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REGISTERED NUMBER: 02521148 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Coyne Aviation Limited

Coyne Aviation Limited (Registered number: 02521148)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Coyne Aviation Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: L P Coyne
Mrs E B Coyne





SECRETARY: Mrs B Niyazberdiyeva





REGISTERED OFFICE: Lincoln House
137-143 Hammersmith Road
London
W14 0QL





REGISTERED NUMBER: 02521148 (England and Wales)





AUDITORS: Dial Square Associates Limited
9 St George's Yard
Farnham
Surrey
GU9 7LW

Coyne Aviation Limited (Registered number: 02521148)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,094 1,620
Investments 5 50,000 50,000
51,094 51,620

CURRENT ASSETS
Debtors 6 74,598 71,524
Cash at bank 171,082 217,536
245,680 289,060
CREDITORS
Amounts falling due within one year 7 109,754 103,293
NET CURRENT ASSETS 135,926 185,767
TOTAL ASSETS LESS CURRENT
LIABILITIES

187,020

237,387

CAPITAL AND RESERVES
Called up share capital 40,000 40,000
Capital redemption reserve 10,000 10,000
Retained earnings 137,020 187,387
187,020 237,387

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 17 September 2024 and were signed on its behalf by:





L P Coyne - Director


Coyne Aviation Limited (Registered number: 02521148)

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

1. STATUTORY INFORMATION

Coyne Aviation Limited 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.

Preparation of consolidated financial statements
The financial statements contain information about Coyne Aviation Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

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 reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year 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.


Coyne Aviation Limited (Registered number: 02521148)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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 year 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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 19,614
Additions 478
At 31 December 2023 20,092
DEPRECIATION
At 1 January 2023 17,994
Charge for year 1,004
At 31 December 2023 18,998
NET BOOK VALUE
At 31 December 2023 1,094
At 31 December 2022 1,620

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 50,000
NET BOOK VALUE
At 31 December 2023 50,000
At 31 December 2022 50,000

Coyne Aviation Limited (Registered number: 02521148)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 450 358
Other debtors 74,148 71,166
74,598 71,524

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 8,077 35,743
Taxation and social security - 4,973
Other creditors 101,677 62,577
109,754 103,293

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Futcher FCA (Senior Statutory Auditor)
for and on behalf of Dial Square Associates Limited


Dial Square Associates Limited (Statutory Auditor)

9. RELATED PARTY DISCLOSURES

During the year management charges of £155,019 (2022 - £235,543) were received from Coyne Airways Limited, a wholly owned subsidiary undertaking. The company also received a dividend of £700,000 (2021 - £500,000) from Coyne Airways Limited during the year. At the balance sheet date Coyne Airways Limited owed an amount of £34,993 (2022 - £31,262) to the company.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is L P Coyne.