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Registration number: 05105979

IMT Aviation Limited

Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

IMT Aviation Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 14

 

IMT Aviation Limited

Company Information

Directors

Mr M G Kearns

Mr I R Burgess

Registered office

Aviation House Bearwalden Business Park
Royston Road
Wendens Ambo
Saffron Walden
Essex
CB11 4JX

Accountants

Richardson & Co Accountants Limited
Chartered Certified AccountantsCornish & Sussex Suite, House 3
Lynderswood Business Park
Lynderswood Lane
Black Notley
Essex
CM77 8JT

Auditors

Maynard Heady LLP Arlington House
West Station Business Park
Spital Road
Maldon
Essex
CM9 6FF

 

IMT Aviation Limited

(Registration number: 05105979)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

69,252

Tangible assets

5

2,106,736

1,642,383

Investment property

2,846,561

2,419,880

Investments

6

2

35,000

 

4,953,299

4,166,515

Current assets

 

Stocks

7

1,559,536

1,288,525

Debtors

8

7,529,760

4,946,071

Debtors over 1 year

8

89,652

88,477

Investments

9

14,814

19,993

Cash at bank and in hand

 

1,104,027

3,678,809

 

10,297,789

10,021,875

Creditors: Amounts falling due within one year

10

(1,220,472)

(975,131)

Net current assets

 

9,077,317

9,046,744

Total assets less current liabilities

 

14,030,616

13,213,259

Provisions for liabilities

(274,581)

(21,068)

Net assets

 

13,756,035

13,192,191

Capital and reserves

 

Called up share capital

11

2

2

Revaluation reserve

426,681

-

Retained earnings

13,329,352

13,192,189

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 August 2025 and signed on its behalf by:
 

.........................................
Mr M G Kearns
Director

.........................................
Mr I R Burgess
Director

 

IMT Aviation Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Aviation House Bearwalden Business Park
Royston Road
Wendens Ambo
Saffron Walden
Essex
CB11 4JX
England

These financial statements were authorised for issue by the Board on 27 August 2025.

2

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

The Independent Auditor's Report was unqualified. We draw attention to Note 6 of the financial statements, In May 2023, one of the group companies was taken into ownership outside of the current trading group. The Directors are seeking professional advice on the transaction, which has not been completed at the date of signing this audit report. Any adjustments arising as a result of this professional review will be included within the 2025 trading results. Our opinion is not modified in respect of this matter.

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 27 August 2025 was Mr A Cohen BA FCA, who signed for and on behalf of Maynard Heady LLP.

.........................................

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

Functional and presentation currency

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:

Asset class

Depreciation method and rate

Property Improvements

11% reducing balance

Plant & Machinery

20% reducing balance

Office Equipment

20% reducing balance

Fixtures & Fittings

20% reducing balance

Motor Vehicles

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2023 - 34).

 

IMT Aviation Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 May 2023

69,252

Disposals

(16,884)

Transfers

(52,368)

At 30 April 2024

-

Amortisation

Carrying amount

At 30 April 2024

-

At 30 April 2023

69,252

5

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Cost or valuation

At 1 May 2023

1,212,254

515,086

878

291,080

Additions

-

48,121

207,449

254,901

Disposals

-

(1,131)

-

-

Transfers

-

(128,568)

44,354

126,972

At 30 April 2024

1,212,254

433,508

252,681

672,953

Depreciation

At 1 May 2023

-

203,006

163

219,183

Charge for the year

-

55,008

50,504

90,754

Eliminated on disposal

-

-

-

-

At 30 April 2024

-

258,014

50,667

309,937

Carrying amount

At 30 April 2024

1,212,254

175,494

202,014

363,016

At 30 April 2023

1,212,254

312,080

715

71,897

 

IMT Aviation Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2024

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

12,778

174,156

2,206,232

Additions

92,931

69,495

672,897

Disposals

-

(19,250)

(20,381)

Transfers

-

9,610

52,368

At 30 April 2024

105,709

234,011

2,911,116

Depreciation

At 1 May 2023

3,807

137,690

563,849

Charge for the year

20,380

43,135

259,781

Eliminated on disposal

-

(19,250)

(19,250)

At 30 April 2024

24,187

161,575

804,380

Carrying amount

At 30 April 2024

81,522

72,436

2,106,736

At 30 April 2023

8,971

36,466

1,642,383

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

2024
£

At 1 May

2,419,880

Surplus on Investment property revaluation

426,681

At 30 April

2,846,561

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

6

Investments

Total
£

Cost or valuation

At 1 May 2023

35,000

Disposals

(34,998)

At 30 April 2024

2

Provision

Carrying amount

At 30 April 2024

2

At 30 April 2023

35,000

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,559,536

1,288,525

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,633,066

1,031,193

Amounts owed by group undertakings

13

1,957,449

1,409,833

Prepayments & Accrued Income

 

2,161,328

1,886,327

Other debtors

 

1,777,917

618,718

   

7,529,760

4,946,071

Non-current

2024
£

2023
£

Trade debtors

89,652

88,477

 

89,652

88,477

9

Current asset investments

2024
£

2023
£

Shares in group undertakings

10,872

19,993

Other investments

3,942

-

14,814

19,993

 

IMT Aviation Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2024

10

Creditors

2024
£

2023
£

Due within one year

Trade creditors

813,915

732,067

Taxation and social security

216,409

29,628

Other creditors

190,148

213,436

1,220,472

975,131

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

12

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus on Investment property revaluation

426,681

426,681

13

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

24,480

24,480

Contributions paid to money purchase schemes

360

-

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

Sales to Related Parties - £242,489

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)

14

Parent and ultimate parent undertaking

The company's immediate parent is MI Aviation Holdings Limited, incorporated in England.

 The ultimate controlling party is M Kearns and I Burgess.