Company registration number 03743235 (England and Wales)
ESUK AEROSPACE AND SIMULATION (GROUP) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ESUK AEROSPACE AND SIMULATION (GROUP) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
ESUK AEROSPACE AND SIMULATION (GROUP) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£000
£000
£000
£000
Fixed assets
Investments
3
11,081
11,081
Current assets
Debtors
5
1,519
1,519
Creditors: amounts falling due within one year
6
(10,969)
(10,969)
Net current liabilities
(9,450)
(9,450)
Net assets
1,631
1,631
Capital and reserves
Called up share capital
7
1,200
1,200
Capital redemption reserve
394
394
Profit and loss reserves
37
37
Total equity
1,631
1,631
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
Mr B Rosolio
Director
Company registration number 03743235 (England and Wales)
ESUK AEROSPACE AND SIMULATION (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
ESUK Aerospace and simulation (Group) Limited is a private company limited by shares incorporated in England and Wales. The registered office 77 Kingsway, London, WC2B 6SR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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.
ESUK AEROSPACE AND SIMULATION (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Short term trade debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Basic financial liabilities
Short term trade creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2024
2023
Number
Number
Total
0
0
3
Fixed asset investments
2024
2023
£000
£000
Shares in group undertakings and participating interests
11,081
11,081
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
ESUK Aerospace and Simulation (Holdings) Limited
77 Kingsway, London, England, WC2B 6SR
Intermediate parent undertaking
Ordinary
100.00
ESUK Aerospace and Simulation Limited
77 Kingsway, London, England, WC2B 6SR
Development and manufacture of aerospace and defence equipment
Ordinary
100.00
ESUK AEROSPACE AND SIMULATION (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£000
£000
Amounts owed by group undertakings
1,519
1,519
6
Creditors: amounts falling due within one year
2024
2023
£000
£000
Amounts owed to group undertakings
8,969
8,969
Other creditors
2,000
2,000
10,969
10,969
Other creditors represents cumulative redeemable preference shares which had a redemption date of 31 December 2023. These have not been called in for payment by the company's immediate parent undertaking, Elbit Systems UK Limited, at the date these financial statements have been approved.
ESUK AEROSPACE AND SIMULATION (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of £1 each
420,000
420,000
420
420
Preferred ordinary shares of £1 each
780,000
780,000
780
780
1,200,000
1,200,000
1,200
1,200
2024
2023
2024
2023
Preference share capital
Number
Number
£000
£000
Issued and fully paid
Cumulative redeemable preference shares of £1 each
2,000,000
2,000,000
2,000
2,000
Preference shares classified as liabilities
2,000
2,000
The cumulative redeemable preference shares are included in creditors: amounts falling due within one year. These shares had a redemption date of 31 December 2023 and have not been called in for payment by the company's immediate parent undertaking, Elbit Systems UK Limited, at the date these financial statements have been approved.
Rights attached to shares - voting
Rights attached to shares - capital
The assets of the company remaining after settlement of all liabilities and costs on winding up shall be payable as follows:
First in paying the holders of the cumulative redeemable preference shares £1 per share;
Second in paying the holders of the preferred ordinary shares £1 per share; and
Third in paying the holders of the ordinary shares £1 per share.
Any surplus remaining is to be paid to the holders of the preferred ordinary shares and the holders of the ordinary shares as if these were one class of shares.
Rights attached to shares - redemption
Preference shares of £2,000,000 were issued and allocated to Elbit Systems UK Limited and are redeemable at par at any time in whole or in part at the option of the company with a backstop date of 31 December 2023.
The preferred ordinary shares are not redeemable.
ESUK AEROSPACE AND SIMULATION (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
8
Parent company
The company is a subsidiary undertaking of Elbit Systems Limited, a company incorporated in Israel, which is the ultimate parent undertaking and controlling party. The company's immediate parent undertaking is Elbit Systems UK Limited.
Elbit Systems Limited is the largest and smallest group for which group financial statements are prepared. The group financial statements of this group are available to the public and may be obtained from www.elbitsystems.com.