REGISTERED NUMBER: |
ACN AEROLEASING (UK) LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
18 APRIL 2023 TO 31 DECEMBER 2023 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
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 |
At 31 December 2023 |
DEPRECIATION |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
$ |
Other debtors |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
$ |
Trade creditors |
Social security and other taxes |
Pension control Account | 669 |
Net wages control account | 2,288 |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
$ |
Other Creditors |
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 |
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: | $ |
Ordinary shares | $1 | 100 |
10. | RESERVES |
Retained |
earnings |
$ |
Deficit for the period | ( |
) |
At 31 December 2023 | ( |
) |
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. |