REGISTERED NUMBER: 11876493 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
ACH CHISWICK LIMITED |
REGISTERED NUMBER: 11876493 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
ACH CHISWICK LIMITED |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Contents of the Consolidated Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
ACH CHISWICK LIMITED |
Company Information |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Group Strategic Report |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The Group's principal activity during the year under review was Boeing and Airbus base maintenance as a Part 145-approved Maintenance Repair Organisation (MRO) for the narrow-bodied airline market. |
The Group's Annual Plan was to complete its recovery from the impact of the Covid-19 pandemic and continue to implement the Prosper Phase of its Strategic Plan. While stretched by increasing demand the Company provided sufficient capacity to meet it safely, resiliently and profitably. Average employee headcount was increased from 189 to 200 and, by the end of the FY, to 201 employees. |
More investments were made into people, training, facilities, tooling, improving procedures and Health, Safety and Wellbeing. The working capital on the Balance Sheet stood nearly 44% stronger at the end of the FY. Management correctly set the Company's wage scales and pension contributions to compete against the rapidly increasing buying power of airlines emerging from the pandemic slump. However, as the Company's airline customers reached 99% of their pre-pandemic activity level by the end of the reporting period, their demand for staff made recruiting and retention of licensed engineers crucial. |
Group's revenues increased by 9.52% and, despite wage inflation and material supply chain pressures, direct and overhead costs were well controlled, which translated into a 29% Gross Profit, a 1.6% Net Profit and 3.4% EBITDA. |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Group Strategic Report |
FOR THE YEAR ENDED 31 MARCH 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the Group are described below. |
Coronavirus Effect Risk (Churn) |
Global airline activity rose from 88% to 99% of pre-pandemic levels during the period. However, much of the aviation sector's pre-pandemic workforce had left the sector never to return; the impact on engineering resource put significant pressure on MROs. While the Group regained all its pre-pandemic workforce capacity ahead of its competitors, the airline sector's buying power was much greater than the MROs supplying it. The Group's Part 147 Approval for engineer Type-rating training meant it could invest directly in its people and generate type rated licensed engineers from within its own resources. Growing its own loyal licensed and Type-approved engineers mitigated its exposure to the long-term Coronavirus Risk effects on the sector's labour market but, experienced licensed engineers were in extremely high demand throughout the sector and, consequently, were hard to retain. |
Revenue Risk |
The Group remains reliant on large-aircraft operators, lessors and owners sending their aircraft to the Group for base maintenance. The Company's long-term strategy of delivering very high-quality engineering and cementing its long-term partnerships paid dividends. As air travel reached 99% of its pre-pandemic level, demand for MRO services outstripped supply and Revenue Risk significantly reduced. |
Competitive Risk |
Reduction in Coronavirus restrictions meant operators could once again easily move their aircraft to large-aircraft MROs anywhere in the world to minimize their costs. Historically, engineering quality, slot availability, turnaround times and price drove customer choice. In the face of the global reductions in MRO capacity and resilience (due to labour shortages and extended turn-round times pursuant to supply chain friction) became the key driver. Having built its capacity before competition became acute, the Company was able to deliver resilient services throughout the period but, competitive pressure for licensed engineers (in particular) increased. |
Financial Instrument Risks |
The Company made a 2.4% net profit, reduced its current liabilities 'days-outstanding' by -5 days, reduced bank loans to £43,924 and, just after the end of the FY. |
Liquidity Risks |
The Group mitigated its Liquidity Risk by using tougher agreements with customers and suppliers to better manage its operational cash flows and by increasing overall profitability throughout the year alongside increased turnover, making increased use of task pre-authorisation to minimize financial leakage. It increased its overall profitability throughout the year alongside increasing its turnover. Its transparent ways of working and open communications helped to maintain current asset days outstanding at 95 days. |
. |
Brexit Risk |
