| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| AVIAREPS UK LTD |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| AVIAREPS UK LTD |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 4 |
| Statement of Comprehensive Income | 8 |
| Statement of Financial Position | 9 |
| Statement of Changes in Equity | 10 |
| Statement of Cash Flows | 11 |
| Notes to the Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 |
| AVIAREPS UK LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| 869 High Road |
| London |
| N12 8QA |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| The directors present their strategic report for the year ended 31 March 2025. |
| REVIEW OF BUSINESS |
| The year 2024/25 results show another year of strong recovery and post-pandemic growth in the industry in the UK and globally. While flight capacity out of the UK is at the pre-pandemic levels already, this is not yet the case globally mainly due to the aircraft shortage and delayed deliveries resulting in higher fares for the customers. The demand was extremely strong helping our revenue. |
| Most of our airline clients performed strongly despite the challenges aviation still faces. On the Tourism side we lost two of our hotel clients (Mangia's and Cinnamon) mid-year, as well as Lithuania Tourism Board by the end of the year. However, we also gained La Palma as a new client. |
| The main change is Vistara (our largest airline client) merging with Air India in November 2024, hence no longer our client and letting our dedicated Vistara team of 7 people go. |
| The year was closed with exceptional results for the third year in a row showing consistent growth. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company is exposed to the following types of risks: |
| Risks from general market conditions |
| Travel industry remains very vulnerable to various outside factors, however proved to be very volatile and restoring quickly. While this year showed the most positive recovery, very close to pre-pandemic record levels, we are closely monitoring the risks related to the political turbulence and negative dynamics in the world. |
| Operations risks |
| The directors manage the operational risks through internal processes and reporting controls. |
| New business risk |
| The directors manage this risk by controlled expansion and forecasting and evaluating expected performance regularly. |
| Credit risks |
| The directors manage the credit risks by having a strong cash and debt management system. |
| KEY PERFORMANCE INDICATORS |
| The company uses key performance indicators to ensure it has the ability to successfully grow the business in the long term. Three of the measures the company uses are: |
| - Operating Profit: Increase in operating profit to £775,682 from operating profit of £775,098 in 2024. |
| - Cash & cash equivalent: Increase in cash and cash equivalent to £535,213 from £217,120 in 2024. |
| - Liquidity ratio: Increase in liquidity ratio to 136.86% from 122.07% in 2024. |
| FUTURE DEVELOPMENTS |
| 2025/2026 |
| The new Financial Year started well, and our forecast remains positive with some new clients joining in quarter 1. We continue developing the business by acquiring new clients and growing existing ones. Our main aim remains to keep profitable and sustainable business operations with the healthy balance and income-cost ratio. |
| ON BEHALF OF THE BOARD: |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| The directors present their report with the financial statements of the company for the year ended 31 March 2025. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of providing marketing and consulting services to the tourism industry and also as a general sales agent to a number of airlines. |
| DIVIDENDS |
| No interim dividend was paid during the year. The directors recommend a final dividend of |
| The total distribution of dividends for the year ended 31 March 2025 will be £ |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information. |
| AUDITORS |
| The auditors, EA (UK) LLP, have signified their willingness to continue in the office as auditors. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| AVIAREPS UK LTD |
| Opinion |
| We have audited the financial statements of Aviareps UK Ltd (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31 March 2025 and of its 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 company 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. |
| Material uncertainty related 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| AVIAREPS UK LTD |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| AVIAREPS UK LTD |
| 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: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We designed procedures capable of detecting non-compliance with laws and regulations and irregularities, including fraud, through: |
| · Obtaining an understanding of the Company and its industry through discussions with management, and the application of our cumulative audit knowledge and experience of the industry to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements including tax, pensions, employment, health and safety, data protection and anti-bribery legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. |
| · Identifying possible risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, whether there was potential for management bias in the reporting of events and transactions in the financial statements relating to principal accounting estimates and uncertainties. |
| Our audit procedures were designed to respond to the identified risks relating to non-compliance with laws and regulations and irregularities (including fraud) that are material to the financial statements. Our audit procedures in relation to non-compliance with laws and regulations included, but were not limited to: |
| · Discussing with the director and management their policies and procedures regarding compliance with laws and regulations and reviewing correspondence with regulators and with solicitors; and |
| · Communicating identified laws and regulations with the audit team and remaining alert to any indications of non-compliance throughout the audit; and |
| · Considering the risk of non-compliance with laws and regulations; and |
| · Considering whether the financial statement disclosures fairly represent the underlying transactions. |
| Our audit procedures in relation to irregularities and fraud included, but were not limited to: |
| · Making enquiries of directors and management as to where they considered there was susceptibility to fraud, and whether they had knowledge of actual, suspected or alleged fraud; and |
| · Gaining an understanding of the internal controls established to mitigate risks relating to fraud; and |
| · Discussing the risk of fraud and management bias with the audit team and remaining alert to any indications of fraud and management bias throughout the audit; and |
| · Addressing the risk of management override of controls by testing journal entries, considering the rationale behind significant or unusual transactions, and reviewing accounting estimates |
