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Registered number: 13743144









LIVINGSTONE AVIATION LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
LIVINGSTONE AVIATION LTD
REGISTERED NUMBER: 13743144

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

31 March
30 November
2024
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,440,859
2,440,859

  
2,440,859
2,440,859

Current assets
  

Debtors: amounts falling due within one year
 5 
54,000
177,580

Cash at bank and in hand
 6 
107,233
7,648

  
161,233
185,228

Creditors: amounts falling due within one year
 7 
(2,397,076)
(2,441,805)

Net current liabilities
  
 
 
(2,235,843)
 
 
(2,256,577)

Total assets less current liabilities
  
205,016
184,282

Provisions for liabilities
  

Deferred tax
 8 
-
(241,051)

Net assets/(liabilities)
  
205,016
(56,769)


Capital and reserves
  

Called up share capital 
 9 
100
100

Share premium account
  
654,571
654,571

Profit and loss account
  
(449,655)
(711,440)

  
205,016
(56,769)


Page 1

 
LIVINGSTONE AVIATION LTD
REGISTERED NUMBER: 13743144
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 comprehensive income 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 on 27 March 2025.




J R Coppock
Director

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

Page 2

 
LIVINGSTONE AVIATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Livingstone Aviation Ltd is a company limited by shares, incorporated in England and Wales. The address of the registered office is 4 Stratton Road, Beaconsfield, England, HP9 1HS.
The principal activity of the company in the period under review was that of Aviation Services.

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 director notes that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the director believes that there are no significant uncertainties in his assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
LIVINGSTONE AVIATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Finance costs

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

 
2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 4

 
LIVINGSTONE AVIATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.7

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.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
No depreciation has been provided on the plant and machinery on the basis that the plant is being continuously maintained and that the value of the plant is increasing when comparative plant is sold on the second hand market. The director reviews the plant for impairment each accounting period. 
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 the Statement of comprehensive income.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to the Statement of comprehensive income.

Page 5

 
LIVINGSTONE AVIATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the period was 1 (period ended 30 November 2022 - 1).


4.


Tangible fixed assets







Plant and machinery

£



Cost


At 1 December 2022
2,440,859



At 31 March 2024

2,440,859






Net book value



At 31 March 2024
2,440,859



At 30 November 2022
2,440,859


5.


Debtors

31 March
30 November
2024
2022
£
£


Trade debtors
54,000
7,272

Other debtors
-
170,308

54,000
177,580



6.


Cash and cash equivalents

31 March
30 November
2024
2022
£
£

Cash at bank and in hand
107,233
7,648

107,233
7,648


Page 6

 
LIVINGSTONE AVIATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

31 March
30 November
2024
2022
£
£

Trade creditors
22,097
-

Other taxation and social security
4,978
64,901

Other creditors
2,369,001
2,376,004

Accruals and deferred income
1,000
900

2,397,076
2,441,805



8.


Deferred taxation






2024


£






At beginning of year
241,051


Credited to the Statement of comprehensive income
(241,051)



At end of year
-

The deferred taxation balance is made up as follows:

31 March
30 November
2024
2022
£
£


Accelerated capital allowances
-
241,051

-
241,051


9.


Share capital

31 March
30 November
2024
2022
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100


Page 7

 
LIVINGSTONE AVIATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

10.


Related party transactions

Included within other creditors is an amount of £2,369,001 (30 November 2022 - £Nil) due to the director of the company.


11.


Controlling party

Up to 19 April 2023, the company was 100% owned by LVS Aero Limited (formerly known as Livingstone Skies Limited). LVS Aero Limited is controlled by T R Saunders, the former director.
 
From 19 April 2023, the ultimate controlling party of the company is J R Coppock by virtue of his 100% shareholding in the company.

 
Page 8