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COMPANY REGISTRATION NUMBER: 06251084
Repaircraft (UK) Limited
Financial Statements
30 June 2024
Repaircraft (UK) Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
5
Independent auditor's report to the members
8
Consolidated statement of comprehensive income
13
Consolidated statement of financial position
14
Company statement of financial position
15
Consolidated statement of changes in equity
16
Company statement of changes in equity
17
Consolidated statement of cash flows
18
Notes to the financial statements
19
Repaircraft (UK) Limited
Officers and Professional Advisers
The board of directors
A. N. Stainton
S. A. C. Stainton
H.A.R. Stainton
Company secretary
A. N. Stainton
Registered office
The Common
Cranleigh
Surrey
GU6 8LU
Auditor
Shipleys LLP
Chartered accountants & statutory auditor
5 Godalming Business Centre
Woolsack Way
Godalming
Surrey
GU7 1XW
Bankers
Svenska Handelsbanken AB (publ)
Andrews House
College Road
Guildford
Surrey
GU1 4RG
Barclays Bank PLC
Corporate Banking
P.O. Box 673
Town Gate House
Church Street East
Woking
Surrey
GU21 1XW
Repaircraft (UK) Limited
Strategic Report
Year ended 30 June 2024
The directors present their report for the year ended 30th June 2024. Business review The company does not trade and it's principal activity is to act as a holding company for the subsidiary called Repaircraft PLC. The group's principal activities are: 1) Design, manufacture and support of defence and aerospace equipment. 2) Management and supply of defence and aerospace spare parts. 3) Support and upgrade of armoured fighting vehicles. Group turnover increased by some £3.7m from the previous year to £8.3m with was in line with the directors expectations with the commencement of a significant contract in the year. The directors are anticipating that the level of turnover will reduce in the current year FY 2025. There have been no events since the balance sheet date which materially affect the position of the company or the group. The group continues to have a very strong financial base, excellent design engineering solutions and the potential market is large. Going concern Having made appropriate enquiries and considered the geopolitical situation and having reviewed the company and group forecasts and projections, the directors are of the opinion that the company and group have adequate resources to continue in operational existence for the foreseeable future (at least 12 months from the date the accounts are approved and signed) and to meet their obligations and settle their liabilities as they fall due for payment. Accordingly the financial statements are prepared on on the going concern basis. Future developments The group will continue to develop its business in line with current activities, and in particular turret upgrade systems. Research and development During the year the group incurred expenditure on Research & Development of £245,861 (2023 - £166,236). The expenditure primarily represents investigation and implementation of Armoured Fighting Vehicles upgrades. Principal risks and uncertainties The market for the supply of defence and aerospace parts and systems remains highly competitive. The group seeks to manage the risk of losing customers to key competitors by providing added value services, improving response times in the supply of products and the handling of customer queries and by maintaining strong relationships and local representation with key customers. Other key risks relate to the political and regulatory environment that the company operates in. The directors manage these risks by meeting on a regular basis to discuss these risks. Key financial performance indicators (KPI's) The Board uses a range of financial and non-financial performance indicators, reported on a periodic basis, to monitor the group's performance over time. These include: - Reviewing the Sales Order book to establish the balance of outstanding orders received from customers to ensure there is always sufficient business in the pipeline. - Calculating the return on sales, or gross profit margin expressed as a percentage, to ensure the group is continually implementing an acceptable mark up on goods sold by the group. - Cash flow and foreign exchange risks are also strictly monitored. - Markets and business opportunities are continually evaluated and business strategy is amended accordingly. Our financial key performance indicators are as follows:
2024 2023 2022
£ £ £
Turnover 8,283,810 4,590,694 7,341,934
Profit before tax 1,545,763 261,697 291,264
Profit (%) 19 6 4
Key non financial performance indicators (KPI's) Key Non KPI's indicators are the continued high level of services provided to our customers, production of high quality equipment, the reputation of the company and the long term retention of a happy and committed workforce. Section 172 statement Under section 172(1) of the Companies Act 2006 ("Section 172"), the directors must act in the way that they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole and in doing so have regard (amongst other matters) to: - the likely consequences of any decisions in the long-term; - the interests of the company's employees; - the need to foster the company's business relationships with suppliers, customers and others; - the impact of the company's operations on the community and environment; - the desirability of the company maintaining a reputation for high standards of business conduct; - the need to act fairly between members of the company. The directors of the company consider that they have discharged their duties under section 172 in the decisions made during the period ending 30 June 2024. Key decisions made at the company level include approving the level of risk and investment. Our employees The company and group recognises that long term employees are central to it's success. The company and group are committed to equal opportunities in recruitment and employment. Our partners To survive and prosper for over 70 years, the company and group develop and maintain long term good relationships with both customers and suppliers. Our communities We are committed to supporting our employees, the local community and the United Kingdom with valuable employment and exports. Additionally, the company and group are, at all levels, committed to protecting the environment and the planet with genuine actions, including recently, protection of the local environment and electric car charging facilities. Members The duties of the directors are exercised in a way that is most likely to promote the success of the company and the group as a whole, while having regard to factors outlined in section 172.
