Caseware UK (AP4) 2023.0.135 2023.0.135 2024-10-312024-10-31truetrue12023-11-01Aircraft seat provider1falsefalse 02535246 2023-11-01 2024-10-31 02535246 2022-11-01 2023-10-31 02535246 2024-10-31 02535246 2023-10-31 02535246 2022-11-01 02535246 1 2023-11-01 2024-10-31 02535246 1 2022-11-01 2023-10-31 02535246 d:Director1 2023-11-01 2024-10-31 02535246 e:Buildings 2024-10-31 02535246 e:Buildings 2023-10-31 02535246 e:LandBuildings 2024-10-31 02535246 e:LandBuildings 2023-10-31 02535246 e:CurrentFinancialInstruments 2024-10-31 02535246 e:CurrentFinancialInstruments 2023-10-31 02535246 e:Non-currentFinancialInstruments 2024-10-31 02535246 e:Non-currentFinancialInstruments 2023-10-31 02535246 e:CurrentFinancialInstruments e:WithinOneYear 2024-10-31 02535246 e:CurrentFinancialInstruments e:WithinOneYear 2023-10-31 02535246 e:Non-currentFinancialInstruments e:AfterOneYear 2024-10-31 02535246 e:Non-currentFinancialInstruments e:AfterOneYear 2023-10-31 02535246 e:ShareCapital 2024-10-31 02535246 e:ShareCapital 2022-11-01 2023-10-31 02535246 e:ShareCapital 2023-10-31 02535246 e:ShareCapital 2022-11-01 02535246 e:SharePremium 2023-11-01 2024-10-31 02535246 e:SharePremium 2024-10-31 02535246 e:SharePremium 2022-11-01 2023-10-31 02535246 e:SharePremium 2023-10-31 02535246 e:SharePremium 2022-11-01 02535246 e:RevaluationReserve 2023-11-01 2024-10-31 02535246 e:RevaluationReserve 2024-10-31 02535246 e:RevaluationReserve 2022-11-01 2023-10-31 02535246 e:RevaluationReserve 2023-10-31 02535246 e:RevaluationReserve 2022-11-01 02535246 e:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 02535246 e:RetainedEarningsAccumulatedLosses 2024-10-31 02535246 e:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 02535246 e:RetainedEarningsAccumulatedLosses 2023-10-31 02535246 e:RetainedEarningsAccumulatedLosses 2022-11-01 02535246 e:AcceleratedTaxDepreciationDeferredTax 2024-10-31 02535246 e:AcceleratedTaxDepreciationDeferredTax 2023-10-31 02535246 d:OrdinaryShareClass1 2023-11-01 2024-10-31 02535246 d:OrdinaryShareClass1 2024-10-31 02535246 d:OrdinaryShareClass1 2023-10-31 02535246 d:OrdinaryShareClass2 2023-11-01 2024-10-31 02535246 d:OrdinaryShareClass2 2024-10-31 02535246 d:OrdinaryShareClass2 2023-10-31 02535246 d:EntityNoLongerTradingButTradedInPast 2023-11-01 2024-10-31 02535246 d:FRS102 2023-11-01 2024-10-31 02535246 d:Audited 2023-11-01 2024-10-31 02535246 d:FullAccounts 2023-11-01 2024-10-31 02535246 d:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 02535246 d:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 02535246 6 2023-11-01 2024-10-31 02535246 f:PoundSterling 2023-11-01 2024-10-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02535246









INDEPENDENT AVIATION GROUP LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
INDEPENDENT AVIATION GROUP LIMITED
REGISTERED NUMBER: 02535246

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
1,675,000
1,675,000

Investments
 4 
94,363
94,363

  
1,769,363
1,769,363

Current assets
  

Debtors: amounts falling due within one year
 5 
55,923
55,794

Cash at bank and in hand
 6 
2,937
3,398

  
58,860
59,192

Creditors: amounts falling due within one year
 7 
(205,683)
(206,015)

Net current liabilities
  
 
 
(146,823)
 
 
(146,823)

Total assets less current liabilities
  
1,622,540
1,622,540

Creditors: amounts falling due after more than one year
 8 
(3,858)
(3,858)

Provisions for liabilities
  

Deferred tax
 9 
(102,195)
(102,195)

  
 
 
(102,195)
 
 
(102,195)

Net assets
  
1,516,487
1,516,487


Capital and reserves
  

Called up share capital 
 10 
80,000
80,000

Share premium account
 11 
616,872
616,872

Revaluation reserve
 11 
1,010,333
1,010,333

Profit and loss account
 11 
(190,718)
(190,718)

  
1,516,487
1,516,487


Page 1

 
INDEPENDENT AVIATION GROUP LIMITED
REGISTERED NUMBER: 02535246
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 income statement 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 20 January 2025.




T D Davey
Director

The notes on pages 6 to 13 form part of these financial statements.

Page 2

 
INDEPENDENT AVIATION GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 November 2023
80,000
616,872
1,010,333
(190,718)
1,516,487


At 31 October 2024
80,000
616,872
1,010,333
(190,718)
1,516,487


The notes on pages 6 to 13 form part of these financial statements.

