0 22 July 2024 false false false false false false false false false true false false false false true true false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 100,000 100,000 xbrli:pure xbrli:shares iso4217:GBP 03162613 2023-01-01 2023-12-31 03162613 2023-12-31 03162613 2022-12-31 03162613 2022-01-01 2022-12-31 03162613 2022-12-31 03162613 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 03162613 core:PlantMachinery 2023-01-01 2023-12-31 03162613 core:FurnitureFittings 2023-01-01 2023-12-31 03162613 core:MotorVehicles 2023-01-01 2023-12-31 03162613 bus:Director7 2023-01-01 2023-12-31 03162613 core:WithinOneYear 2023-12-31 03162613 core:WithinOneYear 2022-12-31 03162613 core:ShareCapital 2023-12-31 03162613 core:ShareCapital 2022-12-31 03162613 core:SharePremium 2023-12-31 03162613 core:SharePremium 2022-12-31 03162613 core:RetainedEarningsAccumulatedLosses 2023-12-31 03162613 core:RetainedEarningsAccumulatedLosses 2022-12-31 03162613 core:MoreThanFiveYears 2022-12-31 03162613 core:Warranties 2022-12-31 03162613 core:Warranties 2023-01-01 2023-12-31 03162613 bus:SmallEntities 2023-01-01 2023-12-31 03162613 bus:Audited 2023-01-01 2023-12-31 03162613 bus:AbridgedAccounts 2023-01-01 2023-12-31 03162613 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03162613 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03162613 core:UKTax 2023-01-01 2023-12-31 03162613 core:UKTax 2022-01-01 2022-12-31
COMPANY REGISTRATION NUMBER: 03162613
RAS Completions Limited
Annual Report and Financial Statements
31 December 2023
RAS Completions Limited
Abridged Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
19,462
66,676
Current assets
Debtors
98,414
231,957
Cash at bank and in hand
1,058
33,982
--------
---------
99,472
265,939
Creditors: amounts falling due within one year
103,075
85,579
---------
---------
Net current (liabilities)/assets
( 3,603)
180,360
--------
---------
Total assets less current liabilities
15,859
247,036
Provisions
7
100,000
--------
---------
Net assets
15,859
147,036
--------
---------
Capital and reserves
Called up share capital
49,000
49,000
Share premium account
24,000
24,000
Profit and loss account
( 57,141)
74,036
--------
---------
Shareholders funds
15,859
147,036
--------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
RAS Completions Limited
Abridged Statement of Financial Position (continued)
31 December 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 12 July 2024 , and are signed on behalf of the board by:
Mr Gegams Hanamirjans
Director
Company registration number: 03162613
RAS Completions Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 510 Churchill Way, Biggin Hill Airport, Biggin Hill, Kent, TN16 3BN.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. The company will transfer its net assets at book value and trade to JetMS Completions Limited in 2023.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Avia Solutions Group PLC which can be obtained from www.aviasg.com. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. Disposal proceeds of tax losses to group companies is recognised under taxation in the Statement of Comprehensive Income.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
4% straight line
Plant and machinery
-
33% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
18% reducing balance
Equipment
-
25 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 7 ).
Defined pension plans contributions for one (2022: one) director recognised in profit or loss as an expense was £750 (2022: £4,500).
5. Tax on loss
Major components of tax income
2023
2022
£
£
Current tax:
Disposal of tax losses to group company
( 6,646)
( 69,896)
-------
--------
Tax on loss
( 6,646)
( 69,896)
-------
--------
6. Tangible assets
£
Cost
At 1 January 2023
265,783
Disposals
( 142,774)
---------
At 31 December 2023
123,009
---------
Depreciation
At 1 January 2023
199,107
Charge for the year
14,529
Disposals
( 110,089)
---------
At 31 December 2023
103,547
---------
Carrying amount
At 31 December 2023
19,462
---------
At 31 December 2022
66,676
---------
7. Provisions
Warranties
£
At 1 January 2023
100,000
Unused amounts reversed
( 100,000)
---------
At 31 December 2023
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 5 years
93,228
----
--------
9. Summary audit opinion
The auditor's report for the year dated 22 July 2024 was unqualified , however, the auditor drew attention to the following by way of emphasis.
We draw attention to Note 3 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 3. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Ibrahim Ibrahim , for and on behalf of CAS House Limited .
10. Related party transactions
The following sales transactions to group companies are included in the Statement of Comprehensive Income for the year (period): - JetMS Completions Limited £0 (2022: £443,307) The following purchase transactions from group companies are included in the Statement of Comprehensive Income for the year (period): - JetMS Regional UAB £17,116 (2022: £94,377) - Avia Solutions Group £328 (2022: £3,597) At the year end the company was owed £34,769 (2022: £69,532) by JetMS Completions Limited and owed Avia Solutions Group £328 (2022: £0).
11. Controlling party
On 02 March 2021 the company was acquired by JetMS Holding Limited, the latter is a subsidiary of UAB JetMS Regional which is a company incorporated in Lithuania. From 02 March 2021 the ultimate controlling party is Mr Gediminas Ziemelis, a Lithuanian citizen.