Company Registration No. 01458467 (England and Wales)
Percival Aviation Limited
Unaudited accounts
for the year ended 30 November 2023
Percival Aviation Limited
Unaudited accounts
Contents
Percival Aviation Limited
Company Information
for the year ended 30 November 2023
Directors
C M Bench
N J Percival
Company Number
01458467 (England and Wales)
Registered Office
Hampshire House
3 Cartwright Drive
Fareham
Hampshire
PO15 5RJ
United Kingdom
Percival Aviation Limited
Statement of financial position
as at 30 November 2023
Tangible assets
308,761
218,562
Inventories
1,142,068
1,044,052
Debtors
3,106,429
2,501,768
Cash at bank and in hand
1,106,600
1,259,296
Creditors: amounts falling due within one year
(2,654,664)
(2,536,647)
Net current assets
2,700,433
2,268,469
Total assets less current liabilities
3,009,194
2,487,031
Provisions for liabilities
Deferred tax
(69,423)
(45,797)
Net assets
2,939,771
2,441,234
Called up share capital
490
490
Profit and loss account
2,938,371
2,439,834
Shareholders' funds
2,939,771
2,441,234
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by
N J Percival
Director
Company Registration No. 01458467
Percival Aviation Limited
Notes to the Accounts
for the year ended 30 November 2023
Percival Aviation Limited is a private company, limited by shares, registered in England and Wales, registration number 01458467. The registered office is Hampshire House, 3 Cartwright Drive, Fareham, Hampshire, PO15 5RJ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Percival Aviation Limited
Notes to the Accounts
for the year ended 30 November 2023
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Percival Aviation Limited
Notes to the Accounts
for the year ended 30 November 2023
Current and deferred taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% straight line
Motor vehicles
25% straight line
Fixtures & fittings
15% straight line
Computer equipment
33% straight line
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Percival Aviation Limited
Notes to the Accounts
for the year ended 30 November 2023
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. In preparing these financial statements, the Directors have made the following judgements:
- Determine whether leases are entered into by the Company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
- Determine whether there are indicators of impairment of the Company's inventories and tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 4)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 December 2022
1,106,436
37,259
105,986
213,371
1,463,052
Additions
117,031
18,329
6,550
29,575
171,485
Disposals
-
(14,980)
-
-
(14,980)
At 30 November 2023
1,223,467
40,608
112,536
242,946
1,619,557
At 1 December 2022
906,736
33,565
105,986
198,203
1,244,490
Charge for the year
63,787
5,985
736
10,778
81,286
On disposals
-
(14,980)
-
-
(14,980)
At 30 November 2023
970,523
24,570
106,722
208,981
1,310,796
At 30 November 2023
252,944
16,038
5,814
33,965
308,761
At 30 November 2022
199,700
3,694
-
15,168
218,562
Raw materials
975,698
932,586
Work in progress
83,342
65,370
Finished goods
83,028
46,096
Percival Aviation Limited
Notes to the Accounts
for the year ended 30 November 2023
Amounts falling due within one year
Trade debtors
940,292
894,178
Amounts due from group undertakings etc.
1,994,656
1,445,720
Accrued income and prepayments
99,504
43,340
Other debtors
22,665
22,665
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
256,260
498,691
Amounts owed to group undertakings and other participating interests
1,570,318
1,615,853
Taxes and social security
305,747
137,056
Other creditors
11,248
6,335
8
Operating lease commitments
2023
2022
At 30 November 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
420,000
420,000
Later than one year and not later than five years
42,000
462,000
9
Transactions with related parties
The Company has taken advantage of the exemption available in Section 33.1A of FRS 102 not to disclose transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
At the year end, the immediate and ultimate parent company, which is also the parent for the largest and smallest group of undertakings for which the group financial statements are drawn up for and of which the company is a member of is Percival Aviation Group Limited.
The registered office of Percival Aviation Group Limited is Hampshire House, 3 Cartwright Drive, Fareham, Hampshire, United Kingdom, PO15 5RJ.
11
Average number of employees
During the year the average number of employees was 44 (2022: 25).