IRIS Accounts Production v25.1.3.33 SC303971 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities chartering aircraft for clients. true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC3039712023-12-31SC3039712024-12-31SC3039712024-01-012024-12-31SC3039712022-12-31SC3039712023-01-012023-12-31SC3039712023-12-31SC303971ns15:Scotland2024-01-012024-12-31SC303971ns14:PoundSterling2024-01-012024-12-31SC303971ns10:Director12024-01-012024-12-31SC303971ns10:PrivateLimitedCompanyLtd2024-01-012024-12-31SC303971ns10:MediumEntities2024-01-012024-12-31SC303971ns10:Audited2024-01-012024-12-31SC303971ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-31SC303971ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-31SC303971ns10:FullAccounts2024-01-012024-12-31SC30397112024-01-012024-12-31SC303971ns10:OrdinaryShareClass12024-01-012024-12-31SC303971ns10:Director22024-01-012024-12-31SC303971ns10:Director32024-01-012024-12-31SC303971ns10:Director42024-01-012024-12-31SC303971ns10:Director52024-01-012024-12-31SC303971ns10:CompanySecretary12024-01-012024-12-31SC303971ns10:RegisteredOffice2024-01-012024-12-31SC303971ns5:CurrentFinancialInstruments2024-12-31SC303971ns5:CurrentFinancialInstruments2023-12-31SC303971ns5:ShareCapital2024-12-31SC303971ns5:ShareCapital2023-12-31SC303971ns5:RetainedEarningsAccumulatedLosses2024-12-31SC303971ns5:RetainedEarningsAccumulatedLosses2023-12-31SC303971ns5:ShareCapital2022-12-31SC303971ns5:RetainedEarningsAccumulatedLosses2022-12-31SC303971ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31SC303971ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-31SC303971ns5:FurnitureFittings2024-01-012024-12-31SC303971ns5:MotorVehicles2024-01-012024-12-31SC303971ns10:HighestPaidDirector2024-01-012024-12-31SC303971ns10:HighestPaidDirector2023-01-012023-12-31SC303971ns5:OwnedAssets2024-01-012024-12-31SC303971ns5:OwnedAssets2023-01-012023-12-31SC303971132024-01-012024-12-31SC303971132023-01-012023-12-31SC303971152024-01-012024-12-31SC303971152023-01-012023-12-31SC303971ns10:OrdinaryShareClass12023-01-012023-12-31SC303971ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-31SC303971ns5:PatentsTrademarksLicencesConcessionsSimilar2024-12-31SC303971ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-31SC303971ns5:FurnitureFittings2023-12-31SC303971ns5:MotorVehicles2023-12-31SC303971ns5:FurnitureFittings2024-12-31SC303971ns5:MotorVehicles2024-12-31SC303971ns5:FurnitureFittings2023-12-31SC303971ns5:MotorVehicles2023-12-31SC303971ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-31SC303971ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-31SC303971ns5:WithinOneYear2024-12-31SC303971ns5:WithinOneYear2023-12-31SC303971ns5:BetweenOneFiveYears2024-12-31SC303971ns5:BetweenOneFiveYears2023-12-31SC303971ns5:AllPeriods2024-12-31SC303971ns5:AllPeriods2023-12-31SC303971ns5:DeferredTaxation2023-12-31SC303971ns5:DeferredTaxation2024-12-31SC303971ns10:OrdinaryShareClass12024-12-31SC303971ns5:RetainedEarningsAccumulatedLosses2023-12-31
REGISTERED NUMBER: SC303971 (Scotland)












Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Air Charter Scotland Limited

Air Charter Scotland Limited (Registered number: SC303971)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Air Charter Scotland Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: A M Bisset
G E McFarlane
Mrs E McFarlane
Ms J Purewal
D A Thomson





SECRETARY: A M Bisset





REGISTERED OFFICE: 3 Colvilles Place, Kelvin Industrial Est
East Kilbride
Glasgow
G75 0PZ





REGISTERED NUMBER: SC303971 (Scotland)





AUDITORS: O'Haras Accountants Limited (Statutory Auditor)
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Air Charter Scotland Limited (Registered number: SC303971)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
We aim to present a balanced, comprehensive review of the development and performance of our business during the year and its position at the end of the year. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

As a private jet operator, the company continues to manage different jet types on behalf of owners and provide a service to the commercial world through 3rd party agents and continued direct customer contacts.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company, these being turnover, gross margin and return on capital employed.

Despite the challenges we face, with the economy here in the UK and around the world, and with the wars in Ukraine and Middle East, the company overall is in a good financial position at the end of the year, in line with our expectations.