Page 3

 
INDEPENDENT AVIATION GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 November 2022
80,000
616,872
1,010,333
(190,718)
1,516,487
Total comprehensive income for the year
-
-
-
-
-


At 31 October 2023
80,000
616,872
1,010,333
(190,718)
1,516,487


The notes on pages 6 to 13 form part of these financial statements.

Page 4

 
INDEPENDENT AVIATION GROUP LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£
£


Profit for the financial year
-
-

Adjustments for:

Decrease/(increase) in debtors
147
(258)

(Increase)/decrease in amounts owed by groups
(276)
11,803

(Decrease) in creditors
(131)
(18,367)

(Decrease) in amounts owed to groups
(201)
(12,805)

Net cash generated from operating activities

(461)
(19,627)




Net (decrease) in cash and cash equivalents
(461)
(19,627)

Cash and cash equivalents at beginning of year
3,398
23,025

Cash and cash equivalents at the end of year
2,937
3,398


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,937
3,398

2,937
3,398


The notes on pages 6 to 13 form part of these financial statements.

Page 5

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Independent Travel Group Limited is a private company limited by shares and incorporated in England and Wales under registered number 02535246. Its registered office is: Bolney Place, Cowfold Road, Bolney, West Sussex, RH17 5QT.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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.

 
2.2

Going concern

The Company’s management and directors review the financial position and the forecasts for the Company on a regular basis, to ensure they are in a position to react to and mitigate the financial impact from any downturn in trading. The directors have made an assessment of the Company’s ability to continue as a going concern, and have considered a number of future scenarios,synthesizing key drivers of the Company’s trading performance, including consumer demand, post balance sheet trading, booking trajectory, and impact from both financial and geopolitical instability. However, economic uncertainty from interest rates and a new UK government means the Company remains in a volatile environment.
The directors have prepared budgets and cashflow forecasts to April 2026 which reflect good operational liquidity and profitability throughout. Additionally, they have also performed a sensitivity analysis on the Company's budgets and forecasts to assess the financial impact of any potential further slowdown in trading from the reforecast and its impact on the liquidity of the business. This sensitivity analysis shows that the Company has enough liquidity and cash to trade through a further slowdown.
Company management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements.
As a result, and with the Company continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 6

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.3

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 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 Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 7

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
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.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 8

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 November 2023
1,675,000



At 31 October 2024

1,675,000






Net book value



At 31 October 2024
1,675,000



At 31 October 2023
1,675,000

The freehold  property is held at Bolney Place, Cowfold Road, Bolney, West Sussex RH17 5QT.
The property was revalued on 22nd August 2022 by SHW.CO.UK, Lees House, 21-23 Dyke Road, Brighton BN1 3FE.




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
1,675,000
1,675,000

1,675,000
1,675,000



4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2023
94,363



At 31 October 2024
94,363




Page 9

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
35,812
35,536

Other debtors
20,111
20,258

55,923
55,794



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,937
3,398

2,937
3,398



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
143
274

Amounts owed to group undertakings
205,540
205,741

205,683
206,015



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
3,858
3,858

3,858
3,858


Other creditors consist of preference shares of £1 each.These shares may be redeemed at anytime at the option of the Company at £1 per share.

Page 10

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Deferred taxation




2024


£






At beginning of year
(102,195)



At end of year
(102,195)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Tax on revaluation of property
(102,195)
(102,195)

(102,195)
(102,195)

Page 11

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



67,458 (2023 - 67,458) C Ordinary shares shares of £1.00 each
67,458
67,458
12,542 (2023 - 12,542) B Ordinary shares shares of £1.00 each
12,542
12,542

80,000

80,000



11.


Reserves

Share premium account

The share premium account represents the additional amount shareholders have paid for their issued shares that was in excess of the nominal value of those shares. 

Revaluation reserve

The revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decreases relate to a previous increase on the same asset.

Profit and loss account

The profit and loss account represents the net distributable reserves of the Company at the date of the statement of financial position.


12.


Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other wholly owned subsidiaries within the group. This is because the ultimate parent company prepares consolidated financial statements in which these transactions are eliminated in full.
Rookfield Financial Services Limited - A company where director T D Davey is also a direcor and a shareholder. Amount owed by the related party £20,000 (2023: £20,000) , included in debtors due within one year


13.


Holding company

The ultimate holding company is IAG Holdings Limited, registered in England and Wales under company number 03646321 with its registered office at Bolney Place, Cowfold Road, Bolney, West Sussex RH17 5QT.

Page 12

 
INDEPENDENT AVIATION GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Controlling party

The directors consider that the ultimate controlling party is Ms T D Davey by virtue of her controlling interest in the parent undertaking IAG Holdings Limited.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2024 was unqualified.

The audit report was signed on 20 January 2025 by Ms N A Spoor FCA FCCA (Senior Statutory Auditor) on behalf of White Hart Associates ( London) Limited.

Page 13