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ELMS Aviation Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 May 2024

Registration number: 09436348

 

ELMS Aviation Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

ELMS Aviation Limited

Balance Sheet

31 May 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

2,060,415

1,767,841

Cash at bank and in hand

 

12,866

10,483

 

2,073,281

1,778,324

Creditors: Amounts falling due within one year

5

(1,051,372)

(883,792)

Total assets less current liabilities

 

1,021,909

894,532

Creditors: Amounts falling due after more than one year

5

(764,161)

(858,338)

Net assets

 

257,748

36,194

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

257,648

36,094

Shareholders' funds

 

257,748

36,194

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 April 2025 and signed on its behalf by:
 

.........................................
Mr W H Crook
Director

Company Registration Number: 09436348

 

ELMS Aviation Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 18
Melville Building East
Royal William Yard
Plymouth
PL1 3GW

The principal place of business is:
Third Floor
New Walker Hanger 1
Exeter International Airport
Exeter
EX5 2BA

These financial statements were authorised for issue by the Board on 10 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

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' including Section 1A and the Companies Act 2006. There are no material departures from FRS 102 Section 1A.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of ELMS Aviation Limited is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates.

Going concern

Taking into account all available information about the future, the directors have assessed the ability of the company to continue as a going concern, and consider the going concern assumption is appropriate when preparing the financial statements. The directors are confident that the support will continue from associated companies under their control.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Contracts for services are recognised on a straight line basis over the contract period.

 

ELMS Aviation Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

ELMS Aviation Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Debtors

Note

2024
£

2023
£

Trade debtors

 

102,315

132,662

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

1,853,663

1,425,154

Prepayments

 

-

36,290

Other debtors

 

104,437

173,735

 

2,060,415

1,767,841

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

205,451

120,373

Trade creditors

 

284,831

190,306

Taxation and social security

 

298,497

277,484

Accruals and deferred income

 

249,700

288,199

Other creditors

 

12,893

7,430

 

1,051,372

883,792

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

764,161

858,338

 

ELMS Aviation Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

6

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

44,971

139,148

Other borrowings

719,190

719,190

764,161

858,338

Current loans and borrowings

2024
£

2023
£

Bank borrowings

109,648

93,904

Other borrowings

95,803

26,469

205,451

120,373

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

ELMS Aviation Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

8

Related party transactions

Related party loans

2024

Parent
£

Key management
£

At start of period

1,425,154

95,803

Advanced

500,806

1,440

Repaid

(72,297)

(40,000)

Interest transactions

-

2,149

At end of period

1,853,663

59,392

2023

Parent
£

Key management
£

At start of period

1,419,714

(35,700)

Advanced

433,985

130,000

Repaid

(428,545)

-

Interest transactions

-

1,503

At end of period

1,425,154

95,803

During the year, the company paid £53,565 (2023: £83,905) to the parent company in respect of management fees.

Terms of loans to related parties

Loans to the parent are interest free and repayable on demand.
 Loans owed by key management have interest charged at HMRC official rate and are repayable on demand.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Certa360 Limited, incorporated in England and Wales.

  These financial statements are available upon request from Companies House.