Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312024-05-012023-12-31true22023-01-01falseNo description of principal activity2falsefalse 07287264 2023-01-01 2023-12-31 07287264 2022-01-01 2022-12-31 07287264 2023-12-31 07287264 2022-12-31 07287264 2022-01-01 07287264 1 2023-01-01 2023-12-31 07287264 1 2022-01-01 2022-12-31 07287264 5 2023-01-01 2023-12-31 07287264 5 2022-01-01 2022-12-31 07287264 d:Director1 2023-01-01 2023-12-31 07287264 d:Director1 2023-12-31 07287264 d:Director2 2023-01-01 2023-12-31 07287264 d:Director3 2023-01-01 2023-12-31 07287264 d:Director3 2023-12-31 07287264 d:RegisteredOffice 2023-01-01 2023-12-31 07287264 e:CurrentFinancialInstruments 2023-12-31 07287264 e:CurrentFinancialInstruments 2022-12-31 07287264 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 07287264 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 07287264 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 07287264 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 07287264 f:RestWorldOutsideUK 2023-01-01 2023-12-31 07287264 f:RestWorldOutsideUK 2022-01-01 2022-12-31 07287264 e:UKTax 2023-01-01 2023-12-31 07287264 e:UKTax 2022-01-01 2022-12-31 07287264 e:ShareCapital 2023-12-31 07287264 e:ShareCapital 2022-12-31 07287264 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07287264 e:RetainedEarningsAccumulatedLosses 2023-12-31 07287264 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07287264 e:RetainedEarningsAccumulatedLosses 2022-12-31 07287264 e:RetainedEarningsAccumulatedLosses 2022-01-01 07287264 d:OrdinaryShareClass1 2023-01-01 2023-12-31 07287264 d:OrdinaryShareClass1 2023-12-31 07287264 d:OrdinaryShareClass1 2022-12-31 07287264 d:FRS102 2023-01-01 2023-12-31 07287264 d:Audited 2023-01-01 2023-12-31 07287264 d:FullAccounts 2023-01-01 2023-12-31 07287264 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07287264 e:WithinOneYear 2023-12-31 07287264 e:WithinOneYear 2022-12-31 07287264 e:BetweenOneFiveYears 2023-12-31 07287264 e:BetweenOneFiveYears 2022-12-31 07287264 2 2023-01-01 2023-12-31 07287264 g:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07287264










VAS AERO SERVICES (UK) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VAS AERO SERVICES (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
H McClymont (resigned 30 April 2024)
E Hughes 
Benedikt Zeltinger (appointed 1 May 2024)




Registered number
07287264



Registered office
Wey Court West
Union Road

Farnham

Surrey

GU9 7PT




Independent auditor
Shaw Gibbs (Audit) Limited
Statutory Auditor

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT





 
VAS AERO SERVICES (UK) LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditor's report
 
4 - 7
Statement of income and retained earnings
 
8
Statement of financial position
 
9
Statement of cash flows
 
10
Notes to the financial statements
 
11 - 19


 
VAS AERO SERVICES (UK) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

 
The principal activity of the company was serving as a sales office for VAS Aero Services LLC.  
Following a decision by management to close the company in order to consolidate the business of the entity with other affiliate companies in the UK, trading activities ceased on 1 April 2024.

 
The company had turnover of £15,853 (2022 - £284,780) and made a profit after taxation of £1,034 (2022 - £20,984).
The company has net current assets and is solvent.  

 
The assets will be realised, and liabilities discharged prior to the company being dissolved.

 



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







Benedikt Zeltinger
Director

Date: 7 October 2024

Page 1

 
VAS AERO SERVICES (UK) 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;

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

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.



Directors

The directors who served during the year were:

H McClymont (resigned 30 April 2024)
E Hughes 

Matters covered in the Strategic Report

The company has chosen in accordance with s414(C) 11 Companies Act 2006 to set out in the company's strategic report information required under the regulations to be contained with the directors' report.  It has done so in respect of future developments.

Page 2

 
VAS AERO SERVICES (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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







Benedikt Zeltinger
Director

Date: 7 October 2024

Page 3

 
VAS AERO SERVICES (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VAS AERO SERVICES (UK) LIMITED
 

Opinion


We have audited the financial statements of VAS Aero Services (UK) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows 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 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.


Emphasis of matter


We draw your attention to note 2.1 in the financial statements, which explains that the decision has been made to close the company and therefore the directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.  Accordingly the financial statements have been prepared on a basis other than going concern, as described in note 2.1.  Our opinion is not modified in respect of this matter.








Page 4

 
VAS AERO SERVICES (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VAS AERO SERVICES (UK) LIMITED (CONTINUED)


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 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; or
the directors were not entitled to take advantage of the small companies' exemption in preparing the Directors' report.


Page 5

 
VAS AERO SERVICES (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VAS AERO SERVICES (UK) LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. 
Our tests included agreeing the financial statement disclosures to underlying supporting documentation, and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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.


Page 6

 
VAS AERO SERVICES (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VAS AERO SERVICES (UK) LIMITED (CONTINUED)


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 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.







Keely Harvey FCA (Senior statutory auditor)
for and on behalf of
Shaw Gibbs (Audit) Limited
Statutory Auditor
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

8 October 2024
Page 7

 
VAS AERO SERVICES (UK) LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
15,853
284,780

Gross profit
  
15,853
284,780

Administrative expenses
  
(14,412)
(258,891)

Operating profit
 5 
1,441
25,889

Interest receivable and similar income
 8 
101
4

Profit before tax
  
1,542
25,893

Tax on profit
 9 
(12,694)
(4,909)

(Loss)/profit after tax
  
(11,152)
20,984

  

  

Retained earnings at the beginning of the year
  
624,032
603,048

  
624,032
603,048

(Loss)/profit for the year
  
(11,152)
20,984

Retained earnings at the end of the year
  
612,880
624,032
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 11 to 19 form part of these financial statements.

