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REGISTERED NUMBER: SC447481 (Scotland)















Heli Air Scotland Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






Heli Air Scotland Limited (Registered number: SC447481)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


Heli Air Scotland Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: Mr C McCann
Mr S Brown
Mr B Johnston





SECRETARY: Mr S A Bonney





REGISTERED OFFICE: Hyndford House
Hyndford Road
Lanark
South Lanarkshire
ML11 9TA





REGISTERED NUMBER: SC447481 (Scotland)






Heli Air Scotland Limited (Registered number: SC447481)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 572,892 76,705

CURRENT ASSETS
Stocks - 647,767
Debtors 5 576,714 223,923
Cash at bank 9,331 149,714
586,045 1,021,404
CREDITORS
Amounts falling due within one year 6 190,205 81,157
NET CURRENT ASSETS 395,840 940,247
TOTAL ASSETS LESS CURRENT
LIABILITIES

968,732

1,016,952

CREDITORS
Amounts falling due after more than one
year

7

(936,856

)

(926,856

)

PROVISIONS FOR LIABILITIES (35 ) (14,574 )
NET ASSETS 31,841 75,522

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings (68,159 ) (24,478 )
31,841 75,522

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

The members have not required the company to obtain an audit of its financial statements for the year 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.

Heli Air Scotland Limited (Registered number: SC447481)

Statement of Financial Position - 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2024 and were signed on its behalf by:





Mr C McCann - Director


Heli Air Scotland Limited (Registered number: SC447481)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Heli Air Scotland Limited is a private company, limited by shares , registered in Scotland. 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern
The director of the company has confirmed that sufficient financial support will be provided to enable this company to continue its operations for a period of not less than 12 months from the date the balance sheet is signed and accordingly the financial statements are prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

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

Heli Air Scotland Limited (Registered number: SC447481)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings Helicopters Totals
£    £    £   
COST
At 1 January 2023 617 230,483 231,100
Additions - 600,000 600,000
Disposals - (230,483 ) (230,483 )
At 31 December 2023 617 600,000 600,617
DEPRECIATION
At 1 January 2023 271 154,124 154,395
Charge for year 204 39,090 39,294
Eliminated on disposal - (165,964 ) (165,964 )
At 31 December 2023 475 27,250 27,725
NET BOOK VALUE
At 31 December 2023 142 572,750 572,892
At 31 December 2022 346 76,359 76,705

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 152,129 14,509
Other debtors 424,585 209,414
576,714 223,923

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 9,512 9,864
Taxation and social security (9,345 ) (9,345 )
Other creditors 190,038 80,638
190,205 81,157

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 936,856 926,856

Heli Air Scotland Limited (Registered number: SC447481)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Directors' Loan Account 936,855 901,856

The Directors' Loan Account balance is secured against the Helicopters G-OHAS originally held in stock and transferred to fixed assets during the year.