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C E Aviation UK Limited

Annual Report and Financial Statements
Year Ended 30 September 2024

Registration number: 06863331

 

C E Aviation UK Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

C E Aviation UK Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,662,604

1,320,025

Current assets

 

Debtors (including £91,779 due after more than one year (2023 - £10,800))

5

132,367

452,572

Cash at bank and in hand

 

25,693

7,670

 

158,060

460,242

Creditors: Amounts falling due within one year

6

(153,128)

(952,115)

Net current assets/(liabilities)

 

4,932

(491,873)

Total assets less current liabilities

 

1,667,536

828,152

Creditors: Amounts falling due after more than one year

6

(2,022,457)

(2,451,126)

Net liabilities

 

(354,921)

(1,622,974)

Capital and reserves

 

Called up share capital

8

3,527

125

Share premium reserve

2,296,897

599,299

Profit and loss account

(2,655,345)

(2,222,398)

Shareholders' deficit

 

(354,921)

(1,622,974)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 June 2025 and signed on its behalf by:

.........................................
Mr V S Thayanandarajah
Director

 

Company Registration Number: 06863331

 

C E Aviation UK Limited

Notes to the Financial Statements

Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Kingsley House
Clapham Road South
Lowestoft
Suffolk
NR32 1QS

The business address is the same as the registered office address.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the year end date, the company had net liabilities of £354,921 (2023: £1,622,974) and incurred a net loss for the year then ended of £432,947 (2023: £3,168).

The directors believe, with the support of the parent company and the directors, the company has sufficient working capital to continue to trade for the foreseeable future.

Therefore the directors continue to adopt a going concern basis in preparing the financial statements. The financial statements do not include any adjustments that would result from any change in the company's circumstances such that the going concern basis would no longer be appropriate.

 

C E Aviation UK Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:

Group recharges
Cost re-allocations are required in order to fairly reflect the cost of management services borne by group companies and entities under common control. These are based on judgemental estimates of the proportion of management time spent in areas of the business which are different from where the payroll cost is originally processed, and where joint contracts of employment are in place.

Intercompany loan interest
The business trades as part of a group. In addition to recharges of central costs and other trading settlements, management charges are raised to reflect the cost of funding arranged at a group level. Significant balances with group and other connected parties arise, these balances are due after more than one year. The lending company charges interest on these loans using a market rate for an equivalent third party loan.

The carrying value of amounts owed to/from group companies and entities under common control can be found in note 5 and 6.

Management are required to make estimates as to the outflow of economic benefits which will be required to settle an obligation in making provisions.

Revenue recognition

Revenue represents amounts chargeable, net of value added tax, in respect of the sale of services to customers and is recognised when the service has been delivered.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense
recognised as other comprehensive income is also recognised directly in other comprehensive
income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been
enacted or substantively enacted by the reporting date in the countries where the company operates
and generates taxable income.

 

C E Aviation UK Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below.
Timing differences are differences between taxable profits and the results as stated in the profit and
loss account and other comprehensive income. Deferred tax is determined using tax rates and laws
that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation
allowance is set up against deferred tax assets so that the net carrying amount equals the highest
amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Helicopter

Straight line over 10 - 30 years

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities.


Financial assets and liabilities are recognised/(derecognised) when the company becomes/(ceases to be) party to the contractual provisions of the instrument. The company holds the following financial assets and liabilities:

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment ("doubtful debts") are recognised in the profit and loss account before operating profit.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

Throughout the year, the directors were wholly remunerated by another group company.

 

C E Aviation UK Limited

Notes to the Financial Statements

Year Ended 30 September 2024

4

Tangible assets

Helicopter
 £

Cost or valuation

At 1 October 2023

1,457,561

Additions

428,804

At 30 September 2024

1,886,365

Depreciation

At 1 October 2023

137,536

Charge for the year

86,225

At 30 September 2024

223,761

Carrying amount

At 30 September 2024

1,662,604

At 30 September 2023

1,320,025

5

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings

10

32,523

-

Prepayments

 

35,201

334,627

Other debtors

 

64,643

117,945

   

132,367

452,572

Less non-current portion

 

(91,779)

(10,800)

 

40,588

441,772

Details of non-current trade and other debtors

£32,523 (2023 - £Nil) of amounts owed by group undertakings is classified as non current.

