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REGISTERED NUMBER: SC303971 (Scotland)












Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Air Charter Scotland Limited

Air Charter Scotland Limited (Registered number: SC303971)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Air Charter Scotland Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A M Bisset
G E McFarlane
Mrs E McFarlane
Ms J Purewal
D A Thomson





SECRETARY: A M Bisset





REGISTERED OFFICE: 3 Colvilles Place, Kelvin Industrial Est
East Kilbride
Glasgow
G75 0PZ





REGISTERED NUMBER: SC303971 (Scotland)





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

Air Charter Scotland Limited (Registered number: SC303971)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report 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:





Ms J Purewal - Director


19 August 2024

Air Charter Scotland Limited (Registered number: SC303971)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
During the year dividends of £500,000 (2022: £202,000) were paid to shareholders.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A M Bisset
G E McFarlane
Mrs E McFarlane
Ms J Purewal
D A Thomson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company'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:





Ms J Purewal - Director


19 August 2024

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

Opinion
We have audited the financial statements of Air Charter Scotland Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 December 2023 and of its 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 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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


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

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have 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 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 Limited (Registered number: SC303971)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

REVENUE 20,762,641 17,587,735

Cost of sales 17,475,732 15,148,568
GROSS PROFIT 3,286,909 2,439,167

Administrative expenses 2,131,117 2,159,356
1,155,792 279,811

Other operating income - 124,345
OPERATING PROFIT 4 1,155,792 404,156

Interest receivable and similar income 32,200 6,424
1,187,992 410,580

Interest payable and similar expenses 5 81,353 61,351
PROFIT BEFORE TAXATION 1,106,639 349,229

Tax on profit 6 259,838 75,204
PROFIT FOR THE FINANCIAL YEAR 846,801 274,025

Air Charter Scotland Limited (Registered number: SC303971)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 846,801 274,025


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

846,801

274,025

Air Charter Scotland Limited (Registered number: SC303971)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Property, plant and equipment 9 312,852 201,072
312,852 201,072

CURRENT ASSETS
Inventories 10 13,141 11,712
Debtors 11 4,218,920 4,578,198
Cash at bank 2,040,560 2,052,201
6,272,621 6,642,111
CREDITORS
Amounts falling due within one year 12 5,907,044 6,148,218
NET CURRENT ASSETS 365,577 493,893
TOTAL ASSETS LESS CURRENT
LIABILITIES

678,429

694,965

CREDITORS
Amounts falling due after more than one year 13 - (392,083 )

PROVISIONS FOR LIABILITIES 16 (73,485 ) (44,739 )
NET ASSETS 604,944 258,143

CAPITAL AND RESERVES
Called up share capital 17 10,000 10,000
Retained earnings 18 594,944 248,143
SHAREHOLDERS' FUNDS 604,944 258,143

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by:





Ms J Purewal - Director


Air Charter Scotland Limited (Registered number: SC303971)

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 10,000 176,118 186,118
Dividends - (202,000 ) (202,000 )
Total comprehensive income - 274,025 274,025
Balance at 31 December 2022 10,000 248,143 258,143
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 846,801 846,801
Balance at 31 December 2023 10,000 594,944 604,944

Air Charter Scotland Limited (Registered number: SC303971)

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

1. STATUTORY INFORMATION

Air Charter Scotland 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 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" 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

The company has taken advantage of the exemption under FRS 102 from disclosing a statement of cash flows on the grounds that it is a wholly owned subsidiary and a group statement of cash flows is included in the consolidated financial statements of Air Charter Scotland Group Limited.

Copies of the consolidated financial statements are available from the Registrar of Companies, Companies House, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF.

Revenue
Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.Turnover is recognised at the point at which the Company has fulfilled its contractual obligations.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures, fittings & equipment - 10 - 33% straight line
Motor vehicles - 25% on reducing balance

Inventories
Inventories 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 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 Limited (Registered number: SC303971)

Notes to the 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.

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.

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.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Impairment of assets
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Air Charter Scotland Limited (Registered number: SC303971)

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

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,631,636 3,223,929
Social security costs 411,631 425,414
Other pension costs 109,881 48,127
4,153,148 3,697,470

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

Crew & Cabin crew 43 40
Head office staff 19 24
Management 5 5
67 69

2023 2022
£    £   
Directors' remuneration 339,989 394,854

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 111,570 155,320

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 77,198 68,224
Depreciation - owned assets 64,688 48,607
Auditors' remuneration 17,193 14,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 24,997 25,412
Exchange rate loss/(gain) 56,232 35,939
Corporation tax interest 124 -
81,353 61,351

Air Charter Scotland Limited (Registered number: SC303971)

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

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 231,092 57,127

Deferred tax 28,746 18,077
Tax on profit 259,838 75,204

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,106,639 349,229
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

260,281

66,354

Effects of:
Expenses not deductible for tax purposes 1,033 818
Capital allowances in excess of depreciation (27,636 ) (7,340 )
Utilisation of tax losses (2,592 ) (2,704 )

Other adjustments 28,752 18,076
Total tax charge 259,838 75,204

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 500,000 202,000

Air Charter Scotland Limited (Registered number: SC303971)

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

8. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 50,000
AMORTISATION
At 1 January 2023
and 31 December 2023 50,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

9. PROPERTY, PLANT AND EQUIPMENT
Fixtures,
fittings Motor
& equipment vehicles Totals
£    £    £   
COST
At 1 January 2023 453,790 143,457 597,247
Additions 49,134 127,334 176,468
At 31 December 2023 502,924 270,791 773,715
DEPRECIATION
At 1 January 2023 320,215 75,960 396,175
Charge for year 48,352 16,336 64,688
At 31 December 2023 368,567 92,296 460,863
NET BOOK VALUE
At 31 December 2023 134,357 178,495 312,852
At 31 December 2022 133,575 67,497 201,072

10. INVENTORIES
2023 2022
£    £   
Stocks 13,141 11,712

Air Charter Scotland Limited (Registered number: SC303971)

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

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,946,880 3,818,839
Amounts owed by associates 290,187 21,582
Other debtors 60,662 60,162
Directors' current accounts 25,000 -
VAT 35,566 951
Prepayments and accrued income 860,625 676,664
4,218,920 4,578,198

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) - 135,000
Trade creditors 2,067,217 3,553,933
Amounts owed to group undertakings 1,708,275 1,219,908
Amounts owed to associates - 176,341
Tax 231,092 56,675
Social security and other taxes 127,147 115,005
Other creditors 382,292 403,646
Accruals and deferred income 1,391,021 487,710
5,907,044 6,148,218

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 14) - 392,083

14. LOANS

An analysis of the maturity of loans is given below:

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

Air Charter Scotland Limited (Registered number: SC303971)

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

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 44,500 44,500
Between one and five years 44,500 89,000
89,000 133,500

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 73,485 44,739

Deferred
tax
£   
Balance at 1 January 2023 44,739
Movement in the year 28,746
Balance at 31 December 2023 73,485

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

18. RESERVES
Retained
earnings
£   

At 1 January 2023 248,143
Profit for the year 846,801
Dividends (500,000 )
At 31 December 2023 594,944

19. ULTIMATE PARENT COMPANY

Air Charter Scotland Group Limited is regarded by the directors as being the company's ultimate parent company.

The parent company's registered office being; 3 Colvilles Place, East Kilbride, Glasgow, G75 0PZ.

Air Charter Scotland Limited (Registered number: SC303971)

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

20. ULTIMATE CONTROLLING PARTY

The company is under the control of the shareholders of the ultimate parent company Air Charter Scotland Group Limited.