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COMPANY REGISTRATION NUMBER: 01203916
AAR Services Limited
Filleted Unaudited Financial Statements
31 December 2024
AAR Services Limited
Financial Statements
Year ended 31st December 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
AAR Services Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
70,821
103,886
Tangible assets
6
27,319
28,897
--------
----------
98,140
132,783
Current assets
Debtors
7
2,210,832
2,324,116
Cash at bank and in hand
429,552
535,356
------------
------------
2,640,384
2,859,472
Creditors: amounts falling due within one year
8
1,178,903
1,267,300
------------
------------
Net current assets
1,461,481
1,592,172
------------
------------
Total assets less current liabilities
1,559,621
1,724,955
Provisions
Taxation including deferred tax
6,555
6,364
------------
------------
Net assets
1,553,066
1,718,591
------------
------------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
1,552,966
1,718,491
------------
------------
Shareholders funds
1,553,066
1,718,591
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31st December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AAR Services Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 4 June 2025 , and are signed on behalf of the board by:
Mr P B Phillips
Director
Company registration number: 01203916
AAR Services Limited
Notes to the Financial Statements
Year ended 31st December 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 91 Wimpole Street, London, W1G 0EF, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Computer website & E-learning platform costs
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 18 ).
5. Intangible assets
Website & E-learning platform costs
£
Cost
At 1st January 2024 and 31st December 2024
132,262
----------
Amortisation
At 1st January 2024
28,376
Charge for the year
33,065
----------
At 31st December 2024
61,441
----------
Carrying amount
At 31st December 2024
70,821
----------
At 31st December 2023
103,886
----------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1st January 2024
8,160
52,709
60,869
Additions
370
6,436
6,806
-------
--------
--------
At 31st December 2024
8,530
59,145
67,675
-------
--------
--------
Depreciation
At 1st January 2024
4,177
27,795
31,972
Charge for the year
1,088
7,296
8,384
-------
--------
--------
At 31st December 2024
5,265
35,091
40,356
-------
--------
--------
Carrying amount
At 31st December 2024
3,265
24,054
27,319
-------
--------
--------
At 31st December 2023
3,983
24,914
28,897
-------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
505,067
581,221
Prepayments and accrued income
91,751
128,709
Other debtors
1,614,014
1,614,186
------------
------------
2,210,832
2,324,116
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
175,723
158,076
Accruals and deferred income
613,453
692,871
Corporation tax
89,172
106,690
Social security and other taxes
176,332
175,807
Director loan accounts
2,132
2,132
Other creditors
122,091
131,724
------------
------------
1,178,903
1,267,300
------------
------------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Related party transactions
Transactions with related parties undertaken, such as are required to be disclosed under FRS102, were as follows:
2024 2023
£ £
Balance owed by:
Other related parties 1,591,628 1,591,800
------------ ------------
The amounts owed by related parties are in respect of short term interest free loans.
11. Controlling party
The company is a wholly owned subsidiary of AAR Holdings Limited, a company incorporated in England and Wales.