This report was approved by the board of directors on 30 January 2025 and signed on behalf of the board by:
A. N. Stainton
Director
Registered office:
The Common
Cranleigh
Surrey
GU6 8LU
Repaircraft (UK) Limited
Directors' Report
Year ended 30 June 2024
The directors present their report and the financial statements of the group for the year ended 30 June 2024 .
Incorporation
The company is a holding company for the subsidiary called Repaircraft PLC, which was established in 1949.
Directors
The directors who served the company during the year were as follows:
A. N. Stainton
S. A. C. Stainton
H.A.R. Stainton
Dividends
The directors do not recommend the payment of a dividend. Financial risk management objectives and policies The group frequently purchases products in US Dollars or Euros. In order to reduce the group's exposure to movements in the US Dollar and Euro to Sterling exchange rates, where possible the related sales are also made in US Dollars or Euros, respectively. The group's credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers and by monitoring payments against contractual agreements. Where necessary, Letters of Credit are used. The group has a guaranteed bank facility of £275,000. See note 19 for details of the facility utilised at the year end. The group regularly monitors performance as part of its day to day procedures. The Board considers management accounts on a monthly basis and ensures that wherever necessary the appropriate remedial action is taken. Fixed assets The movements in the fixed assets of the group are disclosed in note 15 to the accounts. Policy on the payment of creditors The group policy on payment of suppliers is to settle terms of payment with cash at regular intervals and to abide by the terms of business agreed. At 30th June 2024 the group creditor payment was 29 days.
Disclosure of information in the strategic report
A separate strategic report has been prepared for Repaircraft (UK) Limited which includes information regarding the future developments, principle risks and uncertainties and information which would have been included in the business review.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 30 January 2025 and signed on behalf of the board by:
A. N. Stainton
Director
Registered office:
The Common
Cranleigh
Surrey
GU6 8LU
Repaircraft (UK) Limited
Independent Auditor's Report to the Members of Repaircraft (UK) Limited
Year ended 30 June 2024
Opinion
We have audited the financial statements of Repaircraft (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 June 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sector in which the company operates. Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation. In addition, the company is subject to other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to its ability to operate or to avoid a material penalty. These include anti-bribery legislation and employment law. Audit response to risks identified We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. We have reviewed management's assessment of how the company complies with the relevant laws and regulations. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. An auditor conducting an audit in accordance with ISAs (UK) is responsible for obtaining reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error and in our audit procedures described above. Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Peter Conneely
(Senior Statutory Auditor)
For and on behalf of
Shipleys LLP
Chartered accountants & statutory auditor
5 Godalming Business Centre
Woolsack Way
Godalming
Surrey
GU7 1XW
31 January 2025
Repaircraft (UK) Limited
Consolidated Statement of Comprehensive Income
Year ended 30 June 2024
2024
2023
Note
£
£
Turnover
4
8,283,810
4,590,694
Cost of sales
( 5,520,655)
( 3,327,805)
------------
------------
Gross profit
2,763,155
1,262,889
Distribution costs
( 172,186)
( 173,291)
Administrative expenses
( 1,110,578)
( 877,354)
Other operating income
5
23,403
------------
------------
Operating profit
6
1,503,794
212,244
Income from other fixed asset investments
10
30
17
Other interest receivable and similar income
11
54,361
49,436
Interest payable and similar expenses
12
( 12,422)
------------
------------
Profit before taxation
1,545,763
261,697
Tax on profit
13
( 335,095)
( 11,958)
------------
---------
Profit for the financial year and total comprehensive income
1,210,668
249,739
------------
---------
All the activities of the group are from continuing operations.
