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Registered number: 05651555









AIRX JET SUPPORT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
AIRX JET SUPPORT LIMITED
 
 
COMPANY INFORMATION


Directors
H Hazzoury 
J Matthews 




Registered number
05651555



Registered office
4 Beaconsfield Road

St Albans

Hertfordshire

AL1 3RD




Trading Address
Diamond Hangar
Long Border Road

London Stansted Airport

Stansted

Essex

CM24 1RE






Independent auditors
WMT

4 Beaconsfield Road

St Albans

Hertfordshire

AL1 3RD





 
AIRX JET SUPPORT LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 27


 
AIRX JET SUPPORT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Business review
 
AirX Jet Support (the “Company”) is a part 145 licence holder and acts as a MRO providing maintenance service mainly to the aircraft held by Air X Group.  The company earns revenues on a cost-plus basis in respect of services provided to the Group.
AirX Group is a leading European private aviation charter operator.  As at end of 2023 it operated a fleet of 17 Heavy Jet and VIP Airliner aircraft. The Group has sustained continuous growth post Covid with revenues increasing by 7% year on year to €160m in 2023. The outlook for the group is continued growth in revenue, EBITDA and cash generation through further expansion of the fleet whilst focusing on maintaining maximal efficiencies. 
The company’s transactions and funding cash flows have historically been primarily denominated in GBP.  Consequently, the company’s functional currency and presentational currency is GBP.  
The Group’s functional and presentation currency is euro. 

Principal risks and uncertainties
 
The company’s principal risks and uncertainties are those facing the Group which are foreign currency and liquidity risks.
Foreign currency risk
Although the presentational currency of the Company is GBP, some transactions are entered into in other currencies, primarily Euro and US Dollar.  The company’s exposure to the foreign currency risk associated with these transactions is managed to through the treasury function of the Group.
Liquidity risk
Liquidity risk is managed through the group’s treasury function and through inter-company funding. 
Interest rate and price risk
Since the company has no significant external borrowing, the directors do not believe that the company has significant exposure arising from interest rate and price risk.

Financial key performance indicators
 
ole2f20.png

Other key performance indicators
 
Year-end employees
In 2023 the company’s revenues grew to £11.9m reflecting an increase in the fleet size of the Group and a maintenance schedule that included several heavy checks.  The company increased its headcount by 25% to a total of 74 employees in order to meet the demand for services from the Group. 



Page 1

 
AIRX JET SUPPORT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 10 October 2024 and signed on its behalf.



H Hazzoury
Director

Page 2

 
AIRX JET SUPPORT 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' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company continued to be that of aviation engineering services.

Results and dividends

The profit for the year, after taxation, amounted to £144,703 (2022 - £91,560).

The Directors do not recommend payment of a dividend (2022: £nil).

Directors

The Directors who served during the year were:

H Hazzoury 
J Matthews 

Future developments

The company is committed to delivering maintenance services to the fleet operated by AirX Group whilst exploring strategic opportunities for growth. In the coming financial year, the company aims to continue focusing on operational efficiency and service quality of both line and base maintenance, by integrating mobile solutions for real-time monitoring of aircraft serviceability.

Page 3

 
AIRX JET SUPPORT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsWMTwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 10 October 2024 and signed on its behalf.
 


H Hazzoury
Director

Page 4

 
AIRX JET SUPPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIRX JET SUPPORT LIMITED
 

Opinion


We have audited the financial statements of AirX Jet Support Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 Directors' 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 financial statements are 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.


Page 5

 
AIRX JET SUPPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIRX JET SUPPORT LIMITED (CONTINUED)


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 contained within the Annual ReportOur opinion on the financial statements does not cover 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.


Opinion on other matters 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 the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the 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 the 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 or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 
AIRX JET SUPPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIRX JET SUPPORT LIMITED (CONTINUED)


Auditors' 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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. 
The following laws and regulations were identified as being of significance to the entity: 
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. 
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operational and manufacturing requirements, trade/export compliance, environmental regulations, health and safety legislation, employment law and data protection.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness
Page 7

 
AIRX JET SUPPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIRX JET SUPPORT LIMITED (CONTINUED)


of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our 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 Auditors' 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 body, for our audit work, for this report, or for the opinions we have formed.





Graham Wintle (Senior Statutory Auditor)
  
for and on behalf of
WMT
 
Chartered Accountants and Statutory Auditors
  
4 Beaconsfield Road
St Albans
Hertfordshire
AL1 3RD

10 October 2024
Page 8

 
AIRX JET SUPPORT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
As restated 2022
Note
£
£

  

Turnover
 4 
11,945,509
9,546,765

Cost of sales
  
(7,984,681)
(7,129,473)

Gross profit
  
3,960,828
2,417,292

Administrative expenses
  
(3,233,531)
(2,216,163)

Operating profit
  
727,297
201,129

Interest payable and similar expenses
 8 
(582,594)
(109,569)

Profit before tax
  
144,703
91,560

Profit for the financial year
  
144,703
91,560

Other comprehensive income for the year
  

Total comprehensive income for the year
  
144,703
91,560

The notes on pages 14 to 27 form part of these financial statements.

