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Registered number: 13158993









COLLECTIV AVIATION LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
COLLECTIV AVIATION LIMITED
REGISTERED NUMBER: 13158993

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
39,347
3,272

  
39,347
3,272

Current assets
  

Debtors: amounts falling due within one year
 5 
110,657
285,481

Cash at bank and in hand
 6 
19,377
194,251

  
130,034
479,732

Creditors: amounts falling due within one year
 7 
(169,281)
(180,545)

Net current (liabilities)/assets
  
 
 
(39,247)
 
 
299,187

Total assets less current liabilities
  
100
302,459

  

Net assets
  
100
302,459


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
-
302,359

  
100
302,459


Page 1

 
COLLECTIV AVIATION LIMITED
REGISTERED NUMBER: 13158993
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 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 income and retained earnings 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 27 January 2025.




................................................
John Parnell
Director

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

Page 2

 
COLLECTIV AVIATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Collectiv Aviation is a private company, incorporated in England and Wales, limited by its share capital.  The principal activity of the company is the provision of aviation services.

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

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.

 
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:

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.

Page 3

 
COLLECTIV AVIATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

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

 
COLLECTIV AVIATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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

2024
£

Wages and salaries
117,761

Social security costs
19,772

Cost of defined contribution scheme
121,001

258,534


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

Page 5

 
COLLECTIV AVIATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 February 2023
2,832
-
1,257
4,089


Additions
3,092
41,732
3,696
48,520



At 31 January 2024

5,924
41,732
4,953
52,609



Depreciation


At 1 February 2023
566
-
251
817


Charge for the year on owned assets
1,072
10,433
940
12,445



At 31 January 2024

1,638
10,433
1,191
13,262



Net book value



At 31 January 2024
4,286
31,299
3,762
39,347



At 31 January 2023
2,266
-
1,006
3,272

Page 6

 
COLLECTIV AVIATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
50,024
285,341

Other debtors
58,270
-

Prepayments and accrued income
2,363
140

110,657
285,481



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
19,377
194,251

19,377
194,251



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
220
-

Amounts owed to joint ventures
1,484
-

Corporation tax
151,022
74,857

Other taxation and social security
6,196
80,085

Other creditors
8,009
24,403

Accruals and deferred income
2,350
1,200

169,281
180,545



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £121,001 (2023 - £nil) .


9.


Controlling party

The Company is controlled by the director, John Parnell, by virtue of his shareholding in the holding company, Collectiv Holdings Limited.

 
Page 7