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Registered number: 05866232









TRANS GLOBAL AVIATION LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
TRANS GLOBAL AVIATION LIMITED
REGISTERED NUMBER: 05866232

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024


2024

2023
                                                                   Note
£
£
£
£

  

Current assets
  

Stocks
 4 
14,043
15,785

Debtors: amounts falling due within one year
 5 
25,190
51,916

Cash at bank and in hand
 6 
253,398
232,729

  
292,631
300,430

Creditors: amounts falling due within one year
 7 
(57,128)
(42,202)

Net current assets
  
 
 
235,503
 
 
258,228

  

Net assets
  
235,503
258,228


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
235,403
258,128

  
235,503
258,228


Page 1

 
TRANS GLOBAL AVIATION LIMITED
REGISTERED NUMBER: 05866232
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 Statement of comprehensive income 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 2 January 2025.




S B Snook
Director


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
TRANS GLOBAL AVIATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Trans Global Aviation Limited is a company limited by shares incorporated in England and Wales. The address of the registered office is 4 Bowerdean Street, London, SW6 3TW.
The company is an aircraft spares broker and procurement consultant.

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 following principal accounting policies have been applied:

 
2.2

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. 
Revenue relating to aircraft and aircraft spare brokerage is recognised when the goods are delivered.
Revenue relating to consultancy is recognised when the service is provided. 

 
2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.4

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.

 
2.5

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.

Page 3

 
TRANS GLOBAL AVIATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Foreign currency translation

Functional and presentation currency
The Company's functional and presentational currency is GBP.
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 year 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 year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.8

Taxation

Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 4).

Page 4

 
TRANS GLOBAL AVIATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Stocks

2024
2023
£
£

Work in progress and finished goods
14,043
15,785

14,043
15,785



5.


Debtors

2024
2023
£
£


Trade debtors
16,941
43,747

Other debtors
8,249
8,169

25,190
51,916



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
253,398
232,729

253,398
232,729



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
18,690
5,421

Corporation tax
-
6,218

Other creditors
36,438
28,563

Accruals and deferred income
2,000
2,000

57,128
42,202


Page 5

 
TRANS GLOBAL AVIATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



40 A Ordinary shares of £1 each
40
40
40 B Ordinary shares of £1 each
40
40
10 C Ordinary shares of £1 each
10
10
10 D Ordinary shares of £1 each
10
10

100

100


All classes of share rank pari passu except that dividends may be paid at different rates.



9.


Related party transactions

Included in other creditors is £36,438 (2023 - £28,563) owed to a director.


10.


Controlling party

The company is controlled by the directors. There is no individual controlling party.

Page 6