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REGISTERED NUMBER: 01181855 (England and Wales)















CHESHIRE FLYING SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






CHESHIRE FLYING SERVICES LIMITED (REGISTERED NUMBER: 01181855)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHESHIRE FLYING SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: J T Nuttall
S Nuttall
J L Valentine
W Barrett





SECRETARY: S Nuttall





REGISTERED OFFICE: Business Aviation Centre
Viscount Drive
Liverpool John Lennon Airport
Liverpool
L24 5GA





REGISTERED NUMBER: 01181855 (England and Wales)






CHESHIRE FLYING SERVICES LIMITED (REGISTERED NUMBER: 01181855)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 136,461 129,503

CURRENT ASSETS
Stocks 641,420 405,780
Debtors 5 2,200,495 2,755,812
Cash at bank 169,916 1,756,430
3,011,831 4,918,022
CREDITORS
Amounts falling due within one year 6 1,725,895 3,361,775
NET CURRENT ASSETS 1,285,936 1,556,247
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,422,397

1,685,750

PROVISIONS FOR LIABILITIES 23,733 22,271
NET ASSETS 1,398,664 1,663,479

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings 1,398,662 1,663,477
SHAREHOLDERS' FUNDS 1,398,664 1,663,479

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CHESHIRE FLYING SERVICES LIMITED (REGISTERED NUMBER: 01181855)

BALANCE SHEET - continued
31 JANUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





J T Nuttall - Director


CHESHIRE FLYING SERVICES LIMITED (REGISTERED NUMBER: 01181855)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Cheshire Flying Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling (£).

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised when work is completed and a service is performed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Fixtures and fittings - 25% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

CHESHIRE FLYING SERVICES LIMITED (REGISTERED NUMBER: 01181855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

CHESHIRE FLYING SERVICES LIMITED (REGISTERED NUMBER: 01181855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Financial assets
Basic financial assets, including trade debtors, cash and bank balances and amounts owed by group undertakings, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

If there is a decrease in the the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial Liabilities
Basic financial liabilities, including trade creditors and amounts owed to group undertakings, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2023 - 60 ) .

CHESHIRE FLYING SERVICES LIMITED (REGISTERED NUMBER: 01181855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Land and and Motor
buildings fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2023 10,350 400,955 117,313 528,618
Additions - 34,521 - 34,521
At 31 January 2024 10,350 435,476 117,313 563,139
DEPRECIATION
At 1 February 2023 1,965 312,907 84,243 399,115
Charge for year 207 19,089 8,267 27,563
At 31 January 2024 2,172 331,996 92,510 426,678
NET BOOK VALUE
At 31 January 2024 8,178 103,480 24,803 136,461
At 31 January 2023 8,385 88,048 33,070 129,503

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 206,199 626,769
Amounts due from group
undertakings 1,749,950 1,864,062
Prepayments and accrued income 244,346 264,981
2,200,495 2,755,812

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,185 22,141
Trade creditors 343,473 595,535
Social security and other taxes 115,060 168,145
Other creditors 16,813 899,763
Amounts owed to group undertakings 555,605 428,244
Directors' current accounts 1,271 13,054
Accruals and deferred income 683,488 1,234,893
1,725,895 3,361,775

CHESHIRE FLYING SERVICES LIMITED (REGISTERED NUMBER: 01181855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

8. CONTINGENT LIABILITIES

The company has a cross guarantee and debenture with Liverpool Aviation Services Limited, Ravenair Aircraft Limited and Ravenair Holdings Limited in respect of bank borrowings.The potential liability at 31 January 2024 was £10,185 (2023: £22,141).

9. ULTIMATE CONTROLLING PARTY

The company is a 100% subsidiary of Ravenair Holdings Limited. The controlling parties are JT Nuttall and S Nuttall by virtue of their shareholdings in the parent company Ravenair Holdings Limited, a company incorporated in England and Wales