 3,235,113 2,168,875
8,999,594 8,180,516
CREDITORS
Amounts falling due within one year 13 5,542,431 5,844,090
NET CURRENT ASSETS 3,457,163 2,336,426
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,851,071

2,629,717

CREDITORS
Amounts falling due after more than one year 14 - (392,083 )

PROVISIONS FOR LIABILITIES 16 (73,570 ) (44,997 )
NET ASSETS 3,777,501 2,192,637

CAPITAL AND RESERVES
Called up share capital 17 200 200
Retained earnings 18 3,081,122 1,880,136
SHAREHOLDERS' FUNDS 3,081,322 1,880,336

NON-CONTROLLING INTERESTS 19 696,179 312,301
TOTAL EQUITY 3,777,501 2,192,637

The financial statements were approved by the director and authorised for issue on 19 August 2024 and were signed by:





G E McFarlane - Director


Air Charter Scotland Group Limited (Registered number: SC656770)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 1,797,505 1,797,505
1,797,505 1,797,505

CURRENT ASSETS
Debtors 12 500,695 695
NET CURRENT ASSETS 500,695 695
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,298,200

1,798,200

CAPITAL AND RESERVES
Called up share capital 17 200 200
Retained earnings 18 2,298,000 1,798,000
SHAREHOLDERS' FUNDS 2,298,200 1,798,200

Company's profit for the financial year 500,000 198,000

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

The financial statements were approved by the director and authorised for issue on 19 August 2024 and were signed by:





G E McFarlane - Director


Air Charter Scotland Group Limited (Registered number: SC656770)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 January 2022 200 1,391,249 1,391,449 65,814 1,457,263

Changes in equity
Total comprehensive income - 488,887 488,887 246,487 735,374
Balance at 31 December 2022 200 1,880,136 1,880,336 312,301 2,192,637

Changes in equity
Total comprehensive income - 1,200,986 1,200,986 383,879 1,584,865
Balance at 31 December 2023 200 3,081,122 3,081,322 696,180 3,777,502

Air Charter Scotland Group Limited (Registered number: SC656770)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 200 1,600,000 1,600,200

Changes in equity
Total comprehensive income - 198,000 198,000
Balance at 31 December 2022 200 1,798,000 1,798,200

Changes in equity
Total comprehensive income - 500,000 500,000
Balance at 31 December 2023 200 2,298,000 2,298,200

Air Charter Scotland Group Limited (Registered number: SC656770)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,954,738 (1,006,692 )
Interest paid (24,997 ) (25,412 )
Finance costs paid (55,989 ) (35,915 )
Government grants - 124,345
Tax paid (64,973 ) (252,761 )
Net cash from operating activities 1,808,779 (1,196,435 )

Cash flows from investing activities
Purchase of tangible fixed assets (178,444 ) (85,715 )
Interest received 32,200 6,424
Dividends received 27,843 167,138
Net cash from investing activities (118,401 ) 87,847

Cash flows from financing activities
Loan repayments in year (527,083 ) (121,250 )
Amount withdrawn by directors (25,000 ) -
Balances with connected companies (71,401 ) 91,106
Net cash from financing activities (623,484 ) (30,144 )

Increase/(decrease) in cash and cash equivalents 1,066,894 (1,138,732 )
Cash and cash equivalents at beginning of
year

2

2,168,875

3,307,607
Effect of foreign exchange rate changes (656 ) -
Cash and cash equivalents at end of year 2 3,235,113 2,168,875

Air Charter Scotland Group Limited (Registered number: SC656770)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,888,789 1,006,845
Depreciation charges 77,828 61,545
Government grants - (124,345 )
Finance costs 80,986 61,327
Finance income (60,043 ) (173,562 )
1,987,560 831,810
(Increase)/decrease in stocks (1,429 ) 535
Decrease/(increase) in trade and other debtors 329,290 (4,004,362 )
(Decrease)/increase in trade and other creditors (360,683 ) 2,165,325
Cash generated from operations 1,954,738 (1,006,692 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 3,235,113 2,168,875
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,168,875 3,307,607


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 2,168,875 1,066,238 3,235,113
2,168,875 1,066,238 3,235,113
Debt
Debts falling due within 1 year (135,000 ) 135,000 -
Debts falling due after 1 year (392,083 ) 392,083 -
(527,083 ) 527,083 -
Total 1,641,792 1,593,321 3,235,113

Air Charter Scotland Group Limited (Registered number: SC656770)

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

1. STATUTORY INFORMATION

Air Charter Scotland Group Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition.

