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Flydocs Systems (Midco) Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 09257311

 

Flydocs Systems (Midco) Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 20

 

Flydocs Systems (Midco) Limited

Company Information

Directors

Mr A Fischer

Mr N Koerner

Registered office

Lewis Building
Bull Street
Birmingham
B4 6AF

Bankers

Lloyds Bank plc
9 Birmingham Road
Sutton Coldfield
West Midlands
B72 1QA

Auditors

PKF Smith Cooper Audit Limited
Statutory Auditor
158 Edmund Street
Birmingham
B3 2HB

 

Flydocs Systems (Midco) Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is that of a holding company.

Review of the business

The company is an intermediate holding company within the Flydocs Systems (Topco) Limited group. The performance of the Flydocs Systems (Topco) Limited group is described in detail in the strategic report and consolidated financial statements of that company.

During the year the company continued its role as intermediate holding company providing investment in subsidiaries funded by group debt finance. The profit before tax for the year of £78,749 (2022 - £78,750) is as anticipated by the directors. The company's net assets increased to £366,561 (2022 - £303,556).

Principal risks and uncertainties

The company does not operate independently of the rest of the Flydocs Systems (Topco) Limited group and therefore the principal risks and uncertainties, as discussed in the group financial statements, are those most relevant to the company.

Approved by the Board on 10 September 2024 and signed on its behalf by:

.........................................
Mr A Fischer
Director

   
     
 

Flydocs Systems (Midco) Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr A Fischer

Mr N Koerner

Financial instruments

Objectives and policies

The company holds a variety of intra-group borrowings and an investment in subsidiary, all of which are deemed to be basic financial instruments, in order to fund the investment made in subsidiary undertakings and fulfil the company's role as intermediate holding company.

Price risk, credit risk, liquidity risk and cash flow risk

The company has a combination of fixed interest rate and interest free debt instruments and does not have exposure to foreign exchange transactions. Price risk, credit risk, liquidity risk and cash flow risk are therefore mitigated. The directors of the company monitor the group performance and thus valuation of intra-group balances on an ongoing basis.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 10 September 2024 and signed on its behalf by:

.........................................
Mr A Fischer
Director

   
     
 

Flydocs Systems (Midco) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Flydocs Systems (Midco) Limited

Independent Auditor's Report to the Members of Flydocs Systems (Midco) Limited

Opinion

We have audited the financial statements of Flydocs Systems (Midco) Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Councils’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Flydocs Systems (Midco) Limited

Independent Auditor's Report to the Members of Flydocs Systems (Midco) Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 4), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the Company and industry, key laws and regulations that we identified included:

Companies Act; and

Tax legislation.

 

Flydocs Systems (Midco) Limited

Independent Auditor's Report to the Members of Flydocs Systems (Midco) Limited

We identified that the principal risk of fraud and non compliance with laws and regulations related to:

Management bias in respect of accounting estimates and judgements made;

Management override of control; and

Posting of unusual journals or transactions.

We focussed on those areas that could give rise to a material misstatement in the Company's financial statements.

Our procedures included, but were not limited to:

Enquiry of management and those charged with governance around actual and potential litigation and claims including instances of non compliance with laws and regulations and fraud;

Reviewing minutes of meetings of those charged with governance, where available;

Reviewing legal expenditure in the year to identify instances of non compliance with laws and regulations and fraud;

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Flydocs Systems (Midco) Limited

Independent Auditor's Report to the Members of Flydocs Systems (Midco) Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members, as a bady, for our audit work, for this report, or for the opinions we have formed.

......................................
Stephen Newman (Senior Statutory Auditor)
PKF Smith Cooper Audit Limited, Statutory Auditor

158 Edmund Street
Birmingham
B3 2HB

26 September 2024

 

Flydocs Systems (Midco) Limited

Profit and Loss Account

Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

177,914

106,308

Administrative expenses

 

(1,343)

(4,276)

Operating profit

176,571

102,032

Other interest receivable and similar income

6

78,740

78,750

Interest payable and similar expenses

7

(176,562)

(102,032)

Profit before tax

 

78,749

78,750

Tax on profit

8

(15,744)

(12,804)

Profit for the financial year

 

63,005

65,946

 

Flydocs Systems (Midco) Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

9

8,856,446

8,856,446

Current assets

 

Debtors

10

1,660,555

1,404,325

Cash at bank and in hand

 

19,783

20,023

 