Repaircraft (UK) Limited
Consolidated Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
3,038,020
21,411
Investments
16
850
850
------------
--------
3,038,870
22,261
Current assets
Stocks
17
252,576
284,275
Debtors
18
1,042,151
1,182,419
Cash at bank and in hand
3,162,843
3,007,423
------------
------------
4,457,570
4,474,117
Creditors: amounts falling due within one year
19
( 1,594,638)
( 997,949)
------------
------------
Net current assets
2,862,932
3,476,168
------------
------------
Total assets less current liabilities
5,901,802
3,498,429
Creditors: amounts falling due after more than one year
20
( 1,250,000)
Provisions
Taxation including deferred tax
21
( 3,852)
( 5,016)
Other provisions
21
( 123,195)
( 179,326)
---------
---------
(127,047)
(184,342)
------------
------------
Net assets
4,524,755
3,314,087
------------
------------
Capital and reserves
Called up share capital
25
26,804
26,804
Share premium account
26
884,176
884,176
Capital redemption reserve
26
14,020
14,020
Profit and loss account
26
3,599,755
2,389,087
------------
------------
Shareholders funds
4,524,755
3,314,087
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
A. N. Stainton
Director
Company registration number: 06251084
Repaircraft (UK) Limited
Company Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Investments
16
925,001
925,000
Current assets
Debtors
18
170,000
Creditors: amounts falling due within one year
19
( 1)
( 170,000)
----
---------
Net current liabilities
( 1)
---------
---------
Total assets less current liabilities
925,000
925,000
---------
---------
Capital and reserves
Called up share capital
25
26,804
26,804
Share premium account
26
884,176
884,176
Capital redemption reserve
26
14,020
14,020
---------
---------
Shareholders funds
925,000
925,000
---------
---------
The profit for the financial year of the parent company was £Nil (2023: £ 250,000 ).
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
A. N. Stainton
Director
Company registration number: 06251084
Repaircraft (UK) Limited
Consolidated Statement of Changes in Equity
Year ended 30 June 2024
Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
£
At 1 July 2022
26,804
884,176
14,020
2,389,348
3,314,348
Profit for the year
249,739
249,739
--------
---------
--------
------------
------------
Total comprehensive income for the year
249,739
249,739
Dividends paid and payable
14
( 250,000)
( 250,000)
--------
---------
--------
------------
------------
Total investments by and distributions to owners
( 250,000)
( 250,000)
At 30 June 2023
26,804
884,176
14,020
2,389,087
3,314,087
Profit for the year
1,210,668
1,210,668
--------
---------
--------
------------
------------
Total comprehensive income for the year
1,210,668
1,210,668
--------
---------
--------
------------
------------
At 30 June 2024
26,804
884,176
14,020
3,599,755
4,524,755
--------
---------
--------
------------
------------
Repaircraft (UK) Limited
Company Statement of Changes in Equity
Year ended 30 June 2024
Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
£
At 1 July 2022
26,804
884,176
14,020
925,000
Profit for the year
250,000
250,000
--------
---------
--------
---------
---------
Total comprehensive income for the year
250,000
250,000
Dividends paid and payable
14
( 250,000)
( 250,000)
--------
---------
--------
---------
---------
Total investments by and distributions to owners
( 250,000)
( 250,000)
At 30 June 2023
26,804
884,176
14,020
925,000
Profit for the year
--------
---------
--------
---------
---------
At 30 June 2024
26,804
884,176
14,020
925,000
--------
---------
--------
---------
---------
Repaircraft (UK) Limited
Consolidated Statement of Cash Flows
Year ended 30 June 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
1,210,668
249,739
Adjustments for:
Depreciation of tangible assets
7,496
10,838
Income from other fixed asset investments
( 30)
( 17)
Other interest receivable and similar income
( 54,361)
( 49,436)
Interest payable and similar expenses
12,422
Unrealised foreign currency gains
(880)
Tax on profit
335,095
11,958
Accrued expenses
78,345
311,035
Changes in:
Stocks
31,699
( 73,047)
Trade and other debtors
140,267
( 479,513)
Trade and other creditors
337,162
193,786
Provisions and employee benefits
( 56,131)
( 150,000)
------------
---------
Cash generated from operations
2,041,752
25,343
Interest paid
( 12,422)
Interest received
54,361
49,436
Tax paid
( 155,076)
( 4,632)
------------
--------
Net cash from operating activities
1,928,615
70,147
------------
--------
Cash flows from investing activities
Purchase of tangible assets
( 3,024,105)
( 3,301)
Dividends received
30
17
------------
--------
Net cash used in investing activities
( 3,024,075)