| There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. Because of these inherent limitations, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| 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 |
| AVIAREPS UK LTD |
| 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 |
| 869 High Road |
| London |
| N12 8QA |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| REVENUE | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 762,447 | 768,454 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 778,765 | 777,218 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| STATEMENT OF FINANCIAL POSITION |
| 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 9 |
| CURRENT ASSETS |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
12 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 April 2023 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 March 2024 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2025 |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Amounts due/from related parties | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
63,202 |
| Cash and cash equivalents at end of year | 2 | 535,213 | 217,120 |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| NOTES TO THE STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2025 | 2024 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Finance costs | 7,816 | 31,646 |
| Finance income | (3,083 | ) | (2,120 | ) |
| 780,210 | 787,336 |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 March 2025 |
| 31.3.25 | 1.4.24 |
| £ | £ |
| Cash and cash equivalents | 535,213 | 217,120 |
| Year ended 31 March 2024 |
| 31.3.24 | 1.4.23 |
| £ | £ |
| Cash and cash equivalents | 217,120 | 63,543 |
| Bank overdrafts | ( |
) |
| 217,120 | 63,202 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.4.24 | Cash flow | At 31.3.25 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 217,120 | 318,093 | 535,213 |
| 217,120 | 535,213 |
| Debt |
| Debts falling due within 1 year | (8,561 | ) | 686 | (7,875 | ) |
| Debts falling due after 1 year | (39,291 | ) | 6,854 | (32,437 | ) |
| (47,852 | ) | 7,540 | (40,312 | ) |
| Total | 169,268 | 325,633 | 494,901 |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 1. | STATUTORY INFORMATION |
| Aviareps UK Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| At statement of financial position date, the company has net assets of £308,179. We are adapting the business to keep operating with the current and possible future climate. The financial statements are prepared under the going concern basis as the directors believe that the company will be profitable in future years and will also receive support from its ultimate parent company Aviareps AG for the foreseeable future. |
| The principal activities of the company are those of airlines ticketing, airlines representation and marketing and sales consulting to tourism industry. |
| The financial statements are presented in Sterling, which is also the functional currency of the company. |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. |
| Revenue |
| Revenue is measured at fair value of consideration received, excluding value added tax. Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. |
| Revenue related to overriding commission is recognised on monthly basis for represented airlines in respect to ticket sales. |
| Revenue from tourism is recognised evenly over the term of the contract. |
| Property, plant and equipment |
| Improvements to property | - |
| Computer equipment | - |
| Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. |
| The carrying value of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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. |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 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. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Other financial liabilities |
| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
| Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| 3. | REVENUE |
| The revenue and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of revenue by class of business is given below: |
| 2025 | 2024 |
| £ | £ |
| An analysis of revenue by geographical market is given below: |
| 2025 | 2024 |
| £ | £ |
| Europe |
| Rest of the World | 2,609,845 | 2,603,241 |
| The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom. |
| 4. | EMPLOYEES AND DIRECTORS |
| 2025 | 2024 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2025 | 2024 |
| Administrative staff |
| The pension costs relates to contribution by the company to a defined contribution plan. |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| 2025 | 2024 |
| £ | £ |
| Directors' remuneration |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2025 | 2024 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2025 | 2024 |
| £ | £ |
| Other interest |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2025 | 2024 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Tax on profit |
| 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: |
| 2025 | 2024 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2024 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Utilisation of tax losses | ( |
) |
| (Over)/under provision in prior year | (18,033 | ) | - |
| Total tax charge | 175,146 | 168,369 |
| 8. | DIVIDENDS |
| 2025 | 2024 |
| £ | £ |
| Ordinary shares of £1 each |
| Final |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 9. | PROPERTY, PLANT AND EQUIPMENT |
| Improvements |
| to | Computer |
| property | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Tax |
| VAT |
| Prepayments |
| Accrued income | 104,623 | 444,096 |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts (see note 13) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Net wages | - | 13,176 |
| Accrued expenses |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans (see note 13) |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 13. | LOANS - continued |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 14. | LEASING AGREEMENTS |
| The annual operating lease commitments is £13,461 (2024: £215,252). |
| 15. | FINANCIAL INSTRUMENTS |
| 2025 | 2024 |
| £ | £ |
| Carrying amount of financial assets |
| Debt instruments measured at amortised cost | 1,105,549 | 1,230,303 |
| Carrying amount of financial liabilities |
| Measured at amortised cost | 877,123 | 1,108,882 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | £1 | 50,000 | 50,000 |
| The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. |
| 17. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 April 2024 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 March 2025 |
| 18. | ULTIMATE PARENT COMPANY |
| Aviareps UK Holdings Ltd, a company registered in England & Wales, is the immediate parent company. |
| The ultimate parent company is Aviareps AG, a company registered in Germany. A copy of group financial statements can be obtained from http://www.aviareps.com. |
| Consolidated financial statements are prepared by Aviareps AG. The principle office address of Aviareps AG is Landsberger Str. 110, 80339 Munich, Germany. |
| 19. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of FRS 102, Related Party Disclosures, not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 20. | ULTIMATE CONTROLLING PARTY |