During the year under review, revenue decreased by 18% to £17.09 million. Profitability decreased in the year to December 2024 with a gross profit margin of 14.4% (2023: 15.8%).

Overall, there was an operating loss of £53k (-0.3%) compared to an operating profit of £1,156k (5.6%) in 2023 and losses for the year were £43k compared to profit before tax of £1,107k in 2023. These losses were after £430k of pension contributions had been paid to key management personnel.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the main risk facing the company as being the competition from other companies within the industry. The directors believe that the reputation of the company and the quality of the service provided will mitigate this risk.

FINANCIAL RISK MANAGEMENT
The company makes little use of financial instruments other than an operational bank account so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material when assessing the assets, liabilities, financial position and profit or loss of the company.

GOING CONCERN
We have forecasted to the end of this year a profit for the group of under £1m based on the aircraft we have in house, the first quarter has been down in sales, however we have quite a lot of forward bookings which is slightly different from previous years. Although the business continues to operate with a healthy cashflow, we do tend to have a bottleneck with owners paying us slightly late in the quieter times of the year and this evens out with charter during May and October. We continue to operate with a good reputation in the industry and work closely with our brokers and partners. Our focus this year is to bring in more aircraft and we are in talks now with 7 owners for managing their asset.

ON BEHALF OF THE BOARD:





Ms J Purewal - Director


15 August 2025

Air Charter Scotland Limited (Registered number: SC303971)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
During the year there were no dividends (2023: £500,000) paid to shareholders.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A M Bisset
G E McFarlane
Mrs E McFarlane
Ms J Purewal
D A Thomson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, O'Haras Accountants Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Ms J Purewal - Director


15 August 2025

Report of the Independent Auditors to the Members of
Air Charter Scotland Limited

Opinion
We have audited the financial statements of Air Charter Scotland Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Air Charter Scotland Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the aviation industry in which it operates. We made enquiries of management as to whether there were any known or suspected instances of non compliance with laws and regulations and reviewed Civil Aviation Authority audit reports for any indication of such matters.

We gained an understanding of management's internal controls designed to prevent and detect irregularities in their day-to-day operations.

We considered laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement components. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of relevant third parties.

We considered how fraud might occur in this company and designed our tests accordingly.

As in all audits, we also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Air Charter Scotland Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John O'Hara CA (Senior Statutory Auditor)
for and on behalf of O'Haras Accountants Limited (Statutory Auditor)
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

15 August 2025

Air Charter Scotland Limited (Registered number: SC303971)

Income Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

REVENUE 17,087,740 20,762,641

Cost of sales 14,623,180 17,475,732
GROSS PROFIT 2,464,560 3,286,909

Administrative expenses 2,517,429 2,131,117
OPERATING (LOSS)/PROFIT 3 (52,869 ) 1,155,792

Interest receivable and similar income 31,000 32,200
(21,869 ) 1,187,992

Interest payable and similar expenses 4 20,995 81,353
(LOSS)/PROFIT BEFORE TAXATION (42,864 ) 1,106,639

Tax on (loss)/profit 5 (12,124 ) 259,838
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(30,740

)

846,801

Air Charter Scotland Limited (Registered number: SC303971)

Other Comprehensive Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (30,740 ) 846,801


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(30,740

)

846,801

Air Charter Scotland Limited (Registered number: SC303971)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Property, plant and equipment 8 317,536 312,852
317,536 312,852

CURRENT ASSETS
Inventories 9 111,256 13,141
Debtors 10 2,977,385 4,218,920
Cash at bank 2,085,812 2,040,560
5,174,453 6,272,621
CREDITORS
Amounts falling due within one year 11 4,856,424 5,907,044
NET CURRENT ASSETS 318,029 365,577
TOTAL ASSETS LESS CURRENT
LIABILITIES

635,565

678,429

PROVISIONS FOR LIABILITIES 13 61,361 73,485
NET ASSETS 574,204 604,944

CAPITAL AND RESERVES
Called up share capital 14 10,000 10,000
Retained earnings 15 564,204 594,944
SHAREHOLDERS' FUNDS 574,204 604,944

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2025 and were signed on its behalf by:





Ms J Purewal - Director


Air Charter Scotland Limited (Registered number: SC303971)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 10,000 248,143 258,143
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 846,801 846,801
Balance at 31 December 2023 10,000 594,944 604,944
Total comprehensive income - (30,740 ) (30,740 )
Balance at 31 December 2024 10,000 564,204 574,204

Air Charter Scotland Limited (Registered number: SC303971)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

The company has taken advantage of the exemption under FRS 102 from disclosing a statement of cash flows on the grounds that it is a wholly owned subsidiary and a group statement of cash flows is included in the consolidated financial statements of Air Charter Scotland Group Limited.

