Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetrue2truetruetruetruetrue2023-01-01non- scheduled passanger air transport2true 06944518 2023-01-01 2023-12-31 06944518 2022-01-01 2022-12-31 06944518 2023-12-31 06944518 2022-12-31 06944518 2022-01-01 06944518 c:Director3 2023-01-01 2023-12-31 06944518 d:ComputerEquipment 2023-01-01 2023-12-31 06944518 d:ComputerEquipment 2023-12-31 06944518 d:ComputerEquipment 2022-12-31 06944518 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06944518 d:CurrentFinancialInstruments 2023-12-31 06944518 d:CurrentFinancialInstruments 2022-12-31 06944518 d:Non-currentFinancialInstruments 2023-12-31 06944518 d:Non-currentFinancialInstruments 2022-12-31 06944518 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06944518 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06944518 d:ShareCapital 2023-01-01 2023-12-31 06944518 d:ShareCapital 2023-12-31 06944518 d:ShareCapital 2022-01-01 2022-12-31 06944518 d:ShareCapital 2022-12-31 06944518 d:ShareCapital 2022-01-01 06944518 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06944518 d:RetainedEarningsAccumulatedLosses 2023-12-31 06944518 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06944518 d:RetainedEarningsAccumulatedLosses 2022-12-31 06944518 d:RetainedEarningsAccumulatedLosses 2022-01-01 06944518 c:FRS102 2023-01-01 2023-12-31 06944518 c:Audited 2023-01-01 2023-12-31 06944518 c:FullAccounts 2023-01-01 2023-12-31 06944518 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06944518 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 06944518









CHAPMAN FREEBORN AIRCHARTERING (CHINA) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CHAPMAN FREEBORN AIRCHARTERING (CHINA) LIMITED
REGISTERED NUMBER: 06944518

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
$
$
$
$

Fixed assets
  

Tangible assets
 4 
961
1,418

  
961
1,418

Current assets
  

Debtors: amounts falling due after more than one year
 5 
2,268
-

Debtors: amounts falling due within one year
 5 
1,174,680
673,540

Cash at bank and in hand
 6 
209,953
3,017

  
1,386,901
676,557

Creditors: amounts falling due within one year
 7 
(1,098,552)
(494,840)

Net current assets
  
 
 
288,349
 
 
181,717

Total assets less current liabilities
  
289,310
183,135

  

Net assets
  
289,310
183,135


Capital and reserves
  

Called up share capital 
  
154
154

Profit and loss account
  
289,156
182,981

  
289,310
183,135


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 March 2024.


V Kojaliene
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 1

 
CHAPMAN FREEBORN AIRCHARTERING (CHINA) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023





Called up share capital
Profit and loss account
Total equity

$
$
$

At 1 January 2023
154
182,981
183,135


Comprehensive income for the year

Profit for the year
-
106,175
106,175
Total comprehensive income for the year
-
106,175
106,175


At 31 December 2023
154
289,156
289,310



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

$
$
$

At 1 January 2022
154
2,036,208
2,036,362


Comprehensive income for the year

Loss for the year
-
(353,227)
(353,227)
Total comprehensive income for the year
-
(353,227)
(353,227)


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,500,000)
(1,500,000)


Total transactions with owners
-
(1,500,000)
(1,500,000)


At 31 December 2022
154
182,981
183,135


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CHAPMAN FREEBORN AIRCHARTERING (CHINA) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Chapman Freeborn Airchartering (China) Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number of 06944518. The address of the registered office is 3 City Place, Beehive Ring Road, Gatwick, West Sussex, RH6 0PA. The principal activity of the company is that of air transport.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Chapman Freeborn Holdings Limited as at 31 December 2023 and these financial statements may be obtained from the Company's registered office.

Page 3

 
CHAPMAN FREEBORN AIRCHARTERING (CHINA) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue for cargo, passenger and VIP flights is recognised at the completion of a flight.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
CHAPMAN FREEBORN AIRCHARTERING (CHINA) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual
Page 5

 
CHAPMAN FREEBORN AIRCHARTERING (CHINA) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2

Page 6

 
CHAPMAN FREEBORN AIRCHARTERING (CHINA) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment

$



Cost or valuation


At 1 January 2023
7,550


Additions
1,258



At 31 December 2023

8,808



Depreciation


At 1 January 2023
6,133


Charge for the year on owned assets
1,714



At 31 December 2023

7,847



Net book value



At 31 December 2023
961



At 31 December 2022
1,418

Page 7

 
CHAPMAN FREEBORN AIRCHARTERING (CHINA) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
$
$

Due after more than one year

Other debtors
2,268
-

2,268
-


2023
2022
$
$

Due within one year

Trade debtors
345,124
-

Amounts owed by group undertakings
147,920
670,489

Other debtors
96,857
-

Prepayments and accrued income
584,779
3,051

1,174,680
673,540



6.


Cash and cash equivalents

2023
2022
$
$

Cash at bank and in hand
209,953
3,017

209,953
3,017



7.


Creditors: Amounts falling due within one year

2023
2022
$
$

Trade creditors
345,465
-

Amounts owed to group undertakings
109,131
92,755

Corporation tax
33,040
-

Other creditors
-
382,000

Accruals and deferred income
610,916
20,085

1,098,552
494,840


Page 8

 
CHAPMAN FREEBORN AIRCHARTERING (CHINA) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Related party transactions

The Company has taken advantage of the exemption in Financial Reporting Standard Number 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the immediate parent company and are publicly available.


9.


Controlling party

The immediate UK parent company is Chapman Freeborn International Limited, a company incorporated in England and Wales.
The ultimate controlling party is Mr G Ziemelis by virtue of his control over the company which has majority control of Chapman Freeborn International Limited. 
The smallest group to consolidate these financial statements is Chapman Freeborn Holdings Limited. Copies of the consolidated financial statements of Chapman Freeborn Holdings Limited can be obtained from Companies House website.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 18 March 2024 by Christina Georgiou (Senior Statutory Auditor) on behalf of Haslers.

 
Page 9