2023-01-012023-12-312023-12-31false03300974Vermilion Aviation Ltd2024-08-21iso4217:GBPxbrli:pure033009742023-01-01033009742023-12-31033009742023-01-012023-12-31033009742022-01-01033009742022-12-31033009742022-01-012022-12-3103300974bus:SmallEntities2023-01-012023-12-3103300974bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3103300974bus:FullAccounts2023-01-012023-12-3103300974bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103300974core:WithinOneYear2023-12-3103300974core:AfterOneYear2023-12-3103300974core:WithinOneYear2022-12-3103300974core:AfterOneYear2022-12-3103300974core:ShareCapital2023-12-3103300974core:SharePremium2023-12-3103300974core:RevaluationReserve2023-12-3103300974core:OtherReservesSubtotal2023-12-3103300974core:RetainedEarningsAccumulatedLosses2023-12-3103300974core:ShareCapital2022-12-3103300974core:SharePremium2022-12-3103300974core:RevaluationReserve2022-12-3103300974core:OtherReservesSubtotal2022-12-3103300974core:RetainedEarningsAccumulatedLosses2022-12-3103300974core:LandBuildings2023-12-3103300974core:PlantMachinery2023-12-3103300974core:Vehicles2023-12-3103300974core:FurnitureFittings2023-12-3103300974core:OfficeEquipment2023-12-3103300974core:NetGoodwill2023-12-3103300974core:IntangibleAssetsOtherThanGoodwill2023-12-3103300974core:ListedExchangeTraded2023-12-3103300974core:UnlistedNon-exchangeTraded2023-12-3103300974core:LandBuildings2022-12-3103300974core:PlantMachinery2022-12-3103300974core:Vehicles2022-12-3103300974core:FurnitureFittings2022-12-3103300974core:OfficeEquipment2022-12-3103300974core:NetGoodwill2022-12-3103300974core:IntangibleAssetsOtherThanGoodwill2022-12-3103300974core:ListedExchangeTraded2022-12-3103300974core:UnlistedNon-exchangeTraded2022-12-3103300974core:LandBuildings2023-01-012023-12-3103300974core:PlantMachinery2023-01-012023-12-3103300974core:Vehicles2023-01-012023-12-3103300974core:FurnitureFittings2023-01-012023-12-3103300974core:OfficeEquipment2023-01-012023-12-3103300974core:NetGoodwill2023-01-012023-12-3103300974core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103300974core:ListedExchangeTraded2023-01-012023-12-3103300974core:UnlistedNon-exchangeTraded2023-01-012023-12-3103300974core:MoreThanFiveYears2023-01-012023-12-3103300974core:Non-currentFinancialInstruments2023-12-3103300974core:Non-currentFinancialInstruments2022-12-3103300974dpl:CostSales2023-01-012023-12-3103300974dpl:DistributionCosts2023-01-012023-12-3103300974core:LandBuildings2023-01-012023-12-3103300974core:PlantMachinery2023-01-012023-12-3103300974core:Vehicles2023-01-012023-12-3103300974core:FurnitureFittings2023-01-012023-12-3103300974core:OfficeEquipment2023-01-012023-12-3103300974dpl:AdministrativeExpenses2023-01-012023-12-3103300974core:NetGoodwill2023-01-012023-12-3103300974core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103300974dpl:GroupUndertakings2023-01-012023-12-3103300974dpl:ParticipatingInterests2023-01-012023-12-3103300974dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3103300974core:ListedExchangeTraded2023-01-012023-12-3103300974dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3103300974core:UnlistedNon-exchangeTraded2023-01-012023-12-3103300974dpl:CostSales2022-01-012022-12-3103300974dpl:DistributionCosts2022-01-012022-12-3103300974core:LandBuildings2022-01-012022-12-3103300974core:PlantMachinery2022-01-012022-12-3103300974core:Vehicles2022-01-012022-12-3103300974core:FurnitureFittings2022-01-012022-12-3103300974core:OfficeEquipment2022-01-012022-12-3103300974dpl:AdministrativeExpenses2022-01-012022-12-3103300974core:NetGoodwill2022-01-012022-12-3103300974core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3103300974dpl:GroupUndertakings2022-01-012022-12-3103300974dpl:ParticipatingInterests2022-01-012022-12-3103300974dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3103300974core:ListedExchangeTraded2022-01-012022-12-3103300974dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3103300974core:UnlistedNon-exchangeTraded2022-01-012022-12-3103300974core:NetGoodwill2023-12-3103300974core:IntangibleAssetsOtherThanGoodwill2023-12-3103300974core:LandBuildings2023-12-3103300974core:PlantMachinery2023-12-3103300974core:Vehicles2023-12-3103300974core:FurnitureFittings2023-12-3103300974core:OfficeEquipment2023-12-3103300974core:AfterOneYear2023-12-3103300974core:WithinOneYear2023-12-3103300974core:ListedExchangeTraded2023-12-3103300974core:UnlistedNon-exchangeTraded2023-12-3103300974core:ShareCapital2023-12-3103300974core:SharePremium2023-12-3103300974core:RevaluationReserve2023-12-3103300974core:OtherReservesSubtotal2023-12-3103300974core:RetainedEarningsAccumulatedLosses2023-12-3103300974core:NetGoodwill2022-12-3103300974core:IntangibleAssetsOtherThanGoodwill2022-12-3103300974core:LandBuildings2022-12-3103300974core:PlantMachinery2022-12-3103300974core:Vehicles2022-12-3103300974core:FurnitureFittings2022-12-3103300974core:OfficeEquipment2022-12-3103300974core:AfterOneYear2022-12-3103300974core:WithinOneYear2022-12-3103300974core:ListedExchangeTraded2022-12-3103300974core:UnlistedNon-exchangeTraded2022-12-3103300974core:ShareCapital2022-12-3103300974core:SharePremium2022-12-3103300974core:RevaluationReserve2022-12-3103300974core:OtherReservesSubtotal2022-12-3103300974core:RetainedEarningsAccumulatedLosses2022-12-3103300974core:NetGoodwill2022-01-0103300974core:IntangibleAssetsOtherThanGoodwill2022-01-0103300974core:LandBuildings2022-01-0103300974core:PlantMachinery2022-01-0103300974core:Vehicles2022-01-0103300974core:FurnitureFittings2022-01-0103300974core:OfficeEquipment2022-01-0103300974core:AfterOneYear2022-01-0103300974core:WithinOneYear2022-01-0103300974core:ListedExchangeTraded2022-01-0103300974core:UnlistedNon-exchangeTraded2022-01-0103300974core:ShareCapital2022-01-0103300974core:SharePremium2022-01-0103300974core:RevaluationReserve2022-01-0103300974core:OtherReservesSubtotal2022-01-0103300974core:RetainedEarningsAccumulatedLosses2022-01-0103300974core:AfterOneYear2023-01-012023-12-3103300974core:WithinOneYear2023-01-012023-12-3103300974core:Non-currentFinancialInstrumentscore:CostValuation2023-01-012023-12-3103300974core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-01-012023-12-3103300974core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-01-012023-12-3103300974core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-01-012023-12-3103300974core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-01-012023-12-3103300974core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-01-012023-12-3103300974core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3103300974core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3103300974core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3103300974core:Non-currentFinancialInstrumentscore:CostValuation2023-12-3103300974core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-12-3103300974core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-12-3103300974core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-12-3103300974core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-12-3103300974core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-12-3103300974core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-12-3103300974core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-12-3103300974core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-12-3103300974core:Non-currentFinancialInstrumentscore:CostValuation2022-12-3103300974core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-12-3103300974core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-12-3103300974core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-12-3103300974core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-12-3103300974core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-12-3103300974core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-12-3103300974core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-12-3103300974core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-12-3103300974bus:Director12023-01-012023-12-3103300974bus:Director22023-01-012023-12-3103300974bus:Director32023-01-012023-12-3103300974core:RevaluationReserve2023-01-012023-12-31

