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REGISTERED NUMBER: 06372641 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

25 Repair Centre Limited

25 Repair Centre Limited (Registered number: 06372641)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


25 Repair Centre Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: K Krojby
Leki Limited



REGISTERED OFFICE: 823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ



REGISTERED NUMBER: 06372641 (England and Wales)



AUDITORS: Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ



BANKERS: Barclays Bank
74/75 East Street
Chichester
West Sussex
PO19 1HR

25 Repair Centre Limited (Registered number: 06372641)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of repair of aircraft parts.

REVIEW OF BUSINESS
The result for the year and the financial position at year end were considered acceptable due to the circumstances by the directors.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

K Krojby
Leki Limited

RESULTS
The Company's loss for the year amounted to USD (42,058).

POST BALANCE SHEET EVENTS
No post balance sheet events have occurred since 30 June 2024 which requires reporting or disclosing in the accounts.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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. They are 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
Krogh & Partners Limited, Chartered Accountants & Registered Auditors have signified their willingness to continue in office. A resolution to re-appoint them will be proposed at the Annual General Meeting.


25 Repair Centre Limited (Registered number: 06372641)

Report of the Directors
for the Year Ended 30 June 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





K Krojby - Director


23 August 2024

Report of the Independent Auditors to the Members of
25 Repair Centre Limited (Registered number: 06372641)

Opinion
We have audited the financial statements of 25 Repair Centre Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
25 Repair Centre Limited (Registered number: 06372641)


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, and anti-bribery;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
25 Repair Centre Limited (Registered number: 06372641)


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John Lindegaard (Senior Statutory Auditor)
for and on behalf of Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

23 August 2024

25 Repair Centre Limited (Registered number: 06372641)

Income Statement
for the Year Ended 30 June 2024

2024 2023
Notes $    $   

TURNOVER 3,315,056 3,155,709

Cost of sales 3,026,614 2,759,044
GROSS PROFIT 288,442 396,665

Administrative expenses 345,079 359,994
OPERATING (LOSS)/PROFIT 4 (56,637 ) 36,671


Interest payable and similar expenses 129 156
(LOSS)/PROFIT BEFORE TAXATION (56,766 ) 36,515

Tax on (loss)/profit 5 (14,708 ) (67,194 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(42,058

)

103,709

25 Repair Centre Limited (Registered number: 06372641)

Other Comprehensive Income
for the Year Ended 30 June 2024

2024 2023
Notes $    $   

(LOSS)/PROFIT FOR THE YEAR (42,058 ) 103,709


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(42,058

)

103,709

25 Repair Centre Limited (Registered number: 06372641)

Balance Sheet
30 June 2024

2024 2023
Notes $    $    $    $   
FIXED ASSETS
Tangible assets 6 2,433 1,155

CURRENT ASSETS
Stocks 7 391,573 601,274
Debtors 8 175,066 203,929
Cash at bank 89,540 1,461
656,179 806,664
CREDITORS
Amounts falling due within one year 9 2,710,408 2,817,557
NET CURRENT LIABILITIES (2,054,229 ) (2,010,893 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,051,796

)

(2,009,738

)

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 12 (2,051,798 ) (2,009,740 )
SHAREHOLDERS' FUNDS (2,051,796 ) (2,009,738 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:





K Krojby - Director


25 Repair Centre Limited (Registered number: 06372641)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
$    $    $   
Balance at 1 July 2022 2 (2,113,449 ) (2,113,447 )

Changes in equity
Total comprehensive income - 103,709 103,709
Balance at 30 June 2023 2 (2,009,740 ) (2,009,738 )

Changes in equity
Total comprehensive income - (42,058 ) (42,058 )
Balance at 30 June 2024 2 (2,051,798 ) (2,051,796 )

25 Repair Centre Limited (Registered number: 06372641)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

25 Repair Centre Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The financial statements are prepared in accordance with the historical cost convention and on a going concern basis assuming the continued financial support of the parent company. The parent company has confirmed that it will maintain financial support for the foreseeable future to enable the company to continue normal trading operations.

Turnover
Turnover from sales and trading and finished goods is recognized as turnover when the transition of the main benefits and risks to the buyer, the turnover can be made up reliably and payment is expected to be received. The time of release of the most essential benefits and risks based on standardized delivery conditions based on Incoterms 2010.

Turnover is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in turnover.

Interest and similar income and charges
Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Tangible assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold in accordance with the property lease
Plant and machinery 20% per annum, straight line basis
Fixtures and fittings 20% per annum, straight line basis
Computer equipment 33% per annum, straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Debtors
Debtors are valued individually and there are made provision according to this valuation.

25 Repair Centre Limited (Registered number: 06372641)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Cash at bank and in hand
Cash at bank and in hand include cash holdings and bank deposit.

Creditors
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

Taxation
Current tax and deferred taxation, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation is provided in full on an undiscounted basis, on all timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations in periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised where it is considered more likely than not that future profits will be available for offset. Tax asset is calculated on the basis of 25% in tax rate.

Local currency
Due to high cash inflows and outflows in dollar, the company considers dollar as its local currency.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024 2023
$    $   
Depreciation - owned assets 1,752 11,888
Auditors' remuneration 8,000 7,650

5. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2024 2023
$    $   
Current tax:
UK corporation tax (14,708 ) (67,194 )
Tax on (loss)/profit (14,708 ) (67,194 )

25 Repair Centre Limited (Registered number: 06372641)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
$    $    $    $   
COST
At 1 July 2023 146,175 31,122 23,142 200,439
Additions - - 3,030 3,030
At 30 June 2024 146,175 31,122 26,172 203,469
DEPRECIATION
At 1 July 2023 145,554 30,588 23,142 199,284
Charge for year 312 431 1,009 1,752
At 30 June 2024 145,866 31,019 24,151 201,036
NET BOOK VALUE
At 30 June 2024 309 103 2,021 2,433
At 30 June 2023 621 534 - 1,155

7. STOCKS
2024 2023
$    $   
Goods for resale 391,573 601,274

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
$    $   
Trade debtors 69,627 47,296
Amounts owed by group undertakings 65,569 65,569
Other debtors 14,137 8,470
WIP 11,025 15,400
Group relief, corporation tax 14,708 67,194
175,066 203,929

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
$    $   
Trade creditors 325,823 361,696
Amounts owed to group undertakings 2,352,841 2,434,598
Other creditors 21,224 -
Accrued expenses 10,520 21,263
2,710,408 2,817,557

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
$    $   
Within one year 69,520 69,465

25 Repair Centre Limited (Registered number: 06372641)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: $    $   
1 Ordinary 1 2 2

12. RESERVES
Retained
earnings
$   

At 1 July 2023 (2,009,740 )
Deficit for the year (42,058 )
At 30 June 2024 (2,051,798 )

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by the director K Krojby, who is also a director of its parent company Leki Limited, and Leki Aviation A/S which is incorporated in Denmark.