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CONTRAIL FLIGHT SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Contrail Flight Services Limited is a private company limited by shares incorporated in England & Wales. The address of the registered office and principal base of business are given on the company information page of these financial statements.
The financial statements are prepared in £ Sterling and have been rounded to the nearest £.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
At the year end the Company had net assets of £145 (2023: net liabilities £539). However, the directors have not considered it necessary to prepare formal forecasts for the Company given the overall financial strength of the wider connected companies. The parent that heads the connected group retains considerable levels of cash and no external debt and continues to provide on-going financial support.This related company will continue to provide financial support to enable the Company to meet its liabilities as they fall due for a period of at least 12 months from the approval of the financial statements.
The directors, therefore, consider that they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, for a variety of potential scenarios, with on-going support from this related company. The Company therefore, continues to adopt the going concern basis in preparing its financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
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 when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Revenue is recognised on provision of the service.
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