( 3,284)
------------
--------
Cash flows from financing activities
Proceeds from borrowings
1,250,000
170,000
Dividends paid
( 250,000)
------------
---------
Net cash from/(used in) financing activities
1,250,000
( 80,000)
------------
---------
Net increase/(decrease) in cash and cash equivalents
154,540
( 13,137)
Cash and cash equivalents at beginning of year
3,007,423
3,020,560
Exchange gains on cash and cash equivalents
880
------------
------------
Cash and cash equivalents at end of year
3,162,843
3,007,423
------------
------------
Repaircraft (UK) Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
Repaircraft (UK) Limited is a private company limited by shares incorporated in England with registered number 06251084 . It's registered office and principal place of business is The Common, Cranleigh, Surrey, GU6 8LU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities as specified in the accounting policies below. The financial statements are prepared in sterling.
Going concern
Having made appropriate enquiries and considered the geopolitical situation, and having reviewed the company and group forecasts and projections, the directors believe that the company and group have adequate resources to continue in operational existence for the foreseeable future and to meet their obligations and settle their liabilities as they fall due for payment (at least 12 months from the date the accounts are approved and signed). Accordingly the financial statements are prepared on the going concern basis.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Repaircraft (UK) Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Impairment of assets Non-current assets including fixtures and fittings, plant and equipment and motor vehicles are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Where such an event or change of circumstances takes place, then additional impairment may be required for future periods. Allowance for doubtful debts The group maintains allowances for doubtful accounts for estimated losses resulting from the subsequent inability of customers to make required payments. If the financial conditions of customers were to deteriorate, resulting in an impairment of their ability to make payments, then additional allowances may be required in future periods. Stock provision The carrying value of stocks are reviewed for impairment on a regular basis or if events or changes in circumstances indicate that the carrying amount may not be recoverable. Where stocks are assessed to have no current value then they are written down to £nil. Where such stocks are subsequently sold then any profit or loss is recognised in the year of sale.
Revenue recognition
Turnover is measured at the fair value the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Stocks and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Fixtures and fittings
-
20% straight line
Motor vehicle
-
25% reducing balance
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Research and development
Expenditure on research and development activities is recognised as an expense in the period in which it is incurred.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
The group operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the group. The annual contributions payable are charged to the profit and loss account.
Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment for bad and doubtful debts.
Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
8,283,810
4,590,694
------------
------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
4,118,557
2,771,915
Overseas
4,165,253
1,818,779
------------
------------
8,283,810
4,590,694
------------
------------
5. Other operating income
2024
2023
£
£
Rental income
9,025
Commission receivable
14,378
--------
----
23,403
--------
----
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
7,496
10,838
Foreign exchange differences
( 11,164)
36,348
Operating lease and storage costs
94,470
83,142
Research & development expenditure
245,861
166,236
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
18,990
13,500
--------
--------
Fees payable to the company's auditor and its associates for other services:
Taxation compliance services
3,020
2,930
Taxation advisory services
18,225
--------
--------
21,245
2,930
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
6
4
Administrative staff
11
10
----
----
17
14
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
872,674
636,554
Social security costs
91,673
60,544
Other pension costs
57,090
43,300
------------
---------
1,021,437
740,398
------------
---------
Included within the above wages and salaries cost figure are subcontractor costs of £43,659 (2023: £20,300).
