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REGISTERED NUMBER: 14811422 (England and Wales)












ACN AEROLEASING (UK) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

18 APRIL 2023 TO 31 DECEMBER 2023






ACN AEROLEASING (UK) LTD (REGISTERED NUMBER: 14811422)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 18 APRIL 2023 TO 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ACN AEROLEASING (UK) LTD

COMPANY INFORMATION
FOR THE PERIOD 18 APRIL 2023 TO 31 DECEMBER 2023







DIRECTORS: Mr H D Gamble
Mr I Bin Muhammad





REGISTERED OFFICE: 2nd Floor
1 Putney High Street
Wandsworth
London
SW15 1SZ





REGISTERED NUMBER: 14811422 (England and Wales)





ACCOUNTANTS: Christiansons Ltd
Chartered Certified Accountants
Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE

ACN AEROLEASING (UK) LTD (REGISTERED NUMBER: 14811422)

BALANCE SHEET
31 DECEMBER 2023

Notes $    $   
FIXED ASSETS
Tangible assets 4 463

CURRENT ASSETS
Debtors 5 7,334
Cash in hand 151
7,485
CREDITORS
Amounts falling due within one year 6 69,463
NET CURRENT LIABILITIES (61,978 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(61,515

)

CREDITORS
Amounts falling due after more than one
year

7

52,307
NET LIABILITIES (113,822 )

CAPITAL AND RESERVES
Called up share capital 9 100
Retained earnings 10 (113,922 )
SHAREHOLDERS' FUNDS (113,822 )

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the Company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

ACN AEROLEASING (UK) LTD (REGISTERED NUMBER: 14811422)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





Mr I Bin Muhammad - Director


ACN AEROLEASING (UK) LTD (REGISTERED NUMBER: 14811422)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 18 APRIL 2023 TO 31 DECEMBER 2023


1. STATUTORY INFORMATION

ACN Aeroleasing (UK) Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in US dollar being the most relevant currency for the company.

Turnover
The company leases out aircraft under operating lease agreements.
Turnover comprises rental income from operating leases recognised on a straight-line basis over the lease term, net of value added tax and trade discounts.. Rental income includes fixed rentals and any variable rentals earned.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

ACN AEROLEASING (UK) LTD (REGISTERED NUMBER: 14811422)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 APRIL 2023 TO 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
$   
COST
Additions 487
At 31 December 2023 487
DEPRECIATION
Charge for period 24
At 31 December 2023 24
NET BOOK VALUE
At 31 December 2023 463

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
$   
Other debtors 100
Prepayments 7,234
7,334

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
$   
Trade creditors 26,775
Social security and other taxes 847
Pension control Account 669
Net wages control account 2,288
Accruals and deferred income 38,884
69,463

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
$   
Other Creditors 52,307

Creditors falling due after more then one year of £52,307 is a loan due to Asia Cargo Network SDN BHD a connected company, incorporated in Malaysia and part of the ACN Group. The loan is unsecured, interest free and repayable on demand.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
$   
Within one year 90,000

ACN AEROLEASING (UK) LTD (REGISTERED NUMBER: 14811422)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 APRIL 2023 TO 31 DECEMBER 2023


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: $   
100 Ordinary shares $1 100

10. RESERVES
Retained
earnings
$   

Deficit for the period (113,922 )
At 31 December 2023 (113,922 )

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Muhammad Bin Mohamad Ishak by virtue of holding 90% of the shares in the parent company ACN Aero Management (S) PTE. Ltd, a company incorporated in Singapore.