REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 30 June 2024 |
for |
Air Culinaire Worldwide UK Limited |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 30 June 2024 |
for |
Air Culinaire Worldwide UK Limited |
Air Culinaire Worldwide UK Limited (Registered number: 06773252) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Air Culinaire Worldwide UK Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
101 New Cavendish Street |
London |
W1W 6XH |
Air Culinaire Worldwide UK Limited (Registered number: 06773252) |
Statement of Financial Position |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Air Culinaire Worldwide UK Limited (Registered number: 06773252) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Air Culinaire Worldwide UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The preparation of the financial statements requires the directors to make an assessment of the entity's ability to continue as a going concern. The directors have reviewed this and consider it appropriate to prepare the financial statements on a going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover includes revenue earned from the sale of goods, and from the recharges of management services. |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. |
Turnover from the recharges of management services is recognised in the period in which the service is supplied. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of the trade and assets of its principal supplier, is being amortised evenly over its estimated useful life of ten years. |
Tangible fixed assets |
Leasehold improvements | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer and office equipment | - |
Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Air Culinaire Worldwide UK Limited (Registered number: 06773252) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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 |
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 defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Air Culinaire Worldwide UK Limited (Registered number: 06773252) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Computer |
Fixtures | and |
Leasehold | and | Motor | office |
improvements | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Air Culinaire Worldwide UK Limited (Registered number: 06773252) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Corporation tax |
Social security and other taxes |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Deferred tax | 51,317 | 60,638 |
Tax losses available | (9,226 | ) | (6,552 | ) |
42,091 | 54,086 |
Air Culinaire Worldwide UK Limited (Registered number: 06773252) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 30 June 2024 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
The company is a subsidiary of Air Culinaire Worldwide LLC, which itself is a subsidiary of GEERA Holdings LLC. |
Mr P Schweitzer, Ms D Barcus and Mr C Smith, who were all directors of the company during the year, were also directors of Air Culinaire Worldwide France SARL, and of Air Culinaire Holding Limited, which is a fellow subsidiary of Air Culinaire Worldwide LLC. |
Mr Smith and Ms Barcus resigned during the year and Mrs A Thayer and Mr J Lee were appointed to replace them as directors of the company Air Culinaire Worldwide (UK) Limited and of Air Culinaire Holding Limited and its subsidiary Air Culinaire France SARL. |
Universal Mission Support Company LLC and Universal Weather and Aviation LLC are also subsidiaries of GEERA Holdings LLC. Universal Aviation (UK) Limited is a subsidiary of Universal Weather and Aviation LLC. |
At the balance sheet date, the amounts outstanding were as follows: |
2024 | 2023 |
Due from | Due to | Due from | Due to |
£ | £ | £ | £ |
Universal Aviation (UK) Limited | - | 16,599 | 3,098 | - |
Air Culinaire Worldwide LLC | - | 544,835 | - | 447,974 |
Air Culinaire Worldwide France SARL | - | 5,331 | - | 14,475 |
Universal Mission Support Company LLC | 30,887 | - | 30,976 | - |
Air Culinaire Holding Limited | - | 180,052 | - | 176,374 |
30,887 | 746,817 | 34,074 | 638,823 |
The accounts of Air Culinaire Worldwide UK Limited are included in the consolidated financial statements of Air Culinaire Worldwide LLC whose registered office address is 5830 West Cypress Street, Suite B& C, Tampa, Florida, 33607. |
Air Culinaire Worldwide UK Limited (Registered number: 06773252) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
12. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the directors of Air Culinaire Worldwide LLC. |