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REGISTERED NUMBER: SC252985 (Scotland)















STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PRESTWICK AIRCRAFT MAINTENANCE LTD

PRESTWICK AIRCRAFT MAINTENANCE LTD (REGISTERED NUMBER: SC252985)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 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


PRESTWICK AIRCRAFT MAINTENANCE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: E J Cunningham
Mrs V F Cunningham
S Davies





SECRETARY: Mrs V F Cunningham





REGISTERED OFFICE: Hangar 620
Orangefield
Prestwick Airport
Prestwick
KA9 2PQ





REGISTERED NUMBER: SC252985 (Scotland)





AUDITORS: Galbraith Pritchards
Chartered Accountants & Statutory Auditor
20 Barns Street
Ayr
Ayrshire
KA7 1XA

PRESTWICK AIRCRAFT MAINTENANCE LTD (REGISTERED NUMBER: SC252985)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The principal activity of the company is aircraft maintenance.

The directors have considered the uncertainties posed by the impact of the economic outlook on business activities. They believe that the company is in a position to maintain business performance despite the economic conditions.

Employee average numbers for the year have increased from 473 in 2022 to 520 in 2023.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk is that Ryanair amend its policy on the repair facility at Prestwick.

KEY PERFORMANCE INDICATORS
The directors use a range of financial and non financial performance indicators to monitor the company's performance against objectives.

The number of man hours worked on repair and maintenance of planes is now around six hundred thousand per annum despite the current adverse climate for air travel. The company is very grateful for the commitment and support of staff.

OPERATIONAL IMPACT ON THE ENVIRONMENT
As a business connected to the travel industry Prestwick Aircraft Maintenance Ltd is aware of the risks of its impact on the environment.

The directors and senior management are committed to protecting the environment and to reducing the environmental impact of air travel. The company is closely connected to Ryanair and is aligned with Ryanair's aims to grow in an environmentally sustainable manner over the next decade.

The directors and senior management have reviewed the risks associated with climate change and intend investing in new ways to offset and reduce the company's carbon footprint.

ON BEHALF OF THE BOARD:





E J Cunningham - Director


10 September 2024

PRESTWICK AIRCRAFT MAINTENANCE LTD (REGISTERED NUMBER: SC252985)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

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

DIVIDENDS
Interim dividends totalling £46,500 were paid on various dates during the year. The directors recommend that no final dividend be paid.

FUTURE DEVELOPMENTS
The company intends continuing to maintain its market share and expand its markets where possible. The company has extended its operations to have responsibility for engineering work carried out in the Spanish Seville hangar of Ryanair, the Lithuanian Kaunas hangar of Ryanair, the German Hahn hangar of Ryanair and the Ireland Shannon hangar of Ryanair.

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

E J Cunningham
Mrs V F Cunningham

Other changes in directors holding office are as follows:

S Davies - appointed 1 September 2023



EMPLOYMENT
Prestwick Aircraft Maintenance Ltd is an equal opportunities employer and will apply objective criteria to assess potential suitability for jobs. The company ensures that no job applicant or employee receives less favourable treatment on the ground of race, colour, nationality, religion, ethnic or national origins, age, gender, marital status, sexual orientation or disability.

Selection criteria and procedures are reviewed to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities. All employees will be given equality of opportunity and, where appropriate and possible, special training to enable them to progress both within and outside the organisation. The company is committed to a continuing programme of action to make this policy effective and bring it to the attention of all employees.

The company is committed to providing equal opportunities throughout employment and continues to promote the above aims through all stages of a workers career. The Company values its employees and has a responsibility to promote good practices which ensure their fair treatment and wellbeing at work.

The company has set up procedures to consult with its employees on a regular basis through the Employee Representative Committee - ERC. This committee is made up of employees and managers and meets quarterly to consult with elected representatives. This is a forum where employee suggestions are raised and where staff are made aware of factors affecting the company. Communication is supplemented by the production of a newsletter.


