Registered number: 02203997
AIRCRAFT LEASING AND MANAGEMENT LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
For the Year Ended 31 December 2024
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AIRCRAFT LEASING AND MANAGEMENT LIMITED
Registered number: 02203997
BALANCE SHEET
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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T Watanabe
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A Robinson
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The notes on pages 2 to 6 form part of these financial statements.
Page 1
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AIRCRAFT LEASING AND MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2024
Aircraft Leasing and Management Limited, company number 02203997 is a wholly owned subsidiary of Fuyo Aviation Capital Europe Limited, both companies are limited by shares and are incorporated in England. The address of the registered office is 1st Floor, Pegasus Two, Pegasus Place, Gatwick Road, Crawley, RH10 9AY.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting
Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and
the Companies Act 2006.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Page 2
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AIRCRAFT LEASING AND MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Short term leasehold improvements
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company only enters into basic financial instrument transactions. Financial assets and
liabilities are recognised when the Company becomes a party to the contractual provisions of the
instrument.
Cash and cash equivalents
These comprise cash at bank and other short term highly liquid investments that mature in no more than three months from the date of acquisition.
Debtors
Debtors do not carry any interest and are stated at their transaction price. Appropriate allowances for estimated irrecoverable amounts are recognised in the Statement of Income and Retained Earnings where there is objective evidence that the asset is impaired.
Creditors
Short term creditors are not interest bearing and are stated at their transaction price.
Page 3
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AIRCRAFT LEASING AND MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2024
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The average monthly number of employees, including directors, during the year was 19 (2023 - 18).
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Foreign exchange difference - gain/(loss)
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Charge for the year on owned assets
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Page 4
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AIRCRAFT LEASING AND MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2024
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Short term leasehold improvements
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 5
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AIRCRAFT LEASING AND MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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21,667 (2023 - 21,667) ordinary shares of £1.00 each
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £109,972 (2023- £88,582). Contributions totalling £5,955 (2023 - £5,837) were payable to the fund at the balance sheet date and are included in creditors.
The directors consider that the ultimate parent undertaking and controlling party of this company is Fuyo General Lease Co Ltd, incorporated in Japan. Group financial statements are prepared and can be obtained from: Kojimachi Garden Tower, 5-1-1, Kojimachi, Chiyoda-ku, Tokyo 102-0083, Japan.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 1 April 2025 by J A Peach FCA (Senior Statutory Auditor) on behalf of Kreston Reeves LLP.
Page 6
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