Helicompany Limited 06517474 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of helicopter air taxi services. Digita Accounts Production Advanced 6.30.9574.0 true false true 06517474 2023-04-01 2024-03-31 06517474 2024-03-31 06517474 bus:OrdinaryShareClass1 2024-03-31 06517474 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 06517474 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 06517474 core:CurrentFinancialInstruments 2024-03-31 06517474 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06517474 core:Non-currentFinancialInstruments 2024-03-31 06517474 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 06517474 core:AdditionsToInvestments 2024-03-31 06517474 core:CostValuation 2024-03-31 06517474 core:PlantMachinery 2024-03-31 06517474 bus:SmallEntities 2023-04-01 2024-03-31 06517474 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06517474 bus:FilletedAccounts 2023-04-01 2024-03-31 06517474 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06517474 bus:RegisteredOffice 2023-04-01 2024-03-31 06517474 bus:Director3 2023-04-01 2024-03-31 06517474 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 06517474 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06517474 core:PlantMachinery 2023-04-01 2024-03-31 06517474 countries:England 2023-04-01 2024-03-31 06517474 2023-03-31 06517474 core:CostValuation 2023-03-31 06517474 core:PlantMachinery 2023-03-31 06517474 2022-04-01 2023-03-31 06517474 2023-03-31 06517474 bus:OrdinaryShareClass1 2023-03-31 06517474 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 06517474 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 06517474 core:CurrentFinancialInstruments 2023-03-31 06517474 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06517474 core:Non-currentFinancialInstruments 2023-03-31 06517474 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06517474 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Helicompany Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

Registration number: 06517474

 

Helicompany Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Helicompany Limited

(Registration number: 06517474)
Statement of financial position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,904,871

3,482,806

Investments

5

1,315,664

1,296,878

 

5,220,535

4,779,684

Current assets

 

Debtors

6

571,411

627,728

Cash at bank and in hand

 

277,696

3,893

 

849,107

631,621

Creditors: Amounts falling due within one year

7

(1,075,106)

(819,947)

Net current liabilities

 

(225,999)

(188,326)

Total assets less current liabilities

 

4,994,536

4,591,358

Creditors: Amounts falling due after more than one year

7

(5,393,602)

(5,164,029)

Net liabilities

 

(399,066)

(572,671)

Capital and reserves

 

Called up share capital

8

1,267,232

1,267,232

Retained earnings

(1,666,298)

(1,839,903)

Shareholders' deficit

 

(399,066)

(572,671)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
R N J Schofield
Director

 

Helicompany Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Parkside House
17 East Parade
Harrogate
North Yorkshire
HG1 5LF
England

These financial statements were authorised for issue by the Board on 29 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Helicompany Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax is recognised on the taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

4% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Helicompany Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Helicompany Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

3,953,354

3,953,354

Additions

604,000

604,000

At 31 March 2024

4,557,354

4,557,354

Depreciation

At 1 April 2023

470,548

470,548

Charge for the year

181,935

181,935

At 31 March 2024

652,483

652,483

Carrying amount

At 31 March 2024

3,904,871

3,904,871

At 31 March 2023

3,482,806

3,482,806

5

Investments

2024
£

2023
£

Investments in subsidiaries

1,315,664

1,296,878

Subsidiaries

£

Cost or valuation

At 1 April 2023

1,296,878

Additions

18,786

At 31 March 2024

1,315,664

Carrying amount

At 31 March 2024

1,315,664

At 31 March 2023

1,296,878

 

Helicompany Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

508,661

-

Amounts owed by related parties

-

289,794

Prepayments

 

-

16,421

Other debtors

 

62,750

321,513

   

571,411

627,728

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

424,038

438,035

Trade creditors

 

-

18,151

Amounts owed to group undertakings and undertakings in which the company has a participating interest

452,593

-

Taxation and social security

 

195,475

17,404

Accruals and deferred income

 

3,000

3,000

Other creditors

 

-

343,357

 

1,075,106

819,947

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

5,393,602

5,164,029

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 shares of £1 each

1,265,000

1,265,000

1,265,000

1,265,000

       
 

Helicompany Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

2,104,510

1,373,072

Other borrowings

3,289,092

3,790,957

5,393,602

5,164,029

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

309,080

323,076

Other borrowings

114,958

114,959

424,038

438,035