The Group mitigated its Brexit Risk by maintaining its EASA Third Country Operator Part 145 Approval alongside its Part 145 Approvals from other jurisdictions. It maintained its long-term relationships with its overseas owners, operators and lessors who continued to bring their aircraft to Lasham. Supply chain friction (spare part provision) remained very high but customers accepted that slow provision of spares was largely beyond the Company's control. |
War in Ukraine Risk |
The Group was not exposed directly to sanctions on Russia. Energy prices slowly reduced during the period but they had already been priced in to the Group's Annual Financial Plan. The effect of the War in Ukraine on the Group was limited. |
Productivity Risk |
The Group is designed and configured to conduct heavy base maintenance and, as the pandemic receded, its activity returned to that baseline from the less efficient 'end of lease' and 'entry into service' work that characterised the preceeding 2 years. This meant, on top of the efficiencies that Management put in place, operational efficiency automatically recovered. As normality returned, Productivity Risk could be further addressed directly and leadership, supervision, control and procedures were all improved. Recruiting agency staff from the Philippines for a term of at least a year meant the Group could rely on those contract staff as if they were employed. All these measures reduced Productivity Risk. |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Group Strategic Report |
FOR THE YEAR ENDED 31 MARCH 2024 |
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) |
The Company's Sustainability Policy encompasses its Environmental and Social Value Policies. To reduce its carbon footprint the Company is managing its energy costs and all its waste material goes to recycling. To reduce and mitigate staff churn and to be an employer of choice it continues to develop its employment policies and Social Value plans over and above straight remuneration. The Company is fully committed to its enviable Apprenticeship Scheme. Management continues to build staff trust and morale by demonstrably investing in its workforce, their skills and their qualifications. In return, staff demonstrate loyalty and, increasingly, a more inclusive Caring Culture. |
POSITION OF THE GROUP |
The Company's commercial positioning meant it increased its revenues by 9.52% compared to the previous FY and consolidating its position in the market. To deliver that, staff numbers only rose by 6.35%.While operating cash remained tight the Company's creditor book was reduced, loans were paid off, the Gross Profit increased to 29% such that Group made an Operating Profit of 1.6% . |
Having delivered on its ambitious Covid19 Recovery Plan, the Company capitalised on its strategy of retaining excellent staff and exceptional Approvals, consolidating its profitability and strengthening its balance sheet. Correctly forecasting competition for human resources from the rapidly recovering airline market, Management grew the business slowly and sustainably, carefully balancing its commercial tasking acceptances against its secure manpower capacity. Throughout the period, the Company pivoted its activity towards more the complex 'modification' base maintenance in order to mitigate increasing competition from the airlines for licensed engineers. Moreover, Management generated at Part 147 (engineer training) Approval (UK.147.0147) and delivered an inaugural Type-Rating course to make its organic licensed engineer capacity more resilient. |
ACH Chiswick Limited enhanced its reputation, remained resilient, maintained the trust of its partners, increased staff numbers, raised morale, increased its market share, grew stronger and became more efficient. It continued to deliver market leading engineering quality which cemented both customer and Regulator confidence and trust in it which, in turn, further increased the Group's commercial strength and viability for the future. |
GOING CONCERN |
The directors have a reasonable expectation that the Group has adequate resources to continue in operational |
existence for the foreseeable future. The directors regard the foreseeable future as no less than twelve months |
following the publication of its annual financial statements. The directors have considered the group's balance sheet |
position as at the year end, its working capital forecasts, the current COVID19 crisis and projections, taking account |
of reasonably possible changes in trading performance and the current state of its operating market, and are |
satisfied that the company's financial position is improving and will enable the company and the group to remain in |
operational existence. In addition the directors and shareholders have agreed to provide continuing financial |
support as and when required to enable the company and the group to continue in operational existence. |
Accordingly, they have adopted going concern basis in preparing these financial statements. |
KEY PERFORMANCE INDICATORS |
The key financial and other performance indicators for the Group are primarily the results of its subsidiary undertaking 2 Excel Engineering Limited: |
