Registration number:
IMT Aviation Limited
for the Year Ended 30 April 2024
IMT Aviation Limited
Contents
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Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
IMT Aviation Limited
Company Information
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Directors |
Mr M G Kearns Mr I R Burgess |
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Registered office |
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Accountants |
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Auditors |
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IMT Aviation Limited
(Registration number: 05105979)
Abridged Balance Sheet as at 30 April 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Debtors over 1 year |
89,652 |
88,477 |
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Investments |
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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 |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Revaluation reserve |
426,681 |
- |
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Retained earnings |
13,329,352 |
13,192,189 |
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Shareholders' funds |
13,756,035 |
13,192,191 |
IMT Aviation Limited
(Registration number: 05105979)
Abridged Balance Sheet as at 30 April 2024
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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IMT Aviation Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These abridged 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.
Summary of disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
The requirements of Section 11 Financial Instruments paragraphs 11.42,11.44, to 11.45,11.47,11.48 (a)(iii),11.48 (a)(iv), 11.48 (b) and 11.48 (c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29 (a), 12.29 (b) and 12.29 A.
Name of parent of group
These financial statements are consolidated in the financial statements of MI Aviation Holdings Limited.
The financial statements of MI Aviation Holdings Limited may be obtained from Companies House.
Going concern
The financial statements have been prepared on a going concern basis.
IMT Aviation Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2024
Audit report
Opinion
In our opinion the financial statements:
•give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
•have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•have been prepared in accordance with the requirements of the Companies Act 2006.
The name of the Senior Statutory Auditor who signed the audit report on
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Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises Revenue and Rendering of Services Revenue when:
the amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
the stage of completion of the contract at the end of the reporting period can be measured reliably
and specific criteria have been met for each of the company's activities.
Rental income
Revenue from rental properties is recognised for the period for which the rent is due. Revenue on property development is recognised on exchange of contracts.
IMT Aviation Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2024
Contract revenue recognition
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
The amount of revenue can be measured reliably;
It is probable that the Company will receive the consideration due under the contract;
The stage of completion of the contract at the end of the reporting period can be measured reliably; and
The costs incurred and the costs to complete the contract can be measured reliably.
Finance income and costs policy
Interest Income
Interest income is recognised in the profit or loss using the effective interest method.
Finance costs
Finance costs are charged to the profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amounts. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Foreign currency transactions and balances
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
IMT Aviation Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2024
Tax
The tax expense for the period comprises current and deferred 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 income 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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:
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Asset class |
Depreciation method and rate |
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Property Improvements |
11% reducing balance |
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Plant & Machinery |
20% reducing balance |
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Office Equipment |
20% reducing balance |
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Fixtures & Fittings |
20% reducing balance |
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Motor Vehicles |
25% straight line |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
IMT Aviation Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2024
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
IMT Aviation Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2024
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
IMT Aviation Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2024
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Intangible assets |
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Total |
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Cost or valuation |
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At 1 May 2023 |
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Disposals |
( |
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Transfers |
( |
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At 30 April 2024 |
- |
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Amortisation |
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Carrying amount |
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At 30 April 2024 |
- |
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At 30 April 2023 |
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Tangible assets |
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Land and buildings |
Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
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Cost or valuation |
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At 1 May 2023 |
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Additions |
- |
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Disposals |
- |
( |
- |
- |
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Transfers |
- |
( |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
- |
- |
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At 30 April 2024 |
- |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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IMT Aviation Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2024
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Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Additions |
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Disposals |
- |
( |
( |
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Transfers |
- |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Included within the net book value of land and buildings above is £1,212,254 (2023 - £1,212,254) in respect of freehold land and buildings and £175,494 (2023 - £312,080) in respect of long leasehold land and buildings.
Investment properties
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2024 |
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At 1 May |
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Surplus on Investment property revaluation |
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At 30 April |
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The investment property was revalued post year end by Berrys UK, independent valuers, in accordance with the RICS Valuation – Global Standards. The valuation was based on market evidence of transaction prices for similar properties
IMT Aviation Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2024
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Investments |
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Total |
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Cost or valuation |
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At 1 May 2023 |
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Disposals |
( |
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At 30 April 2024 |
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Provision |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Stocks |
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2024 |
2023 |
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Finished goods and goods for resale |
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Debtors |
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Current |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings |
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Prepayments & Accrued Income |
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Other debtors |
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Non-current |
2024 |
2023 |
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Trade debtors |
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Current asset investments |
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2024 |
2023 |
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Shares in group undertakings |
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Other investments |
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- |
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IMT Aviation Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2024
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Creditors |
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
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Revaluation reserve |
Total |
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Surplus on Investment property revaluation |
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
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2024 |
2023 |
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Remuneration |
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Contributions paid to money purchase schemes |
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- |
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24,840 |
24,480 |
IMT Aviation Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2024
Summary of transactions with other related parties
Purchases from Related Parties - £488,513
Key Management Personnel - £106,784;(2023: £172,398)
Entities under common control - £2,347,882;(2023: £812,869)
Entities with significant influence - £916,057;(2023; £1,340,057)
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is