PRESTWICK AIRCRAFT MAINTENANCE LTD (REGISTERED NUMBER: SC252985)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Galbraith Pritchards, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





E J Cunningham - Director


10 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRESTWICK AIRCRAFT MAINTENANCE LTD


Opinion
We have audited the financial statements of Prestwick Aircraft Maintenance Ltd (the 'company') for the year 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 profit 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 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
PRESTWICK AIRCRAFT MAINTENANCE LTD


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 four, 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
PRESTWICK AIRCRAFT MAINTENANCE LTD


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:

Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering, non-compliance with implementation of government support schemes relating to COVID-19, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to loss reserves, and significant one-off or unusual transactions.


Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
" Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;
" Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and
" Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.


Our audit procedures in relation to fraud included but were not limited to:
" Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
" Gaining an understanding of the internal controls established to mitigate risks related to fraud;

" Discussing amongst the engagement team the risks of fraud; and
" Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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
PRESTWICK AIRCRAFT MAINTENANCE LTD


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.




Marguerite Roos BAcc CA (Senior Statutory Auditor)
for and on behalf of Galbraith Pritchards
Chartered Accountants & Statutory Auditor
20 Barns Street
Ayr
Ayrshire
KA7 1XA

12 September 2024

PRESTWICK AIRCRAFT MAINTENANCE LTD (REGISTERED NUMBER: SC252985)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

TURNOVER 3 32,011,111 24,488,131

Cost of sales 31,842,930 24,330,246
GROSS PROFIT 168,181 157,885

Administrative expenses 186,475 88,797
(18,294 ) 69,088

Other operating income 34,400 23,843
OPERATING PROFIT 5 16,106 92,931

Interest receivable and similar income - 24
PROFIT BEFORE TAXATION 16,106 92,955

Tax on profit 6 1,885 18,262
PROFIT FOR THE FINANCIAL YEAR 14,221 74,693

PRESTWICK AIRCRAFT MAINTENANCE LTD (REGISTERED NUMBER: SC252985)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

PROFIT FOR THE YEAR 14,221 74,693


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

14,221

74,693

PRESTWICK AIRCRAFT MAINTENANCE LTD (REGISTERED NUMBER: SC252985)

BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 - 4,802

CURRENT ASSETS
Debtors 9 950,551 546,694
Cash at bank and in hand 1,409,034 824,927
2,359,585 1,371,621
CREDITORS
Amounts falling due within one year 10 2,233,888 1,218,497
NET CURRENT ASSETS 125,697 153,124
TOTAL ASSETS LESS CURRENT
LIABILITIES

125,697

157,926

CAPITAL AND RESERVES
Called up share capital 11 150 100
Retained earnings 12 125,547 157,826
SHAREHOLDERS' FUNDS 125,697 157,926

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





E J Cunningham - Director


PRESTWICK AIRCRAFT MAINTENANCE LTD (REGISTERED NUMBER: SC252985)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 125,757 125,857

Changes in equity
Dividends - (42,624 ) (42,624 )
Total comprehensive income - 74,693 74,693
Balance at 31 December 2022 100 157,826 157,926

Changes in equity
Issue of share capital 50 - 50
Dividends - (46,500 ) (46,500 )
Total comprehensive income - 14,221 14,221
Balance at 31 December 2023 150 125,547 125,697

PRESTWICK AIRCRAFT MAINTENANCE LTD (REGISTERED NUMBER: SC252985)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 646,669 308,145
Tax paid (18,262 ) (18,256 )
Net cash from operating activities 628,407 289,889

Cash flows from investing activities
Sale of tangible fixed assets 1,000 -
Interest received - 24
Net cash from investing activities 1,000 24

Cash flows from financing activities
Amount introduced by directors 2,000 500
Amount withdrawn by directors (850 ) -
Share issue 50 -
Equity dividends paid (46,500 ) (42,624 )
Net cash from financing activities (45,300 ) (42,124 )

Increase in cash and cash equivalents 584,107 247,789
Cash and cash equivalents at beginning of
year

