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Registered number: 07470135










Pitch Aircraft Seating Systems Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 October 2023

 
Pitch Aircraft Seating Systems Limited
Registered number: 07470135

Balance Sheet
As at 31 October 2023

2023
2023
2022
2022
Note
£
£
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 6 
16,644
18,737

Cash at bank and in hand
 7 
5,504
38,560

  
22,148
57,297

Creditors: amounts falling due within one year
 8 
(18,723)
(16,973)

Net current assets
  
 
 
3,425
 
 
40,324

Total assets less current liabilities
  
3,425
40,324

Creditors: amounts falling due after more than one year
 9 
(1,693,632)
(1,702,759)

  

Net liabilities
  
(1,690,207)
(1,662,435)


Capital and reserves
  

Called up share capital 
  
451,121
451,121

Share premium account
  
1,349,161
1,349,161

Profit and loss account
  
(3,490,489)
(3,462,717)

  
(1,690,207)
(1,662,435)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2024.

Mr M J Rice
Director

The notes on pages 2 to 8 form part of these financial statements.

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Page 1

 
Pitch Aircraft Seating Systems Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 October 2023

1.


General information

Pitch Aircraft Seating Systems Ltd is a private company limited by shares registered in England and Wales. The registration number and address of the registered office are given in the company information section of these financial statements.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has incurred a trading loss and has net liabilities of £1,690,207 as at 31 October 2023.  The company is reliant upon the continued support of its lenders (AMSCII and  Causeway Aero Group Limited) and its loan from Barclays Bank, to ensure that it can meet its liabilities as they fall due.
The director has agreed that the amounts borrowed from AMSCII and Causeway Aero Group Limited will be repayable from sales generated and as such have been classified as due after one year, to reflect the down turn in trading.
The director of Pitch Aircraft Seating Systems Ltd has eviewed the appropriateness of the going concern assumption and considers that the company has sufficient resources to continue as a trading entity for the foreseeable future.

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Page 2

 
Pitch Aircraft Seating Systems Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)

 
2.3

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'.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
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.

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Page 3

 
Pitch Aircraft Seating Systems Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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:

Tooling
-
33%

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

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Page 4

 
Pitch Aircraft Seating Systems Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 October 2023

3.


Employees

2023
2022
£
£

Directors fees
12,000
12,000

12,000
12,000


The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Intangible assets




Development expenditure

£



Cost


At 1 November 2022
1,135,116



At 31 October 2023

1,135,116



Amortisation


At 1 November 2022
1,135,116



At 31 October 2023

1,135,116



Net book value



At 31 October 2023
-



At 31 October 2022
-



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Page 5

 
Pitch Aircraft Seating Systems Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 October 2023


5.


Tangible fixed assets






Tooling

£



Cost or valuation


At 1 November 2022
215,432



At 31 October 2023

215,432



Depreciation


At 1 November 2022
215,432



At 31 October 2023

215,432



Net book value



At 31 October 2023
-



At 31 October 2022
-


6.


Debtors

2023
2022
£
£


Other debtors
16,644
18,737

16,644
18,737



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,504
38,560

5,504
38,560


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Page 6

 
Pitch Aircraft Seating Systems Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 October 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
11,073
11,073

Accruals and deferred income
7,650
5,900

18,723
16,973



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,919
25,044

AMCI loan
725,000
725,000

Amounts owed to group undertakings
952,713
952,715

1,693,632
1,702,759


The following liabilities were secured:

2023
2022
£
£



Other loans
725,000
725,000

725,000
725,000

Details of security provided:

The other loans are secured by way of a legal mortgage over all the freehold and leasehold property vested in or charged to the company.  The security contains a fixed and floating charge over all the property or undertakings of the company. 

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Page 7

 
Pitch Aircraft Seating Systems Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 October 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
11,073
11,073


11,073
11,073

Amounts falling due 1-2 years

Bank loans
15,919
25,044

Other loans
725,000
725,000


740,919
750,044



751,992
761,117



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Page 8