Page 9

 
AIRX JET SUPPORT LIMITED
REGISTERED NUMBER: 05651555

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 10 
930
1,550

Tangible assets
 11 
289,916
179,615

  
290,846
181,165

Current assets
  

Stocks
 12 
919,217
1,016,759

Debtors: amounts falling due after more than one year
 13 
152,119
152,119

Debtors: amounts falling due within one year
 13 
727,537
6,232,570

Cash at bank and in hand
  
6,607
4,156

  
1,805,480
7,405,604

Creditors: amounts falling due within one year
 14 
(1,661,751)
(7,334,361)

Net current assets
  
 
 
143,729
 
 
71,243

Total assets less current liabilities
  
434,575
252,408

Creditors: amounts falling due after more than one year
 15 
(37,464)
-

  

Net assets
  
397,111
252,408


Capital and reserves
  

Called up share capital 
 17 
113
113

Share premium account
  
4,738
4,738

Profit and loss account
  
392,260
247,557

  
397,111
252,408


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

H Hazzoury
Director
Date: 10 October 2024

The notes on pages 14 to 27 form part of these financial statements.

Page 10

 
AIRX JET SUPPORT LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
113
4,738
155,997
160,848


Comprehensive income for the year

Profit for the year
-
-
91,560
91,560



At 1 January 2023
113
4,738
247,557
252,408


Comprehensive income for the year

Profit for the year
-
-
144,703
144,703


At 31 December 2023
113
4,738
392,260
397,111


The notes on pages 14 to 27 form part of these financial statements.

Page 11

 
AIRX JET SUPPORT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
144,703
91,560

Adjustments for:

Amortisation of intangible assets
620
620

Depreciation of tangible assets
74,239
79,936

Interest paid
582,594
109,569

Decrease/(increase) in stocks
97,542
(490,868)

Decrease/(increase) in debtors
401,478
(430,577)

Decrease/(increase) in amounts owed by groups
5,103,555
(5,383,545)

(Decrease)/increase in creditors
(44,933)
945,383

Increase/(decrease)) in amounts owed to groups
-
(440,368)

Net cash generated from operating activities

6,359,798
(5,518,290)


Cash flows from investing activities

Purchase of tangible fixed assets
(184,540)
(73,215)

Net cash from investing activities

(184,540)
(73,215)

Cash flows from financing activities

New secured loans
-
5,635,336

Repayment of loans
(5,635,336)
-

Repayment of/new finance leases
45,123
-

Interest paid
(582,594)
(109,569)

Net cash used in financing activities
(6,172,807)
5,525,767

Net increase/(decrease) in cash and cash equivalents
2,451
(65,738)

Cash and cash equivalents at beginning of year
2,536
68,274

Cash and cash equivalents at the end of year
4,987
2,536


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,607
4,156

Bank overdrafts
(1,620)
(1,620)

4,987
2,536


The notes on pages 14 to 27 form part of these financial statements.

Page 12

 
AIRX JET SUPPORT LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
New finance leases
At 31 December 2023
£

£

£

£

Cash at bank and in hand

4,156

2,451

-

6,607

Bank overdrafts

(1,620)

-

-

(1,620)

Debt due within 1 year

(5,635,336)

5,635,336

-

-

Finance leases

-

-

(45,123)

(45,123)


(5,632,800)
5,637,787
(45,123)
(40,136)

The notes on pages 14 to 27 form part of these financial statements.

Page 13

 
AIRX JET SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

AirX Jet Support Ltd is a company limited by shares and incorporated in England & Wales under the Companies Act 2006. The addresss of the registered office is given on the Company information page.  Company's principal activity is that of aviation engineering services.

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 14

 
AIRX JET SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 15

 
AIRX JET SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

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:

S/Term Leasehold Property
-
25% Straight Line
Plant & machinery
-
25% Straight Line
Motor vehicles
-
25% Straight Line or 25% Reducing Balance

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 16

 
AIRX JET SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

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.

 
2.12

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

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.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

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
Page 17

 
AIRX JET SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual 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 payments 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 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.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.

Page 18

 
AIRX JET SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales
33,805
684,835

Sales - Other EU
11,911,704
8,861,930

11,945,509
9,546,765


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
33,805
684,835

Rest of Europe
11,911,704
8,861,930

11,945,509
9,546,765



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(127,432)
(9,981)

Other operating lease rentals
5,213
8,416


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
19,950
18,500

Page 19

 
AIRX JET SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
4,865,870
3,430,279

Social security costs
645,878
466,163

Cost of defined contribution scheme
98,551
54,670

5,610,299
3,951,112


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


        2023
        2022
            No.
            No.







Employees
74
59


8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
486,727
105,658

Other interest payable
95,867
3,911

582,594
109,569


9.


