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Company registration number: 10688790







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2024


PERCIVAL AVIATION GROUP LIMITED






































img39da.png                        

 


PERCIVAL AVIATION GROUP LIMITED
 


 
COMPANY INFORMATION


Director
Mr N J Percival 




Registered number
10688790



Registered office
Hampshire House
3 Cartwright Drive

Fareham

Hampshire

PO15 5RJ




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


PERCIVAL AVIATION GROUP LIMITED
 



CONTENTS



Page
Group Strategic Report
1 - 2
Director's Report
3 - 4
Independent Auditor's Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10
Company Statement of Financial Position
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 33

 


PERCIVAL AVIATION GROUP LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024


Introduction
 
The Director presents the strategic report of Percival Aviation Group Limited ("Group") for the financial year ended 30 November 2024. This report provides an overview of the Group’s business performance, principal risks and uncertainties, and future prospects in compliance with the United Kingdom Generally Accepted Accounting Practice (UK GAAP).

Business review
 
During the financial year, the Group recorded turnover of £11.46 million (2023: £9.94 million), representing an increase of 15.3%. This growth reflects strong recovery in the aviation sector, with increasing demand for the Group’s products and services.
Operating profit increased to £2.23 million (2023: £1.56 million), driven by improved efficiency and cost control measures. Despite inflationary pressures on raw materials and operational costs, the Group successfully maintained a healthy gross margin. Profit after tax amounted to £1.29 million (2023: £1.08 million).
Cash reserves stood at £1.71 million at the year-end, demonstrating robust liquidity. The Group also strengthened its balance sheet with net assets of £9.30 million (2023: £8.15 million), underpinned by revaluation gains on investment property and retained earnings growth.

Principal risks and uncertainties
 
The Group operates in the aviation sector, which is subject to macroeconomic fluctuations, regulatory changes, and global economic conditions. Key risks include:
Market and Economic Risk: Demand for the Group’s products is closely linked to airline industry health. Economic downturns or geopolitical events could impact demand.
Foreign Exchange Risk: Given international operations, currency fluctuations impact financial performance. The Group mitigates this risk through active foreign exchange management.
Supply Chain Disruptions: The Group sources raw materials globally. Disruptions in the supply chain, including shipping delays or cost inflation, could affect operations.
Regulatory and Compliance Risk: The aviation sector is highly regulated, requiring compliance with safety, environmental, and trade regulations. The Group ensures adherence through regular audits and compliance monitoring.

Future developments

The Group is focused on sustained growth and operational expansion, with key strategic initiatives including:
 
Investment in Innovation: Expansion of R&D capabilities to enhance product offerings.
Geographical Expansion: Strengthening market presence in the US and exploring opportunities in Asia.
Operational Efficiency: Implementing lean manufacturing practices and supply chain optimisations.
Sustainability Initiatives: Exploring eco-friendly materials and sustainable production methods to align with industry trends.

The Group expects revenue growth to continue in the coming years, targeting pre-pandemic revenue levels within the next three years.

Financial key performance indicators (KPIs)
 
The Group monitors its performance using key financial and operational indicators, including:
 
Revenue Growth: 15.3% increase in revenue year-on-year.
Profitability: Operating profit margin of 19.5% (2023: 15.7%).
Liquidity: Year-end cash balance of £1.71 million, ensuring financial stability.
Employee Productivity: Revenue per employee metric monitored for operational efficiency.

Page 1

 


PERCIVAL AVIATION GROUP LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024


This report was approved by the board and signed on its behalf.



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

Date: 13 March 2025
Page 2

 


PERCIVAL AVIATION GROUP LIMITED
 


 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The director presents his report and the financial statements for the year ended 30 November 2024.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,289,688 (2023 - £1,077,857).

Dividends of £380,000 (2023: £220,000) were declared during the year.

Director

The director who served during the year was:

Mr N J Percival 

Future developments

Please refer to the strategic report.

Financial instruments

The company does not hold any complex financial instruments that are material for the assessment of the financial statements.

Matters covered in the Group Strategic Report

The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and
Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report
Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports)
Regulation 2008. This includes information that would have been included in the business review and details of the
principal risks and uncertainties.

