IRIS Accounts Production v24.2.0.383 11783583 Board of Directors Board of Directors Board of Directors 1.2.23 31.12.23 31.12.23 true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh117835832023-01-31117835832023-12-31117835832023-02-012023-12-31117835832022-01-31117835832022-02-012023-01-31117835832023-01-3111783583ns15:EnglandWales2023-02-012023-12-3111783583ns14:PoundSterling2023-02-012023-12-3111783583ns10:Director12023-02-012023-12-3111783583ns10:Director22023-02-012023-12-3111783583ns10:Director32023-02-012023-12-3111783583ns10:PrivateLimitedCompanyLtd2023-02-012023-12-3111783583ns10:FRS1022023-02-012023-12-3111783583ns10:Audited2023-02-012023-12-3111783583ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012023-12-3111783583ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-02-012023-12-3111783583ns10:FullAccounts2023-02-012023-12-3111783583ns10:OrdinaryShareClass12023-02-012023-12-3111783583ns10:Director52023-02-012023-12-3111783583ns10:RegisteredOffice2023-02-012023-12-3111783583ns10:Director42023-02-012023-12-3111783583ns10:Director62023-02-012023-12-3111783583ns5:CurrentFinancialInstruments2023-12-3111783583ns5:CurrentFinancialInstruments2023-01-3111783583ns5:Non-currentFinancialInstruments2023-12-3111783583ns5:Non-currentFinancialInstruments2023-01-3111783583ns5:ShareCapital2023-12-3111783583ns5:ShareCapital2023-01-3111783583ns5:RetainedEarningsAccumulatedLosses2023-12-3111783583ns5:RetainedEarningsAccumulatedLosses2023-01-3111783583ns5:ShareCapital2022-01-3111783583ns5:RetainedEarningsAccumulatedLosses2022-01-3111783583ns5:RetainedEarningsAccumulatedLosses2022-02-012023-01-3111783583ns5:RetainedEarningsAccumulatedLosses2023-02-012023-12-3111783583ns5:OwnedAssets2023-02-012023-12-3111783583ns5:OwnedAssets2022-02-012023-01-3111783583ns5:LeasedAssets2023-02-012023-12-3111783583ns5:LeasedAssets2022-02-012023-01-311178358312023-02-012023-12-311178358312022-02-012023-01-3111783583ns5:HirePurchaseContracts2023-02-012023-12-3111783583ns5:HirePurchaseContracts2022-02-012023-01-3111783583ns5:LeaseholdImprovements2023-01-3111783583ns5:PlantMachinery2023-01-3111783583ns5:FurnitureFittings2023-01-3111783583ns5:LeaseholdImprovements2023-02-012023-12-3111783583ns5:PlantMachinery2023-02-012023-12-3111783583ns5:FurnitureFittings2023-02-012023-12-3111783583ns5:LeaseholdImprovements2023-12-3111783583ns5:PlantMachinery2023-12-3111783583ns5:FurnitureFittings2023-12-3111783583ns5:LeaseholdImprovements2023-01-3111783583ns5:PlantMachinery2023-01-3111783583ns5:FurnitureFittings2023-01-3111783583ns5:MotorVehicles2023-01-3111783583ns5:ComputerEquipment2023-01-3111783583ns5:MotorVehicles2023-02-012023-12-3111783583ns5:ComputerEquipment2023-02-012023-12-3111783583ns5:MotorVehicles2023-12-3111783583ns5:ComputerEquipment2023-12-3111783583ns5:MotorVehicles2023-01-3111783583ns5:ComputerEquipment2023-01-3111783583ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3111783583ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-3111783583ns5:LeasedAssetsHeldAsLessee2023-01-3111783583ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-012023-12-3111783583ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-012023-12-3111783583ns5:LeasedAssetsHeldAsLessee2023-02-012023-12-3111783583ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-3111783583ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-3111783583ns5:LeasedAssetsHeldAsLessee2023-12-3111783583ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3111783583ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-3111783583ns5:LeasedAssetsHeldAsLessee2023-01-3111783583ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3111783583ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3111783583ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3111783583ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-01-3111783583ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3111783583ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-01-3111783583ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3111783583ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3111783583ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3111783583ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-01-3111783583ns5:HirePurchaseContracts2023-12-3111783583ns5:HirePurchaseContracts2023-01-3111783583ns10:OrdinaryShareClass12023-12-3111783583ns5:RetainedEarningsAccumulatedLosses2023-01-31117835831ns10:Director12023-01-31117835831ns10:Director12022-01-31117835831ns10:Director12023-02-012023-12-31117835831ns10:Director12022-02-012023-01-31117835831ns10:Director12023-12-31117835831ns10:Director12023-01-31
REGISTERED NUMBER: 11783583 (England and Wales)