£59,256 (2023 - £10,800) of amounts owed by connected companies, included in other debtors, is classified as non current.

 

C E Aviation UK Limited

Notes to the Financial Statements

Year Ended 30 September 2024

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

65,352

604,362

Trade creditors

 

67,584

8,582

Taxation and social security

 

15,642

-

Accruals and deferred income

 

4,550

4,550

Other creditors

 

-

334,621

 

153,128

952,115

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

474,571

1,505,817

Amounts owed to connected companies

 

1,547,886

945,309

 

2,022,457

2,451,126

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

474,571

510,390

Other borrowings

-

995,427

474,571

1,505,817

Current loans and borrowings

2024
£

2023
£

Bank borrowings

65,352

61,862

Other borrowings

-

542,500

65,352

604,362

 

C E Aviation UK Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Bank borrowings

Bank loan is denominated in sterling, £, with a nominal interest rate of 4.5% above base rate, and the final instalment is due on 31 August 2027. The carrying amount at year end is £539,923 (2023 - £572,252).

The bank loans are secured by a charge over the company's assets.

Other borrowings

Other borrowing consists of discounted bonds denominated in sterling, £. Each bond has a nominal value of £1 and have been issued at a discounted subscription price. The carrying value of bonds due on the 30 September 2024 and September 2025 is £Nil (2023 - £1,537,927) as they were repaid during year. All bonds were held with companies under common control.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1

100

100

100

100

Ordinary A shares of £1

25

25

25

25

Ordinary B shares of £1

3,402

3,402

-

-

 

3,527

3,527

125

125

During the year the company allotted 3,402 ordinary B shares at a price of £499 per share.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £139,482). This relates to repairs and maintanence works agreed to be conducted on assets during the year.

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £Nil (2023 - £300,000). This relates to prepayments for repairs and maintanence works agreed to be conducted on assets during the year

 

C E Aviation UK Limited

Notes to the Financial Statements

Year Ended 30 September 2024

10

Related party transactions

Summary of transactions with entities under common control

During the year the company entered into various transactions with entities under common control. Transactions entered into, and trading balances outstanding at the year end, are as shown below. Outstanding balances with entities are unsecured, interest bearing and cash settled.
 

Income and receivables from related parties

2024

Entities under common control
£

Receipt of services

308,879

2023

Entities under common control
£

Receipt of services

433,243

Loans to related parties

2024

Entities under common control
£

At start of period

10,800

Advanced

60,436

Repaid

(11,980)

At end of period

59,256

2023

Entities under common control
£

At start of period

37,260

Advanced

10,800

Repaid

(37,260)

At end of period

10,800

 

C E Aviation UK Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Terms of loans to related parties

The loans have a 366 day notice period for repayment. Interest is charged on these balances and the amount are presented in other creditors falling due after more than one year and other debtors receivable after more than one year.

Loans from related parties

2024

Entities under common control
£

At start and end of period

945,310

Advanced

1,112,576

Repaid

(510,000)

At end of period

1,547,886

2023

Entities under common control
£

At start of period

594,363

Advanced

410,947

Repaid

(60,000)

At end of period

945,310

Discounted bonds

Discounted bonds are held with companies under common control, see note 7 for more detail.

Terms of loans from related parties

The loans have a 366 day notice period for repayment. Interest is charged on these balances and the amount are presented in other creditors falling due after more than one year and other debtors receivable after more than one year.

11

Parent and ultimate parent undertaking

The company's immediate parent and ultimate controlling party is Serendip Investment Holdings (Jersey) Limited, incorporated in Jersey.

12

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was James Barrett, who signed for and on behalf of PKF Francis Clark on 27 June 2025.