| REGISTERED NUMBER: |
| Financial Statements for the Period 12 January 2024 to 31 August 2024 |
| for |
| Specialist Aviation Properties Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Period 12 January 2024 to 31 August 2024 |
| for |
| Specialist Aviation Properties Limited |
| Specialist Aviation Properties Limited (Registered number: 15408863) |
| Contents of the Financial Statements |
| for the Period 12 January 2024 to 31 August 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Specialist Aviation Properties Limited |
| Company Information |
| for the Period 12 January 2024 to 31 August 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| 65 Knowl Piece |
| Wilbury Way |
| Hitchin |
| Hertfordshire |
| SG4 0TY |
| Specialist Aviation Properties Limited (Registered number: 15408863) |
| Balance Sheet |
| 31 August 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
6 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| Specialist Aviation Properties Limited (Registered number: 15408863) |
| Notes to the Financial Statements |
| for the Period 12 January 2024 to 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Specialist Aviation Properties Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Taxation |
| Taxation for the period 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. |
| 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 period 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was NIL. |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| Additions |
| Revaluations | 340,869 |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| Specialist Aviation Properties Limited (Registered number: 15408863) |
| Notes to the Financial Statements - continued |
| for the Period 12 January 2024 to 31 August 2024 |
| 4. | INVESTMENT PROPERTY - continued |
| During the year the investment property was acquired from Specialist Aviation Ltd, a subsidiary company of the parent company Specialist Aviation Holdings Ltd, for a value of £1,170,000. |
| Additional costs totalling £254,131 were incurred in the year. |
| The investment property was sold after the year end, the fair value of the property has been reflected in the financial statements. |
| Fair value at 31 August 2024 is represented by: |
| £ |
| Valuation in 2024 | 340,869 |
| Cost | 1,424,131 |
| 1,765,000 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| £ |
| Bank loans |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| £ |
| Bank loans |
| Securities include: |
| Fixed and floating charge created in favour of LLoyds Bank to cover all property or undertaking of the company. |
| The charge includes a negative pledge. |
| Fixed and floating charge created in favour of LLoyds bank on the leasehold property known as Stanley House, Works Road,Letchworth Garden City, Herts SG6 1JY. The charge was satisfied in October 2024. |
| The company has an omnibus guarantee and set off agreement with it's fellow group companies: |
| Cabinair Services Ltd |
| SATTO Solutions Ltd |
| HSM Aero Ltd |
| Specialist Aviation Holding Ltd |
| Specialist Aviation Ltd |
| Specialist Aviation Properties Limited (Registered number: 15408863) |
| Notes to the Financial Statements - continued |
| for the Period 12 January 2024 to 31 August 2024 |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal |
| value: | £ |
| Ordinary | £1 | 100 |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | RELATED PARTY DISCLOSURES |
| At the balance sheet date, the following amounts are due to companies under common control |
| 31.8.2024 |
| £ |
| Specialist Aviation Holding Limited | 100 |
| Specialist Aviation Limited | 920,242 |
| The controlling party is D F Hammond. |
| 11. | ULTIMATE PARENT COMPANY |
| The ultimate parent company is Specialist Aviation Holdings Limited, the registered office is: Aerospace Logistics Centre, Unit 2B Dunhams Lane, Letchworth Garden City, Herts, SG6 1BE. |