Company registration number 12662460 (England and Wales)
ROTORTRADE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ROTORTRADE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 8
ROTORTRADE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
19,279
7,447,435
Cash at bank and in hand
243,149
8,435
262,428
7,455,870
Creditors: amounts falling due within one year
5
(72,194)
(352,052)
Net current assets
190,234
7,103,818
Creditors: amounts falling due after more than one year
6
(6,550,660)
Net assets
190,234
553,158
Capital and reserves
Called up share capital
7
5,000
5,000
Capital contribution reserve
107,692
416,184
Profit and loss reserves
77,542
131,974
Total equity
190,234
553,158
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 March 2025 and are signed on its behalf by:
Mr R Lubrano
Director
Company registration number 12662460 (England and Wales)
ROTORTRADE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
5,000
-
(63,318)
(58,318)
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
195,292
195,292
Amount recognised on financing transaction
-
416,184
416,184
Balance at 31 December 2023
5,000
416,184
131,974
553,158
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(54,432)
(54,432)
Early repayment of loan recognised as financing transaction
-
(308,492)
-
(308,492)
Balance at 31 December 2024
5,000
107,692
77,542
190,234
ROTORTRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Rotortrade Limited is a private company limited by shares incorporated in England and Wales, registration number 12662460. The registered office is 3rd Floor, 28 Austin Friars, London, EC2N 2QQ.
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 functional currency of the company is Euro's. The financial statements are prepared in sterling, which is the presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. It is the intention of the directors to apply for the company to be dissolved within 12 months of the signing date of the financial statements. As a consequence, the directors have determined that the financial statements should be prepared on a basis other than that of a going concern, which includes where appropriate, writing down of the company's assets to net realisable value. No provision has been made for the costs of dissolution as a final set of financial statements for corporation tax purposes will be prepared up to the date that the company ceases to trade that will include a provision for the costs of dissolution.
No material adjustments have arisen due to the financial statements being prepared on a basis other than that of a going concern.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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.
ROTORTRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
Where the entity enters into a financing transaction, the financial asset or liability is initially recognised at the present value of future payments discounted at a market rate of interest for a similar debt instrument as determined at initial recognition adjusted for transaction costs. Subsequently, the financial asset or liability is measured at amortised cost using the effective interest rate method.
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 using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of 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 company after deducting all of its liabilities.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ROTORTRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
ROTORTRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In preparing the financial statements, management has exercised significant judgement in determining the market rate of interest for the intercompany loan as required under FRS 102. The market rate of interest is the rate that the entity would expect to pay on similar financial instruments in an open market transaction under comparable terms and conditions. In estimating this rate, management have considered the current market conditions, including prevailing interest rates for instruments with similar profiles and terms.
Based on these considerations, management has concluded that the market value of interest for the relevant financial instrument is 6.50%. This rate has been applied in discounting future cash flows for the purposes of measuring intercompany balances in accordance with the requirements of FRS 102.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
546,768
Corporation tax recoverable
16,481
Other debtors
2,798
235
19,279
547,003
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
6,900,432
Total debtors
19,279
7,447,435
ROTORTRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,291
Amounts owed to group undertakings
246,791
Corporation tax
40,285
Other taxation and social security
1,790
Other creditors
64,903
63,186
72,194
352,052
Included within other creditors is £55,000 (2023 - £54,638) owed by the company to the directors Mr R Lubrano and Mrs M I Lubrano. This amount is unsecured, interest free and repayable on demand.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
6,550,660
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £100 each
50
50
5,000
5,000
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to note 9 to the financial statements which explains that the directors intend to dissolve the company and therefore do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter.
Statutory Auditor:
FKCA Limited
9
Events after the reporting date
Post year end it is the intention of the directors to apply for the company to be dissolved.
ROTORTRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
10
Related party transactions
During the year the company charged £0 (2023 - £30,000) for its services to Rotortrade Pte Services Ltd, a related undertaking.
At 31 December 2024 the company owed £0 (2023 EUR 8,260,000 (£7,186,200)) to Rotortrade Services Pte Ltd in respect of a purchased aircraft. Of this amount £0 (2023 EUR 252,134 (£219,356)) is included within amounts owed to group undertakings within one year, £0 (2023EUR 7,529,494 (£6,550,660)) is included with amounts owed to group undertakings after more than one year. The loan was deemed to constitute a financing transaction in accordance with FRS102 11.13, as such a capital contribution has been recognised of £107,692 (2023 EUR 478,372 (£416,184)). This overall amount is secured against the underlying asset, repayable within two years and is subject to interest at 3.33% per annum with effect from January 2024.
During the year the company was charged interest of £214,193 (EUR 137,020) by Rotortrade Services Pte Ltd at a rate of 3.33% per annum.
At 31 December 2024 the company owed £0 (2023 £27,435) to Rotortrade Services Pte Ltd in respect of other monies advanced for working capital purposes. This amount is unsecured, interest free, repayable on demand and included within amounts owed to group undertakings within one year.
11
Controlling party
On 10 September 2024, 100% of the issued share capital of the company was transferred to Aviation Brokerage and Logistics Solutions, a company incorporated in the Kingdom of Saudi Arabia whose registered office address is 8869, Building N2, King Khalid Airport, Riyadh 13227, the Kingdom of Saudi Arabia.
The immediate parent undertaking is Aviation Brokerage and Logistics Solutions. The ultimate controlling party is The Helicopter and Jet Company, a company incorporated in the Kingdom of Saudi Arabia whose registered office address is Airport Road, Riyadh 13413, the Kingdom of Saudi Arabia.
No consolidated accounts are prepared that include the results of Rotortrade Limited.