Company Registration No. 10688790 (England and Wales)
Percival Aviation Group Limited
Unaudited accounts
for the year ended 30 November 2023
Percival Aviation Group Limited
Unaudited accounts
Contents
Percival Aviation Group Limited
Company Information
for the year ended 30 November 2023
Company Number
10688790 (England and Wales)
Registered Office
Hampshire House
3 Cartwright Drive
Fareham
Hampshire
PO15 5RJ
United Kingdom
Percival Aviation Group Limited
Statement of financial position
as at 30 November 2023
Debtors
5,520,867
5,253,126
Cash at bank and in hand
164,581
139,420
Creditors: amounts falling due within one year
(310,851)
(288,615)
Net current assets
5,374,597
5,103,931
Net assets
5,379,766
5,109,100
Called up share capital
490
490
Profit and loss account
5,379,276
5,108,610
Shareholders' funds
5,379,766
5,109,100
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 director acknowledges his 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 and authorised for issue on 30 August 2024 and were signed on its behalf by
N J Percival
Director
Company Registration No. 10688790
Percival Aviation Group Limited
Notes to the Accounts
for the year ended 30 November 2023
Percival Aviation Group Limited is a private company, limited by shares, registered in England and Wales, registration number 10688790. 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.
In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 Group Limited
Notes to the Accounts
for the year ended 30 November 2023
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, 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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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 director has made the following judgements:
Determine whether there are indicators of impairment of the company's investments. 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.
There were no key sources of estimation uncertainty.
Percival Aviation Group Limited
Notes to the Accounts
for the year ended 30 November 2023
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Investments
Subsidiary undertakings
Valuation at 1 December 2022
5,169
Valuation at 30 November 2023
5,169
The following are subsidiary undertakings of the Company:
Percival Aviation Limited - the Company holds 100% of the ordinary share capital. Percival Aviation Limited is a company registered in England and Wales whose registered office address is the same as that of this company, which is shown on the company information page.
Percival Aviation Inc - the Company holds 100% of the ordinary share capital. Percival Aviation Inc is a company registered in USA whose registered office address is 4275 Kellway Cir Suite 170, Addison, TX 75001, United States.
Percival Aviation LLC - the Company holds 100% of the ordinary share capital. Percival Aviation LLC is a company registered in USA whose registered office address is 3072 Ironwood, Scottsdale, AZ 85377, United States.
Percival Aviation Property Limited - the Company holds 100% of the ordinary share capital. Percival Aviation Property Limited is a company registered in England and Wales whose registered office address is the same as that of this company, which is shown on the company information page.
Amounts falling due within one year
Amounts due from group undertakings etc.
5,094,972
4,962,492
Accrued income and prepayments
2,816
2,376
Other debtors
423,079
288,258
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Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
85,293
Trade creditors
100,337
221
Taxes and social security
30,547
71,307
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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 any wholly owned subsidiary undertaking of the group.
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Average number of employees
During the year the average number of employees was 6 (2022: 5).