Description | 2024 | 2023 | Change |
£ | £ | % |
Turnover | 22,441,491 | 20,490,748 | 9.52% |
Gross profit | 6,461,918 | 5,889,646 | 9.72% |
Operating profit/(loss) | 381,603 | 404,366 | -5.6% |
Profit/(loss) after tax | 368,128 | 362,790 | 1.47% |
Shareholder funds | (2,272,357 | ) | (2,363,127 | ) | -9.7% |
Average number of employees | 201 | 189 | 6.35% |
ON BEHALF OF THE BOARD: |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Report of the Directors |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
AUDITORS |
The auditors, AGK Partnership Ltd, 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 |
ACH Chiswick Limited |
Opinion |
We have audited the financial statements of ACH Chiswick Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 |
ACH Chiswick Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 five, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
ACH Chiswick 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the industry; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; |
and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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 |
ACH Chiswick 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 Auditors |
1 Kings Avenue |
London |
N21 3NA |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Consolidated |
Income Statement |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 22,441,491 | 20,490,748 |
Cost of sales | 15,979,573 | 14,601,102 |
GROSS PROFIT | 6,461,918 | 5,889,646 |
Administrative expenses | 6,084,815 | 5,503,281 |
377,103 | 386,365 |
Other operating income | 4,500 | 18,000 |
OPERATING PROFIT | 5 | 381,603 | 404,365 |
Interest receivable and similar income | 278 | 498 |
381,881 | 404,863 |
Interest payable and similar expenses | 6 | 13,753 | 42,073 |
PROFIT BEFORE TAXATION | 368,128 | 362,790 |
Tax on profit | 7 | - | - |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 90,769 | (330,638 | ) |
Non-controlling interests | 277,359 | 693,428 |
368,128 | 362,790 |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Consolidated |
Other Comprehensive Income |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 368,128 | 362,790 |
OTHER COMPREHENSIVE INCOME |
- | (53,918 | ) |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
(53,918 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
368,128 |
308,872 |
Total comprehensive income attributable to: |
Owners of the parent | 90,769 | (384,556 | ) |
Non-controlling interests | 277,359 | 693,428 |
368,128 | 308,872 |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Consolidated Balance Sheet |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 801,876 | 963,754 |
Tangible assets | 10 | 1,380,732 | 1,261,945 |
Investments | 11 | - | - |
2,182,608 | 2,225,699 |
CURRENT ASSETS |
Stocks | 12 | 1,927,202 | 1,742,474 |
Debtors | 13 | 4,159,679 | 3,553,519 |
Cash at bank and in hand | 30,357 | 226,481 |
6,117,238 | 5,522,474 |
CREDITORS |
Amounts falling due within one year | 14 | 5,476,791 | 5,268,388 |
NET CURRENT ASSETS | 640,447 | 254,086 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,823,055 |
2,479,785 |
CREDITORS |
Amounts falling due after more than one year |
15 |
6,169,462 |
6,194,323 |
NET LIABILITIES | (3,346,407 | ) | (3,714,538 | ) |
CAPITAL AND RESERVES |
Called up share capital | 18 | 360 | 360 |
Equity transactions with NCI | 19 | (53,918 | ) | (53,918 | ) |
Retained earnings | 19 | (2,218,797 | ) | (2,309,569 | ) |
SHAREHOLDERS' FUNDS | (2,272,355 | ) | (2,363,127 | ) |
NON-CONTROLLING INTERESTS | 20 | (1,074,052 | ) | (1,351,411 | ) |
TOTAL EQUITY | (3,346,407 | ) | (3,714,538 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by: |
H P Singh - Director |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Company Balance Sheet |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 18 | 360 | 360 |
Retained earnings | 19 | (3,719 | ) | (119 | ) |
SHAREHOLDERS' FUNDS | ( |
) |
Company's loss for the financial year | (3,600 | ) | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Consolidated Statement of Changes in Equity |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Equity |
share | Retained | transactions |
capital | earnings | with NCI |
£ | £ | £ |
Balance at 1 April 2022 | 360 | (1,978,931 | ) | - |
Changes in equity |
Total comprehensive income | - | (330,638 | ) | (53,918 | ) |
Balance at 31 March 2023 | 360 | (2,309,569 | ) | (53,918 | ) |
Changes in equity |
Total comprehensive income | - | 90,769 | - |
Balance at 31 March 2024 | 360 | (2,218,800 | ) | (53,918 | ) |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 April 2022 | (1,978,571 | ) | (2,044,839 | ) | (4,023,410 | ) |
Changes in equity |
Total comprehensive income | (384,556 | ) | 693,428 | 308,872 |
Balance at 31 March 2023 | (2,363,127 | ) | (1,351,411 | ) | (3,714,538 | ) |
Changes in equity |
Total comprehensive income | 90,769 | 277,359 | 368,128 |
Balance at 31 March 2024 | (2,272,358 | ) | (1,074,052 | ) | (3,346,410 | ) |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Company Statement of Changes in Equity |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 | 360 | (119 | ) | 241 |
