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REGISTERED NUMBER: 05524571 (England and Wales)















Financial Statements for the Year Ended 30 November 2023

for

Flight Calibration Services Limited

Flight Calibration Services Limited (Registered number: 05524571)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Flight Calibration Services Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: D R Bartlett
N W Whitehouse
T Denne
C Hampton
M Smith





SECRETARY: D R Bartlett





REGISTERED OFFICE: Calibration House
17-19 Cecil Pashley Way
Shoreham Airport
Shoreham-by-Sea
West Sussex
BN43 5FF





REGISTERED NUMBER: 05524571 (England and Wales)





AUDITORS: OPPENHEIMS Chartered Accountants
Statutory Auditors
Springfield
Cox Green Lane
Maidenhead
Berkshire
SL6 3EY

Flight Calibration Services Limited (Registered number: 05524571)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,528,273 3,140,594
Investments 5 1 1
2,528,274 3,140,595

CURRENT ASSETS
Stocks 244,175 244,838
Debtors 6 1,025,963 1,407,680
Prepayments and accrued income 758,769 380,220
Cash at bank 217,568 173,058
2,246,475 2,205,796
CREDITORS
Amounts falling due within one year 7 3,330,634 2,844,116
NET CURRENT LIABILITIES (1,084,159 ) (638,320 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,444,115

2,502,275

CREDITORS
Amounts falling due after more than one
year

8

2,473,780

2,634,528
NET LIABILITIES (1,029,665 ) (132,253 )

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings (1,029,666 ) (132,254 )
SHAREHOLDERS' FUNDS (1,029,665 ) (132,253 )

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 25 November 2024 and were signed on its behalf by:





C Hampton - Director


Flight Calibration Services Limited (Registered number: 05524571)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Flight Calibration 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 have been prepared according to the going concern basis on the grounds that the Company will be able to pay its debts as they become due for a period of not less than 12 months from the issuing of these financial statements.

These financial statements are presented in GBP rounded to no pence.

Preparation of consolidated financial statements
The financial statements contain information about Flight Calibration Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Albatross Topco Limited, Calibration House, 17-19 Cecil Pashley Way, Shoreham Airport, BN43 5FF.

Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue is recognised when the service provision is completed, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the Company and the costs incurred providing the service can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 25% on reducing balance and 10% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Taxation
Taxation for the year comprises current 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 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 and includes irrecoverable foreign tax deducted at source.


Flight Calibration Services Limited (Registered number: 05524571)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is only recognised in respect of timing differences that have originated but not reversed at the balance sheet date if they are likely to reverse within the foreseeable future.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2022 - 42 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 6,207,592
Additions 54,283
At 30 November 2023 6,261,875
DEPRECIATION
At 1 December 2022 3,066,998
Charge for year 666,604
At 30 November 2023 3,733,602
NET BOOK VALUE
At 30 November 2023 2,528,273
At 30 November 2022 3,140,594

Within fixed assets are aircraft which are subject to an HP agreement and a fixed and floating charge in favour of the lender.

Flight Calibration Services Limited (Registered number: 05524571)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 1
NET BOOK VALUE
At 30 November 2023 1
At 30 November 2022 1

6. DEBTORS
30.11.23 30.11.22
£    £   
Amounts falling due within one year:
Trade debtors 799,042 1,015,819
Other debtors 226,921 220,124
1,025,963 1,235,943

Amounts falling due after more than one year:
Amounts owed by group undertakings - 171,737

Aggregate amounts 1,025,963 1,407,680

Amounts owed by group undertakings are interest free and repayable with notice of not less than one year.
In the opinion of the Directors the amounts due are recoverable in full.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 284,328 628,996
Hire purchase contracts 215,178 214,331
Trade creditors 1,365,477 994,726
Taxation and social security 647,713 386,246
Other creditors 817,938 619,817
3,330,634 2,844,116

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans 463,241 571,688
Hire purchase contracts 1,847,411 2,062,840
Amounts owed to group undertakings 163,128 -
2,473,780 2,634,528

Flight Calibration Services Limited (Registered number: 05524571)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. FINANCIAL INSTRUMENTS

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors
Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured at fair value, net of transaction costs less any impairment.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, less any impairment

In 2020 the company took out a CBILS loan repayable over three years. HP finance on aircraft and equipment is repayable over 10 years.
In 2022 the company took a Covid Recovery loan repayable over six years.
All these are subject to interest at variable rates over Bank of England base rate.

As at 30th November 2023 the Company had outstanding import guarantees and standby credits of £262,452 (2022 - £241,680). Against these, the bank held deposits of £178,734 (2022 - £164,481).

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
9,100 Ordinary 0.000 1 1 1

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

N S Oppenheim (Senior Statutory Auditor)
for and on behalf of OPPENHEIMS Chartered Accountants

12. OTHER FINANCIAL COMMITMENTS

The company has an annual rental commitment of £115,000 on its premises at Shoreham Airport. The lease
ends in 2028.

13. RELATED PARTY DISCLOSURES

The company has taken advantage of the 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.

14. ULTIMATE CONTROLLING PARTY

The controlling party is Albatross Bidco Limited.

The ultimate controlling party is Literacy Capital plc.