Company registration number 10879065 (England and Wales)
Vintage Legends Group Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Pages For Filing With Registrar
Vintage Legends Group Limited
Contents
Page
Balance sheet
4
Notes to the financial statements
5 - 9
Vintage Legends Group Limited
Chairman's Statement
For The Year Ended 31 March 2024
Page 1
Once again I am pleased to be able to present the financial results for the group for the year ended 31 March 2024.
The profit and loss results for the group are as follows:
2024 (000's)
2023 (000's)
Flight operations
816
672
Aircraft engineering
(116)
(101)
Motor vehicle engineering
(38)
25
Hospitality and operating locations
407
(14)
Total profit after tax pre interest
1,069
582
Interest
(233)
(164)
Net profit after tax and interest
836
418
Vintage Legends Group Limited
Chairman's Statement (Continued)
For The Year Ended 31 March 2024
Page 2
The consolidated balance sheet is as follows:
2024 (000's)
2024 (000's)
£
£
Fixed assets
Intangible assets
18,155
Tangible assets
28,554,904
28,573,059
Current assets
Stock
281,939
Debtors
883,799
Cash at bank and in hand
190,984
1,356,722
Creditors: amounts falling due within one year
Creditors within one year
1,068,373
Directors current account
4,899,017
5,967,390
Net current liabilities
(4,610,668)
Total assets less current liabilities
23,962,391
Creditors: amounts falling due after more than one year
(2,287,554)
Provisions for liabilities
(2,016,845)
Net assets
19,657,992
Capital and reserves
Called up share capital
1
Revaluation reserve
16,053,841
Profit and loss reserves
3,604,150
19,657,992
Vintage Legends Group Limited
Chairman's Statement (Continued)
For The Year Ended 31 March 2024
Page 3
Profit has doubled over last year with strong growth in our flight experience business. Our reputation for first class customer service has seen a continuation of repeat customers and recommendations coming from our customers. Our team of volunteers have again done an amazing job of looking after our customers and keeping the operation running smoothly – much credit must be given to them.
In this year we commenced customer experience flights in ex military jets having received approval to do so from the UK CAA. We are the sole UK operator approved to offer such flights. I am pleased to say that we have seen good growth in jet flights in the following financial year.
This year saw the full impact of the higher interest rates on our borrowing which peaked during this financial year. The borrowing is principally to finance the restoration of our second two seat Spitfire MJ444. The market value of this aircraft is considerably higher than the cost to us as we project managed this carefully.
The restoration of MJ444 has taken over three years and has been completed on budget but was delayed because of one of the main sub contractors over running by six months. This aircraft flew for the first time since restoration on the 6th June 2024.
I am writing this statement almost nine months after the year end now under a Labour government that has had a troubled start to their term of office. Their policies have already impacted on consumer and business confidence and I expect to see a negative impact in sales from those customers buying lower value products.
However, for customers capable of funding a flight in one of our aircraft they are less likely to be impacted by higher interest rates, cost of living issues or rising unemployment levels and so I remain confident that we will continue to grow.
We have the widest range of historic flight experience products in the UK market and are actively seeking approval to operate passenger flights in our Douglas C47 Dakotas which will give a significant boost to our sales.
Keith Perkins
Chairman
20 December 2024
Vintage Legends Group Limited
Balance Sheet
As At 31 March 2024
Page 4
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,231
1,641
Investments
4
42,066
42,066
43,297
43,707
Current assets
-
-
Creditors: amounts falling due within one year
6
(49,697)
(47,088)
Net current liabilities
(49,697)
(47,088)
Net liabilities
(6,400)
(3,381)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(6,401)
(3,382)
Total equity
(6,400)
(3,381)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered 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 20 December 2024 and are signed on its behalf by:
Mr K M Perkins
Director
Company registration number 10879065 (England and Wales)
Vintage Legends Group Limited
Notes To The Financial Statements
For The Year Ended 31 March 2024
Page 5
1
Accounting policies
Company information
Vintage Legends Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Carriage House, Mill Street, Maidstone, Kent, ME15 6YE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Vintage Legends Group Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
1
Accounting policies
(Continued)
Page 6
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Vintage Legends Group Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
1
Accounting policies
(Continued)
Page 7
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Vintage Legends Group Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
1
Accounting policies
(Continued)
Page 8
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
3,500
Depreciation and impairment
At 1 April 2023
1,859
Depreciation charged in the year
410
At 31 March 2024
2,269
Carrying amount
At 31 March 2024
1,231
At 31 March 2023
1,641
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
42,066
42,066
Vintage Legends Group Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
Page 9
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Aero Legends Leasing Ltd
The Carriage House, Mill Street, Maidstone, ME15 6YE
Aircraft rental
Ordinary
100.00
Aero Legends Limited
As above
Provision of flight experiences
Ordinary
100.00
Motor Legends Limited
As above
Motor vehicle engineering and sales
Ordinary
100.00
North Weald Flying Services Ltd
As above
Airfield services
Ordinary
100.00
Vintage Aero Ltd
As above
Aircraft repairs
Ordinary
100.00
The consolidated amount loaned by the director to the group entities is £4,899,017.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
7,634
5,025
Other creditors
42,063
42,063
49,697
47,088
7
Directors' transactions
Interest free loans have been granted by the directors to the company as follows:
Description
% Rate
Opening balance
Closing balance
£
£
Mr K M Perkins -
-
42,063
42,063
42,063
42,063
2024-03-312023-04-01false20 December 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr Keith PerkinsMrs Suzanne Perkinsfalsefalse0108790652023-04-012024-03-31108790652024-03-31108790652023-03-3110879065core:OtherPropertyPlantEquipment2024-03-3110879065core:OtherPropertyPlantEquipment2023-03-3110879065core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3110879065core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3110879065core:CurrentFinancialInstruments2024-03-3110879065core:CurrentFinancialInstruments2023-03-3110879065core:ShareCapital2024-03-3110879065core:ShareCapital2023-03-3110879065core:RetainedEarningsAccumulatedLosses2024-03-3110879065core:RetainedEarningsAccumulatedLosses2023-03-3110879065bus:Director12023-04-012024-03-3110879065core:MotorVehicles2023-04-012024-03-3110879065core:OtherPropertyPlantEquipment2023-03-3110879065core:OtherPropertyPlantEquipment2023-04-012024-03-3110879065bus:PrivateLimitedCompanyLtd2023-04-012024-03-3110879065bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110879065bus:FRS1022023-04-012024-03-3110879065bus:AuditExemptWithAccountantsReport2023-04-012024-03-3110879065bus:Director22023-04-012024-03-3110879065bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP