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REGISTERED NUMBER: 01914668 (England and Wales)















Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 30th June 2024

for

AVOCET AVIATION LIMITED

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Contents of the Financial Statements
for the year ended 30th June 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit and Loss Account 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


AVOCET AVIATION LIMITED

Company Information
for the year ended 30th June 2024







DIRECTORS: Mr G R Staines
Mr A S P Parks





SECRETARY: Mr G Drewery





REGISTERED OFFICE: 57 Tailors Court
Temple Farm Industrial Estate
Southend on Sea
Essex
SS2 5SX





REGISTERED NUMBER: 01914668 (England and Wales)





AUDITORS: Barrons Limited
Chartered Accountants
& Statutory Auditors
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Strategic Report
for the year ended 30th June 2024


The directors present their strategic report for the year ended 30th June 2024.

This strategic report provides an overview of the performance, financial position, and future prospects of Avocet Aviation Limited for the financial year ended 30 June 2024. The report is prepared in accordance with the requirements of Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006.

REVIEW OF BUSINESS
Business Model and Strategy

Avocet Aviation Limited specialises in the procurement, storage, and distribution of high-quality aviation spare parts for commercial and business aircraft. Our core strategy focuses on:
- Establishing strong supplier relationships to ensure a reliable supply chain.
- Expanding our global distribution network.
- Investing in technology to enhance operational efficiency.
- Adhering to stringent industry regulations and safety standards.

Business Performance Review

During the financial year, the company achieved:
- Improved gross margins due to strategic supplier agreements and cost optimization initiatives.
- Expansion into new and existing geographical markets.

PRINCIPAL RISKS AND UNCERTAINTIES
The company faces several key risks, including:
- Supply Chain Disruptions: Potential delays in sourcing critical parts due to geopolitical tensions and global logistics challenges.
- Regulatory Compliance: Stringent aviation safety regulations may impact operational flexibility and require continuous investment in compliance measures.
- Market Competition: Increasing competition from global and regional suppliers may exert pricing pressures.

FUTURE OUTLOOK
The company remains committed to sustainable growth through:
- Further expansion into emerging markets to diversify revenue streams.
- Enhancing customer service through AI-driven demand forecasting and inventory optimization.
- Exploring strategic partnerships to increase market share.

FINANCIAL POSITION AND KEY PERFORMANCE INDICATORS (KPIS)
Key financial highlights include:
- Revenue: £11,023,891
- Gross Profit Margin: 26.41%
- EBITDA: £1,423,133
- Net Debt to Equity Ratio: 0.35:1
These KPIs reflect a strong financial position, enabling the company to invest in future growth initiatives.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) CONSIDERATIONS
Avocet Aviation Limited is committed to sustainability through:
- Reducing carbon footprint by optimising logistics and warehousing.
- Implementing ethical sourcing policies for spare parts procurement.
- Investing in workforce development through training and diversity initiatives.


AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Strategic Report
for the year ended 30th June 2024

CONCLUSION
Despite external challenges, Avocet Aviation Limited remains well-positioned for continued growth and profitability. By leveraging technological advancements, expanding into new markets, and strengthening supplier relationships, the company aims to maintain its competitive edge in the aviation spares industry.

ON BEHALF OF THE BOARD:





Mr G R Staines - Director


27th March 2025

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Report of the Directors
for the year ended 30th June 2024


The directors present their report with the financial statements of the company for the year ended 30th June 2024.

DIVIDENDS
No interim dividends were paid during the year ended 30th June 2024.

The directors recommend final dividends per share as follows:

Ordinary £1 shares £3.75
Ordinary A £1 shares £1.50

The total distribution of dividends for the year ended 30th June 2024 will be £ 1,130,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st July 2023 to the date of this report.

Mr G R Staines
Mr A S P Parks

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. in preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently
- make judgments and accounting estimates that are reasonable and prudent
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
- prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the company will continue in business

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Report of the Directors
for the year ended 30th June 2024


AUDITORS
The auditors, Barrons Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr G R Staines - Director


27th March 2025

Report of the Independent Auditors to the Members of
Avocet Aviation Limited


Opinion
We have audited the financial statements of Avocet Aviation Limited (the 'company') for the year ended 30th June 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 30th June 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Avocet Aviation Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' 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 Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Avocet Aviation Limited


Auditors' 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 a Report of the Auditors 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 financial statements.

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified of being of significance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation and distributable profits legislation.

Those Laws and regulations for which non-compliance me be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements, including health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and
non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including
fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the
nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently
more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that
material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK)

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 Report of the Auditors.

Other Matters which we are required to address
The financial statements for the period ended 30th June 2023 were unaudited. Further to our work throughout the audit, we are satisfied that the opening balances were not materially misstated.

Report of the Independent Auditors to the Members of
Avocet Aviation Limited


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 2006. Our 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 a Report of the Auditors 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.




Russell Tillbrook FCCA (Senior Statutory Auditor)
for and on behalf of Barrons Limited
Chartered Accountants
& Statutory Auditors
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN

27th March 2025

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Profit and Loss Account
for the year ended 30th June 2024

2024 2023
(Unaudited)
Notes £    £   

TURNOVER 3 11,023,891 12,514,476

Cost of sales 8,112,746 9,432,096
GROSS PROFIT 2,911,145 3,082,380

Administrative expenses 1,714,569 1,572,426
1,196,576 1,509,954

Other operating income 12,906 20,259
OPERATING PROFIT 5 1,209,482 1,530,213

Interest receivable and similar income 10,635 1,154
1,220,117 1,531,367

Interest payable and similar expenses 7 1,108 466
PROFIT BEFORE TAXATION 1,219,009 1,530,901

Tax on profit 8 357,615 316,146
PROFIT FOR THE FINANCIAL YEAR 861,394 1,214,755

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Other Comprehensive Income
for the year ended 30th June 2024

2024 2023
(Unaudited)
Notes £    £   

PROFIT FOR THE YEAR 861,394 1,214,755


OTHER COMPREHENSIVE INCOME
Revaluation
Deferred tax movement - (549 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

(549

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

861,394

1,214,206

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Balance Sheet
30th June 2024

2024 2023
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 831,929 839,112

CURRENT ASSETS
Stocks 11 3,011,986 3,319,149
Debtors 12 2,329,059 2,031,571
Cash at bank and in hand 2,121,526 2,325,763
7,462,571 7,676,483
CREDITORS
Amounts falling due within one year 13 2,125,028 2,078,958
NET CURRENT ASSETS 5,337,543 5,597,525
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,169,472

6,436,637

PROVISIONS FOR LIABILITIES 15 63,761 62,320
NET ASSETS 6,105,711 6,374,317

CAPITAL AND RESERVES
Called up share capital 16 100,000 100,000
Revaluation reserve 284,012 284,012
Retained earnings 5,721,699 5,990,305
SHAREHOLDERS' FUNDS 6,105,711 6,374,317

The financial statements were approved by the Board of Directors and authorised for issue on 27th March 2025 and were signed on its behalf by:





Mr G R Staines - Director


AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Statement of Changes in Equity
for the year ended 30th June 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st July 2022 100,000 5,100,550 284,561 5,485,111

Changes in equity
Dividends - (325,000 ) - (325,000 )
Total comprehensive income - 1,214,755 (549 ) 1,214,206
Balance at 30th June 2023 100,000 5,990,305 284,012 6,374,317

Changes in equity
Dividends - (1,130,000 ) - (1,130,000 )
Total comprehensive income - 861,394 - 861,394
Balance at 30th June 2024 100,000 5,721,699 284,012 6,105,711

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Cash Flow Statement
for the year ended 30th June 2024

2024 2023
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,252,743 1,224,227
Interest paid (1,108 ) (466 )
Tax paid (314,034 ) (282,845 )
Net cash from operating activities 937,601 940,916

Cash flows from investing activities
Purchase of tangible fixed assets (18,769 ) (39,488 )
Sale of tangible fixed assets - 8,700
Interest received 10,635 1,154
Net cash from investing activities (8,134 ) (29,634 )

Cash flows from financing activities
New loans in year - 6,908
Amount withdrawn by directors (2,178 ) (136,880 )
Equity dividends paid (1,130,000 ) (325,000 )
Net cash from financing activities (1,132,178 ) (454,972 )

(Decrease)/increase in cash and cash equivalents (202,711 ) 456,310
Cash and cash equivalents at beginning of
year

2

2,324,237

1,867,927

Cash and cash equivalents at end of year 2 2,121,526 2,324,237

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Notes to the Cash Flow Statement
for the year ended 30th June 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
(Unaudited)
£    £   
Profit before taxation 1,219,009 1,530,901
Depreciation charges 25,952 22,900
Profit on disposal of fixed assets - (2,834 )
Finance costs 1,108 466
Finance income (10,635 ) (1,154 )
1,235,434 1,550,279
Decrease/(increase) in stocks 307,163 (206,133 )
Increase in trade and other debtors (297,488 ) (548,088 )
Increase in trade and other creditors 7,634 428,169
Cash generated from operations 1,252,743 1,224,227

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 2,121,526 2,325,763
Bank overdrafts - (1,526 )
2,121,526 2,324,237
Year ended 30th June 2023
30.6.23 1.7.22
(Unaudited)
£    £   
Cash and cash equivalents 2,325,763 1,869,624
Bank overdrafts (1,526 ) (1,697 )
2,324,237 1,867,927


AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Notes to the Cash Flow Statement
for the year ended 30th June 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 2,325,763 (204,237 ) 2,121,526
Bank overdrafts (1,526 ) 1,526 -
2,324,237 (202,711 ) 2,121,526
Total 2,324,237 (202,711 ) 2,121,526

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Notes to the Financial Statements
for the year ended 30th June 2024


1. STATUTORY INFORMATION

Avocet Aviation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
The turnover 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 the 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.

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Notes to the Financial Statements - continued
for the year ended 30th June 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets 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 residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Freehold property- 2% on historical cost
Fixtures and fittings- 15% on reducing balance
Motor vehicles- 20% on cost
Computer equipment- 33% on cost

The asset's 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.

Freehold property
Land and buildings are initially recognised at cost. Freehold land is subsequently carried at the revalued amount less accumulated impairment losses. Buildings and leasehold land are subsequently carried at the revalued amounts less accumulated depreciation and accumulated impairment losses.

Land and buildings are revalued by independent professional valuers on a periodic basis and whenever their
carrying amounts are likely to differ materially from their revalued amounts. When an asset is revalued, any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset. The net amount is then restated to the revalued amount of the asset.

Increases in carrying amounts arising from revaluation, including currency translation differences, are recognised in the asset revaluation reserve, unless they offset previous decreases in the carrying amounts of the same asset, in which case, they are recognised in profit or loss. Decreases in carrying amounts that offset previous increases of the same asset are recognised against the asset revaluation reserve.

Stocks
Stocks are stated at the lower of cost and 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 balance sheet 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 and loss.

It is company policy that rotable stocks that are purchased in US Dollars are all converted in to Sterling at the exchange rate $1.5 : £1. This is deemed appropriate and correct by the directors as they believe the average exchange rate historically consistently fluctuates around $1.5 : £1.


AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Notes to the Financial Statements - continued
for the year ended 30th June 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Notes to the Financial Statements - continued
for the year ended 30th June 2024


2. ACCOUNTING POLICIES - continued

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

20242023

££
United Kingdom2,159,8882,216,309
Rest of World8,468,00310,298,167
11,023,89112,514,476

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Notes to the Financial Statements - continued
for the year ended 30th June 2024


4. EMPLOYEES AND DIRECTORS
2024 2023
(Unaudited)
£    £   
Wages and salaries 909,492 861,926
Social security costs 86,516 86,605
Other pension costs 52,559 22,405
1,048,567 970,936

The average number of employees during the year was as follows:
2024 2023
(Unaudited)

Directors 2 2
Warehouse 14 13
16 15

2024 2023
(Unaudited)
£    £   
Directors' remuneration 70,000 70,000
Directors' pension contributions to money purchase schemes 29,500 6,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
(Unaudited)
£    £   
Hire of plant and machinery 2,870 2,782
Depreciation - owned assets 25,952 22,900
Profit on disposal of fixed assets - (2,834 )
Auditor's remuneration 12,750 -

6. EXCEPTIONAL ITEMS
2024 2023
(Unaudited)
£    £   
Exceptional items (198,500 ) -

During the year, a loan owing from a company under common control, was written off.