Depreciation is provided at annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Inventories
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


Air Charter Scotland Group Limited (Registered number: SC656770)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

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.

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.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,278,845 3,321,333
Social security costs 417,402 425,413
Other pension costs 115,334 48,127
4,811,581 3,794,873

The average number of employees during the year was as follows:
2023 2022

Crew and cabin crew 43 40
Head office 19 24
Management 5 5
67 69

The average number of employees by undertakings that were proportionately consolidated during the year was 67 (2022 - 69 ) .

Air Charter Scotland Group Limited (Registered number: SC656770)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Director's remuneration 67,917 65,000

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 104,167 90,677
Depreciation - owned assets 65,197 48,913
Goodwill amortisation 12,630 12,630
Auditors' remuneration 26,652 23,986

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 24,997 25,412
Exchange rate loss/(gain) 56,232 35,915
Corporation tax interest (243 ) -
80,986 61,327

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 274,698 259,736

Deferred tax 28,578 18,077
Tax on profit 303,276 277,813

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Air Charter Scotland Group Limited (Registered number: SC656770)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

8. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 126,296 50,000 176,296
AMORTISATION
At 1 January 2023 37,890 50,000 87,890
Amortisation for year 12,630 - 12,630
At 31 December 2023 50,520 50,000 100,520
NET BOOK VALUE
At 31 December 2023 75,776 - 75,776
At 31 December 2022 88,406 - 88,406

9. TANGIBLE FIXED ASSETS

Group
Fixtures,
fittings Motor
& equipment vehicles Totals
£    £    £   
COST
At 1 January 2023 458,357 143,457 601,814
Additions 51,110 127,334 178,444
At 31 December 2023 509,467 270,791 780,258
DEPRECIATION
At 1 January 2023 320,969 75,960 396,929
Charge for year 48,861 16,336 65,197
At 31 December 2023 369,830 92,296 462,126
NET BOOK VALUE
At 31 December 2023 139,637 178,495 318,132
At 31 December 2022 137,388 67,497 204,885

Air Charter Scotland Group Limited (Registered number: SC656770)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,797,505
NET BOOK VALUE
At 31 December 2023 1,797,505
At 31 December 2022 1,797,505


11. STOCKS

Group
2023 2022
£    £   
Stocks 13,141 11,712

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 3,979,527 4,572,621 - -
Amounts owed by group undertakings - - 500,695 695
Amounts owed by associates 77,283 21,582 - -
Other debtors 548,667 479,023 - -
Indirect tax 10,968 13,336 - -
Directors' current accounts 25,000 - - -
VAT 35,566 951 - -
Prepayments and accrued income 860,625 676,664 - -
Prepayments 213,704 235,752 - -
5,751,340 5,999,929 500,695 695

Air Charter Scotland Group Limited (Registered number: SC656770)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Bank loans and overdrafts (see note 15) - 135,000
Trade creditors 2,973,345 4,084,935
Amounts owed to associates - 15,701
Tax 444,873 235,148
Social security and other taxes 127,147 115,005
Other creditors 457,469 478,113
Accruals and deferred income 1,391,021 487,710
Accrued expenses 148,576 292,478
5,542,431 5,844,090

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Bank loans (see note 15) - 392,083

15. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - 135,000
Amounts falling due between one and two years:
Bank loans - 1-2 years - 135,000
Amounts falling due between two and five years:
Bank loans - 2-5 years - 257,083

16. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 73,570 44,997

Air Charter Scotland Group Limited (Registered number: SC656770)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

16. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2023 44,997
Balance at 31 December 2023 44,997

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 Ordinary £1 200 200

18. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 1,880,136
Profit for the year 1,585,513
Minority interests (384,527 )
At 31 December 2023 3,081,122

Company
Retained
earnings
£   

At 1 January 2023 1,798,000
Profit for the year 500,000
At 31 December 2023 2,298,000


19. NON-CONTROLLING INTERESTS

The spouse of the director owns 51% of Air Charter Scotland Malta Holding Limited which owns 100% of Air Charter Scotland Europe Limited. These companies are however controlled by the same individuals as the rest of the companies in the group. For this reason, these foreign companies have been consolidated within this groups financial statements.