Changes in equity |
Balance at 31 March 2023 | 360 | (119 | ) | 241 |
Changes in equity |
Total comprehensive income | - | (3,600 | ) | ( |
) |
Balance at 31 March 2024 | 360 | (3,719 | ) | (3,359 | ) |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Consolidated Cash Flow Statement |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 192,457 | 588,129 |
Interest paid | (11,390 | ) | (37,676 | ) |
Interest element of hire purchase or finance lease rental payments paid |
(2,363 |
) |
(4,397 |
) |
Net cash from operating activities | 178,704 | 546,056 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (338,714 | ) | (595,696 | ) |
Interest received | 278 | 498 |
Net cash from investing activities | (338,436 | ) | (595,198 | ) |
Cash flows from financing activities |
Loan repayments in year | (36,392 | ) | (200,429 | ) |
Amount introduced by directors | - | 568,314 |
Amount withdrawn by directors | - | (93,733 | ) |
Equity transactions with NCI | - | (53,918 | ) |
Net cash from financing activities | (36,392 | ) | 220,234 |
(Decrease)/increase in cash and cash equivalents | (196,124 | ) | 171,092 |
Cash and cash equivalents at beginning of year |
2 |
226,481 |
55,389 |
Cash and cash equivalents at end of year | 2 | 30,357 | 226,481 |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Notes to the Consolidated Cash Flow Statement |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 368,128 | 362,790 |
Depreciation charges | 381,806 | 321,562 |
Finance costs | 13,753 | 42,073 |
Finance income | (278 | ) | (498 | ) |
763,409 | 725,927 |
Increase in stocks | (184,728 | ) | (88,321 | ) |
Increase in trade and other debtors | (606,160 | ) | (907,366 | ) |
Increase in trade and other creditors | 219,936 | 857,889 |
Cash generated from operations | 192,457 | 588,129 |
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 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 30,357 | 226,481 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 226,481 | 55,389 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 226,481 | (196,124 | ) | 30,357 |
226,481 | (196,124 | ) | 30,357 |
Debt |
Debts falling due within 1 year | (36,390 | ) | 11,528 | (24,862 | ) |
Debts falling due after 1 year | (43,925 | ) | 24,863 | (19,062 | ) |
(80,315 | ) | 36,391 | (43,924 | ) |
Total | 146,166 | (159,733 | ) | (13,567 | ) |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Notes to the Consolidated Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
ACH Chiswick Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due. |
The principal activity of the company is that of investments holding and the group is that of Maintenance Repair Organisation. |
Basis of consolidation |
The group financial statements consolidate the financial statements ACH Chiswick Limited and all its subsidiary undertakings drawn up to 31 March each year. No profit and loss account are presented for ACH Chiswick Limited as permitted by section 408 of the Companies Act 2006. |
Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities. All intra-group transactions, balances, income and expenses are eliminated on consolidation. |
Any subsidiary undertakings sold during the year are included up to, or from, the date of change of control or change of significant influence respectively. Where control is lost, the gain or the loss is recognised in the consolidated income statement. |
The consolidated financial statements incorporate the financial statements of the company and all its subsidiary undertakings, together with the group's share of the net assets and results of associated undertakings. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Plant and machinery | 20% straight line |
Fixtures fittings and equipments | 10%-33% straight line |
Motor vehicles | 20% straight line |
Building Improvements | 10% straight line |
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 Consolidated 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. |
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. |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainties |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities, at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the assets or liabilities affected in future periods. |
The Group's management believes that judgements, estimates and assumptions used in the preparation of the financial statements are appropriate given the factual circumstances as at 31 March 2024. |
Various elements of the Group's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other assessments. In particular, the Group has identified the following accounting policies which, due to the judgements, estimates and assumptions inherent in those policies, and the sensitivity of the financial statements to those judgements, estimates and assumptions, are critical to an understanding of the financial statements. |
Valuation of debtors |
