COMPANY REGISTRATION NUMBER:
13201429
Annual Report and Financial Statements |
|
Abridged Statement of Financial Position |
|
31 December 2023
Fixed assets
Investments |
4 |
1,750,000 |
3,250,000 |
|
|
|
|
Current assets
Debtors |
139,277 |
60,250 |
Cash at bank and in hand |
645 |
31,284 |
|
--------- |
-------- |
|
139,922 |
91,534 |
|
|
|
Creditors: amounts falling due within one year |
703,931 |
492,722 |
|
--------- |
--------- |
Net current liabilities |
564,009 |
401,188 |
|
------------ |
------------ |
Total assets less current liabilities |
1,185,991 |
2,848,812 |
|
|
|
Creditors: amounts falling due after more than one year |
2,685,481 |
2,818,645 |
|
------------ |
------------ |
Net (liabilities)/assets |
(
1,499,490) |
30,167 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
10,000 |
10,000 |
Share premium account |
945,000 |
945,000 |
Profit and loss account |
(
2,454,490) |
(
924,833) |
|
------------ |
--------- |
Shareholders (deficit)/funds |
(
1,499,490) |
30,167 |
|
------------ |
--------- |
|
|
|
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 year 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
19 August 2024
, and are signed on behalf of the board by:
Mr Gegams Hanamirjans |
|
Director |
|
|
|
Company registration number:
13201429
Notes to the Abridged Financial Statements |
|
Year ended 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 One, Glass Wharf, Bristol, United Kingdom, BS2 0ZN.
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.
Going concern
The company incurred losses in the year ended 31 December 2022 and 2023. The company is not forecasted to make a profit for next few years given the future economic uncertainty which may affect the underlying operation of the investment subsidiaries. The directors having considered the above, made due enquiries and with continued parent and group companies support, they continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Avia Solutions Group PLC which can be obtained from www.aviasg.com. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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. Disposal proceeds of tax losses to group companies is recognised under taxation in the Statement of Comprehensive Income.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in subsidiaries is accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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. 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.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
3,250,000 |
|
------------ |
Impairment |
|
At 1 January 2023 |
– |
Impairment losses |
1,500,000 |
|
------------ |
At 31 December 2023 |
1,500,000 |
|
------------ |
|
|
Carrying amount |
|
At 31 December 2023 |
1,750,000 |
|
------------ |
At 31 December 2022 |
3,250,000 |
|
------------ |
|
|
Subsidiaries, associates and other investments
The following are wholly owned subsidiaries of JetMS Holding Limited: - RAS Completions Limited, registered address: Building 510, Churchill Way, Biggin Hill Airport, Biggin Hill, Kent TN16 3BN. - JetMS Completions Limited, registered address: Building 510, Churchill Way, Biggin Hill Airport, Biggin Hill, Kent TN16 3BN.
5.
Summary audit opinion
The auditor's report for the year dated
6 September 2024
was
unqualified
.
The senior statutory auditor was
Ibrahim Ibrahim
, for and on behalf of
CAS House Limited
.
6.
Related party transactions
ASG Finance Designated Activity Company, a member of the Avia Solutions Group which is the ultimate foreign parent of JetMS Holding Limited. In 2021 ASG Finance Designated Activity Company granted a loan to JetMS Holding Limited, summary of the transaction and the year end outstanding balances is below: - Interest charge for the year £240,120 (2022: £250,196) - Loan outstanding at year end £2,685,481 (2022: £2,818,645) - Loan interest payable at year end £694,643 (2022: £481,893) Interest free loan granted to JetMS Completions Limited, a group company, at year end it stands at £182,000 (2022: £60,000). During the year JetMS Completions Limited recharged £12,000 (2022: £0) in expenses to the company and it remains outstanding at the year end.
7.
Controlling party
The company is a subsidiary of UAB JetMS Regional which is a company incorporated in Lithuania. The ultimate controlling party is Mr Gediminas Ziemelis, a Lithuanian citizen.