Copies of the consolidated financial statements are available from the Registrar of Companies, Companies House, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF.

Revenue
Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.Turnover is recognised at the point at which the Company has fulfilled its contractual obligations.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures, fittings & equipment - 10 - 33% straight line
Motor vehicles - 25% on reducing balance

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred 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 or deferred 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.


Air Charter Scotland Limited (Registered number: SC303971)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Debtors
Short term 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.

Creditors
Short term creditors are measured at the 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.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Impairment of assets
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Air Charter Scotland Limited (Registered number: SC303971)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,380,068 3,631,636
Social security costs 370,074 411,631
Other pension costs 547,956 109,881
4,298,098 4,153,148

The average number of employees during the year was as follows:
2024 2023

Crew & Cabin crew 42 43
Head office staff 13 19
Management 5 5
60 67

2024 2023
£    £   
Directors' remuneration 303,383 339,989

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 90,000 111,570

3. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 70,204 77,198
Depreciation - owned assets 99,459 64,688
Profit on disposal of fixed assets (3,059 ) -
Auditors' remuneration 25,200 17,193

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest - 24,997
Exchange rate loss/(gain) 20,995 56,232
Corporation tax interest - 124
20,995 81,353

Air Charter Scotland Limited (Registered number: SC303971)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 231,092

Deferred tax (12,124 ) 28,746
Tax on (loss)/profit (12,124 ) 259,838

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
(Loss)/profit before tax (42,864 ) 1,106,639
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
0% (2023 - 23.520%)

-

260,281

Effects of:
Expenses not deductible for tax purposes - 1,033
Capital allowances in excess of depreciation - (27,636 )
Utilisation of tax losses - (2,592 )

Other adjustments (12,124 ) 28,752
Total tax (credit)/charge (12,124 ) 259,838

6. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim - 500,000

Air Charter Scotland Limited (Registered number: SC303971)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2024
and 31 December 2024 50,000
AMORTISATION
At 1 January 2024
and 31 December 2024 50,000
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

8. PROPERTY, PLANT AND EQUIPMENT
Fixtures,
fittings Motor
& equipment vehicles Totals
£    £    £   
COST
At 1 January 2024 502,924 270,791 773,715
Additions 16,563 101,884 118,447
Disposals - (63,823 ) (63,823 )
At 31 December 2024 519,487 308,852 828,339
DEPRECIATION
At 1 January 2024 368,567 92,296 460,863
Charge for year 52,803 46,656 99,459
Eliminated on disposal - (49,519 ) (49,519 )
At 31 December 2024 421,370 89,433 510,803
NET BOOK VALUE
At 31 December 2024 98,117 219,419 317,536
At 31 December 2023 134,357 178,495 312,852

9. INVENTORIES
2024 2023
£    £   
Stocks 111,256 13,141

Air Charter Scotland Limited (Registered number: SC303971)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,069,230 2,946,880
Amounts owed by associates 142,852 290,187
Other debtors 38,412 60,662
Directors' current accounts - 25,000
VAT 8,510 35,566
Prepayments and accrued income 718,381 860,625
2,977,385 4,218,920

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,128,180 2,067,217
Amounts owed to group undertakings 1,563,275 1,708,275
Tax - 231,092
Social security and other taxes 101,589 127,147
Other creditors 158,976 382,292
Accruals and deferred income 904,404 1,391,021
4,856,424 5,907,044

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 44,500 44,500
Between one and five years - 44,500
44,500 89,000

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 61,361 73,485

Deferred
tax
£   
Balance at 1 January 2024 73,485
Movement in the year (12,124 )
Balance at 31 December 2024 61,361

Air Charter Scotland Limited (Registered number: SC303971)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

15. RESERVES
Retained
earnings
£   

At 1 January 2024 594,944
Deficit for the year (30,740 )
At 31 December 2024 564,204

16. ULTIMATE PARENT COMPANY

Air Charter Scotland Group Limited is regarded by the directors as being the company's ultimate parent company.

The parent company's registered office being; 3 Colvilles Place, East Kilbride, Glasgow, G75 0PZ.

17. RELATED PARTY DISCLOSURES

Included in 'Other pension costs' at note 2, are employer pension contributions made in the year on behalf of key management personnel/shareholders of the company of £430,000.

18. ULTIMATE CONTROLLING PARTY

The company is under the control of the shareholders of the ultimate parent company Air Charter Scotland Group Limited.