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Notes to the Financial Statements - continued
for the year ended 30th June 2024


7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
(Unaudited)
£    £   
Bank loan interest 992 361
Other interest 116 105
1,108 466

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
(Unaudited)
£    £   
Current tax:
UK corporation tax 356,174 314,034

Deferred tax 1,441 2,112
Tax on profit 357,615 316,146

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
(Unaudited)
£    £   
Profit before tax 1,219,009 1,530,901
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.496%)

304,752

313,773

Effects of:
Expenses not deductible for tax purposes 50,309 576
Capital allowances in excess of depreciation - (315 )
Depreciation in excess of capital allowances 1,113 -
Deferred taxation 1,441 2,112
Total tax charge 357,615 316,146

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30th June 2024.


AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Notes to the Financial Statements - continued
for the year ended 30th June 2024


8. TAXATION - continued
2023
Gross Tax Net
£    £    £   
Revaluation
Deferred tax movement (549 ) - (549 )
(549 ) - (549 )

9. DIVIDENDS
2024 2023
(Unaudited)
£    £   
Ordinary shares of £1 each
Final 840,000 200,000
Ordinary A shares of £1 each
Final 290,000 125,000
1,130,000 325,000

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Office
property fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1st July 2023 810,000 44,761 24,291 45,497 924,549
Additions - 18,769 - - 18,769
At 30th June 2024 810,000 63,530 24,291 45,497 943,318
DEPRECIATION
At 1st July 2023 30,498 17,614 2,024 35,301 85,437
Charge for year 9,534 7,044 4,858 4,516 25,952
At 30th June 2024 40,032 24,658 6,882 39,817 111,389
NET BOOK VALUE
At 30th June 2024 769,968 38,872 17,409 5,680 831,929
At 30th June 2023 779,502 27,147 22,267 10,196 839,112

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Notes to the Financial Statements - continued
for the year ended 30th June 2024


10. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30th June 2024 is represented by:

Fixtures
Freehold and Motor Office
property fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2006 154,249 - - - 154,249
Valuation in 2011 (94,748 ) - - - (94,748 )
Valuation in 2018 210,000 - - - 210,000
Valuation in 2021 63,796 - - - 63,796
Cost 476,703 63,530 24,291 45,497 610,021
810,000 63,530 24,291 45,497 943,318

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
(Unaudited)
£    £   
Cost 476,703 476,703
Aggregate depreciation 90,609 90,609

Freehold property was valued on an open market basis on 27th July 2020 by Fenn Wright.

11. STOCKS
2024 2023
(Unaudited)
£    £   
Finished goods 3,011,986 3,319,149

12. DEBTORS
2024 2023
(Unaudited)
£    £   
Amounts falling due within one year:
Trade debtors 2,002,067 1,824,750
Other debtors - 198,810
Prepayments and accrued income 29,992 8,011
2,032,059 2,031,571

Amounts falling due after more than one year:
Other debtors 297,000 -

Aggregate amounts 2,329,059 2,031,571

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Notes to the Financial Statements - continued
for the year ended 30th June 2024


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Bank loans and overdrafts (see note 14) - 1,526
Trade creditors 1,280,013 1,225,799
Corporation tax 356,174 314,034
Social security and other taxes 135,387 90,237
Other creditors 16,801 22,773
Directors' current accounts 9,799 11,977
Accruals and deferred income 326,854 412,612
2,125,028 2,078,958

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
(Unaudited)
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 1,526

15. PROVISIONS FOR LIABILITIES
2024 2023
(Unaudited)
£    £   
Deferred tax 63,761 62,320

Deferred
tax
£   
Balance at 1st July 2023 62,320
Provided during year 1,441
Balance at 30th June 2024 63,761

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
80,000 Ordinary £1 80,000 80,000
20,000 Ordinary A £1 20,000 20,000
100,000 100,000

AVOCET AVIATION LIMITED (REGISTERED NUMBER: 01914668)

Notes to the Financial Statements - continued
for the year ended 30th June 2024


17. RELATED PARTY DISCLOSURES

As at the balance sheet date, loans from directors to the company totalled £9,799 (2023: £11,977).

At the balance sheet date, a loan totalling £297,000 was owing from an entity under common control.

At the balance sheet date, a loan totalling £198,500 owed by an entity under common control was written-off.

18. ULTIMATE CONTROLLING PARTY

The controlling party is Mr G R Staines.