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Registration number: 12257843

Niche Aviation Leasing Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Niche Aviation Leasing Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Niche Aviation Leasing Limited

Company Information

Directors

Mr N R H Smith

Mr A Smith

Mrs S J Smith

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Niche Aviation Leasing Limited

(Registration number: 12257843)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,979,302

4,264,927

Current assets

 

Debtors

5

2,543

6,373

Cash at bank and in hand

 

18,560

145,635

 

21,103

152,008

Creditors: Amounts falling due within one year

6

(100,816)

(102,494)

Net current (liabilities)/assets

 

(79,713)

49,514

Total assets less current liabilities

 

3,899,589

4,314,441

Creditors: Amounts falling due after more than one year

6

(6,667,461)

(5,120,899)

Net liabilities

 

(2,767,872)

(806,458)

Capital and reserves

 

Called up share capital

7

300

300

Revaluation reserve

2,155,610

2,428,250

Retained earnings

(4,923,782)

(3,235,008)

Shareholders' deficit

 

(2,767,872)

(806,458)

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 May 2024 and signed on its behalf by:
 

 

Niche Aviation Leasing Limited

(Registration number: 12257843)
Balance Sheet as at 31 December 2023

.........................................
Mrs S J Smith
Director

 

Niche Aviation Leasing Limited

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 and Wales.

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

These financial statements were authorised for issue by the Board on 23 May 2024.

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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

Going concern

These financial statements have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company during this uncertain period.

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.

 

Niche Aviation Leasing Limited

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

Tax

The tax expense for the period comprises 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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

Aircraft

None

Plant and machinery

20% reducing balance basis

Fixtures and fittings

20% reducing balance basis

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.

 

Niche Aviation Leasing Limited

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

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Niche Aviation Leasing Limited

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

4

Tangible assets

Aircraft
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

4,200,000

88,178

4,288,178

Revaluations

(272,640)

-

(272,640)

At 31 December 2023

3,927,360

88,178

4,015,538

Depreciation

At 1 January 2023

-

23,251

23,251

Charge for the year

-

12,985

12,985

At 31 December 2023

-

36,236

36,236

Carrying amount

At 31 December 2023

3,927,360

51,942

3,979,302

At 31 December 2022

4,200,000

64,927

4,264,927

Revaluation

The fair value of the company's Aircraft was revalued on 31 December 2023. An independent valuer was not involved.
The company’s aircraft has been revalued in the accounts-based on market value at the year end.
This is based on an independent offer received by the company for the aircraft received from a motivated potential purchaser.
.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,771,750 (2022 - £1,771,750).

5

Debtors

Current

2023
£

2022
£

Other debtors

2,543

6,373

 

2,543

6,373

 

Niche Aviation Leasing Limited

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

95,733

97,411

Accruals and deferred income

2,500

2,500

Other creditors

2,583

2,583

100,816

102,494

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

6,667,461

5,120,899

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300

       

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

2,155,610

2,155,610

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

2,428,250

2,428,250

 

Niche Aviation Leasing Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

6,667,461

5,120,899