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Registration number: 08573271

The Aviation Recruitment & Consulting Group Ltd

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

The Aviation Recruitment & Consulting Group Ltd
(Registration number: 08573271)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

The Aviation Recruitment & Consulting Group Ltd
(Registration number: 08573271)

Company Information

Directors

S J O'Brien

J H O'Brien

Z O'Brien

Registered office

First Floor
5 Kew Court
Pynes Hill
Exeter
EX2 5AZ

Accountants

Thompson Jenner LLP
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

The Aviation Recruitment & Consulting Group Ltd
(Registration number: 08573271)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

15,233

17,946

Investments

79

79

 

15,312

18,025

Current assets

 

Debtors

6

1,256,442

507,161

Cash at bank and in hand

 

175,904

316,946

 

1,432,346

824,107

Creditors: Amounts falling due within one year

7

(927,538)

(392,472)

Net current assets

 

504,808

431,635

Total assets less current liabilities

 

520,120

449,660

Creditors: Amounts falling due after more than one year

7

(111,724)

(55,930)

Provisions for liabilities

(3,369)

(4,486)

Net assets

 

405,027

389,244

Capital and reserves

 

Called up share capital

100

100

Capital redemption reserve

1

-

Profit and loss account

404,926

389,144

Total equity

 

405,027

389,244

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

 

The Aviation Recruitment & Consulting Group Ltd
(Registration number: 08573271)

Balance Sheet as at 31 December 2023

.........................................
S J O'Brien
Director

 

The Aviation Recruitment & Consulting Group Ltd
(Registration number: 08573271)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
First Floor
5 Kew Court
Pynes Hill
Exeter
EX2 5AZ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The government grants have been recognised under the accrual model and are credited to income over the periods in which the compensated costs have been recognised.

 

The Aviation Recruitment & Consulting Group Ltd
(Registration number: 08573271)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

The Aviation Recruitment & Consulting Group Ltd
(Registration number: 08573271)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

The Aviation Recruitment & Consulting Group Ltd
(Registration number: 08573271)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 15).

 

The Aviation Recruitment & Consulting Group Ltd
(Registration number: 08573271)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

5,967

26,794

32,761

Additions

314

4,273

4,587

Disposals

-

(642)

(642)

At 31 December 2023

6,281

30,425

36,706

Depreciation

At 1 January 2023

4,125

10,690

14,815

Charge for the year

474

6,786

7,260

Eliminated on disposal

-

(602)

(602)

At 31 December 2023

4,599

16,874

21,473

Carrying amount

At 31 December 2023

1,682

13,551

15,233

At 31 December 2022

1,842

16,104

17,946

5

Investments

Subsidiaries

£

Cost or valuation

At 1 January 2023 and 31 December 2023

79

Carrying amount

At 31 December 2023

79

At 31 December 2022

79

 

The Aviation Recruitment & Consulting Group Ltd
(Registration number: 08573271)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Trade debtors

1,024,147

421,346

Other debtors

41,316

39,722

Prepayments and accrued income

190,979

46,093

Total current trade and other debtors

1,256,442

507,161

 

The Aviation Recruitment & Consulting Group Ltd
(Registration number: 08573271)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

593,219

184,051

Trade creditors

 

218,567

131,781

Amounts owed to group undertakings

9

79

79

Taxation and social security

 

18,486

59,989

Other creditors

 

69,303

2,907

Accrued expenses

 

27,884

13,665

 

927,538

392,472

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

-

908

Other non-current financial liabilities

 

111,724

55,022

 

111,724

55,930

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

588,055

182,812

Hire purchase contracts

5,164

1,239

593,219

184,051

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

-

908

9

Related party transactions

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Director's loan account

12,246

240

(288)

12,198

         
       

 

 

The Aviation Recruitment & Consulting Group Ltd
(Registration number: 08573271)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Director's loan account

12,260

261

(275)

12,246