Vermilion Aviation Ltd

Registered Number
03300974
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Vermilion Aviation Ltd
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Paul Brodie
Neil Morgan
William Van Klaveren

Registered Address

Heath House Blackheath Lane
Blackheath
Guildford
GU4 8RB

Registered Number

03300974 (England and Wales)
Vermilion Aviation Ltd
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets4352,107251,436
352,107251,436
Current assets
Debtors611,75013,669
Cash at bank and on hand24,36524,358
36,11538,027
Creditors amounts falling due within one year7(17,259)(1,809)
Net current assets (liabilities)18,85636,218
Total assets less current liabilities370,963287,654
Net assets370,963287,654
Capital and reserves
Called up share capital100,000100,000
Revaluation reserve257,902173,430
Profit and loss account13,06114,224
Shareholders' funds8370,963287,654
The financial statements were approved and authorised for issue by the Board of Directors on 21 August 2024, and are signed on its behalf by:
Paul Brodie
Director
Registered Company No. 03300974
Vermilion Aviation Ltd
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20232022
Average number of employees during the year00
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 January 23251,998251,998
Additions1,3731,373
Revaluations100,000100,000
At 31 December 23353,371353,371
Depreciation and impairment
At 01 January 23562562
Charge for year702702
At 31 December 231,2641,264
Net book value
At 31 December 23352,107352,107
At 31 December 22251,436251,436
5.Revaluation of property, plant and equipment
The directors revalued the company's aircraft and associated equipment at £350,000 as at 31 May 2023 and are of the opinion that there was no material change between the valuation date and 31 December 2023. The comparable amounts under the historical cost convention as at 31 December 2023 are as follows: cost £146,884; accumulated depreciation £93,653; and depreciation charge for the year £7,781.
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables1,8272,235
Other debtors4,9094,880
Prepayments and accrued income5,0144,831
Deferred tax asset, debtors-1,723
Total11,75013,669
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables-43
Taxation and social security1,0311,065
Other creditors15,528-
Accrued liabilities and deferred income700701
Total17,2591,809
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Revaluation reserve

£
Reserve at 01 January 23173,430
Revaluations of plant, property and equipment100,000
Deferred Tax on Revaluations(15,528)
At 31 December 23257,902