REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
Bulldog Aviation Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
Bulldog Aviation Limited |
Bulldog Aviation Limited (Registered number: 01290725) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Bulldog Aviation Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Eldo House |
Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
Bulldog Aviation Limited (Registered number: 01290725) |
Statement of Financial Position |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Bulldog Aviation Limited (Registered number: 01290725) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Bulldog Aviation Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
Although at the statement of financial position date the company had net current liabilities of £1,045,151 (2022: £1,290,761), included within creditors falling due within one year is £1,107,814 (2022: £1,369,834) due to fellow group companies. Repayment of these intercompany amounts will not be sought until the company's cashflow permits. In view of this ongoing support, the director has a reasonable expectation that the company will remain in operational existence for the foreseeable future. Accordingly, the company continues to adopt the going concern basis in preparing its financial statements. |
Significant judgements and estimates |
In preparing these financial statements the director has made the following significant judgements and estimates:- |
Tangible fixed assets |
Tangible fixed assets are depreciated over their estimated useful economic lives taking into account, where relevant, their estimated residual values. Useful economic lives and residual values are re-assessed annually and amended as considered necessary to reflect economic utilisation and physical condition of the assets. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
Airfield runway | - Straight line over 30 years |
Aircraft hangars | - Straight line over 25 years |
Plant and machinery | - 25% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Aircraft | - 5% on cost |
Aircraft are depreciated at a rate of 5% using the straight line basis for the first ten years of their life. After this aircraft are deemed to have reached their residual valuation due to the required regular maintenance maintaining their level of operational performance. |
Bulldog Aviation Limited (Registered number: 01290725) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties. |
Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Bulldog Aviation Limited (Registered number: 01290725) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
4. | TANGIBLE FIXED ASSETS |
Airfield | Aircraft | Plant and |
runway | hangars | machinery |
£ | £ | £ |
COST |
At 1 December 2022 |
Disposals |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Motor |
Aircraft | vehicles | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
Disposals | ( |
) | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Included within aircraft are aircraft with a net book value of £841,344 (2022: £885,626) which, due to registration requirements, are held in an aircraft trust. Substantially all of the risks and rewards incidental to ownership of these aircraft have however been transferred to the company and hence they are recognised as company assets. |
The director considers that the current value of the motor vehicle is in excess of cost. |
Bulldog Aviation Limited (Registered number: 01290725) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY TRANSACTIONS |
The company provides the use of its aircraft and facilities to Anglian Flight Centres Limited, a fellow subsidiary. No amounts are received for this use on the basis that Anglian Flight Centres Limited covers their appropriate service and maintenance costs. |
Bulldog Aviation Limited (Registered number: 01290725) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
11. | CONTROLLING PARTY |
The controlling party is Colne Valley Electrical Limited whose registered office is at 5 Grange Way, Colchester, Essex, CO2 8HG. |