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REGISTERED NUMBER: 12155332 (England and Wales)















Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 November 2023

for

Albatross Topco Limited

Albatross Topco Limited (Registered number: 12155332)






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




Page

Company Information 1

Report of the Directors 2

Statement of Directors' Responsibilities 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Notes to the Consolidated Financial Statements 11


Albatross Topco Limited

Company Information
for the Year Ended 30 November 2023







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





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





REGISTERED NUMBER: 12155332 (England and Wales)





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

Albatross Topco Limited (Registered number: 12155332)

Report of the Directors
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2023.

REVIEW OF BUSINESS
The Group incurred a loss for the period and at 30th November 2023 had net liabilities of £6,744,707 (2022 - net liabilities £5,094,712).
The Directors have examined the future prospects of the Group and believe that, taking into account reasonable downsides, the Group will have sufficient funds to meet its liabilities as they fall due for a period if 12 months from the date of approval of these accounts and have prepared the Group's financial statements according to the going concern basis.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

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

Other changes in directors holding office are as follows:

C R Richardson - resigned 19 October 2023

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





C Hampton - Director


24 November 2024

Albatross Topco Limited (Registered number: 12155332)

Statement of Directors' Responsibilities
for the Year Ended 30 November 2023

The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.

Report of the Independent Auditors to the Members of
Albatross Topco Limited

Opinion
We have audited the financial statements of Albatross Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 group's and of the parent company affairs as at 30 November 2023 and of the group's loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the group's and the parent company's ability to continue to adopt the going concern basis of accounting included a consideration of the inherent risks associated with the Groups business model including uncertainties in the post Covid-19 environment.We assessed and challenged the reasonableness of projections and assertions made by the Directors and how perceived risks might affect the Group's financial resources or ability to continue operations over the going concern period.

The responsibilities of the Directors with respect to going concern are set out in the "Responsibilities of Director for the financial statements" section of this report.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Albatross Topco Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Albatross Topco Limited


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 or irregularities, including fraud. Due to the inherent difficulties of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs(UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

- We obtained an understanding of how the Group is complying with significant legal and regulatory frameworks through inquiries of management
- The Group is subject to many laws and regulations where the consequences of non-compliance could have a material effect of amounts or disclosure in the financial statements. We identified Financial Reporting Standard 102 and the Companies Act 2006 together with legislation and regulations relating to the operation of aircraft as those most likely to have a material effect if non-compliance were to occur.
- We communicated relevant laws and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.
- We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur. We considered the opportunity and incentives for management to perpetrate fraud and the potential impact on the financial statements
- In assessing the potential risks of material misstatement, we obtained an understanding of:
- the Group's operations, including the nature of its revenue sources, products and services to understand the
classes of transactions, account balances, expected disclosures and business risks.
- the Group's control environment and business processes.

Audit procedures performed by the engagement team including identifying the significant risk of fraud within revenue recognition and undertaking substantive testing to obtain sufficient audit evidence, testing large or unusual transactions and identifying related party transactions.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Albatross Topco Limited


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 2006. Our 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 a Report of the Auditors 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.




N S Oppenheim (Senior Statutory Auditor)
for and on behalf of OPPENHEIMS Chartered Accountants
Statutory Auditors
Springfield
Cox Green Lane
Maidenhead
Berkshire
SL6 3EY

25 November 2024

Albatross Topco Limited (Registered number: 12155332)

Consolidated Income Statement
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   

TURNOVER 6,318,993 6,846,712

Cost of sales 3,947,963 4,603,997
GROSS PROFIT 2,371,030 2,242,715

Administrative expenses 3,277,909 3,156,154
OPERATING LOSS 4 (906,879 ) (913,439 )

Interest receivable and similar income 1,125 1,125
(905,754 ) (912,314 )

Interest payable and similar expenses 673,278 552,039
LOSS BEFORE TAXATION (1,579,032 ) (1,464,353 )

Tax on loss 5 70,963 47,173
LOSS FOR THE FINANCIAL YEAR (1,649,995 ) (1,511,526 )

Loss attributable to:
Owners of the parent (1,649,995 ) (1,511,526 )

Albatross Topco Limited (Registered number: 12155332)

Consolidated Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 2,241,976 2,595,882
Tangible assets 8 2,645,285 3,291,299
Investments 9 - -
4,887,261 5,887,181