UP & AWAY AVIATION SERVICES LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023






UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


UP & AWAY AVIATION SERVICES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023







DIRECTORS: S Murphy
E Patterson
UNIFI Aviation Europe, LLC



REGISTERED OFFICE: Up And Away Building 30
London Oxford Airport
Langford Lane
Kidlington
OX5 1RA



REGISTERED NUMBER: 11783583 (England and Wales)



SENIOR STATUTORY AUDITOR: Jonathan Spurling FCCA



AUDITORS: Spurling Cannon Audit Limited
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

STRATEGIC REPORT
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023

The directors present their strategic report for the period 1 February 2023 to 31 December 2023.

REVIEW OF BUSINESS
The financial year ended 31 December 2023 was very much period of continued growth. We continued to invest in GSE, staff welfare facilities and technological infrastructure enabling improvement in scalability of the business whilst having a full summer of increased operations and additional customers.

Our ethos remains and continues to be, delivering a high-end service to the commercial airline industry supporting the return to pre-pandemic levels of activity, and we have year on year significantly increased our operations through organic growth. This has been achieved by implementing robust systems and processes, retention of staff, company infrastructure and provision of enhanced training to deliver an efficient service alongside growing our customer base.

Our KPIs are solely financial driven and to maintain a steady cash flow.
- Turnover increased by 63% to £16.6m (2023: £10.2m)
- Gross profit reduced by 59% to £0.7m (2023: £1.7m)

STRATEGY AND FUNDING
We continue to have the full support of our company bankers HSBC and Unifi Aviation UK Ltd who are a supportive growth partner and bring a wealth of experience in commercial aviation along with proven technology solutions enabling the business to attract and achieve additional commercial opportunities with agility and confidence.

We made a number of additional senior management appointments to assist the future uplift in delivery that will arise due to the signing of additional contracts. Our head count continues to increase commensurate with the increase in signed contracts.

Focus on cash flow management and cost control continue to be a priority within the business and has continued throughout 2024. We continue to closely manage and report on resource which is the biggest cost within the business, additional data analysis and systems implementation allow closer management and forecasting in this area.

Looking ahead, we plan to further expand our customer base with inclusion in multiple RFP opportunities following a proven period of service delivery and will seek to diversify the services offered across the commercial aviation sector. Continued investment in technology will help to drive efficiency and innovation to maintain the company's competitive edge whilst providing additional analysis and tools to ensure regulatory compliance.

MANAGING DIRECTOR UPDATE
We have and continue to invest in people, training, safety and technology to assist continued growth. Whilst the key drivers for the business were Finance and Service delivery through a challenging environment for recruitment. We remain an employer of choice but operating in a market where skills retention in aviation has been difficult.

The future growth trajectory is positive, and we continue to increase the size of the business incurring additional costs during 2023 to position for further growth in 2024 with additional commercial airline customers and operational bases planned.

The strategic alignment with Unifi Aviation UK Ltd has positioned Up & Away Aviation Services Ltd for sustained growth and success. The ongoing support and investment from the parent company will continue to support our mission of delivering a high-end service to the commercial airline industry.

ON BEHALF OF THE BOARD:





S Murphy - Director


6 September 2024

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the period 1 February 2023 to 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of specialised cleaning services.

DIVIDENDS
No dividends will be distributed for the period ended 31 December 2023.