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
356,333
206,317
Company contributions to defined contribution pension plans
6,420
8,250
---------
---------
362,753
214,567
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
2
2
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
148,995
105,000
---------
---------
10. Income from other fixed asset investments
2024
2023
£
£
Income from other fixed asset investments
30
17
----
----
11. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
54,361
49,436
--------
--------
12. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
12,422
--------
----
13. Tax on profit
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
336,259
13,788
Deferred tax:
Origination and reversal of timing differences
( 1,164)
( 1,830)
---------
--------
Tax on profit
335,095
11,958
---------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19.50 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,545,763
261,697
------------
---------
Profit on ordinary activities by rate of tax
386,441
51,157
Effect of expenses not deductible for tax purposes
1,541
686
Capital allowances for period in excess of depreciation
1,145
1,343
Relief for enhanced Research & Development expenditure
( 52,860)
( 39,395)
Non-taxable income
( 8)
( 3)
Deferred tax
( 1,164)
( 1,830)
------------
---------
Tax on profit
335,095
11,958
------------
---------
14. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
250,000
----
---------
15. Tangible assets
Group
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer & Equipment
Land & buildings
Total
£
£
£
£
£
£
Cost
At 1 Jul 2023
38,873
38,514
120,230
158,093
355,710
Additions
2,916
3,021,189
3,024,105
--------
--------
---------
---------
------------
------------
At 30 Jun 2024
38,873
38,514
120,230
161,009
3,021,189
3,379,815
--------
--------
---------
---------
------------
------------
Depreciation
At 1 Jul 2023
38,873
38,509
103,709
153,208
334,299
Charge for the year
4,130
3,366
7,496
--------
--------
---------
---------
------------
------------
At 30 Jun 2024
38,873
38,509
107,839
156,574
341,795
--------
--------
---------
---------
------------
------------
Carrying amount
At 30 Jun 2024
5
12,391
4,435
3,021,189
3,038,020
--------
--------
---------
---------
------------
------------
At 30 Jun 2023
5
16,521
4,885
21,411
--------
--------
---------
---------
------------
------------
The company has no tangible assets.
16. Investments
Group
Shares in group undertakings
Listed investments
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
1
849
850
----
----
----
Impairment
At 1 July 2023 and 30 June 2024
----
----
----
Carrying amount
At 1 July 2023 and 30 June 2024
1
849
850
----
----
----
At 30 June 2023
1
849
850
----
----
----
Company
Shares in group undertakings
£
Cost
At 1 July 2023
925,000
Additions
1
---------
At 30 June 2024
925,001
---------
Impairment
At 1 July 2023 and 30 June 2024
---------
Carrying amount
At 30 June 2024
925,001
---------
At 30 June 2023
925,000
---------
The group owns 100% of the issued share capital of the company listed below, registered in England and Wales; and which was dormant throughout the period of ownership:-
A F V Technology Limited.
The company has not been consolidated into the group accounts as it is immaterial and has remained dormant for the entire accounting period and has net assets of £1.
The registered office address of A F V Technology Limited is The Common, Cranleigh, Surrey, GU6 8LU.
The market value of the listed investments at 30th June 2024 was £7,852 (2023 - £3,087). This was not considered materially different from cost to warrant a revaluation for accounting purposes.
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Repaircraft PLC
Ordinary
100
Repaircraft Chiddingfold Limited
Ordinary
100
The main business activity of Repaircraft PLC is the supply of defence and aerospace parts and systems. Repaircraft PLC is registered in England and Wales with registered office address of The Common, Cranleigh, Surrey, GU6 8LU. The main business activity of Repaircraft Chiddingfold Limited is holding an investment property. This property is intended to be rented to Repaircraft PLC, and as such, for the purpose of the consolidated accounts is reclassified from investment property to land and buildings. Repaircraft Chiddingfold Limited is registered in England and Wales with registered office address of The Common, Cranleigh, Surrey, GU6 8LU.
17. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
247,576
279,275
Finished goods and goods for resale
5,000
5,000
---------
---------
----
----
252,576
284,275
---------
---------
----
----
There is no material difference between the above values of stocks and their replacement cost.
18. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
972,571
1,121,592
Amounts owed by group undertakings
170,000
Prepayments and accrued income
57,907
51,686
Other debtors
11,673
9,141
------------
------------
----
---------
1,042,151
1,182,419
170,000
------------
------------
----
---------
The amounts owed by group undertakings are interest-free and repayable on demand.
19. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
445,977
478,247
Amounts owed to group undertakings
1
Accruals and deferred income
729,739
99,900
Corporation tax
194,971
13,788
Social security and other taxes
21,423
18,085
Director loan accounts
170,000
170,000
Other creditors
202,528
217,929
------------
---------
----
---------
1,594,638
997,949
1
170,000
------------
---------
----
---------
The amounts owed by group undertakings are interest-free and repayable on demand. The group has a guaranteed bank facility of £275,000 and a charge over credit balances to cover 100% of the value of any bonds and guarantees outstanding. A total of £40,000 (2023 - £40,000) of the facility has been utilised at the year end. Handelsbanken have issued fixed charges, containing negative pledges, on all present and future indebtedness of the company to Handelsbanken. Unlimited inter-company composite guarantee exists by and between Repaircraft (UK) Limited and the subsidiary Repaircraft PLC.
20. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
1,250,000
------------
----
----
----
The bank loan of £1,250,000 is repayable in full on 18 May 2026. Handelsbanken PLC have registered a fixed charge including a negative pledge in respect of the above bank loan over the property held by a subsidiary of the company.
21. Provisions
Group
Warranty provisions
Deferred tax (note 22)
Total
£
£
£
At 1 July 2023
179,326
5,016
184,342
Additions
123,195
123,195
Charge against provision
( 179,326)
( 1,164)
( 180,490)
---------
-------
---------
At 30 June 2024
123,195
3,852
127,047
---------
-------
---------
The company does not have any provisions.
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 21)
3,852
5,016
-------
-------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Excess of depreciation over taxation allowances
4,208
5,351
Other timing differences
( 356)
( 335)
-------
-------
----
----
3,852
5,016
-------
-------
----
----
Movement on deferred tax in the year:
2024 2023
£ £
At 1 July 2022 (5,016) (6,846)
Deferred tax movement 1,164 1,830
------- -------
At 30 June 2023 (3,852) (5,016)
------- -------
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 57,090 (2023: £ 43,300 ).
24. Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets that are debt instruments measured at amortised cost
Group
2024
2023
£
£
Financial assets that are debt instruments measured at amortised cost
1,237,670
1,122,441
------------
------------
Financial liabilities measured at amortised cost
Group
2024
2023
£
£
Financial liabilities measured at amortised cost
2,076,750
966,076
------------
---------
25. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
26,804
26,804
26,804
26,804
--------
--------
--------
--------
26. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
27. Analysis of changes in net debt
At 1 Jul 2023
Cash flows
Exchange rate differences
At 30 Jun 2024
£
£
£
£
Cash at bank and in hand
3,007,423
154,540
880
3,162,843
Debt due within one year
(170,000)
170,000
Debt due after one year
(1,250,000)
(1,250,000)
------------
------------
----
------------
2,837,423
( 925,460)
880
1,912,843
------------
------------
----
------------
28. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
48,000
48,000
--------
--------
----
----
Repaircraft (UK) Limited
Notes to the Financial Statements (continued)
Year ended 30 June 2024
28. Operating leases (continued)
The operating lease payments charged through the P&L is £48,000 (2023: £48,000).
29. Pension commitments
Contributions of £3,806 (2023: £3,132) were outstanding at the year end.
30. Contingencies
On 12th February 1993 a guarantee was made to H.M. Customs & Excise for £40,000. This relates to deferred VAT and Duty on export sales. Performance bonds totalling £nil outstanding at 30th June 2024 (2022: £nil).
31. Related party transactions
Total remuneration to directors and other key management personnel amounted to £ 362,753 (2023: £ 214,567 ).
32. Controlling party
A. N. Stainton is the ultimate controlling party of the company.