Silverfin false 25 September 2024 25 September 2024 Philip Handley FCA HSKSG Audit Limited 346,222 292,772 false true 30/09/2023 01/10/2022 30/09/2023 Dr. W H Goodman 31/12/2023 09/07/2015 G E McKeown 23/06/2023 J M Myers 24/10/2021 T Pemberton 23/09/2024 E M Swallow 09/07/2015 25 September 2024 The principal activity of the Company during the financial year was the provision of aerospace consultancy services. 09678041 2023-09-30 09678041 bus:Director1 2023-09-30 09678041 bus:Director2 2023-09-30 09678041 bus:Director3 2023-09-30 09678041 bus:Director4 2023-09-30 09678041 bus:Director5 2023-09-30 09678041 core:CurrentFinancialInstruments 2023-09-30 09678041 core:CurrentFinancialInstruments 2022-09-30 09678041 2022-09-30 09678041 core:ShareCapital 2023-09-30 09678041 core:ShareCapital 2022-09-30 09678041 core:RetainedEarningsAccumulatedLosses 2023-09-30 09678041 core:RetainedEarningsAccumulatedLosses 2022-09-30 09678041 core:ImmediateParent core:CurrentFinancialInstruments 2023-09-30 09678041 core:ImmediateParent core:CurrentFinancialInstruments 2022-09-30 09678041 2022-10-01 2023-09-30 09678041 bus:FilletedAccounts 2022-10-01 2023-09-30 09678041 bus:SmallEntities 2022-10-01 2023-09-30 09678041 bus:Audited 2022-10-01 2023-09-30 09678041 2021-10-01 2022-09-30 09678041 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 09678041 bus:Director1 2022-10-01 2023-09-30 09678041 bus:Director2 2022-10-01 2023-09-30 09678041 bus:Director3 2022-10-01 2023-09-30 09678041 bus:Director4 2022-10-01 2023-09-30 09678041 bus:Director5 2022-10-01 2023-09-30 09678041 core:CurrentFinancialInstruments 2022-10-01 2023-09-30 09678041 1 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Company No: 09678041 (England and Wales)

THE AEROSPACE CORPORATION UK LIMITED

Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

THE AEROSPACE CORPORATION UK LIMITED

Financial Statements

For the financial year ended 30 September 2023

Contents

THE AEROSPACE CORPORATION UK LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2023
THE AEROSPACE CORPORATION UK LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2023
DIRECTORS G E McKeown
J M Myers
T Pemberton
E M Swallow
SECRETARY M Paraiso
REGISTERED OFFICE 2 New Bailey
6 Stanley Street
Salford
M3 5GS
United Kingdom
COMPANY NUMBER 09678041 (England and Wales)
AUDITOR HSKSG Audit Limited
3rd Floor
Butt Dyke House
33 Park Row
Nottingham
NG1 6EE
United Kingdom
THE AEROSPACE CORPORATION UK LIMITED

BALANCE SHEET

As at 30 September 2023
THE AEROSPACE CORPORATION UK LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
2023 2022
£ £
Current assets
Debtors 4 1,533,220 211,713
Cash at bank and in hand 0 455,314
1,533,220 667,027
Creditors: amounts falling due within one year 5 ( 2,121,719) ( 909,304)
Net current liabilities (588,499) (242,277)
Total assets less current liabilities (588,499) (242,277)
Net liabilities ( 588,499) ( 242,277)
Capital and reserves
Called-up share capital 17,000 17,000
Profit and loss account ( 605,499 ) ( 259,277 )
Total shareholder's deficit ( 588,499) ( 242,277)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of The Aerospace Corporation UK Limited (registered number: 09678041) were approved and authorised for issue by the Board of Directors on 25 September 2024. They were signed on its behalf by:

E M Swallow
Director
THE AEROSPACE CORPORATION UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
THE AEROSPACE CORPORATION UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Aerospace Corporation UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 New Bailey, 6 Stanley Street, Salford, M3 5GS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the balance sheet and likely future cash flows at the date of approving these financial statements. The Company is supported through loans from group companies. After making enquiries the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

The turnover shown in the income statement represents amounts invoiced during the year, exclusive of value added tax, and comprised revenue earned under consultancy contracts. As these contracts are generally short term, revenue is recognised on acceptance of completion by the client. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. 

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

The profit and loss account comparative has been re-presented to reclassify expenditure of £428,188 from Cost of Sales to Administrative Expenses. This adjustment has no effect on the loss of the year ended 30 September 2022.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year 0 0

4. Debtors

2023 2022
£ £
Trade debtors 594,085 186,857
Amounts owed by Parent undertakings 914,279 0
Corporation tax 7,856 7,856
Other debtors 17,000 17,000
1,533,220 211,713

Included within other debtors is £17,000 (2022: £17,000) of unpaid share capital.

Amounts owed by Parent undertakings relates to cash balances held by the parent company on this company's behalf. The amount is interest free and can be drawn down without notice.

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Parent undertakings 2,095,850 865,974
Other taxation and social security 25,869 43,330
2,121,719 909,304

Amounts owed to Parent undertakings are repayable on demand and do not bear interest.

6. Related party transactions

In accordance with FRS 102 Section 33, the Company has not disclosed any related party transactions between this Company and other wholly owned entities within the Aerospace Corporation group.

7. Events after the Balance Sheet date

On 23 September 2024 an amount owed to Parent undertakings of £3,000,000 was converted to equity and a capital contribution reserve of equal value created.

8. Audit Opinion

The auditor's report on the financial statements for the financial year ended 30 September 2023 was unqualified.

The auditor's report was signed by Philip Handley FCA (Senior Statutory Auditor) for and on behalf of HSKSG Audit Limited.

9. Ultimate controlling party

The Company's ultimate controlling party is The Aerospace Corporation, 2310.E. El Segundo Blvd. El Segundo. CA 90245- 4691, USA.