REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
AIRCRAFT ENGINEERING SERVICES LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 | - 31 July 2024 |
Ordinary B shares £1 shares | - 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 £ |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants & Statutory Auditor |
20 Barns Street |
Ayr |
Ayrshire |
KA7 1XA |
AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 JULY 2024 |
31/7/24 | 31/7/23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
385,705 | 890,981 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
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 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
AIRCRAFT ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 11492514) |
BALANCE SHEET |
31 JULY 2024 |
31/7/24 | 31/7/23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2024 |
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 |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year |
Amount introduced by directors | 1,040 | 1,656 |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Finance costs | 16,326 | 7,104 |
Finance income | (17,778 | ) | (1,092 | ) |
455,939 | 929,095 |
Increase in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | 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 |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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 |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
Social security costs |
Other pension costs |
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 |
31/7/24 | 31/7/23 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/7/24 | 31/7/23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Auditors' remuneration |
Foreign exchange differences |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/7/24 | 31/7/23 |
£ | £ |
Hire purchase |
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 |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred tax |
Other adjustment | ( |
) |
Total tax charge | 92,472 | 179,809 |
7. | DIVIDENDS |
31/7/24 | 31/7/23 |
£ | £ |
Ordinary A shares share of £1 |
Interim |
Ordinary B shares share of £1 |
Interim |
8. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2023 |
Additions |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
Additions |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
9. | STOCKS |
31/7/24 | 31/7/23 |
£ | £ |
Stocks |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/7/24 | 31/7/23 |
£ | £ |
Other debtors |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/7/24 | 31/7/23 |
£ | £ |
Hire purchase contracts (see note 13) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 1,449,879 | 1,053,490 |
Other creditors |
Directors' loan accounts | 5,717 | 4,677 |
Accrued expenses |
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) |
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 |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
31/7/24 | 31/7/23 |
£ | £ |
Within one year |
Between one and five years |
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 |
Provided during year |
Balance at 31 July 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/7/24 | 31/7/23 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
Ordinary A shares | £1 | 1 | 1 |
Ordinary B shares | £1 | 1 | 1 |
102 | 102 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 July 2024 |
17. | RELATED PARTY DISCLOSURES |
31/7/24 | 31/7/23 |
£ | £ |
Amount due to related party |
31/7/24 | 31/7/23 |
£ | £ |
Purchases |
Amount due from related party |
Amount due to related party |
18. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors, there is |