1,680,338

1,424,348

Creditors: Amounts falling due within one year

11

(10,170,223)

(5,743,251)

Net current liabilities

 

(8,489,885)

(4,318,903)

Total assets less current liabilities

 

366,561

4,537,543

Creditors: Amounts falling due after more than one year

11

-

(4,233,987)

Net assets

 

366,561

303,556

Capital and reserves

 

Called up share capital

13

1

1

Profit and loss account

366,560

303,555

Shareholders' funds

 

366,561

303,556

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................
Mr A Fischer
Director

Company Registration Number: 09257311

 

Flydocs Systems (Midco) Limited

Statement of Changes in Equity

Year Ended 31 December 2023

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2023

1

303,555

303,556

Profit for the year

-

63,005

63,005

At 31 December 2023

1

366,560

366,561

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2022

1

237,609

237,610

Profit for the year

-

65,946

65,946

At 31 December 2022

1

303,555

303,556

 

Flydocs Systems (Midco) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Lewis Building
Bull Street
Birmingham
B4 6AF
England

These financial statements were authorised for issue by the Board on 10 September 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.

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.

The presentational and functional currency of the company is considered to be pounds sterling.

All amounts have been rounded to the nearest £1 sterling, unless otherwise indicated.

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its individual financial statements on the basis that it is included in the consolidated financial statements of Flydocs Systems (Topco) Limited, a company incorporated in England & Wales, which can be obtained from Lewis Building, Bull Street, Birmingham, B4 6AF. Exemptions have been taken in relation to financial instruments, presentation of a cash flow statement, intra-group transactions and remuneration of key management.

Group accounts not prepared

The financial statements contain information about Flydocs Systems (Midco) Limited as an individual company and do not contain consolidated financial information as the parent of a group.

The company is exempt by virtue of s400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent company, Flydocs Systems (Topco) limited, a company incorporated in England & Wales
.

 

Flydocs Systems (Midco) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Going concern

Notwithstanding net current liabilities of £8,489,885 (2022 - £4,318,903), the directors, having made all necessary enquiries, and in light of the performance and position of the group of which the company is a member, are satisfied that the company has adequate resources to continue operationally for the foreseeable future, and hence are satisfied that the going concern basis of preparation remains appropriate.

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the opinion of the directors, there are no key judgements as at 31 December 2023..

The key estimate that has a significant effect of the amounts recognised in the financial statements are as follows.

Investments in subsidiary undertakings are held at cost less impairment. In considering whether the carrying value of the investment is recoverable, the directors estimate any impairment which may need to be recognised in respect of the investment. The carrying amount is £8,856,446 (2022 - £8,856,446).

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of management services to fellow group companies. Revenue is recognised upon delivery of the service.

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 corporation 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.

Investments

Investments in subsidiaries are measured at cost less impairment.

Reserves

Share capital represents the nominal value of shares that have been issued.

The profit and loss account includes all current and prior period accumulated retained profits and losses.

 

Flydocs Systems (Midco) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term intercompany and other debtors and creditors;
• Short term interest bearing intercompany loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Short term intercompany debtors and creditors are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Short term interest bearing intercompany loans are initially measured at transaction price, including transaction costs, and are subsequently measured at amortised cost.

 Impairment
This disclosure box set not to appear in S1A template - in full FRS102 this will need to deleted if not required
Financial guarantee contracts
This disclosure box set not to appear in S1A template - in full FRS102 this will need to deleted if not required

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

177,914

106,308

All turnover arose within the United Kingdom.

 

Flydocs Systems (Midco) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

4

Staff costs

There were 0 persons employed by the company during the year (2022: 0). Throughout the financial year, the directors were wholly remunerated by other group companies.

5

Auditor's remuneration

2023
£

2022
£

Audit of the financial statements

1,250

1,250


 

6

Other interest receivable and similar income

2023
£

2022
£

Other finance income

78,740

78,750

7

Interest payable and similar expenses

2023
£

2022
£

Interest payable on loans from group undertakings

176,562

102,032

 

Flydocs Systems (Midco) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

8

Taxation

Tax charged/(credited) in the profit and loss account

2023
 £

2022
 £

Current taxation

Group relief payable/(receivable)

15,744

12,804

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

78,749

78,750

Corporation tax at standard rate

18,522

14,963

Group relief surrendered

(2,778)

(2,159)

Total tax charge

15,744

12,804

 

