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22 July 2024
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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
Annual Report and Financial Statements |
|
Abridged Statement of Financial Position |
|
31 December 2023
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.
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
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 |
|
|
|
|
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
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.