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Company Registration No. 11487608 (England and Wales)
Percival Aviation Property Limited Unaudited accounts for the year ended 30 November 2023
Percival Aviation Property Limited Unaudited accounts Contents
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Percival Aviation Property Limited Company Information for the year ended 30 November 2023
Director
N J Percival
Company Number
11487608 (England and Wales)
Registered Office
Hampshire House 3 Cartwright Drive Fareham Hampshire PO15 5RJ United Kingdom
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Percival Aviation Property Limited Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
6,577,335 
6,590,308 
Investment property
2,100,982 
2,100,982 
8,678,317 
8,691,290 
Current assets
Cash at bank and in hand
27,962 
179,688 
Creditors: amounts falling due within one year
(3,662,061)
(3,231,353)
Net current liabilities
(3,634,099)
(3,051,665)
Total assets less current liabilities
5,044,218 
5,639,625 
Creditors: amounts falling due after more than one year
(4,469,504)
(5,116,875)
Provisions for liabilities
Deferred tax
(355,485)
(290,211)
Net assets
219,229 
232,539 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
219,129 
232,439 
Shareholders' funds
219,229 
232,539 
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. 11487608
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Percival Aviation Property Limited Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
Percival Aviation Property Limited is a private company, limited by shares, registered in England and Wales, registration number 11487608. 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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Going concern
The Company made a loss for the period amounting to £13,310 and as at 30 November 2023 has net current liabilities of £3,634,099 and a balance sheet surplus of £219,229. Included within creditors are amounts owed to group undertakings of £3,244,997. These companies have confirmed they will not seek repayments of the balances until the company is in a position to do so. For this reason, the Director continues to adopt the going concern basis of accounting in preparing these annual financial statements.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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.
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Percival Aviation Property Limited Notes to the Accounts for the year ended 30 November 2023
Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Taxation
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.
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:
Land & buildings
2% Straight line
Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
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Percival Aviation Property Limited Notes to the Accounts for the year ended 30 November 2023
Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
Financial instruments
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 tangible fixed assets and investment properties. 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. Investment properties (note 5) Investment properties are valued annually by the director against the market, but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.
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Percival Aviation Property Limited Notes to the Accounts for the year ended 30 November 2023
4
Tangible fixed assets
Land & buildings 
£ 
Cost or valuation
At cost 
At 1 December 2022
6,889,647 
Additions
88,200 
At 30 November 2023
6,977,847 
Depreciation
At 1 December 2022
299,339 
Charge for the year
101,173 
At 30 November 2023
400,512 
Net book value
At 30 November 2023
6,577,335 
At 30 November 2022
6,590,308 
2023 
2022 
£ 
£ 
Carrying amount of land and buildings on cost basis
6,693,645 
6,590,308 
5
Investment property
2023 
£ 
Fair value at 1 December 2022
2,100,982 
At 30 November 2023
2,100,982 
The 2023 valuations were made by the director, on an open market value for existing use basis. If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured at historic cost of £2,100,982 (2022 - £2,100,982) with accumulated depreciation and impairments of £160,256 (2022 - £118,236).
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
267,500 
267,500 
VAT
13,318 
14,200 
Trade creditors
5,292 
- 
Amounts owed to group undertakings and other participating interests
3,244,997 
2,804,997 
Taxes and social security
46,550 
59,256 
Other creditors
40,000 
40,000 
Accruals
44,404 
45,400 
3,662,061 
3,231,353 
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Percival Aviation Property Limited Notes to the Accounts for the year ended 30 November 2023
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
4,469,504 
5,116,875 
The above bank loan facilities were secured by debentures creating a fixed and floating charge over the assets of the Company. The fixed charges were over 3 Cartwright Drive and 15 Barnes Wallis Road.
8
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.
9
Controlling party
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.
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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