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Company registration number: 01458467







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2024


PERCIVAL AVIATION LIMITED






































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PERCIVAL AVIATION LIMITED
 


 
COMPANY INFORMATION


Directors
N J Percival 
C M Bench 




Company secretary
K Percival



Registered number
01458467



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




Bankers
Royal Bank of Scotland
20 West Street

Fareham

Hampshire

PO16 0LH





 


PERCIVAL AVIATION LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 8


 


PERCIVAL AVIATION LIMITED
REGISTERED NUMBER:01458467



STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
421,810
308,760

  
421,810
308,760

Current assets
  

Stocks
 5 
1,235,408
1,142,068

Debtors: amounts falling due within one year
 6 
2,746,995
3,106,429

Cash at bank and in hand
  
402,431
1,106,600

  
4,384,834
5,355,097

Creditors: amounts falling due within one year
 7 
(1,358,916)
(2,654,665)

Net current assets
  
 
 
3,025,918
 
 
2,700,432

Total assets less current liabilities
  
3,447,728
3,009,192

Provisions for liabilities
  

Deferred tax
  
(96,868)
(69,423)

Provision for litigation claims
  
(150,000)
-

  
 
 
(246,868)
 
 
(69,423)

Net assets
  
3,200,860
2,939,769

Page 1

 


PERCIVAL AVIATION LIMITED
REGISTERED NUMBER:01458467


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

2024
2023
£
£

Capital and reserves
  

Called up share capital 
  
490
490

Share premium account
  
910
910

Profit and loss account
  
3,199,460
2,938,369

  
3,200,860
2,939,769


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

Date: 13 March 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


PERCIVAL AVIATION LIMITED
 


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

1.


General information

Percival Aviation 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 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.

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 


PERCIVAL AVIATION LIMITED
 


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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

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.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 4

 


PERCIVAL AVIATION LIMITED
 


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

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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:

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 5

 


PERCIVAL AVIATION LIMITED
 


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

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets 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.

 
2.12

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.


Employees

The average monthly number of employees, including directors, during the year was 57 (2023 - 44).

Page 6

 


PERCIVAL AVIATION LIMITED
 


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


4.


Tangible fixed assets






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 December 2023
1,223,467
40,608
112,537
242,946
1,619,558


Additions
201,095
-
11
29,425
230,531



At 30 November 2024

1,424,562
40,608
112,548
272,371
1,850,089



Depreciation


At 1 December 2023
970,524
24,570
106,723
208,981
1,310,798


Charge for the year on owned assets
91,278
4,582
983
20,638
117,481



At 30 November 2024

1,061,802
29,152
107,706
229,619
1,428,279



Net book value



At 30 November 2024
362,760
11,456
4,842
42,752
421,810



At 30 November 2023
252,943
16,038
5,814
33,965
308,760


5.


Stocks

2024
2023
£
£

Work in progress
109,715
83,342

Finished goods and goods for resale
1,125,693
1,058,726

1,235,408
1,142,068



6.


Debtors

2024
2023
£
£


Trade debtors
1,092,954
940,292

Amounts owed by group undertakings
1,401,791
1,994,656

Other debtors
195,360
71,977

Prepayments and accrued income
56,890
99,504

2,746,995
3,106,429


Page 7

 


PERCIVAL AVIATION LIMITED
 


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

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
472,539
256,260

Amounts owed to group undertakings
-
1,570,318

Corporation tax
208,351
254,144

Other taxation and social security
50,954
51,603

Other creditors
272,064
11,249

Accruals and deferred income
355,008
511,091

1,358,916
2,654,665



8.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
42,000
420,000

Later than 1 year and not later than 5 years
-
42,000

42,000
462,000

Lease payments of £420,000 (2023 - £420,000) were recognised as an expense in the profit and loss account during the year. 


9.


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.


10.


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 FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 8