Company registration number 05532247 (England and Wales)
AEROPROFESSIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
AEROPROFESSIONAL LIMITED
CONTENTS
Page
Chairman's statement
1
Accountants' report
2
Balance sheet
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 13
AEROPROFESSIONAL LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The Chairman presents his comments on the progress made by the Company during the year ended 31 January 2024.

 

Summary

The Company has delivered another solid performance, despite trading-conditions being tougher than the year before. With the post-pandemic “recruitment frenzy” over, the Company has adapted to an evolved trading landscape, in which many clients have become notably more cautious about their hiring.

 

Markets

The main markets for the Company remained the supply of flight crew, aircraft engineers and white-collar aviation professionals to airlines and aviation companies worldwide. Customer enquiries and sales opportunities were in fair supply throughout the year, but customer decision-timescales were notably longer compared to the prior year, fuelled by concerns about passenger demand being impacted by high inflation and the affordability of air travel. Despite the absence of post-pandemic “recruitment frenzy”, competition for skills remained high and candidate wage-expectations grew in many areas. This further exacerbated customer decision-timescales, due to fears of expanding overheads. In adapting to these new conditions, the Company introduced new measures to ensure that focus was placed only on the best-quality and most convertible opportunities, which optimised operational efficiencies and countered the adverse decision-making in the market.

 

Finance    

Top line revenues were £8.57m, a 4.8% reduction the prior year, driven by the evolved trading landscape described above. The Company maintained its capacity and overhead throughout the year, confident in the knowledge that market conditions will normalise. NFI delivery was £2.29m, which was lower than the prior year. But despite this and the maintained capacity overhead, the Company controlled its reserves and boosted its balance sheet by 26% by the year-end.

 

People & Management

No changes were made to the Executive Board during the year. However, the Company did appoint an Associate Director to its leadership team, to head-up the business development function. As an internal promotion, this demonstrates the Company’s continued commitment to the development of its people and the recognition of talent. Aside from this, optimising operational efficiency and opportunity-conversion remained a key people-and-management focus for the Company, in adaptation to the evolved trading landscape. This built-upon the excellent progress made in this area throughout FY23.

 

The Year Ahead

Looking-forward into FY25, the Company anticipates the continuation of elongated customer decision timescales coupled-with a high demand for skills. The market will begin to normalise as inflation comes under control and airlines gain more confidence in underlying passenger demand (for which summer 2024 will be the truest litmus test).

 

Whatever conditions materialise, the Company enters FY25 with a market-leading proposition for the supply of flight crew, aircraft engineers and white-collar aviation professionals, delivered by an exceptional team with well-optimised processes under strong leadership. The future for the Company remains bright.

Nick Trollope
Chairman
8 October 2024
AEROPROFESSIONAL LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AEROPROFESSIONAL LIMITED FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aeroprofessional Limited for the year ended 31 January 2024 set out on pages 3 to 13 from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the board of directors of Aeroprofessional Limited, as a body, in accordance with the terms of our engagement letter dated 19 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Aeroprofessional Limited and state those matters that we have agreed to state to the board of directors of Aeroprofessional Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aeroprofessional Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Aeroprofessional Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aeroprofessional Limited. You consider that Aeroprofessional Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Aeroprofessional Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Azets
14 October 2024
Accountants
Athenia House
10-14 Andover Road
Winchester
Hampshire
United Kingdom
SO23 7BS
AEROPROFESSIONAL LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
22,866
19,066
Investments
5
4,591
4,591
27,457
23,657
Current assets
Debtors
6
846,394
1,317,068
Cash at bank and in hand
1,228,094
930,216
2,074,488
2,247,284
Creditors: amounts falling due within one year
7
(1,641,972)
(1,840,257)
Net current assets
432,516
407,027
Total assets less current liabilities
459,973
430,684
Creditors: amounts falling due after more than one year
8
(70,833)
(120,833)
Provisions for liabilities
(563)
(3,300)
Net assets
388,577
306,551
Capital and reserves
Called up share capital
9
119
119
Share premium account
1,940
1,940
Capital redemption reserve
8
8
Profit and loss reserves
386,510
304,484
Total equity
388,577
306,551

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

AEROPROFESSIONAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
Mr N Trollope
Director
Company Registration No. 05532247
AEROPROFESSIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
120
1,940
8
609,440
611,508
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
-
864,588
864,588
Dividends
-
-
-
(1,169,543)
(1,169,543)
Redemption of shares
9
(1)
-
0
-
(1)
(2)
Balance at 31 January 2023
119
1,940
8
304,484
306,551
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
-
535,371
535,371
Dividends
-
-
-
(453,345)
(453,345)
Balance at 31 January 2024
119
1,940
8
386,510
388,577
AEROPROFESSIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
1
Accounting policies
Company information

Aeroprofessional Limited is a private company limited by shares incorporated in England and Wales. The registered office is Athenia House, 10-14 Andover Road, Winchester, Hampshire, SO23 7BS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are recorded at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible 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). 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.

AEROPROFESSIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 7 -

Recoverable amount is the higher of fair value less costs to sell and 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.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

Financial instruments are recognised in the company's statement of financial position 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 debtors , cash and bank balances, and amounts owed by group undertakings and related parties, 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.

Classification of financial liabilities

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.

AEROPROFESSIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 8 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred taxation balance has not been discounted.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

AEROPROFESSIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 9 -
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling on the last day of each calendar month, as a close approximation to the date of transaction. All differences are taken to profit and loss account.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
27
35
3
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
218,320
297,956

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

AEROPROFESSIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
222,107
Additions
14,038
At 31 January 2024
236,145
Depreciation and impairment
At 1 February 2023
203,041
Depreciation charged in the year
10,238
At 31 January 2024
213,279
Carrying amount
At 31 January 2024
22,866
At 31 January 2023
19,066
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
4,591
4,591
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
220,684
369,600
Amounts owed by group undertakings
503,560
761,611
Other debtors
111,023
170,394
835,267
1,301,605
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
11,127
15,463
Total debtors
846,394
1,317,068
AEROPROFESSIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
50,000
50,000
Trade creditors
95,822
22,694
Corporation tax
101,806
44,777
Other taxation and social security
94,189
115,067
Other creditors
1,300,155
1,607,719
1,641,972
1,840,257
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
70,833
120,833

The long-term loans are secured by fixed and floating charges over all assets.

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
95
95
95
95
Ordinary B Shares of £1 each
5
5
5
5
Ordinary C Shares of £1 each
17
17
17
17
Ordinary D Shares of 10p each
27
27
2
2
144
144
119
119

Only A, B and C share classes are eligible to receive dividends. Ordinary A and B shares confer full voting rights while C and D shares hold no voting rights. All shares have varying rights to distribution of capital.

Last year the company bought back 6 D shares which were then cancelled on 13 July 2022.

10
Financial commitments, guarantees and contingent liabilities

There is a multilateral bank guarantee in place with the parent company, Six Six (Holdings) Limited, relating to a mortgage liability of the parent company. The liability of the parent company at year end was £52,217 (2023: £85,217).

AEROPROFESSIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
100,175
183,075
12
Related party transactions
Remuneration of key management personnel

The directors are considered to be the only key management personnel. The remuneration of the directors is given in note 3.

 

During the year dividends totalling £43,230 (2023: £34,958) were paid to the directors.

Transactions with related parties

During the year the company entered into the following transactions with related parties:

 

Laminar Services PTE Limited

Laminar Services PTE Limited was a related party by virtue of the fact that it is under the common control of the directors and shareholders of Aeroprofessional Limited. The company ceased trading on 31 December 2021 and therefore there were no transactions in this or the prior year.

 

Following the closure of the company, funds were loaned to Aeroprofessional Limited of £32,596 and these amounts were due to the shareholders of Laminar Services PTE Limited. Laminar Services PTE Limited has subsequently been struck off so this loan has been written off to the profit and loss account.

 

Aeroprofessional Recruitment Limited

Aeroprofessional Recruitment Limited is a fellow subsidiary of Six Six (Holdings) Limited incorporated in Ireland during 2019.

 

Last year the company loaned Aeroprofessional Recruitment Limited £760,778. This year Aeroprofessional Recruitment Limited has repaid £263,242. As at the year end, £497,536 (2023: 760,778) remains outstanding.

 

GATSCO Limited

GATSCO Limited is a related party by virtue of the fact that it is under the common control of the directors and shareholders of Aeroprofessional Limited. The company started trading on 1 January 2022.

 

In prior years the company loaned GATSCO Limited £85,000. This year GATSCO Limited has repaid £35,000. As at the year end, £50,000 (2023: 85,000) remains outstanding.

 

Reef Global

Reef Global is a 100% owned subsidiary of Aeroprofessional Limited based in Denmark.

 

During the year, the company loaned Reef Global a further £5,192 (2023: £832). As at the year end £6,024 (2023: £832) remains outstanding.

AEROPROFESSIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
12
Related party transactions
(Continued)
- 13 -

Flight Level 100 Limited

Flight Level 100 Limited is a related party by virtue of the fact that it is under the common control of the directors and shareholders of Aeroprofessional Limited. The company was incorporated in November 2021.

 

Last year, the company loaned Flight Level 100 Limited £500, which remained outstanding at the year end (2023: £500).

13
Parent company

The controlling party is the parent company, Six Six (Holdings) Limited, by virtue of its 95% voting rights in Aeroprofessional Limited. There is no ultimate controlling party.

 

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