CURRENT ASSETS
Stocks 244,175 244,838
Debtors 10 1,035,303 1,254,550
Prepayments and accrued income 914,019 381,068
Cash at bank 218,395 175,076
2,411,892 2,055,532
CREDITORS
Amounts falling due within one year 11 3,681,361 3,182,824
NET CURRENT LIABILITIES (1,269,469 ) (1,127,292 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,617,792

4,759,889

CREDITORS
Amounts falling due after more than one
year

12

10,362,499

9,854,601
NET LIABILITIES (6,744,707 ) (5,094,712 )

CAPITAL AND RESERVES
Called up share capital 91,544 91,544
Retained earnings (6,836,251 ) (5,186,256 )
SHAREHOLDERS' FUNDS (6,744,707 ) (5,094,712 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2024 and were signed on its behalf by:





C Hampton - Director


Albatross Topco Limited (Registered number: 12155332)

Company Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 - -
Investments 9 1 1
1 1

CURRENT ASSETS
Debtors 10 90,265 90,265
NET CURRENT ASSETS 90,265 90,265
TOTAL ASSETS LESS CURRENT
LIABILITIES

90,266

90,266

CAPITAL AND RESERVES
Called up share capital 91,544 91,544
Retained earnings (1,278 ) (1,278 )
SHAREHOLDERS' FUNDS 90,266 90,266

Company's loss for the financial year - (500 )

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

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


Albatross Topco Limited (Registered number: 12155332)

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

1. STATUTORY INFORMATION

Albatross Topco 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 General 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 Group will be able to pay its debts as they fall due for a period of not less than 12 months from the issuing of these financial statements.
These financial statements are presented in GBP and rounded to no pence.

Basis of consolidation
The financial statements comprise the results of the Company and all the entities it controls.

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 benefit will flow to the Company and the costs incurred providing the service can be measured reliably.

Goodwill
Goodwill arising on consolidation represents the difference between the cost of the acquisition of the subsidiaries and the underlying value of the assets and liabilities of those companies.
The cost of goodwill is capitalised and amortised over a period of 10 years.

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, 10% on cost and at varying rates on 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 and deferred tax. Tax is recognised in the Consolidated 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 and includes irrecoverable foreign tax deducted at source.


Albatross Topco Limited (Registered number: 12155332)

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

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 where there is an expectation that reversal will occur 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.

At the balance sheet date, no provision has been made for deferred taxation on the grounds that a material charge is unlikely to occur in the foreseeable future either because there will not be any disposal of assets or because purchases of new assets will offset any taxable charge on the disposal of existing assets.

Taking into account unrelieved losses, the amount of deferred tax not provided at 30th November 2023 was £nil (2022 - £nil).

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 group operates a defined contribution pension scheme. Contributions payable to the group'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 - 46 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 44 (2022 - 46 ) .

4. OPERATING LOSS

The operating loss is stated after charging:

30.11.23 30.11.22
£    £   
Depreciation - owned assets 700,297 690,941
Goodwill amortisation 353,906 353,906

Albatross Topco Limited (Registered number: 12155332)

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

5. TAXATION

Current taxation
No liability to UK corporation tax arose for the year ended 30th November 2022 or 2023.
The taxation charge in the profit and loss account comprises irrecoverable foreign tax £70,963 (2022 - £47,713).

Deferred taxation
At the balance sheet date, no provision has been made for deferred taxation on the grounds that a material charge is unlikely to occur in the foreseeable future either because there will not be any disposals of assets or because purchases of new assets will offset any taxable charge on the disposal of existing assets.
Taking into account unrelieved losses, the amount of deferred tax not provided at 30th November 2023 was £nil (2022 - £nil).

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


7. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 3,539,060
AMORTISATION
At 1 December 2022 943,178
Charge for year 353,906
At 30 November 2023 1,297,084
NET BOOK VALUE
At 30 November 2023 2,241,976
At 30 November 2022 2,595,882

Albatross Topco Limited (Registered number: 12155332)

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

8. TANGIBLE FIXED ASSETS

Group
Plant and
machinery
etc
£   
COST
At 1 December 2022 6,377,951
Additions 54,283
At 30 November 2023 6,432,234
DEPRECIATION
At 1 December 2022 3,086,652
Charge for year 700,297
At 30 November 2023 3,786,949
NET BOOK VALUE
At 30 November 2023 2,645,285
At 30 November 2022 3,291,299

Within fixed assets are aircraft which are subject to an HP agreement and a fixed and floating charge in favour of the lender.
There is a separate mortgage for one aircraft in respect of a loan provided by directors.