DIRECTORS
The directors who have held office during the period from 1 February 2023 to the date of this report are as follows:

C M Ellis - resigned 7 July 2023
S Murphy - appointed 25 August 2023
G H Rolls - resigned 7 July 2023
E Patterson - appointed 7 July 2023
UNIFI Aviation Europe, LLC - appointed 10 August 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, 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.

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023


AUDITORS
The auditors, Spurling Cannon Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Murphy - Director


6 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UP & AWAY AVIATION SERVICES LIMITED

Opinion
We have audited the financial statements of Up & Away Aviation Services Limited (the 'company') for the period ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 December 2023 and of its loss for the period 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UP & AWAY AVIATION SERVICES LIMITED


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 Strategic Report or 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UP & AWAY AVIATION SERVICES LIMITED


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:-
- 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 and experience of the business sector;
- 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, and legislation data protection, anti-bribery, employment and health and safety legislation;
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management;
- Identified laws and regulations that were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
Investigated the rationale behind significant or 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UP & AWAY AVIATION SERVICES LIMITED


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.




Jonathan Spurling FCCA (Senior Statutory Auditor)
for and on behalf of Spurling Cannon Audit Limited
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

6 September 2024

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

INCOME STATEMENT
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023

PERIOD
1/2/23
TO YEAR ENDED
31/12/23 31/1/23
Notes £    £   

TURNOVER 16,609,419 10,153,717

Cost of sales (15,920,524 ) (8,439,526 )
GROSS PROFIT 688,895 1,714,191

Administrative expenses (3,593,430 ) (2,264,556 )
(2,904,535 ) (550,365 )

Other operating income (6,065 ) 15,163
OPERATING LOSS 4 (2,910,600 ) (535,202 )

Interest receivable and similar income 20 -
(2,910,580 ) (535,202 )

Interest payable and similar expenses 5 (272,910 ) (144,983 )
LOSS BEFORE TAXATION (3,183,490 ) (680,185 )

Tax on loss 6 - -
LOSS FOR THE FINANCIAL PERIOD (3,183,490 ) (680,185 )

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023

PERIOD
1/2/23
TO YEAR ENDED
31/12/23 31/1/23
Notes £    £   

LOSS FOR THE PERIOD (3,183,490 ) (680,185 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

(3,183,490

)

(680,185

)

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

BALANCE SHEET
31 DECEMBER 2023

2023 2023
Notes £    £   
FIXED ASSETS
Tangible assets 7 2,153,729 2,144,542

CURRENT ASSETS
Stocks 8 419,444 402,714
Debtors 9 3,410,982 3,010,948
Cash at bank 29,104 6,512
3,859,530 3,420,174
CREDITORS
Amounts falling due within one year 10 (10,504,861 ) (5,550,770 )
NET CURRENT LIABILITIES (6,645,331 ) (2,130,596 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,491,602

)

13,946

CREDITORS
Amounts falling due after more than one
year

11

-

(1,322,058

)
NET LIABILITIES (4,491,602 ) (1,308,112 )

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 15 (4,491,702 ) (1,308,212 )
SHAREHOLDERS' FUNDS (4,491,602 ) (1,308,112 )

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:




S Murphy - Director E Patterson - Director




UNIFI Aviation Europe, LLC - Director


UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2022 100 (628,027 ) (627,927 )

Changes in equity
Total comprehensive income - (680,185 ) (680,185 )
Balance at 31 January 2023 100 (1,308,212 ) (1,308,112 )

Changes in equity
Total comprehensive income - (3,183,490 ) (3,183,490 )
Balance at 31 December 2023 100 (4,491,702 ) (4,491,602 )

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

CASH FLOW STATEMENT
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023

PERIOD
1/2/23
TO YEAR ENDED
31/12/23 31/1/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (2,642,417 ) 727,553
Interest paid (64,325 ) (55,066 )
Interest element of hire purchase payments
paid

(208,585

)

