Company registration number 09150247 (England and Wales)
CITATION PILOT SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
CITATION PILOT SERVICES LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CITATION PILOT SERVICES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CITATION PILOT SERVICES LIMITED FOR THE YEAR ENDED 31 JULY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Citation Pilot Services Limited for the year ended 31 July 2024 set out on pages 2 to 7 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Citation Pilot Services Limited, as a body, in accordance with the terms of our engagement letter dated 20 September 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Citation Pilot Services Limited and state those matters that we have agreed to state to the board of directors of Citation Pilot Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Citation Pilot Services Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Citation Pilot Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Citation Pilot Services Limited. You consider that Citation Pilot Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Citation Pilot Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
17 March 2025
Chartered Accountants
Piper House
4 Dukes Court
Bognor Road
Chichester
West Sussex
P019 8FX
CITATION PILOT SERVICES LIMITED
BALANCE SHEET
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2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,682
2,243
Investment property
4
827,294
745,911
828,976
748,154
Current assets
Debtors
5
670
Cash at bank and in hand
2,985
3,599
3,655
3,599
Creditors: amounts falling due within one year
6
(422,579)
(363,164)
Net current liabilities
(418,924)
(359,565)
Total assets less current liabilities
410,052
388,589
Creditors: amounts falling due after more than one year
7
(78,453)
(78,453)
Provisions for liabilities
(10,306)
(13,024)
Net assets
321,293
297,112
Capital and reserves
Called up share capital
8
1
1
Non-distributable profits reserve
9
29,656
53,710
Distributable profit and loss reserves
291,636
243,401
Total equity
321,293
297,112
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 year 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.
CITATION PILOT SERVICES LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 17 March 2025
D J Wilson
Director
Company registration number 09150247 (England and Wales)
CITATION PILOT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information
Citation Pilot Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Piper House, 4 Dukes Court, Bognor Road, West Sussex, Chichester, PO19 8FX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 on the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rents, on a time apportioned basis, from investment properties.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% diminishing balance per annum
Computer equipment
25% diminishing balance per annum
Motor vehicles
25% diminishing balance per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
CITATION PILOT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2023 - 0).
CITATION PILOT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
2,754
225
3,120
6,099
Depreciation and impairment
At 1 August 2023
1,883
169
1,804
3,856
Depreciation charged in the year
218
14
329
561
At 31 July 2024
2,101
183
2,133
4,417
Carrying amount
At 31 July 2024
653
42
987
1,682
At 31 July 2023
871
56
1,316
2,243
4
Investment property
2024
£
Fair value
At 1 August 2023
745,911
Additions
108,150
Revaluations
(26,767)
At 31 July 2024
827,294
Investment property comprises six residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the Directors based on the Land Registry House Price Index. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
670
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
3,947
3,947
Taxation and social security
12,814
8,657
Other creditors
405,818
350,560
422,579
363,164
CITATION PILOT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
6
Creditors: amounts falling due within one year
(Continued)
- 7 -
The bank loan is secured on the underlying asset.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
78,453
78,453
The bank loan is secured on the underlying asset.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
53,710
58,859
Non distributable profits in the year
(24,054)
(5,149)
At the end of the year
29,656
53,710
The non-distributable profits reserve consists of the fair value gains or losses on investment property at the reporting end date.