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Atlas Helicopters Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

Registration number: 4330355

 

Atlas Helicopters Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Atlas Helicopters Limited

(Registration number: 4330355)
Statement of financial position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

578,025

684,785

Current assets

 

Debtors

6

1,016,060

301,004

Cash at bank and in hand

 

793,903

535,930

 

1,809,963

836,934

Creditors: Amounts falling due within one year

7

(1,161,868)

(1,002,804)

Net current assets/(liabilities)

 

648,095

(165,870)

Total assets less current liabilities

 

1,226,120

518,915

Creditors: Amounts falling due after more than one year

7

(1,027,938)

(419,219)

Provisions for liabilities

(85,957)

(101,203)

Net assets/(liabilities)

 

112,225

(1,507)

Capital and reserves

 

Called up share capital

8

111

111

Share premium reserve

99,989

99,989

Retained earnings

12,125

(101,607)

Shareholders' funds/(deficit)

 

112,225

(1,507)

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

 

Atlas Helicopters 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 and Wales.

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 sale of goods and 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.

 

Atlas Helicopters Limited

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

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and 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

Fixtures, fittings and equipment

25% running balance

Plant and machinery

25% running balance, 12, 10 or 6 years straight line

Computer equipment

25% running balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Aviation licences

Straight line over 10 years

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.

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.

 

Atlas Helicopters Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 3).

 

Atlas Helicopters Limited

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

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2023

8,872

8,872

At 31 March 2024

8,872

8,872

Amortisation

At 1 April 2023

8,872

8,872

At 31 March 2024

8,872

8,872

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Helicopters and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

1,835,982

1,835,982

Additions

51,630

51,630

At 31 March 2024

1,887,612

1,887,612

Depreciation

At 1 April 2023

1,151,197

1,151,197

Charge for the year

158,390

158,390

At 31 March 2024

1,309,587

1,309,587

Carrying amount

At 31 March 2024

578,025

578,025

At 31 March 2023

684,785

684,785

 

Atlas Helicopters Limited

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

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

358,089

120,798

Amounts owed by related parties

452,593

-

Prepayments

 

105,378

70,812

Other debtors

 

100,000

109,394

   

1,016,060

301,004

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

146,557

240,317

Trade creditors

 

672,843

72,236

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

-

280,400

Taxation and social security

 

65,311

30,521

Accruals and deferred income

 

13,370

272,513

Other creditors

 

263,787

106,817

 

1,161,868

1,002,804

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,027,938

419,219

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

61

61

61

61

Ordinary B of £1 each

50

50

50

50

111

111

111

111

 

Atlas Helicopters 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
£

Bank borrowings

-

81,463

Hire purchase contracts

742,688

52,506

Finance lease liabilities

285,250

285,250

1,027,938

419,219

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

39,091

Hire purchase contracts

105,807

160,476

Finance lease liabilities

40,750

40,750

146,557

240,317