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REGISTERED NUMBER: 11492514 (England and Wales)















STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

AIRCRAFT ENGINEERING SERVICES LIMITED

AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


AIRCRAFT ENGINEERING SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Ms M P Cooksey
J P Dodds





REGISTERED OFFICE: Hangar 10, Ryanair
Long Border Road
London Stansted Airport
Stansted
CM24 1RL





REGISTERED NUMBER: 11492514 (England and Wales)





AUDITORS: Galbraith Pritchards
Chartered Accountants & Statutory Auditor
20 Barns Street
Ayr
Ayrshire
KA7 1XA

AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024


The directors present their strategic report for the year ended 31 July 2024.

REVIEW OF BUSINESS
Throughout the economic year from July 2023 to July 2024, our business has continued to demonstrate resilience and adaptability amid evolving industry conditions. Our focus remains on operational efficiency, financial stability, and ensuring exceptional service delivery to our clients. We have maintained a strong commitment to lean operations and business improvement, ensuring sustained growth and profitability.

We are pleased to report that our company has maintained a solid financial footing while continuing to support our principal clients. Our partnerships have strengthened, fostering long-term business stability and growth opportunities. Notably, our commitment to maintaining high standards in service provision has been instrumental in reinforcing client trust and satisfaction.

We extend our sincere gratitude to our dedicated team for their unwavering commitment and professionalism. Their efforts have been invaluable in navigating industry challenges and sustaining operational excellence.


KEY PERFORMANCE INDICATORS:

2024 2023
£ £
Turnover 37,132,170 27,677,720
Gross profit/(loss) 1,208,492 1,428,166
Operating profit 367,927 889,889


PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk is the war in Ukraine and its impact on the aviation industry and the global economic uncertainty.

OPERATIONAL IMPACT ON THE ENVIRONMENT
As a business connected to the travel industry Aircraft Engineering Services Ltd is aware of the risks of its impact on the environment.

The directors and senior management are committed to protecting the environment and to reducing the environmental impact of air travel. The company is closely connected to Ryanair and is aligned with Ryanair's aims to grow in an environmentally sustainable manner over the next decade.

The directors and senior management have reviewed the risks associated with climate change and intend investing in new ways to offset and reduce the company's carbon footprint.

ON BEHALF OF THE BOARD:





Ms M P Cooksey - Director


28 April 2025

AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


The directors present their report with the financial statements of the company for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of aircraft maintenance.

DIVIDENDS
Interim dividends per share were paid as follows:
Ordinary shares £1 shares NIL
Ordinary A shares £1 shares 87996 - 31 July 2024
Ordinary B shares £1 shares 87996 - 31 July 2024


The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 July 2024 will be £ 175,992 .

FUTURE DEVELOPMENTS
Looking ahead, we remain focused on strategic growth initiatives, efficiency improvements, and capitalising on emerging opportunities. With a clear vision for the future, we are confident in our ability to continue delivering strong results and reinforcing our position in the industry.

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

Ms M P Cooksey
J P Dodds

DISABLED EMPLOYEES
Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. Training development and career development of disabled persons, will as far as possible be identical to that of other employees.

ENGAGEMENT WITH EMPLOYEES
The company has procedures to consult with its employees on a regular basis through the monthly teams calls and 3 monthly shift leader debriefs. These groups are made up of employees and managers. This is a forum where employee suggestions are raised and where staff are made aware of factors affecting the company. Communication is supplemented by the production of a quarterly newsletter.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





Ms M P Cooksey - Director


28 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AIRCRAFT ENGINEERING SERVICES LIMITED


Opinion
We have audited the financial statements of Aircraft Engineering Services Limited (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, 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 31 July 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
AIRCRAFT ENGINEERING SERVICES 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 pages three and 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AIRCRAFT ENGINEERING SERVICES 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.