Page 3

 


PERCIVAL AVIATION GROUP LIMITED
 


 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

Disclosure of information to auditor

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





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

Date: 13 March 2025
Page 4

 


PERCIVAL AVIATION GROUP LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERCIVAL AVIATION GROUP LIMITED

Opinion


We have audited the financial statements of Percival Aviation Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 November 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; and
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 director's 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 director 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 Auditor's Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Page 5

 


PERCIVAL AVIATION GROUP LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERCIVAL AVIATION GROUP LIMITED (CONTINUED)

Opinion 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 Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's 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 Group Strategic Report or the Director's 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 director's 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 Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


PERCIVAL AVIATION GROUP LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERCIVAL AVIATION GROUP LIMITED (CONTINUED)

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 Group 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:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.
 
We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to management, and those responsible for legal and compliance procedures. 
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
 
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and 
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations 
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent supplier ledger and payroll activity; and
°Manipulation of amounts subject to significant judgement or estimate.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
Page 7

 


PERCIVAL AVIATION GROUP LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERCIVAL AVIATION GROUP LIMITED (CONTINUED)

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 2006Our 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.





James Hadfield FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
3000a Parkway
Whiteley
Hampshire
PO15 7FX

13 March 2025
Page 8

 


PERCIVAL AVIATION GROUP LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,458,992
9,939,855

Cost of sales
  
(4,868,392)
(4,471,153)

Gross profit
  
6,590,600
5,468,702

Administrative expenses
  
(4,660,017)
(3,911,614)

Fair value movements
  
299,018
-

Operating profit
 5 
2,229,601
1,557,088

Interest receivable and similar income
 10 
14,048
25,051

Interest payable and similar expenses
 11 
(361,686)
(327,305)

Profit before tax
  
1,881,963
1,254,834

Tax on profit
 12 
(592,275)
(176,977)

Profit for the financial year
  
1,289,688
1,077,857

Other comprehensive income for the year
  

Foreign exchange reserve movement
  
246,509
(17,769)

Other comprehensive income for the year
  
246,509
(17,769)

Total comprehensive income for the year
  
1,536,197
1,060,088

Profit for the year attributable to:
  

Owners of the parent company
  
(1,289,688)
(1,077,857)

  
(1,289,688)
(1,077,857)

The notes on pages 16 to 33 form part of these financial statements.
Page 9

 


PERCIVAL AVIATION GROUP LIMITED
REGISTERED NUMBER:10688790



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
8,216,481
7,922,860

Investment property
 15 
2,400,000
2,100,982

  
10,616,481
10,023,842

Current assets
  

Stocks
 16 
1,602,448
1,416,785

Debtors: amounts falling due within one year
 17 
2,350,320
1,865,032

Cash at bank and in hand
  
1,711,408
1,636,587

  
5,664,176
4,918,404

Creditors: amounts falling due within one year
 18 
(6,267,903)
(1,902,305)

Net current (liabilities)/assets
  
 
 
(603,727)
 
 
3,016,099

Total assets less current liabilities
  
10,012,754
13,039,941

Creditors: amounts falling due after more than one year
 19 
-
(4,469,504)

Provisions for liabilities
  

Deferred tax
 21 
(561,028)
(424,908)

Other provisions
  
(150,000)
-

  
 
 
(711,028)
 
 
(424,908)

Net assets
  
9,301,726
8,145,529


Capital and reserves
  

Called up share capital 
 23 
490
490

Foreign exchange reserve
 24 
(39,801)
(17,567)

Revaluation reserve
 24 
268,743
-

Profit and loss account
 24 
9,072,294
8,162,606

  
9,301,726
8,145,529


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




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

Date: 13 March 2025

The notes on pages 16 to 33 form part of these financial statements.
Page 10

 


PERCIVAL AVIATION GROUP LIMITED
REGISTERED NUMBER:10688790



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 14 
5,169
5,169

  
5,169
5,169

Current assets
  

Debtors: amounts falling due within one year
 17 
5,195,316
5,525,507

Cash at bank and in hand
  
1,098,595
164,581

  
6,293,911
5,690,088

Creditors: amounts falling due within one year
 18 
(286,628)
(315,492)

Net current assets
  
 
 
6,007,283
 
 
5,374,596

Total assets less current liabilities
  
6,012,452
5,379,765

  

  

Net assets
  
6,012,452
5,379,765


Capital and reserves
  

Called up share capital 
 23 
490
490

Profit and loss account brought forward
  
5,379,275
5,108,611

Profit for the year

  

