| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 November 2024 |
| for |
| Flight Calibration Services Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 November 2024 |
| for |
| Flight Calibration Services Limited |
| Flight Calibration Services Limited (Registered number: 05524571) |
| Contents of the Financial Statements |
| for the Year Ended 30 November 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Flight Calibration Services Limited |
| Company Information |
| for the Year Ended 30 November 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Springfield |
| Cox Green Lane |
| Maidenhead |
| Berkshire |
| SL6 3EY |
| Flight Calibration Services Limited (Registered number: 05524571) |
| Balance Sheet |
| 30 November 2024 |
| 30.11.24 | 30.11.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) |
| NET ASSETS/(LIABILITIES) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Revaluation reserve | 12 |
| Retained earnings | 12 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Flight Calibration Services Limited (Registered number: 05524571) |
| Notes to the Financial Statements |
| for the Year Ended 30 November 2024 |
| 1. | STATUTORY INFORMATION |
| Flight Calibration Services Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared according to the going concern basis on the grounds that the Company will be able to pay its debts as they become due for a period of not less than 12 months from the issuing of these financial statements. |
| These financial statements are presented in GBP rounded to no pence. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Flight Calibration Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Albatross Topco Limited, Calibration House, 17-19 Cecil Pashley Way, Shoreham Airport, BN43 5FF. |
| Revenue recognition |
| Turnover is recognised at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue is recognised when the service provision is completed, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the Company and the costs incurred providing the service can be measured reliably. |
| Tangible fixed assets - changes in accounting policy |
| Plant and machinery etc | - |
| Following the revaluation of the Company's fleet of aircraft by a third party ISTAT accredited valuer during the year, the Directors have adopted the revaluation model for the airframes. The Directors believe that using the revaluation model provides more reliable and relevant information for the reader of the financial statements, it shows more accurately the true carrying value of the airframes. |
| Depreciation will no longer be provided against the airframes on the basis of an annual charge of 10% on cost. Instead, any subsequent change in value will be charged to the Profit & Loss account. |
| Aircraft engines and technical equipment continue to be depreciated as before. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Flight Calibration Services Limited (Registered number: 05524571) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current 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 balance sheet date and includes irrecoverable foreign tax deducted at source. |
| Deferred tax |
| Apart from a specific provision for deferred tax on revalued fixed assets, deferred tax is only recognised in respect of timing differences that have originated but not reversed at the balance sheet date if they are likely to reverse within the foreseeable future. |
| 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Flight Calibration Services Limited (Registered number: 05524571) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST OR VALUATION |
| At 1 December 2023 |
| Additions |
| Revaluations |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Revaluation adjustments | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| In the current accounting period, the Company' changed its accounting policy for depreciating airframes to adopt the revaluation model. During 2024, the Company commissioned a third party ISTAT accredited valuer to carry out a valuation of its fleet of aircraft. The methodology adopted was a blend of market research and intelligence and judgement based on the experience of the appraiser. |
| The valuation was materially different to the previously stated depreciated carrying value and was greater than the original cost of the assets. On that basis, the Directors believe that using the revaluation model provides more reliable and relevant information for the reader of the financial statements, it shows more accurately the true carrying value of the airframes. The revaluation has been applied within these financial statements.. |
| Only the value of the air frames were revalued; engines and technical equipment continue to be depreciated in line with the historical accounting policy. |
| The historical cost of the air frames was £4,969,294 and were valued at £5,321,180. The increase in value (£351,885) was transferred to a revaluation reserve. |
| Accumulated depreciation to date of £3,413,963 (including £496,929 for year ended 30th November 2024) was transferred to a revaluation reserve. |
| Within fixed assets are aircraft which are subject to an HP agreement and a fixed and floating charge. |
| Within fixed assets are aircraft which are subject to an HP agreement and a fixed and floating charge in favour of the lender. |
| Flight Calibration Services Limited (Registered number: 05524571) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 December 2023 |
| and 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Amounts owed to group undertakings |
| Flight Calibration Services Limited (Registered number: 05524571) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 9. | FINANCIAL INSTRUMENTS |
| The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. |
| Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
| Debtors |
| Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured at fair value, net of transaction costs less any impairment. |
| Creditors |
| Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, less any impairment |
| HP finance on aircraft and equipment is repayable over 10 years. |
| In 2022 the company took a Covid Recovery loan repayable over six years. |
| All these are subject to interest at variable rates over Bank of England base rate. |
| As at 30th November 2024 the Company had outstanding import guarantees and standby credits of £409,596 (2023 - £262,452). Against these, the bank held deposits of £240,877 (2023 - £178,734). |
| 10. | PROVISIONS FOR LIABILITIES |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Deferred tax |
| Revaluation of fixed assets | 941,462 | - |
| Deferred |
| tax |
| £ |
| Provided during year |
| Balance at 30 November 2024 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.11.24 | 30.11.23 |
| value: | £ | £ |
| Ordinary | 0.000 | 1 | 1 | 1 |
| 12. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 December 2023 | ( |
) | (1,029,666 | ) |
| Deficit for the year | ( |
) | ( |
) |
| Transfer revaluation reserve | - | 2,824,386 | 2,824,386 |
| At 30 November 2024 | ( |
) | 1,666,662 |
| Flight Calibration Services Limited (Registered number: 05524571) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 14. | OTHER FINANCIAL COMMITMENTS |
| The company has an annual rental commitment of £115,000 on its premises at Shoreham Airport. The lease |
| ends in 2028. |
| 15. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 16. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Albatross Bidco Limited. |
| The ultimate controlling party is |