(89,917

)
Tax paid (25,758 ) -
Net cash from operating activities (2,941,085 ) 582,570

Cash flows from investing activities
Purchase of tangible fixed assets (303,300 ) (901,068 )
Sale of tangible fixed assets - 1,200
Interest received 20 -
Net cash from investing activities (303,280 ) (899,868 )

Cash flows from financing activities
Loans advance in year 4,936,803 -
Loan repayments in year (366,666 ) (100,002 )
Hire purchase advance (1,388,833 ) 389,273
Amount introduced by directors 99,208 -
Amount withdrawn by directors (13,555 ) (48,107 )
Net cash from financing activities 3,266,957 241,164

Increase/(decrease) in cash and cash equivalents 22,592 (76,134 )
Cash and cash equivalents at beginning of
period

2

6,512

82,646

Cash and cash equivalents at end of
period

2

29,104

6,512

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
PERIOD
1/2/23
TO YEAR ENDED
31/12/23 31/1/23
£    £   
Loss before taxation (3,183,490 ) (680,185 )
Depreciation charges 294,113 243,859
Loss on disposal of fixed assets - 6,013
Finance costs 272,910 144,983
Finance income (20 ) -
(2,616,487 ) (285,330 )
Increase in stocks (16,730 ) (204,844 )
Increase in trade and other debtors (477,438 ) (1,993,774 )
Increase in trade and other creditors 468,238 3,211,501
Cash generated from operations (2,642,417 ) 727,553

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 December 2023
31/12/23 1/2/23
£    £   
Cash and cash equivalents 29,104 6,512
Year ended 31 January 2023
31/1/23 1/2/22
£    £   
Cash and cash equivalents 6,512 82,646


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/2/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank 6,512 22,592 29,104
6,512 22,592 29,104
Debt
Finance leases (1,388,833 ) 1,388,833 -
Debts falling due within 1 year (100,000 ) (4,836,803 ) (4,936,803 )
Debts falling due after 1 year (266,666 ) 266,666 -
(1,755,499 ) (3,181,304 ) (4,936,803 )
Total (1,748,987 ) (3,158,712 ) (4,907,699 )

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023

1. STATUTORY INFORMATION

Up & Away Aviation Services 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & machinery etc - 33% on cost, 20% on cost, 10% on cost

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

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Currency
The presentation currency is £ sterling.

3. EMPLOYEES AND DIRECTORS
PERIOD
1/2/23
TO YEAR ENDED
31/12/23 31/1/23
£    £   
Wages and salaries 9,373,162 5,471,505
Social security costs 802,574 491,646
Other pension costs 139,838 93,585
10,315,574 6,056,736

The average number of employees during the period was as follows:
PERIOD
1/2/23
TO YEAR ENDED
31/12/23 31/1/23

Directors 1 1
Employees 424 166
425 167

PERIOD
1/2/23
TO YEAR ENDED
31/12/23 31/1/23
£    £   
Directors' remuneration 35,444 64,440

4. OPERATING LOSS

The operating loss is stated after charging:

PERIOD
1/2/23
TO YEAR ENDED
31/12/23 31/1/23
£    £   
Depreciation - owned assets 294,115 98,223
Depreciation - assets on hire purchase contracts - 145,635
Loss on disposal of fixed assets - 6,013

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023

5. INTEREST PAYABLE AND SIMILAR EXPENSES
PERIOD
1/2/23
TO YEAR ENDED
31/12/23 31/1/23
£    £   
Bank loan interest 46,832 55,042
HMRC interest 17,493 24
Hire purchase 208,585 89,917
272,910 144,983

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the period ended 31 December 2023 nor for the year ended 31 January 2023.