1,012,687
490,664

Other changes in the profit and loss account

  

(380,000)
(220,000)

Profit and loss account carried forward
  
6,011,962
5,379,275

  
6,012,452
5,379,765


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




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

Date: 13 March 2025

The notes on pages 16 to 33 form part of these financial statements.
Page 11

 


PERCIVAL AVIATION GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Investment property revaluation reserve
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 December 2022
490
-
202
7,304,749
7,305,441


Comprehensive income for the year

Profit for the year

-
-
-
1,077,857
1,077,857

Foreign exchange movement
-
-
(17,769)
-
(17,769)


Other comprehensive income for the year
-
-
(17,769)
-
(17,769)


Total comprehensive income for the year
-
-
(17,769)
1,077,857
1,060,088


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(220,000)
(220,000)


Total transactions with owners
-
-
-
(220,000)
(220,000)



At 1 December 2023
490
-
(17,567)
8,162,606
8,145,529


Comprehensive income for the year

Profit for the year

-
-
-
1,289,688
1,289,688

Foreign exchange movement
-
268,743
(22,234)
-
246,509


Other comprehensive income for the year
-
268,743
(22,234)
-
246,509


Total comprehensive income for the year
-
268,743
(22,234)
1,289,688
1,536,197


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(380,000)
(380,000)


Total transactions with owners
-
-
-
(380,000)
(380,000)


At 30 November 2024
490
268,743
(39,801)
9,072,294
9,301,726


The notes on pages 16 to 33 form part of these financial statements.
Page 12

 


PERCIVAL AVIATION GROUP LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 December 2022
490
5,108,611
5,109,101


Comprehensive income for the year

Profit for the year
-
490,664
490,664


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
490,664
490,664


Contributions by and distributions to owners

Dividends: Equity capital
-
(220,000)
(220,000)


Total transactions with owners
-
(220,000)
(220,000)



At 1 December 2023
490
5,379,275
5,379,765


Comprehensive income for the year

Profit for the year
-
1,012,687
1,012,687


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
1,012,687
1,012,687


Contributions by and distributions to owners

Dividends: Equity capital
-
(380,000)
(380,000)


Total transactions with owners
-
(380,000)
(380,000)


At 30 November 2024
490
6,011,962
6,012,452


The notes on pages 16 to 33 form part of these financial statements.
Page 13

 


PERCIVAL AVIATION GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,289,688
1,077,857

Adjustments for:

Depreciation of tangible assets
220,208
216,244

Loss on disposal of tangible assets
(2,500)
-

Interest paid
361,686
327,305

Interest received
(14,048)
(25,051)

Taxation charge
592,275
176,977

(Increase) in stocks
(185,662)
(190,473)

(Increase) in debtors
(485,136)
(471,603)

Increase in creditors
236,335
278,017

Increase in provisions
150,000
-

Net fair value (gains)/losses recognised in P&L
(299,018)
-

Corporation tax (paid)
(633,379)
(49,046)

Foreign exchange
87,798
65,555

Net cash generated from operating activities

1,318,247
1,405,782


Cash flows from investing activities

Purchase of tangible fixed assets
(253,535)
(268,779)

Interest received
14,048
25,051

Net cash from investing activities

(239,487)
(243,728)

Cash flows from financing activities

Repayment of loans
(267,500)
(647,371)

Dividends paid
(380,000)
(220,000)

Interest paid
(361,686)
(327,305)

Net cash used in financing activities
(1,009,186)
(1,194,676)

Net increase/(decrease) in cash and cash equivalents
69,574
(32,622)

Cash and cash equivalents at beginning of year
1,636,454
1,669,076

Cash and cash equivalents at the end of year
1,706,028
1,636,454


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,711,408
1,636,587

Bank overdrafts
(5,380)
(133)

1,706,028
1,636,454


Page 14

 


PERCIVAL AVIATION GROUP LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2024




At 1 December 2023
Cash flows
At 30 November 2024
£

£

£

Cash at bank and in hand

1,636,587

74,821

1,711,408

Bank overdrafts

(133)

(5,247)

(5,380)

Debt due after 1 year

(4,469,504)

4,469,504

-

Debt due within 1 year

(283,366)

(4,218,070)

(4,501,436)


(3,116,416)
321,008
(2,795,408)

The notes on pages 16 to 33 form part of these financial statements.
Page 15

 


PERCIVAL AVIATION GROUP LIMITED
 


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

1.