Marguerite Roos BAcc CA (Senior Statutory Auditor)
for and on behalf of Galbraith Pritchards
Chartered Accountants & Statutory Auditor
20 Barns Street
Ayr
Ayrshire
KA7 1XA

29 April 2025

AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

31/7/24 31/7/23
Notes £    £   

TURNOVER 37,132,170 27,677,720

Cost of sales 35,923,678 26,249,554
GROSS PROFIT 1,208,492 1,428,166

Administrative expenses 840,565 538,277
OPERATING PROFIT 4 367,927 889,889

Interest receivable and similar income 17,778 1,092
385,705 890,981

Interest payable and similar expenses 5 16,326 7,104
PROFIT BEFORE TAXATION 369,379 883,877

Tax on profit 6 92,472 179,809
PROFIT FOR THE FINANCIAL YEAR 276,907 704,068

AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

31/7/24 31/7/23
Notes £    £   

PROFIT FOR THE YEAR 276,907 704,068


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

276,907

704,068

AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

BALANCE SHEET
31 JULY 2024

31/7/24 31/7/23
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 362,668 206,260

CURRENT ASSETS
Stocks 9 27,756 -
Debtors 10 984,466 1,062,812
Cash at bank 3,532,467 2,601,894
4,544,689 3,664,706
CREDITORS
Amounts falling due within one year 11 3,785,515 2,974,705
NET CURRENT ASSETS 759,174 690,001
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,121,842

896,261

CREDITORS
Amounts falling due after more than one
year

12

(212,556

)

(126,742

)

PROVISIONS FOR LIABILITIES 14 (90,417 ) (51,565 )
NET ASSETS 818,869 717,954

CAPITAL AND RESERVES
Called up share capital 15 102 102
Retained earnings 16 818,767 717,852
SHAREHOLDERS' FUNDS 818,869 717,954

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





Ms M P Cooksey - Director


AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2022 102 185,649 185,751

Changes in equity
Dividends - (171,865 ) (171,865 )
Total comprehensive income - 704,068 704,068
Balance at 31 July 2023 102 717,852 717,954

Changes in equity
Dividends - (175,992 ) (175,992 )
Total comprehensive income - 276,907 276,907
Balance at 31 July 2024 102 818,767 818,869

AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

31/7/24 31/7/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,353,727 1,482,295
Interest element of hire purchase payments
paid

(16,326

)

(7,104

)
Tax paid (137,443 ) (70,000 )
Net cash from operating activities 1,199,958 1,405,191

Cash flows from investing activities
Purchase of tangible fixed assets (244,420 ) (158,312 )
Interest received 17,778 1,092
Net cash from investing activities (226,642 ) (157,220 )

Cash flows from financing activities
Capital repayments in year 132,209 89,735
Amount introduced by directors 1,040 1,656
Equity dividends paid (175,992 ) (171,865 )
Net cash from financing activities (42,743 ) (80,474 )

Increase in cash and cash equivalents 930,573 1,167,497
Cash and cash equivalents at beginning of
year

2

2,601,894

1,434,397

Cash and cash equivalents at end of year 2 3,532,467 2,601,894

AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024


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

31/7/24 31/7/23
£    £   
Profit before taxation 369,379 883,877
Depreciation charges 88,012 39,206
Finance costs 16,326 7,104
Finance income (17,778 ) (1,092 )
455,939 929,095
Increase in stocks (27,756 ) -
Decrease/(increase) in trade and other debtors 78,346 (800,243 )
Increase in trade and other creditors 847,198 1,353,443
Cash generated from operations 1,353,727 1,482,295

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 31 July 2024
31/7/24 1/8/23
£    £   
Cash and cash equivalents 3,532,467 2,601,894
Year ended 31 July 2023
31/7/23 1/8/22
£    £   
Cash and cash equivalents 2,601,894 1,434,397


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/8/23 Cash flow At 31/7/24
£    £    £   
Net cash
Cash at bank 2,601,894 930,573 3,532,467
2,601,894 930,573 3,532,467
Debt
Finance leases (178,215 ) (132,209 ) (310,424 )
(178,215 ) (132,209 ) (310,424 )
Total 2,423,679 798,364 3,222,043

AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Aircraft Engineering Services 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.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the company's accounting policies, which are described in note 2, 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - Straight line over 3 years
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued
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 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.