Page 8

 
VAS AERO SERVICES (UK) LIMITED
REGISTERED NUMBER: 07287264

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 10 
667,979
818,913

  
667,979
818,913

Creditors: amounts falling due within one year
 11 
(54,999)
(194,781)

Net current assets
  
 
 
612,980
 
 
624,132

Total assets less current liabilities
  
612,980
624,132

  

Net assets
  
612,980
624,132


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
612,880
624,032

  
612,980
624,132


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






Benedikt Zeltinger
Director

Date: 7 October 2024

The notes on pages 11 to 19 form part of these financial statements.

Page 9

 
VAS AERO SERVICES (UK) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
(11,152)
20,984

Adjustments for:

Depreciation of tangible assets
-
506

Loss on disposal of tangible assets
-
1,519

Interest received
(101)
(4)

Taxation charge
12,694
4,909

(Increase) in debtors
(6,117)
(1,906)

Decrease/(increase) in amounts owed by groups
155,492
(8,638)

(Decrease) in creditors
(146,158)
(11,862)

Corporation tax (paid)
(4,759)
(5,658)

Net cash generated from operating activities

(101)
(150)


Cash flows from investing activities

Interest received
101
4

Net cash from investing activities

101
4


Net increase/(decrease) in cash and cash equivalents
-
(146)

Cash and cash equivalents at beginning of year
-
146

Cash and cash equivalents at the end of year
-
-


Cash and cash equivalents at the end of year comprise:

-
-


The notes on pages 11 to 19 form part of these financial statements.

Page 10

 
VAS AERO SERVICES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The entity is a private limited company limited by shares which is incorporated in England & Wales.  The address of the company's registered office is Wey Court West, Union Road, Farnham, GU9 7PT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

Following the decision to close the company in order to consolidate the business of the entity with other affiliate companies in the UK, trading activities ceased on 1 April 2024.
The financial statements have been prepared on a basis other than going concern. The assets and liabilities are recorded under the historical cost convention. The assets will be realised and liabilities
discharged prior to the company being dissolved.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise to exercise judgment in applying the Company's accounting policies (see note 3).
The following principle 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.

Page 11

 
VAS AERO SERVICES (UK) 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:

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 12

 
VAS AERO SERVICES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.

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 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.

Page 13

 
VAS AERO SERVICES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, managment is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based upon historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.  There are no sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.


4.


Turnover

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


2023
2022
£
£

Sales
15,853
284,780


Analysis of turnover by country of destination:

2023
2022
£
£

Rest of the world
15,853
284,780

15,853
284,780



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
21,667
101,479

Page 14

 
VAS AERO SERVICES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2023
2022
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
7,500
7,500

Fees payable to the Company's auditor and its associates in respect of:

Non-audit services
10,511
9,520


7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
94,699
98,573

Social security costs
6,058
7,405

Cost of defined contribution scheme
13,019
11,926

113,776
117,904


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


        2023
        2022
            No.
            No.







Employees
2
2


8.


Interest receivable

2023
2022
£
£


Other interest receivable
101
4

Page 15

 
VAS AERO SERVICES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
9,544
4,951

Adjustments in respect of previous periods
3,150
-


12,694
4,951


Total current tax
12,694
4,951

Deferred tax


Origination and reversal of timing differences
-
(42)

Total deferred tax
-
(42)


Tax on profit
12,694
4,909
Page 16

 
VAS AERO SERVICES (UK) 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 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,542
25,893


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
386
4,920

Effects of:


Capital allowances for year in excess of depreciation
-
217

Adjustments to tax charge in respect of prior periods
3,150
-

Changes in provisions leading to an increase (decrease) in the tax charge
283
(186)

Other differences leading to an increase (decrease) in the tax charge
(600)
(42)

Transfer pricing adjustments
9,475
-

Total tax charge for the year
12,694
4,909


Factors that may affect future tax charges

There are no factors affecting future tax charges.


10.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
638,107
797,932

Other debtors
21,885
13,323

Prepayments and accrued income
7,987
7,658

667,979
818,913


Page 17

 
VAS AERO SERVICES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
27,045
16,589

Corporation tax
12,886
4,951

Other taxation and social security
1,832
3,549

Other creditors
1,437
-

Accruals and deferred income
11,799
169,692

54,999
194,781



12.


Deferred taxation


2022


£






At beginning of year
(42)


Charged to profit or loss
42



At end of year
-


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



14.


Reserves

Profit and loss account

Includes cumulative profits and losses net of dividends and other adjustments.


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £13,019 (2022 - £11,926). Contributions totalling £1,437 (2022 - £0) were payable to the fund at the reporting date and are included in creditors.

Page 18

 
VAS AERO SERVICES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


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
20,000
20,000

Later than 1 year and not later than 5 years
-
20,000

20,000
40,000


17.


Related party transactions

The company has taken  the exemption from disclosure in paragraph 33.1A of FRS 102. During the year, there were transactions with the parent company VAS Aero Services LLC of which VAS Aero Services (UK) Limited is a wholly owned subsidiary.


18.


Controlling party

The immediate parent company is VAS Aero Services LLC, a company incorporated in the USA. The parent company is addressed at 645 Park of Commerce Way, Boca Raton, FL  33487.
The ultimate controlling company is Airbus SE, a company incorporated in the Netherlands. Group accounts can be found on their website at https://www.airbus.com /en/investors/financial -results-annual -reports.

Page 19