General information

Percival Aviation Group Limited is a private company limited by shares incorporated in England and Wales. The address of the 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

Going concern

The Director continues to adopt the going concern basis of accounting in preparing these annual financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 16

 


PERCIVAL AVIATION GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

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

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

Page 17

 


PERCIVAL AVIATION GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


 
2.11

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
2% straight line on cost
Plant and machinery
-
15% straight line on cost
Motor vehicles
-
25% straight line on cost
Fixtures and fittings
-
15% straight line on cost
Computer equipment
-
33% straight line on cost

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

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

Page 18

 


PERCIVAL AVIATION GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

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.

 
2.17

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.
Page 19

 


PERCIVAL AVIATION GROUP LIMITED
 


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

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Page 20

 


PERCIVAL AVIATION GROUP LIMITED
 


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

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies 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.
Depreciation and residual values
The director has reviewed the asset lives and associated residual values of all fixed asset classes, and has
concluded that asset lives and residual values are appropriate.
Property valuations
The director has reviewed the property valuation and the underlying calculations, and has concluded that the valuation is deemed appropriate. 

Page 21

 


PERCIVAL AVIATION GROUP LIMITED
 


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

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
11,458,992
9,939,855

11,458,992
9,939,855


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
9,970,863
8,538,995

Rest of the world
1,488,129
1,400,860

11,458,992
9,939,855



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
32,420
(10,107)


6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
43,500
-

Fees payable to the Company's auditors for other services to the Group
12,750
-

Page 22

 


PERCIVAL AVIATION GROUP LIMITED
 


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

7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,250,059
2,896,576
583,096
659,983

Social security costs
274,915
239,092
73,966
66,052

Cost of defined contribution scheme
97,483
71,549
9,486
9,601

3,622,457
3,207,217
666,548
735,636


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
67
54
6
6


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
131,056
140,474

Group contributions to defined contribution pension schemes
9,486
9,601

140,542
150,075


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


9.


Key management remuneration

During the year remuneration was paid to key management personnel (excluding directors of Percival Aviation Group Limited) of £210,931 (2023 - 328,343).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
14,048
25,051

14,048
25,051

Page 23

 


PERCIVAL AVIATION GROUP LIMITED
 


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

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
361,686
325,407

Other interest payable
-
1,898

361,686
327,305


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
456,155
88,077


456,155
88,077


Total current tax
456,155
88,077

Deferred tax


Origination and reversal of timing differences
136,120
88,900

Total deferred tax
136,120
88,900


Tax on profit
592,275
176,977
Page 24

 


PERCIVAL AVIATION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,881,963
1,254,834


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23%)
470,491
288,612

Effects of:


Expenses not deductible for tax purposes
24,656
9,166

Adjustments to tax charge in respect of prior periods
-
(58,933)

Income not chargeable
(73,923)
(26,887)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(30,203)

Permanent differences
106,951
1,590

Other differences leading to an increase (decrease) in the tax charge
64,100
(6,368)

Total tax charge for the year
592,275
176,977

Page 25

 


PERCIVAL AVIATION GROUP LIMITED
 


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

13.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 December 2023
8,139,248
1,223,466
40,608
112,537
252,040


Additions
-
201,095
-
11
52,429


Revaluations
(189,647)
-
-
-
-


Exchange adjustments
(10,118)
-
-
-
-



At 30 November 2024

7,939,483
1,424,561
40,608
112,548
304,469



Depreciation


At 1 December 2023
534,241
970,524
24,570
106,723
208,981


Charge for the year on owned assets
102,217
91,278
4,582
983
20,638


On revalued assets
(458,390)
-
-
-
-


Exchange adjustments
(1,159)
-
-
-
-



At 30 November 2024

176,909
1,061,802
29,152
107,706
229,619



Net book value



At 30 November 2024
7,762,574
362,759
11,456
4,842
74,850



At 30 November 2023
7,605,007
252,942
16,038
5,814
43,059
Page 26

 


PERCIVAL AVIATION GROUP LIMITED
 


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

           13.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 December 2023
9,767,899


Additions
253,535


Revaluations
(189,647)


Exchange adjustments
(10,118)



At 30 November 2024

9,821,669



Depreciation


At 1 December 2023
1,845,039


Charge for the year on owned assets
219,698


On revalued assets
(458,390)


Exchange adjustments
(1,159)



At 30 November 2024

1,605,188



Net book value



At 30 November 2024
8,216,481



At 30 November 2023
7,922,860

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 hisoric cost of £8,040,930 (2023: £8,040,930) accumulated depreciation of £633,542 (2023: £534,241) and a net book value of £7,407,388 (2023: £7,506,689).