Valuation of debtors is based upon ongoing assessments of the probable estimated losses inherent in the trade and other debtors portfolio. Assessments are conducted by the board employing a methodology and guidelines, which are continually monitored and improved. The primary component of this methodology comprises specific allowances and collective allowances. |
A debtor is subject to impairment test when valid indications exist, at the assessment date, which demonstrate that the customer will not be able to meet his obligations and/or when the flow of receipts decelerates over time. Usually such indications include failure of communication with the customers and indications of significant financial difficulty. |
In assessing the need for collective allowance, management considers debtors in arrears over 121 days but excludes those for which there are valid indications that they will be collected. |
The accuracy of provisions depends on the accuracy of future cash flows for specific allowances and the model assumptions and parameters used in determining collective allowances. While this necessarily involves judgement, management believes that their provisions are reasonable and supportable. |
Assets impairment |
The Group reviews on an annual basis the carrying amounts of investments, tangible assets and intangible assets, in order to determine if there is an indication of impairment. If any such indication exists an impairment review is carried out in order to determine the extent of the impairment loss. |
Useful lives of depreciable tangible assets and intangible assets |
The management assesses the estimated useful lives and related depreciation and amortisation charges for purchased and internally generated intangible assets and tangible assets and reviews the assessment at regular intervals. Management estimates are based on the projected operating life cycle of these assets. Such estimates are not expected to change significantly, however, management may modify depreciation and amortisation rates wherever useful lives turn out to be different than previously estimated and writes down or writes off assets. |
Going concern |
The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The directors regard the foreseeable future as no less than twelve months following the publication of its annual financial statements. The directors have considered the group's balance sheet position as at the year end, its working capital forecasts, the current COVID19 crisis and projections, taking account of reasonably possible changes in trading performance and the current state of its operating market, and are satisfied that the company's financial position is improving and will enable the company and the group to remain in operational existence. In addition the directors and shareholders have agreed to provide continuing financial support as and when required to enable the company and the group to continue in operational existence. Accordingly, they have adopted going concern basis in preparing these financial statements. |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Engineering services | 22,441,491 | 20,490,748 |
22,441,491 | 20,490,748 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 22,441,491 | 20,490,748 |
22,441,491 | 20,490,748 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 8,977,667 | 7,741,372 |
Social security costs | 1,585,858 | 852,170 |
Other pension costs | 291,454 | 693,334 |
10,854,979 | 9,286,876 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management and finance | 12 | 6 |
Engineers | 164 | 143 |
Administrative and sales | 25 | 40 |
The average number of employees by undertakings that were proportionately consolidated during the year was 201 (2023 - 189 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 146,729 | 171,853 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 429,118 | 421,944 |
Depreciation - owned assets | 219,927 | 129,844 |
Goodwill amortisation | 159,838 | 159,838 |
Computer software amortisation | 2,040 | 31,882 |
Auditors remuneration | 23,600 | 15,000 |
Foreign exchange differences | (28,691 | ) | (2,212 | ) |
Management fees | 301,328 | 255,008 |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 7 | 62 |
Bank loan interest | 860 | 7,198 |
Interest on overdue tax | 10,523 | 30,416 |
Hire purchase | 2,363 | 4,397 |
13,753 | 42,073 |
7. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 368,128 | 362,790 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
92,032 |
68,930 |
Effects of: |
Expenses not deductible for tax purposes | 3,470 | 7,964 |
Utilisation of tax losses | (93,294 | ) | - |
Depreciation | 95,451 | 61,096 |
Tax losses carried forward | - | (57,982 | ) |
Capital Allowances | (98,559 | ) | (79,740 | ) |
Other tax adjustments | 900 | (268 | ) |
Total tax charge | - | - |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Movement in reserve | (53,918 | ) | - | (53,918 | ) |
The group has tax losses of approximately £4,048,110 (2023: £4,357,566) that are available to be utilised against future trading profits and/or total profits of the group. |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 | 1,598,375 | 424,666 | 2,023,041 |