9. FIXED ASSET INVESTMENTS

Company
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

Albatross Topco Limited (Registered number: 12155332)

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

9. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Albatross Midco Limited
Registered office: Calibration House, 17-19 Cecil Pashley Way, Shoreham Airport BN43 5FF
Nature of business: Investment company
%
Class of shares: holding
Ordinary 100.00
30.11.23 30.11.22
£    £   
Aggregate capital and reserves (1,350,865 ) (966,991 )
Loss for the year (383,874 ) (368,516 )

Albatross Bidco Limited
Registered office: Calibration House, 17-19 Cecil Pashley Way, Shoreham Airport BN43 5FF
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
30.11.23 30.11.22
£    £   
Aggregate capital and reserves (17,948 ) (17,948 )
Loss for the year - (2,900 )

Flight Calibration Services Limited
Registered office: Calibration Way, 17-19 Cecil Pashley Way, Shoreham Airport BN43 5FF
Nature of business: Airfield and air traffic services.
%
Class of shares: holding
Ordinary 100.00
30.11.23 30.11.22
£    £   
Aggregate capital and reserves (1,029,665 ) (132,253 )
Loss for the year (897,412 ) (726,746 )

FCSL Engineering Limited
Registered office: Calibration House, 17-19 Cecil Pashley Way, Shoreham Airport BN43 5FF
Nature of business: Aircraft maintenance
%
Class of shares: holding
Ordinary 100.00
30.11.23 30.11.22
£    £   
Aggregate capital and reserves (565,600 ) (550,840 )
Loss for the year (14,760 ) (54,388 )

Albatross Topco Limited (Registered number: 12155332)

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

9. FIXED ASSET INVESTMENTS - continued

Flight Calibration Services Europe Limited
Registered office: 5th Floor, Beaux House, Mercer Street Lower, Dublin 2, D02D H60 Ireland
Nature of business: Airfield and air traffic consultancy
%
Class of shares: holding
Ordinary 100.00
30.11.23 30.11.22
£    £   
Aggregate capital and reserves 24,797 26,190
(Loss)/profit for the year (1,393 ) 1,206

Albatross RAE Limited
Registered office: Calibration House, 17-19 Cecil Pashley Way, Shoreham Airport BN43 5FF
Nature of business: Airfield and air traffic consultancy
%
Class of shares: holding
Ordinary 100.00
30.11.23 30.11.22
£    £   
Aggregate capital and reserves (228,418 ) (224,668 )
Loss for the year (3,650 ) (776 )


10. DEBTORS

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 801,986 1,023,969 - -
Other debtors 233,317 230,581 - -
1,035,303 1,254,550 - -

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 90,265 90,265

Aggregate amounts 1,035,303 1,254,550 90,265 90,265

Albatross Topco Limited (Registered number: 12155332)

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

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 284,328 628,996
Hire purchase contracts 215,178 214,331
Trade creditors 1,376,075 1,013,763
Taxation and social security 651,232 422,328
Other creditors 1,154,548 903,406
3,681,361 3,182,824

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
30.11.23 30.11.22
£    £   
Bank loans 463,241 571,688
Hire purchase contracts 1,847,411 2,062,840
Other creditors 8,051,847 7,220,073
10,362,499 9,854,601

13. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.11.23 30.11.22
£    £   
Bank overdraft 155,052 191,496
Hire purchase contracts 2,062,589 2,277,171
Bank loans 592,517 1,009,188
Directors' loan 129,700 180,000
2,939,858 3,657,855

Bank loans and overdrafts are secured by a fixed and floating charge on the Company's assets.
Hire purchase and Directors' loan are secured by a mortgage on the Company's aircraft.

Albatross Topco Limited (Registered number: 12155332)

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

14. FINANCIAL INSTRUMENTS

The Group only has financial assets and liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised at transaction price, less any impairment. Loans receivable are measured at fair value, net of transaction costs, less any impairment.

Debtors
Short term debtors are measured at 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 cost. Other financial liabilities are measured initially at fair value, net of transaction costs, less any impairment.

In 2020 the Group took out a CBILS loan repayable over three years. HP finance on aircraft and equipment is repayable over 10 years.
In 2022 the Group 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 Group had outstanding import guarantee and standby credits of £262,452 (2022 - £241,680) against which the bank held deposits of £178,734 (2022 - £164,481).

15. ULTIMATE PARENT COMPANY

Literacy Capital plc is regarded by the directors as being the company's ultimate parent company.

16. OTHER FINANCIAL COMMITMENTS

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