COMPANY REGISTRATION NUMBER:
08375556
Filleted Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
31 December 2023
|
31 Dec 23 |
31 Jan 23 |
Note |
£ |
£ |
|
|
|
Fixed assets
Intangible assets |
5 |
399,509 |
425,028 |
Tangible assets |
6 |
– |
611 |
|
--------- |
--------- |
|
399,509 |
425,639 |
|
|
|
|
Current assets
Debtors |
1,096 |
3,966 |
Cash at bank and in hand |
775 |
10,492 |
|
------- |
-------- |
|
1,871 |
14,458 |
|
|
|
Creditors: amounts falling due within one year |
32,667 |
19,097 |
|
-------- |
-------- |
Net current liabilities |
30,796 |
4,639 |
|
--------- |
--------- |
Total assets less current liabilities |
368,713 |
421,000 |
|
|
|
Creditors: amounts falling due after more than one year |
296,638 |
300,328 |
|
--------- |
--------- |
Net assets |
72,075 |
120,672 |
|
--------- |
--------- |
|
|
|
Capital and reserves
Called up share capital |
1 |
1 |
Profit and loss account |
72,074 |
120,671 |
|
-------- |
--------- |
Shareholders funds |
72,075 |
120,672 |
|
-------- |
--------- |
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the period ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 December 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
22 August 2024
, and are signed on behalf of the board by:
Mr Stefan Chevalier |
|
Director |
|
|
|
Company registration number:
08375556
Notes to the Abridged Financial Statements |
|
Period from 1 February 2023 to 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Building 510, Biggin Hill Airport, Biggin Hill, Westerham, England, TN16 3BN.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Development costs |
- |
5% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Impairment of fixed assets
/A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
1
(2023: Nil).
5.
Intangible assets
|
£ |
Cost |
|
At 1 February 2023 and 31 December 2023 |
556,772 |
|
--------- |
Amortisation |
|
At 1 February 2023 |
131,744 |
Charge for the period |
25,519 |
|
--------- |
At 31 December 2023 |
157,263 |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
399,509 |
|
--------- |
At 31 January 2023 |
425,028 |
|
--------- |
|
|
6.
Tangible assets
|
£ |
Cost |
|
At 1 February 2023 |
2,336 |
Disposals |
(
2,336) |
|
------- |
At 31 December 2023 |
– |
|
------- |
Depreciation |
|
At 1 February 2023 |
1,725 |
Charge for the period |
92 |
Disposals |
(
1,817) |
|
------- |
At 31 December 2023 |
– |
|
------- |
Carrying amount |
|
At 31 December 2023 |
– |
|
------- |
At 31 January 2023 |
611 |
|
------- |
|
|
7.
Summary audit opinion
The auditor's report for the period dated
6 September 2024
was
qualified
on the following basis:
We were not appointed as auditor of the company until after 31 December 2023. We are unable to verify the brought forward cost of the intangible asset and therefore the net value included in the balance sheet of £399,509 at the end of the year.
The senior statutory auditor was
Ibrahim Ibrahim
, for and on behalf of
CAS House Limited
.
8.
Related party transactions
At the year end the company owed JetMS Completions Limited, a subsiaidry of Avia Solutions Group PLC, £4,363 (31.01.2023: £0) and £269,684 (31.01.2023; £269,684) that was assigned from Waypoint Auronautical Corporation to JetMS Holdings Limited (Ireland), a subsidiary of Avia Solutions Group PLC, on 12.10.2023 in interest free loans.
9.
Controlling party
The company was under the control of Mrs Nicole Graham to 11 October 2023. On 12 October 2023 the company was acquired by JetMS Holding Limited of Ireland, the latter is a subsidiary of Avia Solutions Group PLC which is a company incorporated in Lithuania. From 12 October 2023 the ultimate controlling party is Mr Gediminas Ziemelis, a Lithuanian citizen.