Company registration number 04063305 (England and Wales)
GLOBAL AIRLINE SERVICES LIMITED (FORMERLY GLOBAL AIRLINE SERVICES (HOLLAND) LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GLOBAL AIRLINE SERVICES LIMITED (FORMERLY GLOBAL AIRLINE SERVICES (HOLLAND) LIMITED)
COMPANY INFORMATION
Director
Mr Mustafa Eldes
Company number
04063305
Registered office
2 Lake End Court
Taplow Road
Taplow
Maidenhead
Berkshire
SL6 0JQ
Auditor
Stiles Accountants Limited
2 Lake End Court
Taplow Road
Taplow
Maidenhead
Berkshire
SL6 0JQ
GLOBAL AIRLINE SERVICES LIMITED (FORMERLY GLOBAL AIRLINE SERVICES (HOLLAND) LIMITED)
CONTENTS
Page
Director's report
1 - 2
Balance sheet
3
Notes to the financial statements
4 - 9
GLOBAL AIRLINE SERVICES LIMITED (FORMERLY GLOBAL AIRLINE SERVICES (HOLLAND) LIMITED)
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The director presents his annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of selling air freight services for commission.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr Mustafa Eldes
Statement of director's responsibilities
The director is responsible for preparing the annual report 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 of the profit or loss of the company 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 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. He is 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 of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Change of company name
The company changed its name from Global Airline Services (Holland) Limited to Global Airline Services Limited on the 9th May 2023.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
GLOBAL AIRLINE SERVICES LIMITED (FORMERLY GLOBAL AIRLINE SERVICES (HOLLAND) LIMITED)
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
On behalf of the board
Mr Mustafa Eldes
Director
23 August 2024
GLOBAL AIRLINE SERVICES LIMITED (FORMERLY GLOBAL AIRLINE SERVICES (HOLLAND) LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,248
11,432
Investments
4
100
100
10,348
11,532
Current assets
Debtors
5
919,130
1,266,135
Cash at bank and in hand
191,261
1,328,239
1,110,391
2,594,374
Creditors: amounts falling due within one year
6
(997,365)
(1,681,222)
Net current assets
113,026
913,152
Total assets less current liabilities
123,374
924,684
Provisions for liabilities
(2,562)
Net assets
120,812
924,684
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
120,712
924,584
Total equity
120,812
924,684
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 23 August 2024
Mr Mustafa Eldes
Director
Company registration number 04063305 (England and Wales)
GLOBAL AIRLINE SERVICES LIMITED (FORMERLY GLOBAL AIRLINE SERVICES (HOLLAND) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Global Airline Services Limited (formerly Global Airline Services (Holland) Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 2 Lake End Court, Taplow Road, Taplow, Maidenhead, Berkshire, SL6 0JQ.
The trading address of the company is Dnata West Point, Northumberland Close, Stanwell, TW19 7LN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Global Airline Services Limited (formerly Global Airline Services (Holland) Limited) is a wholly owned subsidiary of Global GSA Group B.V. and the results of Global Airline Services Limited (formerly Global Airline Services (Holland) Limited) are included in the consolidated financial statements of Quito SAS which are available from Zone de Fret N 4 Bat.3317 1 Rue du Pré-Roissytech L'Aéroport Paris Charles de Gaulle, 95700 Roissy-en-France.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
In the event that additional working capital is required to pay the company's liabilities as they fall due, the company has the financial support of its immediate parent company Global GSA Group B.V. for at least 12 months from the signing of the financial statements.
1.3
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, value added tax and any other sales taxes.
Turnover is recognised at the flight date. The turnover generated from commission is calculated monthly based on agreements with the relevant airline.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
GLOBAL AIRLINE SERVICES LIMITED (FORMERLY GLOBAL AIRLINE SERVICES (HOLLAND) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
GLOBAL AIRLINE SERVICES LIMITED (FORMERLY GLOBAL AIRLINE SERVICES (HOLLAND) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
GLOBAL AIRLINE SERVICES LIMITED (FORMERLY GLOBAL AIRLINE SERVICES (HOLLAND) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
21
22
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
31,660
Additions
2,304
At 31 December 2023
33,964
Depreciation and impairment
At 1 January 2023
20,228
Depreciation charged in the year
3,488
At 31 December 2023
23,716
Carrying amount
At 31 December 2023
10,248
At 31 December 2022
11,432
GLOBAL AIRLINE SERVICES LIMITED (FORMERLY GLOBAL AIRLINE SERVICES (HOLLAND) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
642,922
1,060,925
Other debtors
276,208
205,210
919,130
1,266,135
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
421,112
907,569
Amounts owed to group undertakings
79,008
175,752
Taxation and social security
48,323
68,328
Other creditors
448,922
529,573
997,365
1,681,222
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr Daniel Robins
Statutory Auditor:
Stiles Accountants Limited
Date of audit report:
23 August 2024
GLOBAL AIRLINE SERVICES LIMITED (FORMERLY GLOBAL AIRLINE SERVICES (HOLLAND) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
2,361
14,213
10
Parent company
The company's ultimate parent company and controlling party is Quito SAS, a company registered in France and registered at the following address:
Zone de Fret N 4 Bat.3317 1 Rue du Pré-Roissytech L'Aéroport Paris Charles de Gaulle, 95700 Roissy-en-France
Quito SAS is the smallest and largest group for which consolidated financial statements are prepared. These are publically available at the following address:
Greffe du tribunal de commerce de Bobigny, 1-13 RUE MICHEL DE L'HOSPITAL, 93008 BOBIGNY CEDEX
The company's immediate parent company is Global GSA Group B.V., a company registered in The Netherlands at the following address:
Kamer Van Koophandel Amsterdam, De Reyterkade 5, 1013 AA Amsterdam, The Netherlands.
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