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Registered number: 11894004









Claiser Aviation Limited









Financial statements

Information for filing with the registrar

For the Year Ended 30 June 2024

 
Claiser Aviation Limited
Registered number: 11894004

Statement of financial position
As at 30 June 2024

2024
2023
Note
$
$

  

Current assets
  

Debtors: amounts falling due within one year
 5 
214,249
179,143

Current asset investments
 6 
-
1,859

Cash at bank and in hand
 7 
79,764
166,560

  
294,013
347,562

Creditors: amounts falling due within one year
 8 
(28,836)
(93,883)

Net current assets
  
 
 
265,177
 
 
253,679

Total assets less current liabilities
  
265,177
253,679

  

Net assets
  
265,177
253,679


Capital and reserves
  

Called up share capital 
  
138
138

Profit and loss account
  
265,039
253,541

  
265,177
253,679


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 November 2024.




Omer Adil Jaffer
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
Claiser Aviation Limited
 

Statement of changes in equity
For the Year Ended 30 June 2024


Called up share capital
Profit and loss account
Total equity

$
$
$


At 1 July 2022
138
255,473
255,611


Comprehensive income for the year

Loss for the year

-
(1,932)
(1,932)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(1,932)
(1,932)


Total transactions with owners
-
-
-



At 1 July 2023
138
253,541
253,679


Comprehensive income for the year

Profit for the year

-
11,498
11,498


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
11,498
11,498


Total transactions with owners
-
-
-


At 30 June 2024
138
265,039
265,177


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
Claiser Aviation Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

1.


General information

Claiser Aviation Limited is a company, limited by shares, registered in England & Wales. The company's
registered number and registered office can be found on the company information page.
The presentation currency of the financial statements is the US Dollars , rounded to the nearest Dollar.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
Claiser Aviation Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
Claiser Aviation Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.


4.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2023 - $NIL).

The average monthly number of employees, including directors, during the year was 0 (2023 - 0).


5.


Debtors

2024
2023
$
$


Trade debtors
172,685
130,130

Other debtors
41,564
19,013

Prepayments and accrued income
-
30,000

214,249
179,143


Page 5

 
Claiser Aviation Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

6.


Current asset investments

2024
2023
$
$

Listed investments
-
1,859

-
1,859



7.


Cash and cash equivalents

2024
2023
$
$

Cash at bank and in hand
79,764
166,560

79,764
166,560



8.


Creditors: Amounts falling due within one year

2024
2023
$
$

Trade creditors
-
50,690

Amounts owed to group undertakings
13,698
28,056

Other creditors
13,138
13,137

Accruals and deferred income
2,000
2,000

28,836
93,883



9.


Contingent liabilities

The Company has trade finance facilities with HBL Bank UK and the amount of outstanding exposures for letter of credit at year end was $Nil (2023: $9,674) and for letter of guarantee at the year end was $14,261 (2023: $16,804).



10.


Security and charges

The Company has provided fixed and floating charges and also contains negative pledge on all of its assets in favour of HBL Bank Ltd as per charge created on 14 December 2020.

Page 6

 
Claiser Aviation Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

11.


Related party transactions

In accordance with Section 1A of FRS102, the company has taken advantage of the exemption not to disclose details of any transactions or balances between the group that have been eliminated on consolidation. The ultimate parent Company AJCL (PVT) Limited prepares group accounts and  copy of group accounts are available from its registered office.
During the year, the director has provided interest free unsecured advance of $Nil (2023: $Nil) to the Company. The balance owed to the director at year end was $13,137 (2023: $13,137). This is included in other creditors and is repayable on demand.


12.


Controlling party

The immediate parent Company is AJCL Global Holdings Ltd, a Company registered in England & Wales. The ultimate parent Company is AJCL (PVT) Limited a Company registered in Pakistan with its registered office address at First floor, 113-A Sindhi Muslim Cooperative Housing Society, Shahrah-e-Faisal, Karachi, Pakistan. 
The ultimate controlling party is Omer Adil Jaffer.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 11 November 2024 by Janak Raj Pokhrel (Senior statutory auditor) on behalf of Mantax Lynton.

 
Page 7