Page 27

 


PERCIVAL AVIATION GROUP LIMITED
 


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

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2023
5,169



At 30 November 2024
5,169





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Percival Aviation Limited
Hampshire House, 3 Cartwright Drive, Fareham, Hampshire, United Kingdom, PO15 5RJ
Ordinary
100%
Percival Aviation Inc
4275 Kellway Cir Suite 170, Addison, TX 75001, United States
Ordinary
100%
Percival Aviation LLC
3072 Ironwood Road, Scottsdale, AZ 85377
Ordinary
100%
Percival Aviation Property Limited
Hampshire House, 3 Cartwright Drive, Fareham, Hampshire, United Kingdom, PO15 5RJ
Ordinary
100%

Page 28

 


PERCIVAL AVIATION GROUP LIMITED
 


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

15.


Investment property

Group


Freehold 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




16.


Stocks

Group
Group
2024
2023
£
£

Work in progress (goods to be sold)
109,715
83,342

Finished goods and goods for resale
1,492,733
1,333,443

1,602,448
1,416,785


Page 29

 


PERCIVAL AVIATION GROUP LIMITED
 


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

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,488,624
1,155,688
-
-

Amounts owed by group undertakings
-
-
4,847,050
5,094,972

Other debtors
799,067
607,741
348,266
427,719

Prepayments and accrued income
62,629
101,603
-
2,816

2,350,320
1,865,032
5,195,316
5,525,507



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
5,380
133
27
27

Bank loans
4,469,504
267,500
-
-

Trade creditors
542,553
379,872
36,062
100,337

Corporation tax
236,155
314,143
-
13,449

Other taxation and social security
113,245
99,192
47,853
34,271

Other creditors
326,174
61,827
4,641
4,897

Accruals and deferred income
574,892
779,638
198,045
162,511

6,267,903
1,902,305
286,628
315,492



19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
-
4,469,504

-
4,469,504


There were two bank loans. One loan had a facility limit of £1,600,000 and the interest rate was 2.65% + LIBOR. The second loan had a facility limit of £4,500,000 and the interest rate was 2.19% + LIBOR. 
Both of the above bank loan facilities were secured by debentures creating a fixed and floating charge over the assets of the Company. The fixed charges were over 3 Cartwright Drive and 15 Barnes Wallis Road.

Page 30

 


PERCIVAL AVIATION GROUP LIMITED
 


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

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
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



21.


Deferred taxation


Group



2024


£






At beginning of year
(424,908)


Charged to profit or loss
(136,120)



At end of year
(561,028)

Company


2024






At end of year
-

 

Group
Group
2024
2023
£
£

Accelerated capital allowances
561,028
424,908

561,028
424,908

Page 31

 


PERCIVAL AVIATION GROUP LIMITED
 


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

22.


Provisions


Group



Provision for litigation claims

£





Charged to profit or loss
150,000



At 30 November 2024
150,000


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



490 (2023 - 490) Ordinary shares of £1.00 each
490
490

Each ordinary share has equal voting and dividend rights.



24.


Reserves

Revaluation reserve

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

Foreign exchange reserve

This reserve records the foreign exchange difference on retranslation of brought forward reserves of consolidated foreign subsidiaries.

Profit and loss account

This reserve records retained earnings and accumulated losses.


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £97,483  (2023 - £71,549) . Contributions totalling £27,291 (2023 - £11,481) were payable to the fund at the reporting date and are included in creditors.


26.


Related party transactions

During the year remuneration was paid to close family members of directors of £42,686 (2023: £40,578)

Page 32

 


PERCIVAL AVIATION GROUP LIMITED
 


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

27.


Controlling party

The company is controlled by Mr N J Percival who owns 100 per cent of the issued share capital of the company. 
 
Page 33