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REGISTERED NUMBER: 05524571 (England and Wales)















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: C Hampton
M Smith





SECRETARY: C Hampton





REGISTERED OFFICE: Calibration House
17-19 Cecil Pashley Way
Shoreham Airport
Shoreham-by-Sea
West Sussex
BN43 5FF





REGISTERED NUMBER: 05524571 (England and Wales)





AUDITORS: OPPENHEIMS Chartered Accountants
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 5,698,149 2,528,273
Investments 5 1 1
5,698,150 2,528,274

CURRENT ASSETS
Stocks 217,007 244,175
Debtors 6 1,658,483 1,025,963
Prepayments and accrued income 365,187 758,769
Cash at bank 216,100 217,568
2,456,777 2,246,475
CREDITORS
Amounts falling due within one year 7 3,138,108 3,330,634
NET CURRENT LIABILITIES (681,331 ) (1,084,159 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,016,819

1,444,115

CREDITORS
Amounts falling due after more than one
year

8

(2,408,694

)

(2,473,780

)

PROVISIONS FOR LIABILITIES 10 (941,462 ) -
NET ASSETS/(LIABILITIES) 1,666,663 (1,029,665 )

CAPITAL AND RESERVES
Called up share capital 11 1 1
Revaluation reserve 12 2,824,386 -
Retained earnings 12 (1,157,724 ) (1,029,666 )
SHAREHOLDERS' FUNDS 1,666,663 (1,029,665 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 13 May 2025 and were signed on its behalf by:





C Hampton - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 25% on reducing balance and 10% on cost

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 38 (2023 - 44 ) .

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 6,261,875
Additions 70,004
Revaluations 351,885
At 30 November 2024 6,683,764
DEPRECIATION
At 1 December 2023 3,733,602
Charge for year 665,976
Revaluation adjustments (3,413,963 )
At 30 November 2024 985,615
NET BOOK VALUE
At 30 November 2024 5,698,149
At 30 November 2023 2,528,273

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 1
NET BOOK VALUE
At 30 November 2024 1
At 30 November 2023 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 1,402,776 799,042
Other debtors 255,707 226,921
1,658,483 1,025,963

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans and overdrafts 512,051 284,328
Hire purchase contracts 214,332 215,178
Trade creditors 1,128,348 1,365,477
Taxation and social security 527,565 647,713
Other creditors 755,812 817,938
3,138,108 3,330,634

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.24 30.11.23
£    £   
Bank loans 352,339 463,241
Hire purchase contracts 1,633,675 1,847,411
Amounts owed to group undertakings 422,680 163,128
2,408,694 2,473,780

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 941,462
Balance at 30 November 2024 941,462

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £    £   
9,100 Ordinary 0.000 1 1 1

12. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 December 2023 (1,029,666 ) - (1,029,666 )
Deficit for the year (128,058 ) (128,058 )
Transfer revaluation reserve - 2,824,386 2,824,386
At 30 November 2024 (1,157,724 ) 2,824,386 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.

N S Oppenheim (Senior Statutory Auditor)
for and on behalf of OPPENHEIMS Chartered Accountants

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 Literacy Capital plc.