7. TANGIBLE FIXED ASSETS
Improvements
to Plant and Fixture &
property machinery Fittings
£    £    £   
COST
At 1 February 2023 120,353 2,329,563 58,370
Additions 47,378 1,836,112 25,986
Disposals 60 (2,090,203 ) (7,891 )
At 31 December 2023 167,791 2,075,472 76,465
DEPRECIATION
At 1 February 2023 22,782 407,182 27,287
Charge for period 28,161 203,376 14,476
Eliminated on disposal 60 (316,983 ) (7,891 )
At 31 December 2023 51,003 293,575 33,872
NET BOOK VALUE
At 31 December 2023 116,788 1,781,897 42,593
At 31 January 2023 97,571 1,922,381 31,083

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023

7. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 114,052 19,986 2,642,324
Additions 178,856 3,385 2,091,717
Disposals (28,490 ) (383 ) (2,126,907 )
At 31 December 2023 264,418 22,988 2,607,134
DEPRECIATION
At 1 February 2023 35,281 5,250 497,782
Charge for period 44,113 3,989 294,115
Eliminated on disposal (13,295 ) (383 ) (338,492 )
At 31 December 2023 66,099 8,856 453,405
NET BOOK VALUE
At 31 December 2023 198,319 14,132 2,153,729
At 31 January 2023 78,771 14,736 2,144,542

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2023 2,090,203 28,490 2,118,693
Disposals (2,090,203 ) (28,490 ) (2,118,693 )
At 31 December 2023 - - -
DEPRECIATION
At 1 February 2023 316,983 13,295 330,278
Eliminated on disposal (316,983 ) (13,295 ) (330,278 )
At 31 December 2023 - - -
NET BOOK VALUE
At 31 December 2023 - - -
At 31 January 2023 1,773,220 15,195 1,788,415

8. STOCKS
2023 2023
£    £   
Stocks 419,444 402,714

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade debtors 2,920,565 2,275,312
Other debtors 76,036 490,195
Directors' current accounts - 77,404
Tax 25,758 25,758
Prepayments 388,623 142,279
3,410,982 3,010,948

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Bank loans and overdrafts (see note 12) - 100,000
Other loans (see note 12) 4,936,803 -
Hire purchase contracts (see note 13) - 333,441
Trade creditors 1,492,876 821,058
Corporation Tax - 25,758
Social security and other taxes 279,556 304,971
VAT 76,542 94,460
Sundry creditors 2,614,488 2,736,122
Directors' current accounts 8,249 -
Deferred income 624,242 253,152
Accrued expenses 472,105 881,808
10,504,861 5,550,770

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2023
£    £   
Bank loans (see note 12) - 266,666
Hire purchase contracts (see note 13) - 1,055,392
- 1,322,058

12. LOANS

An analysis of the maturity of loans is given below:

2023 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 100,000
Other loans 4,936,803 -
4,936,803 100,000

Amounts falling due between one and two years:
Bank loans - 1-2 years - 100,000

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023

12. LOANS - continued
2023 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years - 166,666

An Unlimited Multilateral Guarantee dated 16 October 2020 was given by Up and Away Aviation Detailing Limited and Up and Away Aviation Services Limited.

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2023
£    £   
Net obligations repayable:
Within one year - 333,441
Between one and five years - 1,055,392
- 1,388,833

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2023
value: £    £   
100 Ordinary £1 100 100

15. RESERVES
Retained
earnings
£   

At 1 February 2023 (1,308,212 )
Deficit for the period (3,183,490 )
At 31 December 2023 (4,491,702 )

16. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2023 and the year ended 31 January 2023:

2023 2023
£    £   
S Murphy
Balance outstanding at start of period 77,404 29,297
Amounts advanced 13,555 48,107
Amounts repaid (99,207 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (8,248 ) 77,404

UP & AWAY AVIATION SERVICES LIMITED (REGISTERED NUMBER: 11783583)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 DECEMBER 2023

17. RELATED PARTY DISCLOSURES

During the year the company entered into transactions with Up & Away Aviation Detailing Limited, a related entity. The amount due at the year end was £2,141,916 (2023 - £1,822,717) and is shown in other creditors. This amount is unsecured and repayable on demand.

18. ULTIMATE CONTROLLING PARTY

Following the sale of shares on 7 July 2023, the ultimate controlling party is Unifi Aviation LLC at 31 December 2023.

19. GOING CONCERN

These accounts have been prepared on a going concern basis, on the understanding the directors and shareholder will continue to financially support the company.