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REGISTERED NUMBER: 03089944 (England and Wales)















Financial Statements for the Year Ended 31 August 2024

for

Specialist Aviation Ltd

Specialist Aviation Ltd (Registered number: 03089944)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Specialist Aviation Ltd

Company Information
for the Year Ended 31 August 2024







DIRECTOR: D F Hammond





REGISTERED OFFICE: Aerospace Logistics Centre
Unit 2B
Dunhams Lane
Letchworth Garden City
Hertfordshire
SG6 1BE





REGISTERED NUMBER: 03089944 (England and Wales)





AUDITORS: Godfrey Laws Audit Limited
65 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

Specialist Aviation Ltd (Registered number: 03089944)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 167,515 32,132
Investments 6 87 87
Investment property 7 - 1,170,000
167,602 1,202,219

CURRENT ASSETS
Stocks 2,638,873 1,820,921
Debtors 8 2,685,131 2,316,517
Cash at bank and in hand 462,450 94,382
5,786,454 4,231,820
CREDITORS
Amounts falling due within one year 9 4,087,022 3,211,169
NET CURRENT ASSETS 1,699,432 1,020,651
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,867,034

2,222,870

CREDITORS
Amounts falling due after more than one
year

10

-

(230,296

)

PROVISIONS FOR LIABILITIES (27,341 ) (52,131 )
NET ASSETS 1,839,693 1,940,443

CAPITAL AND RESERVES
Called up share capital 13 560 501
Capital redemption reserve 499 499
Retained earnings 1,838,634 1,939,443
SHAREHOLDERS' FUNDS 1,839,693 1,940,443

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 May 2025 and were signed by:





D F Hammond - Director


Specialist Aviation Ltd (Registered number: 03089944)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Specialist Aviation Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of goods and management fees , excluding value added tax.
Operating income includes net rental income for storage and recharged costs, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

During the year the investment property was disposed to Specialist Aviation Properties Ltd a wholly owned subsidiary company of the parent company, Specialist Aviation Holdings Ltd.

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.


Specialist Aviation Ltd (Registered number: 03089944)

Notes to the Financial Statements - continued
for the Year Ended 31 August 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
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 16,000
AMORTISATION
At 1 September 2023
and 31 August 2024 16,000
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

Specialist Aviation Ltd (Registered number: 03089944)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 September 2023 26,317 31,531 629,138
Additions - 101,678 19,649
Disposals - - (86,684 )
At 31 August 2024 26,317 133,209 562,103
DEPRECIATION
At 1 September 2023 24,660 31,531 628,137
Charge for year 710 6,543 2,597
Eliminated on disposal - - (86,684 )
At 31 August 2024 25,370 38,074 544,050
NET BOOK VALUE
At 31 August 2024 947 95,135 18,053
At 31 August 2023 1,657 - 1,001

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2023 272,834 12,000 128,519 1,100,339
Additions 21,392 - 21,151 163,870
Disposals (117,347 ) - - (204,031 )
At 31 August 2024 176,879 12,000 149,670 1,060,178
DEPRECIATION
At 1 September 2023 272,282 2,000 109,597 1,068,207
Charge for year 2,675 2,400 13,562 28,487
Eliminated on disposal (117,347 ) - - (204,031 )
At 31 August 2024 157,610 4,400 123,159 892,663
NET BOOK VALUE
At 31 August 2024 19,269 7,600 26,511 167,515
At 31 August 2023 552 10,000 18,922 32,132

Specialist Aviation Ltd (Registered number: 03089944)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 September 2023
and 31 August 2024 87
NET BOOK VALUE
At 31 August 2024 87
At 31 August 2023 87


7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 1,170,000
Disposals (1,170,000 )
At 31 August 2024 -
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 1,170,000

During the year the investment property was disposed to Specialist Aviation Properties Ltd a wholly owned subsidiary company of the parent company, Specialist Aviation Holdings Ltd.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 1,231,867 1,464,799
Amounts owed by group undertakings 989,683 270,121
Other debtors 463,581 581,597
2,685,131 2,316,517

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 209,526 87,679
Trade creditors 550,409 293,798
Amounts owed to group undertakings 2,238,516 1,337,480
Taxation and social security 374,618 524,965
Other creditors 713,953 967,247
4,087,022 3,211,169

Specialist Aviation Ltd (Registered number: 03089944)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans - 230,296

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 54,938

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.24 31.8.23
£    £   
Within one year 349,199 290,652
Between one and five years 942,723 994,433
1,291,922 1,285,085

12. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Bank overdraft 209,526 -
Bank loans - 317,975
209,526 317,975

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.

The 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 1J, was satisfied on 11 July 2024.

Fixed and floating charge created in favour of Aldermore Bank PLC to cover all property or undertaking of the company. The charge includes a negative pledge.

The company has a charge in the form a rent deposit deed in favour of Davis Schottlander & Davis Limited. A deposit sum of £12,487 plus vat is included in other debtors. The amount is secured over all monies due or become due to the company.

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 Properties Ltd

Specialist Aviation Ltd (Registered number: 03089944)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
501 Ordinary £1 504 501
56 Growth shares £1 56 -
560 501

The following shares were allotted and fully paid for cash at par during the year:

3 Ordinary shares of £1 each
56 Growth shares shares of £1 each

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Howard Ashmore FCA (Senior Statutory Auditor)
for and on behalf of Godfrey Laws Audit Limited

15. RELATED PARTY DISCLOSURES

At the balance sheet date, the following amounts are due from companies under common control:

31.8.2024 31.8.2023
£ £
Specialist Aviation Ireland Ltd 69,441 270,120
Specialist Aviation Properties Ltd 920,242 -

At the balance sheet date, the following amounts are due to companies under common control

31.8.2024 31.8.2023
£ £
Specialist Aviation Holding Limited 2,238,516 1,337,480

The controlling party is D F Hammond.

16. 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.