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Company registration number: 11487608







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2024


PERCIVAL AVIATION PROPERTY LIMITED






































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PERCIVAL AVIATION PROPERTY LIMITED
 


 
COMPANY INFORMATION


Director
N J Percival 




Registered number
11487608



Registered office
Hampshire House
3 Cartwright Drive

Fareham

Hampshire

PO15 5RJ




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


PERCIVAL AVIATION PROPERTY LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9


 


PERCIVAL AVIATION PROPERTY LIMITED
REGISTERED NUMBER:11487608



STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,743,861
6,577,335

Investment property
 5 
2,400,000
2,100,982

  
9,143,861
8,678,317

Current assets
  

Cash at bank and in hand
  
24,212
27,962

  
24,212
27,962

Creditors: amounts falling due within one year
 6 
(7,941,130)
(3,662,061)

Net current liabilities
  
 
 
(7,916,918)
 
 
(3,634,099)

Total assets less current liabilities
  
1,226,943
5,044,218

Creditors: amounts falling due after more than one year
 7 
-
(4,469,504)

Provisions for liabilities
  

Deferred tax
  
(464,160)
(355,485)

  
 
 
(464,160)
 
 
(355,485)

Net assets
  
762,783
219,229


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
268,743
-

Profit and loss account
  
493,940
219,129

  
762,783
219,229


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 by: 




................................................
N J Percival
Director

Page 1

 


PERCIVAL AVIATION PROPERTY LIMITED
REGISTERED NUMBER:11487608


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2024

Date: 13 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 


PERCIVAL AVIATION PROPERTY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Percival Aviation Property Limited is a private company limited by shares incorporated in England and Wales. The address ofthe registered office is disclosed on the company information page. The registered address is also the principal place of business.

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

Going concern

The Directors continue to adopt the going concern basis of accounting in preparing these annual financial statements. Despite the loans being due within 12 months the directors remain confident that if the loan is not settled further financing will be available.

 
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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

 


PERCIVAL AVIATION PROPERTY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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 4

 


PERCIVAL AVIATION PROPERTY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

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.

 
2.11

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.

 
2.12

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financialassets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 -1).

Page 5

 


PERCIVAL AVIATION PROPERTY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Tangible fixed assets





Long-term leasehold property

£



Cost or valuation


At 1 December 2023
6,977,847


Revaluations
(189,647)



At 30 November 2024

6,788,200



Depreciation


At 1 December 2023
400,512


Charge for the year on owned assets
102,217


On revalued assets
(458,390)



At 30 November 2024

44,339



Net book value



At 30 November 2024
6,743,861



At 30 November 2023
6,577,335

The 2024 valuations were made by Vail Williams, on an open market value for existing use basis. 
If the long term leasehold property had been accounted for under the historic cost accounting rules, the property would have had a historic cost of £6,889,647 (2023: £6,889,647) accumulated depreciation of £499,813 (2023: £399,792) and a net book value of £6,389,834 (2023: £6,489,855).

Page 6

 


PERCIVAL AVIATION PROPERTY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


Investment property


Investment property

£



Valuation


At 1 December 2023
2,100,982


Surplus on revaluation
299,018



At 30 November 2024
2,400,000

The 2024 valuations were made by Vail Williams, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,100,982
2,100,982

Accumulated depreciation and impairments
(210,098)
(160,256)

1,890,884
1,940,726


6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
4,469,504
267,500

Trade creditors
-
5,292

Amounts owed to group undertakings
3,337,976
3,244,997

Corporation tax
27,804
46,550

Other taxation and social security
14,438
13,318

Other creditors
40,000
40,000

Accruals and deferred income
51,408
44,404

7,941,130
3,662,061



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
4,469,504

-
4,469,504


Page 7

 


PERCIVAL AVIATION PROPERTY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
4,469,504
267,500


4,469,504
267,500

Amounts falling due 1-2 years

Bank loans
-
4,469,504


-
4,469,504



4,469,504
4,737,004



9.


Reserves

Revaluation reserve

This reserve reflects the unrealised gain or losses generated through revalaution of long term leasehold property held.

Profit and loss account

This reserve records retained earnings and accumulated losses.


10.


Commitments as a lessor

At 30 November 2024 the Company had future minimum lease receipts due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
59,650
580,000

Later than 1 year and not later than 5 years
-
59,650

59,650
639,650

Page 8

 


PERCIVAL AVIATION PROPERTY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

11.


Controlling party

At the year end, the immediate and ultimate parent company, which is also the parent for the largest and smallest group of undertakings for which the group financial statements are drawn up for and of which the company is a member of is Percival Aviation Group Limited.
The registered office of Percival Aviation Group Limited is Hampshire House, 3 Cartwright Drive, Fareham, Hampshire, United Kingdom, PO15 5RJ.
The consolidated financial statements for Percival Aviation Group Limited can be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff CF14 3UZ.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 30 November 2024 was unqualified.

The audit report was signed on 13 March 2025 by James Hadfield (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 9