AMORTISATION |
At 1 April 2023 | 639,352 | 419,935 | 1,059,287 |
Amortisation for year | 159,838 | 2,040 | 161,878 |
At 31 March 2024 | 799,190 | 421,975 | 1,221,165 |
NET BOOK VALUE |
At 31 March 2024 | 799,185 | 2,691 | 801,876 |
At 31 March 2023 | 959,023 | 4,731 | 963,754 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 | 721,376 | 1,832,483 | 348,832 | 49,139 | 2,951,830 |
Additions | 115,074 | 171,981 | 33,659 | 18,000 | 338,714 |
At 31 March 2024 | 836,450 | 2,004,464 | 382,491 | 67,139 | 3,290,544 |
DEPRECIATION |
At 1 April 2023 | 136,919 | 1,274,960 | 228,867 | 49,139 | 1,689,885 |
Charge for year | 80,759 | 85,935 | 50,283 | 2,950 | 219,927 |
At 31 March 2024 | 217,678 | 1,360,895 | 279,150 | 52,089 | 1,909,812 |
NET BOOK VALUE |
At 31 March 2024 | 618,772 | 643,569 | 103,341 | 15,050 | 1,380,732 |
At 31 March 2023 | 584,457 | 557,523 | 119,965 | - | 1,261,945 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit for the year |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 1,927,202 | 1,742,474 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 1,851,288 | 2,229,882 |
Amounts owed by group undertakings | - | - |
Other debtors | 175,850 | 179,279 |
VAT | 248,266 | 219,043 |
Prepayments and accrued income | 1,884,275 | 925,315 |
4,159,679 | 3,553,519 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 24,862 | 36,390 |
Trade creditors | 2,636,232 | 2,090,485 |
Social security and other taxes | 289,010 | 647,434 |
Other creditors | 268,309 | 78,173 |
Directors' current accounts | 470,269 | 470,269 | 470,269 | 470,269 |
Accruals and deferred income | 1,788,109 | 1,945,637 |
5,476,791 | 5,268,388 |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 16) | 19,062 | 43,925 |
Other creditors | 4,471,930 | 4,471,928 |
Directors' loan accounts | 1,678,470 | 1,678,470 | 1,678,470 | 1,678,470 |
6,169,462 | 6,194,323 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 24,862 | 36,390 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 19,062 | 43,925 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 353,000 | 353,000 |
Between one and five years | 1,059,000 | 1,412,000 |
1,412,000 | 1,765,000 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | 1 | 360 | 360 |
19. | RESERVES |
Group |
Equity |
Retained | transactions |
earnings | with NCI | Totals |
£ | £ | £ |
At 1 April 2023 | (2,309,566 | ) | (53,918 | ) | (2,363,484 | ) |
Profit for the year | 90,769 | 90,769 |
At 31 March 2024 | (2,218,797 | ) | (53,918 | ) | (2,272,715 | ) |
ACH CHISWICK LIMITED (REGISTERED NUMBER: 11876493) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
19. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 April 2023 | (119 | ) |
Deficit for the year | ( |
) |
At 31 March 2024 | (3,719 | ) |
20. | NON-CONTROLLING INTERESTS |
Non-controlling interests represent interest of minority shareholders in 2 Excel Engineering Limited, a subsidiary company. The profit and year end balance relating to the non-controlling interest are reflected in the consolidated statement of comprehensive income and consolidated statement of financial position respectively. |
21. | CONTROLLING PARTY |
The company is controlled by the directors. |
22. | RELATED PARTY DISCLOSURES |
2 Excel Aviation |
2 Excel Aviation Limited and 2 Excel Engineering Limited have both the same Director Christopher Norton. |
During the year to 31 March 2024, 2 Excel Engineering Limited invoiced 2 Excel Aviation Ltd £5,590,795 (2023 - £3,934,712) and 2 Excel Aviation Limited invoiced 2 Excel Engineering Limited for services amounting to £343,860 (2023 - £221,564). On 31 March 2024, the company was owed £485,461 (2023: £758,553) and owed £68,748 (2023: £778) to 2 Excel Aviation Limited. The outstanding loan balance as at 31 March 2024 is £3,077,825 (2023: £3,077,825). |
21T Limited |
2 Excel Engineering Limited and 21T Limited had both the same Director Trevor Gunn. Trevor Gunn resigned as director of 2 Excel Engineering on 14 December 2023 and of 21T Limited on 3 April 2023. 2 Excel Engineering Limited invoiced 21T £1,598,796 (2023 - £275,867) for services during the year. On 31 March 2024, the company was owed £3,499 (2023: £10,186). |
TAG Aviation (Stansted) Limited |
2 Excel Engineering Ltd and TAG Aviation (Stansted) Limited had both the same Director, Trevor Gunn, until 14 December 2023. Trevor Gunn resigned as director on 14 December 2023. |
During the year to 31 March 2024, 2 Excel Engineering Ltd invoiced TAG Aviation (Stansted) Limited £153,503 (2023 - £132,877) and TAG Aviation (Stansted) Limited invoiced 2 Excel Engineering Limited for services of £54,385 (2023 - £67,635). |
On 31 March 2024, the company was owed £Nil (2023: £26,078) and the company owed £Nil (2023: £8,889) to TAG Aviation (Stansted) Limited. These amounts are included within trade debtors and trade creditors respectively. |
23. | POST BALANCE SHEET EVENTS |
After the year end, the company ceased to be the entity with significant control of its subsidiary, 2 Excel Engineering Limited as disclosed in Note 11. |