Year Ended
Registration number:
C E Aviation UK Limited
Balance Sheet
30 September 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors (including £91,779 due after more than one year (2023 - £10,800)) |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
( |
( |
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Shareholders' deficit |
( |
( |
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
......................................... |
Company Registration Number: 06863331
C E Aviation UK Limited
Notes to the Financial Statements
Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The business address is the same as the registered office address.
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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
Tangible assets |
Helicopter |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Debtors |
Note |
2024 |
2023 |
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Amounts owed by group undertakings |
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- |
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Prepayments |
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Other debtors |
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Less non-current portion |
( |
( |
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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
Creditors |
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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- |
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Accruals and deferred income |
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Other creditors |
- |
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Amounts owed to connected companies |
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2,022,457 |
2,451,126 |
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Other borrowings |
- |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Other borrowings |
- |
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C E Aviation UK Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Bank borrowings
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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.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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|
|
100 |
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100 |
|
|
25 |
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25 |
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3,402 |
- |
- |
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During the year the company allotted 3,402 ordinary B shares at a price of £499 per share.
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 - £
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
Related party transactions |
Summary of transactions with entities under common control
Income and receivables from related parties
2024 |
Entities under common control |
Receipt of services |
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2023 |
Entities under common control |
Receipt of services |
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Loans to related parties
2024 |
Entities under common control |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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2023 |
Entities under common control |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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C E Aviation UK Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Terms of loans to related parties
Loans from related parties
2024 |
Entities under common control |
At start and end of period |
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Advanced |
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Repaid |
( |
At end of period |
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2023 |
Entities under common control |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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Discounted bonds
Discounted bonds are held with companies under common control, see note 7 for more detail.
Terms of loans from related parties
Parent and ultimate parent undertaking |
The company's immediate parent and ultimate controlling party is Serendip Investment Holdings (Jersey) Limited, incorporated in Jersey.
Audit report |