Company registration number SC777877 (Scotland)
GLASGOW PRESTWICK FLIGHT CENTRE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
GLASGOW PRESTWICK FLIGHT CENTRE LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
GLASGOW PRESTWICK FLIGHT CENTRE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
Notes
£
£
Current assets
Trade and other receivables
3
1
Net current assets
1
Equity
Called up share capital
4
1
The notes on pages 3 to 5 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.
For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 members have not required the company to obtain an audit of its financial statements for the period 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 31 January 2025 and are signed on its behalf by:
J Merrill
Director
Company registration number SC777877
GLASGOW PRESTWICK FLIGHT CENTRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
Share capital
£
Balance at 3 August 2023
1
Period ended 31 March 2024:
Profit and total comprehensive income for the period
-
Balance at 31 March 2024
1
The notes on pages 3 to 5 form part of these financial statements.
GLASGOW PRESTWICK FLIGHT CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Glasgow Prestwick Flight Centre Limited is a private company limited by shares incorporated in Scotland. The registered office is Glasgow Prestwick Airport, Aviation House, Prestwick, Ayrshire, United Kingdom, KA9 2PL. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Reporting period
These financial statements have been prepared for the first reporting period of the Company, covering the period from 3 August 2023 to 31 March 2024.
As this is the first period of operation, no comparative information is presented in these financial statements.
1.2
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
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, except for the revaluation of . The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
inclusion of an explicit and unreserved statement of compliance with IFRS;
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
the effect of financial instruments on the statement of comprehensive income;
comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
comparative narrative information;
related party disclosures for transactions with the parent or wholly owned members of the group.
Where required, equivalent disclosures are given in the group accounts of TS Prestwick Holdco Limited. The group accounts of TS Prestwick Holdco Limited are available to the public and can be obtained as set out in note 6.
1.3
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Cash and cash equivalents
Cash and cash equivalents 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.
GLASGOW PRESTWICK FLIGHT CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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 inventories or non-current 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.
2
Employees
The company did not employ any staff in the current period.
None of the directors received any remuneration during the current period in respect of their qualifying services to the company.
GLASGOW PRESTWICK FLIGHT CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
3
Trade and other receivables
£
Amounts owed by fellow group undertakings
1
Amounts owed by fellow group undertakings are unsecured, repayable on demand and are not subject to interest.
4
Share capital
Ordinary share capital
Number
£
Issued and fully paid
Ordinary share capital of £1 each
1
1
5
Related party transactions
Remuneration of key management personnel
As the company was a wholly owned subsidiary of TS Prestwick Holdco Ltd at 31 March 2024, the company has taken advantage of the exemption contained in FRS 101 and has therefore not disclosed transactions or balances with entities which form part of that group (or investees of the group qualifying as related parties). The consolidated financial statements of TS Prestwick Holdco Ltd can be obtained from the address given in note 6.
6
Controlling party
At 31 March 2024 the company was a subsidiary undertaking of TS Prestwick Holdco Ltd which is the largest group in which the results of the company are consolidated. The consolidated accounts of TS Prestwick Holdco Ltd are available to the public from the group’s registered office: is Scottish Government 5 Atlantic Quay, 150 Broomielaw, Glasgow, Scotland, G2 8LU.
The ultimate parent company is TS Prestwick Holdco Ltd. The ultimate controlling party is the Scottish Ministers.