Taxation


2023
2022
£
£




Tax on profit
-
-
Page 20

 
AIRX JET SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
144,703
91,560


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
34,034
17,396

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,032
(200)

Capital allowances for year in excess of depreciation
497
(598)

Utilisation of tax losses
(56,868)
(16,349)

Other timing differences leading to an increase (decrease) in taxation
15,021
-

Changes in provisions leading to an increase (decrease) in the tax charge
284
(249)

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
AIRX JET SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
2,480



At 31 December 2023

2,480



Amortisation


At 1 January 2023
930


Charge for the year on owned assets
620



At 31 December 2023

1,550



Net book value



At 31 December 2023
930



At 31 December 2022
1,550



Page 22

 
AIRX JET SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Leasehold Property
Plant & machinery
Motor vehicles
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
20,600
276,223
42,485
50,352
389,660


Additions
77,317
13,958
67,272
25,993
184,540



At 31 December 2023

97,917
290,181
109,757
76,345
574,200



Depreciation


At 1 January 2023
7,363
180,630
4,122
17,930
210,045


Charge for the year on owned assets
9,597
35,592
10,858
15,863
71,910


Charge for the year on financed assets
-
-
2,329
-
2,329



At 31 December 2023

16,960
216,222
17,309
33,793
284,284



Net book value



At 31 December 2023
80,957
73,959
92,448
42,552
289,916



At 31 December 2022
13,237
95,593
38,363
32,422
179,615

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
53,559
-


12.


Stocks

2023
2022
£
£

Raw materials and consumables
919,217
1,016,759


Page 23

 
AIRX JET SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Debtors

As restated
2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
1,657
1,657

Other debtors
150,462
150,462


As restated
2023
2022
£
£

Due within one year

Trade debtors
55,461
135,162

Amounts owed by group undertakings
278,333
5,381,888

Other debtors
23,492
16,090

Prepayments and accrued income
222,259
41,394

Tax recoverable
147,992
658,036

727,537
6,232,570


During the prepapration of the financial statements for the year ended 31 December 2023, it was noted that the debtors balance as at 31 December 2022 was incorrectly stated. This is due to a misclassification of amounts due within one year. The debtors balance has been corrected by restating the comaprative figures for the year ended 31 December 2022. The restatement did not have a net impact on the profit or loss and balance sheet as it was presentational.

Page 24

 
AIRX JET SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
1,620
1,620

Bank loans
-
5,635,336

Trade creditors
640,229
536,894

Other taxation and social security
541,176
1,128,499

Obligations under finance lease and hire purchase contracts
7,659
-

Other creditors
13,374
3,661

Accruals and deferred income
457,693
28,351

1,661,751
7,334,361


The prior year bank loan was satisfied in full on 17 November 2023.
The hire purchase creditor is secured over the assets to which it pertains.


15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
37,464
-



16.


Hire purchase and finance leases


2023
2022
£
£


Within one year
7,659
-

Between 1-5 years
37,464
-

45,123
-


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,130 (2022 - 1,130) Ordinary shares of £0.10 each
113
113


Page 25

 
AIRX JET SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Prior year adjustment

A prior year restatement was made to the related party transactions note (note 20) due to a correction of  the split between fellow group companies. There was no change to the total amount owed by fellow group companies, therefore there has been no impact on the Statement of Comprehensive Income or the Balance Sheet.
A prior year restatement was made to wage costs due to a change in accounting policy. Wages, pension costs and national insurance contributions are to be recognised in both cost of sales and administrative expenditure in relation to the employees' salaries. In previous years, all wages, pension and national insurance costs were recognsied in administrative expenditure. This has increased cost of sales and decreased administrative expenditure by £472,077. There has been no impact on the Statement of Comprehensive Income or the Balance Sheet.
A prior year restatement was made in other debtors to correct a misclassification of amounts due within one year. The debtors balance has been corrected by restating the comaprative figures for the year ended 31 December 2022. The restatement did not have a net impact on the Statement of Comprehensive Income or the Balance Sheet, as it was presentational.


19.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the comapny in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £98,551 (2022: £54,670). Contributions totalling £13,371 (2022: £3,661) were payable to the fund at the balance sheet date and are included in creditors. 


20.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
610,405
602,858

Later than 1 year and not later than 5 years
2,407,400
2,407,400

Later than 5 years
250,771
250,771

3,268,576
3,261,029

Page 26

 
AIRX JET SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Related party transactions

During the year, the Company sold goods/services to AirX Charter Limited for a total amount of £11,425,286 (2022: £8,861,930).
During the year, the Company sold goods/services to Air X Limited for a total amount of £486,418 (
2022: £Nil).
At the year end the Company was owed £273,345 
(2022: -£284,477) by AirX Charter Limited, a fellow subsidiary company. No interest is charged on the balances and they are repayable on demand.
At the year end the Company was owed £4,988 (
2022: £4,988) by AirX Charter Holding Limited, the parent company. No interest is charged on the balance and it is repayable on demand.
At the year end the Company was owed £Nil (2022: £5,661,376) by Air X Limited, a fellow subsidiary company. No interest is charged on the balance and it is repayable on demand.


22.


Controlling party

There was no ultimate controlling party in the current or comparative periods.
AirX Charter Holding Limited is the parent company of the largest and smallest group for which consolidated financial statements are prepared. The registered office of the parent company is The Old Treasury Building, Saint Angelo Waterfront, Vittoriosa BRG 1721, Malta.

 
Page 27