(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Hangar 2 Apron, Merlin Way, North Weald Airfield, Epping, Essex, CM16 6HR. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Some items of plant and machinery having different useful lives are accounted for as separate items. Included in plant and machinery are Aircraft at a cost of £458,504 (2022 - £426,662) that are not depreciated.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| Asset class and depreciation rate | Land and Buildings | 3% straight line | Plant and Machinery | 25% reducing balance | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | 25% reducing balance | Equipment | | Motor Cars | |
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Provisions
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Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
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Taxation
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Employee benefits
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Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions.
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(4) Employees
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During the year, the average number of employees including director was 4 (2022 : 4). |
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(5) Related party transactions
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FT Aero Limited is a related party by the virtue of having the same directors and shareholders. During the year, North Weald Flight Training Limited charged FT Aero Limited £15,600 (2022 - NIL) for rent and utilities and FT Aero Limited charged North Weald Flight Training Limited £69,165 (2022 - NIL) for aircraft maintenance and repairs. The balance outstanding from this relating party was £11,763 on 31st October 2023 (£7,987 on 31st October 2022).
Lowman AL Ltd is a related party by virtue of being wholly owned by the common director, Simon Lowman. During the year, Lowman AL Ltd charged North Weald Flight Training Limited £37,565 for aircraft hire. The balance outstanding to this related party was £6,109 on 31st October 2023 (NIL on 31st October 2022). |
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(6) Fixed assets
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| Tangible £ | Cost | | As at 01 November 2022 | 543,061 | Additions | 52,066 | As at 31 October 2023 | 595,127 | Depreciation/Amortisation | | As at 01 November 2022 | 30,206 | For the year | 12,258 | As at 31 October 2023 | 42,464 | Net book value | | As at 31 October 2023 | 552,663 | As at 31 October 2022 | 512,855 |
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