FINANCIAL INSTRUMENTS
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

PROVISIONS
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

3. EMPLOYEES AND DIRECTORS
31/7/24 31/7/23
£    £   
Wages and salaries 27,608,443 20,389,499
Social security costs 3,169,922 2,394,284
Other pension costs 676,279 348,453
31,454,644 23,132,236

AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31/7/24 31/7/23

Employees 417 330

31/7/24 31/7/23
£    £   
Directors' remuneration 24,000 24,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

4. OPERATING PROFIT

The operating profit is stated after charging:

31/7/24 31/7/23
£    £   
Other operating leases 34,325 78,782
Depreciation - owned assets 1,853 502
Depreciation - assets on hire purchase contracts 86,159 38,703
Auditors' remuneration 10,000 9,500
Foreign exchange differences 4,338 2,971

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31/7/24 31/7/23
£    £   
Hire purchase 16,326 7,104

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/7/24 31/7/23
£    £   
Current tax:
UK corporation tax 53,620 156,109

Deferred tax 38,852 23,700
Tax on profit 92,472 179,809

AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


6. TAXATION - continued

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:

31/7/24 31/7/23
£    £   
Profit before tax 369,379 883,877
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

92,345

220,969

Effects of:
Expenses not deductible for tax purposes 377 312
Capital allowances in excess of depreciation (39,102 ) (29,865 )
Deferred tax 38,852 23,701

Other adjustment - (35,308 )
Total tax charge 92,472 179,809

7. DIVIDENDS
31/7/24 31/7/23
£    £   
Ordinary A shares share of £1
Interim 87,996 92,227
Ordinary B shares share of £1
Interim 87,996 79,638
175,992 171,865

8. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 - 256,033 13,140 269,173
Additions 1,285 241,371 1,764 244,420
At 31 July 2024 1,285 497,404 14,904 513,593
DEPRECIATION
At 1 August 2023 - 52,839 10,074 62,913
Charge for year 286 86,159 1,567 88,012
At 31 July 2024 286 138,998 11,641 150,925
NET BOOK VALUE
At 31 July 2024 999 358,406 3,263 362,668
At 31 July 2023 - 203,194 3,066 206,260

AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 August 2023 256,033
Additions 241,371
At 31 July 2024 497,404
DEPRECIATION
At 1 August 2023 52,839
Charge for year 86,159
At 31 July 2024 138,998
NET BOOK VALUE
At 31 July 2024 358,406
At 31 July 2023 203,194

9. STOCKS
31/7/24 31/7/23
£    £   
Stocks 27,756 -

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/24 31/7/23
£    £   
Other debtors 181,886 53,131
Prepayments 802,580 1,009,681
984,466 1,062,812

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/24 31/7/23
£    £   
Hire purchase contracts (see note 13) 97,868 51,473
Trade creditors 25,769 92,151
Tax 53,620 137,443
Social security and other taxes 987,841 847,399
VAT 1,449,879 1,053,490
Other creditors 380,018 181,402
Directors' loan accounts 5,717 4,677
Accrued expenses 784,803 606,670
3,785,515 2,974,705

The other creditors figure includes pension contributions in the amount of £219,596 (2023: £79,384).

AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/7/24 31/7/23
£    £   
Hire purchase contracts (see note 13) 212,556 126,742

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/7/24 31/7/23
£    £   
Gross obligations repayable:
Within one year 117,905 63,580
Between one and five years 254,454 157,091
372,359 220,671

Finance charges repayable:
Within one year 20,037 12,107
Between one and five years 41,898 30,349
61,935 42,456

Net obligations repayable:
Within one year 97,868 51,473
Between one and five years 212,556 126,742
310,424 178,215

Non-cancellable operating leases
31/7/24 31/7/23
£    £   
Within one year 3,331 1,970
Between one and five years - 3,331
3,331 5,301

14. PROVISIONS FOR LIABILITIES
31/7/24 31/7/23
£    £   
Deferred tax 90,417 51,565

AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


14. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2023 51,565
Provided during year 38,852
Balance at 31 July 2024 90,417

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/7/24 31/7/23
value: £    £   
100 Ordinary shares £1 100 100
1 Ordinary A shares £1 1 1
1 Ordinary B shares £1 1 1
102 102

16. RESERVES
Retained
earnings
£   

At 1 August 2023 717,852
Profit for the year 276,907
Dividends (175,992 )
At 31 July 2024 818,767

17. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
31/7/24 31/7/23
£    £   
Amount due to related party 5,717 4,677

Entities with common directors
31/7/24 31/7/23
£    £   
Purchases 2,663,330 1,754,969
Amount due from related party - 8,609
Amount due to related party 192,257 290,809

18. ULTIMATE CONTROLLING PARTY

In the opinion of the directors, there is no ultimate controlling party.