2

824,927

577,138

Cash and cash equivalents at end of year 2 1,409,034 824,927

PRESTWICK AIRCRAFT MAINTENANCE LTD (REGISTERED NUMBER: SC252985)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31/12/23 31/12/22
£    £   
Profit before taxation 16,106 92,955
Depreciation charges - 5,561
Loss on disposal of fixed assets 3,802 -
Finance income - (24 )
19,908 98,492
Increase in trade and other debtors (403,857 ) (92,618 )
Increase in trade and other creditors 1,030,618 302,271
Cash generated from operations 646,669 308,145

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:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 1,409,034 824,927
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 824,927 577,138


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 824,927 584,107 1,409,034
824,927 584,107 1,409,034
Total 824,927 584,107 1,409,034

PRESTWICK AIRCRAFT MAINTENANCE LTD (REGISTERED NUMBER: SC252985)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Prestwick Aircraft Maintenance Ltd is a private company, limited by shares , registered in Scotland. 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.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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

Turnover represents net invoiced sales of services, excluding value added tax.

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.
Motor vehicles - 33% on cost

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.

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.

DIVIDENDS
In accordance with accounting standards, if dividends are declared after the balance sheet but before the financial statements are authorised for issue, the dividends are not recognised as a liability at the balance sheet date because they do not meet the criteria of a present obligation.

FINANCIAL INSTRUMENTS
The company only has financial assets and financial 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.

PRESTWICK AIRCRAFT MAINTENANCE LTD (REGISTERED NUMBER: SC252985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

99 % of turnover is attributable to geographical markets outside the United Kingdom.

4. EMPLOYEES AND DIRECTORS
31/12/23 31/12/22
£    £   
Wages and salaries 23,529,673 18,671,230
Social security costs 2,526,068 2,008,756
Other pension costs 820,938 485,867
26,876,679 21,165,853

The average number of employees during the year was as follows:
31/12/23 31/12/22

Management / admin 20 12
Engineering 500 461
520 473

31/12/23 31/12/22
£    £   
Directors' remuneration 38,333 -
Directors' pension contributions to money purchase schemes 2,000 -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/12/23 31/12/22
£    £   
Depreciation - owned assets - 5,561
Loss on disposal of fixed assets 3,802 -
Auditors' remuneration 13,000 6,500
Foreign exchange differences (3,324 ) 603

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/23 31/12/22
£    £   
Current tax:
UK corporation tax 1,885 18,262
Tax on profit 1,885 18,262

PRESTWICK AIRCRAFT MAINTENANCE LTD (REGISTERED NUMBER: SC252985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. DIVIDENDS
31/12/23 31/12/22
£    £   
Ordinary shares of £1.00 each
Interim 46,500 42,624

8. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 January 2023 16,850
Disposals (16,850 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 12,048
Eliminated on disposal (12,048 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 4,802

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 314,129 4,170
Prepayments and accrued income 402,920 219,005
Other debtors 81,857 203,310
Loans to employees - 500
Cyclescheme 369 663
VAT 151,276 119,046
950,551 546,694

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors 844,875 384,782
Tax 1,885 18,262
Social security and other taxes 871,959 622,019
Other creditors 434,966 155,938
Directors' loan accounts 2,747 1,597
Deferred income 7,500 -
Accrued expenses 69,956 35,899
2,233,888 1,218,497

PRESTWICK AIRCRAFT MAINTENANCE LTD (REGISTERED NUMBER: SC252985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
100 Ordinary £1.00 100 100
50 Class A Ordinary £1.00 50 -
150 100

50 Class A Ordinary shares of £1.00 each were allotted and fully paid for cash at par during the year.

12. RESERVES
Retained
earnings
£   

At 1 January 2023 157,826
Profit for the year 14,221
Dividends (46,500 )
At 31 December 2023 125,547

13. RELATED PARTY DISCLOSURES

Other related parties
31/12/23 31/12/22
£    £   
Purchases 83,714 29,811
Management charge and other expenses 41,667 66,667
Amount due from related party 81,807 203,310
Amount due to related party 72,785 7,245

The related party is an entity controlled by the directors.

14. ULTIMATE CONTROLLING PARTY

The company directors consider the ultimate controlling party to be Mr & Mrs Cunningham.