Flydocs Systems (Midco) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

9

Fixed asset investments

2023
£

2022
£

Investments in subsidiaries

8,856,446

8,856,446

Subsidiaries

£

Cost or valuation

At 1 January 2023 and 31 December 2023

8,856,446

Carrying amount

At 31 December 2023

8,856,446

At 31 December 2022

8,856,446

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Flydocs Systems Limited

Lewis Building
Bull Street
Birmingham
B4 6AF

Ordinary

100%

100%

 

United Kingdom

     

Gen2 Systems Limited

Lewis Building
Bull Street
Birmingham
B4 6AF

Ordinary

100%

100%

 

United Kingdom

     

Flydocs India Private Limited

Intivia Tower, Plot No. 117,
Behind Prayosha Complex,
Chhani Jakat Naka,
Vadodara GJ,
390024

Ordinary

100%

100%

 

India

     
 

Flydocs Systems (Midco) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Flydocs Inc

C/o Corporation Trust Company
1209 Orange Street
State of Wilmington
County of New Castle
Delaware 19801

Ordinary

100%

100%

 

United States of America

     

The Company's investments in Gen2 Systems Limited, Flydocs India Private Limited and Flydocs Inc are held indirectly.

Subsidiary undertakings

Flydocs Systems Limited

The principal activity of Flydocs Systems Limited is a holding company.

Gen2 Systems Limited

The principal activity of Gen2 Systems Limited is the development of software solutions exclusively designed for commercial aviation and creating robust document management processes.

Flydocs India Private Limited

The principal activity of Flydocs India Private Limited is the provision of software development, software testing, data processing and IT support services.

Flydocs Inc

The principal activity of Flydocs Inc is the provision of software development, software testing, data processing and IT support services.

10

Debtors

2023
£

2022
£

Amounts owed by group undertakings

1,660,555

1,404,325

 

Flydocs Systems (Midco) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

11

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

7,114,728

5,300,000

Amounts due to group undertakings

 

2,968,423

439,327

Accruals

 

87,072

3,924

 

10,170,223

5,743,251

Due after one year

 

Loans and borrowings

12

-

4,233,987

12

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

7,114,728

5,300,000

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

-

4,233,987

Other borrowings

The first loan is an intra-group loan denominated in sterling with a nominal interest rate of SONIA + 0.77%, and the final instalment is due on 30 November 2024. The carrying amount at year end is £2,414,728 (2022 - £4,833,987).

The second loan of £4,700,000 (2022 - £4,700,000) due to Flydocs Systems (Topco) Limited is interest free, unsecured and is repayable on demand.

13

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       
 

Flydocs Systems (Midco) Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Full voting, dividend and capital distribution (including on winding up) rights.

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Contingent liabilities

The Company is registered for VAT in the United Kingdom as part of a VAT group, and so is jointly liable for any VAT owed with the members of the group. The current members are:

Gen2 Systems Limited
Flydocs Systems (Midco) Limited
Flydocs Systems (TopCo) Limited
Flydocs Systems Limited

At the year end the group liability was £3,683 (2022 - £nil).

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Parent and ultimate parent undertaking

The company's immediate parent is Flydocs Systems (Topco) Limited, incorporated in England & Wales.

 The ultimate parent is Deutsche Lufthansa AG, incorporated in Germany.

 

The parent of the smallest group in which these financial statements are consolidated is Flydocs Systems (Topco) Limited, incorporated in England and Wales.

The address of Flydocs Systems (Topco) Limited is:
Lewis Building, Bull Street, Birmingham, B4 6AF

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Related party transactions

Group companies

The Company has taken advantage of the exemption in FRS 102 from disclosing transactions with other wholly-owned members of the Flydocs Systems (Topco) Limited group.
 

Summary of transactions with parent

Transactions with intermediate parent company incorporated in Germany
 During previous periods, the Company has received loans from its ultimate parent company. Interest is charged on the loan balance at SONIA + 0.77% (2022 – SONIA + 0.77%). Loan repayments of £2,419,259 (2022 - £600,000) were made during the year. The loan balance is due for repayment on 30 November 2024. The balance owed to the ultimate parent at the year end was £2,414,728 (2022 - £4,833,987).

During the period, the Company recognised an expense within its current tax charge £15,744 (2022 - £12,234) payable to a member of the wider Deutsche Lufthansa AG group in respect of tax losses received. At the period end, the balance due to the fellow subsidiary was £15,744 (2022 - £12,234).