Company Registration No. 13831434 (England and Wales)
GHL (AVIATION HOUSE) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GHL (AVIATION HOUSE) LIMITED
COMPANY INFORMATION
Directors
S S Conway
G A Conway
J R Cooper
Company number
13831434
Registered office
3rd Floor
Sterling House
Langston Road
Loughton
Essex
IG10 3TS
Auditor
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
GHL (AVIATION HOUSE) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 14
GHL (AVIATION HOUSE) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of property development.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S S Conway
G A Conway
J R Cooper
Auditor

The auditor, Buzzacott LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible 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:

 

 

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.

Statement of disclosure to auditor

All of the current directors have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company's auditor for the purposes of their audit and to establish that the auditors are aware of that information. The directors are not aware of any relevant audit information of which the auditors are unaware.

Going concern

The directors have assessed the company’s cashflow forecasts and they are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the company.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

GHL (AVIATION HOUSE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
On behalf of the board
S S Conway
Director
7 October 2024
GHL (AVIATION HOUSE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GHL (AVIATION HOUSE) LIMITED
- 3 -
Opinion

We have audited the financial statements of GHL (Aviation House) Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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:

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's 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.

Other information

The other information comprises the information included in the Annual report, other than the financial statements and our Auditor’s report thereon. The directors are responsible for the other information contained within the Annual report. Our 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.

GHL (AVIATION HOUSE) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GHL (AVIATION HOUSE) LIMITED
- 4 -

Opinion on other matters prescribed by the Companies Act 2006

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

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 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:

Responsibilities of directors

As explained more fully in the statement of directors' responsibilities, 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's 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 auditor's 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:

 

How the audit was considered capable of detecting irregularities including fraud

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

 

GHL (AVIATION HOUSE) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GHL (AVIATION HOUSE) LIMITED
- 5 -

 

We assessed the extent of compliance with the laws and regulations identified above through:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

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 for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s report.

 

GHL (AVIATION HOUSE) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GHL (AVIATION HOUSE) LIMITED
- 6 -

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 body, for our audit work, for this report, or for the opinions we have formed.

Philip Westerman (Senior Statutory Auditor)
For and on behalf of Buzzacott LLP, Statutory Auditor
7 October 2024
130 Wood Street
London
EC2V 6DL
GHL (AVIATION HOUSE) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Year
Period
ended
ended
31 March
31 March
2024
2023
Notes
£
£
Cost of sales
(110,299)
-
0
Administrative expenses
(2,834)
(4,438)
Other operating income/(expenses)
2
489,865
(41,036)
Operating profit/(loss)
3
376,732
(45,474)
Finance costs
(143,706)
(118,282)
Profit/(loss) before taxation
233,026
(163,756)
Tax on profit/(loss)
(17,317)
-
0
Profit/(loss) for the financial year
215,709
(163,756)

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 10 to 14 form part of these financial statements.
GHL (AVIATION HOUSE) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Current assets
Inventories
2,358,581
2,348,156
Trade and other receivables
5
217,701
56,973
Cash and cash equivalents
318,342
96,950
2,894,624
2,502,079
Current liabilities
6
(178,979)
(1,552,531)
Net current assets
2,715,645
949,548
Non-current liabilities
7
(1,550,388)
-
0
Net assets
1,165,257
949,548
Equity
Called up share capital
8
1,113,304
1,113,304
Retained earnings
51,953
(163,756)
Total equity
1,165,257
949,548

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

The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
S S Conway
Director
Company Registration No. 13831434
The notes on pages 10 to 14 form part of these financial statements.
GHL (AVIATION HOUSE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 6 January 2022
-
0
-
0
-
0
Period ended 31 March 2023:
Loss and total comprehensive income for the period
-
(163,756)
(163,756)
Issue of share capital
8
1,113,304
-
1,113,304
Balance at 31 March 2023
1,113,304
(163,756)
949,548
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
215,709
215,709
Balance at 31 March 2024
1,113,304
51,953
1,165,257
The notes on pages 10 to 14 form part of these financial statements.
GHL (AVIATION HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
1
Accounting policies
Company information

GHL (Aviation House) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Sterling House, Langston Road, Loughton, Essex, IG10 3TS.

