Registered number
06935163
Avicom Britania Limited
Report and Accounts
30 June 2024
Avicom Britania Limited
Registered number: 06935163
Directors' Report
The directors present their report and accounts for the year ended 30 June 2024.
Principal activities
The company's principal activity during the year continued to be that of a close investment holding company.
Directors
The following persons served as directors during the year:
Ganna Lyovina
Edward Howard
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 19 August 2024 and signed on its behalf.
Edward Howard
Director
Avicom Britania Limited
Report to the directors on the preparation of the unaudited statutory accounts of Avicom Britania Limited for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Avicom Britania Limited for the year ended 30 June 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.
Britannia Accountancy Services
Chartered Certified Accountants
12 Mulberry Place
Pinnell Road
LONDON
SE9 6AR
19 August 2024
Avicom Britania Limited
Profit and Loss Account
for the year ended 30 June 2024
Notes 2024 2023
£ £
Administrative expenses (598) (600)
Operating loss (598) (600)
Loss on ordinary activities before taxation (598) (600)
Loss for the financial year (598) (600)
Avicom Britania Limited
Registered number: 06935163
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Fixed asset Investments beneficially owned 3 10,053,077 10,053,077
Current assets
Investments held as current assets 3 2,659 2,659
Cash at bank and in hand 1,295 1,839
3,954 4,498
Creditors: amounts falling due within one year 4 (162,635) (162,671)
Net current liabilities (158,681) (158,173)
Total assets less current liabilities 9,894,396 9,894,904
Creditors: amounts falling due after more than one year 5 (9,216,703) (9,216,613)
Net assets 677,693 678,291
Capital and reserves
Called up share capital 2 2
Non-distributable reserve 6 691,292 691,292
Profit and loss account (13,601) (13,003)
Shareholder's funds 677,693 678,291
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Edward Howard
Director
Approved by the board on 19 August 2024
Avicom Britania Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Going concern
Avicom Britania Ltd is fundamentally different from other companies in that, with respect to its primary business, it does not provide goods or services and has no customers other than its shareholders. Rather, it functions as an investment vehicle for its investors.
The financial statements are normally prepared on the assumption that an entity will continue in operation for the foreseeable future. Hence, it is assumed that the entity has neither the intention nor the need to liquidate or curtail materially the scale of its operations; if such an intention or need exists, the financial statements may have to be prepared on a different basis.
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. As a result they have adopted the going concern basis of accounting.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Investments
Investments in
subsidiary Other
Fixed asset investments undertakings investments Total
£ £ £
Plant, etc from Titan LLC 77,659 77,659
Plant, etc from Styron Trading Inc 130,780 130,780
Plant, etc from "Air repair enterprise "URARP" LLC 364,270 364,270
Aircrafts from Aircompany Blacksea Ukranian Airlines LLC 902,898 902,898
Land & property of International Airport Kherson LLC 8,577,470 8,577,470
- 10,053,077 10,053,077
£ £
Cash investments 2,659 2,659
100% Charter Capital of International Airport Kherson LLC, consisting of a cash investment of £382.
100% Charter Capital of Blacksea Ukranian Airlines LLC, consisting of a cash investment of £2,277.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Deferred tax 162,155 162,155
Accrued expenses 480 516
162,635 162,671
5 Creditors: amounts falling due after one year 2024 2023
£ £
Directors' current account 15,387 15,297
Other creditors 9,201,316 9,201,316
9,216,703 9,216,613
6 Non-distributable reserve 2024 2023
£ £
At 1 July 2023 691,292 691,292
At 30 June 2024 691,292 691,292
7 Controlling party
Ms Ganna Lyovina is both the immediate and ultimate controlling party.
8 Other information
Avicom Britania Limited is a private company limited by shares and incorporated in England. Its registered office is at:
23 Melrose Close, Maidstone, Kent, ME15 6BD
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