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.

The preparation of financial statements in compliance with FRS102 Section 1A Small Entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies. The following principal accounting policies have been applied:

1.2
Going concern

The directors have assessed the company’s cashflow forecasts and they are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the companytrue. Accordingly, the directors consider it appropriate for the financial statements to be prepared on a going concern basis.

1.3
Inventories

Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost comprises the purchase cost of land and buildings and development expenditure.

 

Profit on sales of developed properties are taken on receipt of sales proceeds at legal completion. Costs attributable to each sale comprises an appropriate proportion of total costs of the development.

1.4
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.

1.5
Financial instruments

Financial assets, other than investments, are initially measured at transaction price and subsequently held at cost, less any impairment.

 

Financial liabilities are measured initially at transaction price and subsequently at amortised cost.

 

Financial liabilities and equity are classified according to the substance of the instrument's contractual obligation, rather than its legal form.

 

Finance costs are charged to profit and loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount.

GHL (AVIATION HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
1.6
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.

1.7
Taxation

The tax expense for the period comprises current and deferred tax.

Current tax

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantially enacted by the reporting date.

Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except:

 

 

Deferred tax balances are not recognised in respect of permanent differences.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.9

Finance costs

Finance costs are charged to profit over the term of the debt so that the amount charged is at a constant rate on the carrying amount. Finance costs include issue costs, which are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
Other operating income/(expenses)
2024
2023
£
£
Rent receivable
568,165
194,174
Expenses of rented property
(179,477)
(235,210)
Other sundry income
101,177
-
489,865
(41,036)
GHL (AVIATION HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
3
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
2,000
2,000
4
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
41,331
-
0
Amounts owed by group undertakings
98,058
-
0
Other receivables
78,312
56,973
217,701
56,973
6
Current liabilities
2024
2023
£
£
Trade payables
68,743
8,191
Amounts owed to group undertakings
2,520
152,674
Corporation tax
17,317
-
0
Other taxation and social security
20,241
1,210
Other payables
70,158
1,390,456
178,979
1,552,531
GHL (AVIATION HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
7
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
1,550,388
-
0

The loan is secured over the assets of the Company.

 

The loan is repayable in May 2028.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100,000
100,000
100,000
100,000
Ordinary B shares of £1 each
50,000
50,000
50,000
50,000
Ordinary C shares of £1 each
50,000
50,000
50,000
50,000
200,000
200,000
200,000
200,000
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
913,304
913,304
913,304
913,304
Preference shares classified as equity
913,304
913,304
Total equity share capital
1,113,304
1,113,304

All ordinary shares rank pari passu in all respects.

 

The 8.0% cumulative preference shares carry a fixed preferential dividend at the rate of 8.0% per annum, payable at the discretion of the Company and only from profits available for distribution. The shares have no redemption entitlement. On a winding-up, the preference shareholders have priority before all other classes of shares to receive repayment of capital plus any arrears of dividend. The preference shareholders have no voting rights.

GHL (AVIATION HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
9
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
376,761
316,214
Between two and five years
167,555
177,204
In over five years
18,358
37,611
562,674
531,029

Amounts are stated at current values.

10
Related party transactions

As at 31 March 2024, an amount of £98,058 (2023: £152,674 was due to) was due from Galliard Holdings Limited. SS Conway and GA Conway are both directors in Galliard Holdings Limited.

 

As at 31 March 2024, an amount of £2,520 (2023: £nil) was due to Galliard Homes Limited. SS Conway and GA Conway are both directors in Galliard Homes Limited.

 

As at 31 March 2024, included within other payables was an amount of £nil (2023: £1,332,500) which was due to Reflex Bridging Limited, a company controlled by S S Conway. During the period the company made interest payments amounting to £18,107 (2023: £118,282) to Reflex Bridging Limited. The loan was repaid through refinancing with a bank loan during the period.

11
Parent company

In the opinion of the directors, there is no controlling party.

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