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REGISTERED NUMBER: SC656770 (Scotland)












Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Air Charter Scotland Group Limited

Air Charter Scotland Group Limited (Registered number: SC656770)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Air Charter Scotland Group Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: G E McFarlane
Mrs E McFarlane
Mrs L Flint
D M Mcfarlane





REGISTERED OFFICE: 3 Colvilles Place
East Kilbride
Glasgow
G75 0PZ





REGISTERED NUMBER: SC656770 (Scotland)





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

Air Charter Scotland Group Limited (Registered number: SC656770)

Group Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group 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 16% to £21 million. Profitability decreased in the year to December 2024 with a gross profit margin of 2% (2023: 17%).

Overall, there was an operating profit of £427k (2%) compared to an operating profit of £1,910k (8%) in 2023 and profits for the year were £452k compared to profit before tax of £1,889k in 2023.

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:





G E McFarlane - Director


15 August 2025

Air Charter Scotland Group Limited (Registered number: SC656770)

Report of the Directors
for the Year Ended 31 December 2024

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

DIVIDENDS
During the year dividends of £414,000 (2023: £0) were paid to shareholders.

DIRECTORS
G E McFarlane has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Mrs E McFarlane - appointed 15 March 2024
Mrs L Flint - appointed 15 March 2024
D M Mcfarlane - appointed 15 March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

Air Charter Scotland Group Limited (Registered number: SC656770)

Report of the Directors
for the Year Ended 31 December 2024


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:



G E McFarlane - Director


15 August 2025

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

Opinion
We have audited the financial statements of Air Charter Scotland Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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.

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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent 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.

We gained an understanding of the legal and regulatory framework applicable to the company and the 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 Group 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 Group Limited (Registered number: SC656770)

Consolidated Income Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £    £   

TURNOVER 20,996,248 25,055,269

Cost of sales 17,618,947 20,696,902
GROSS PROFIT 3,377,301 4,358,367

Administrative expenses 3,078,625 2,686,360
298,676 1,672,007

Other operating income 128,142 237,725
OPERATING PROFIT 3 426,818 1,909,732

Income from shares in group undertakings - 27,843
Interest receivable and similar income 31,000 32,200
31,000 60,043
457,818 1,969,775

Interest payable and similar expenses 4 6,224 80,986
PROFIT BEFORE TAXATION 451,594 1,888,789

Tax on profit 5 15,808 303,276
PROFIT FOR THE FINANCIAL YEAR 435,786 1,585,513
Profit attributable to:
Owners of the parent 435,786 1,585,513

Air Charter Scotland Group Limited (Registered number: SC656770)

Consolidated Other Comprehensive Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 435,786 1,585,513


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

435,786

1,585,513

Total comprehensive income attributable to:
Owners of the parent 710,119 1,201,634
Non-controlling interests (274,333 ) 383,879
435,786 1,585,513

Air Charter Scotland Group Limited (Registered number: SC656770)

Consolidated Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 63,146 75,776
Tangible assets 9 332,156 318,132
Investments 10 - -
395,302 393,908

CURRENT ASSETS
Stocks 11 111,256 13,141
Debtors 12 5,487,885 5,751,340
Cash at bank 3,528,899 3,235,113
9,128,040 8,999,594
CREDITORS
Amounts falling due within one year 13 6,014,553 5,542,431
NET CURRENT ASSETS 3,113,487 3,457,163
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,508,789

3,851,071

PROVISIONS FOR LIABILITIES 14 61,535 73,570
NET ASSETS 3,447,254 3,777,501

CAPITAL AND RESERVES
Called up share capital 15 200 200
Retained earnings 16 3,377,242 3,081,122
SHAREHOLDERS' FUNDS 3,377,442 3,081,322

NON-CONTROLLING INTERESTS 17 69,812 696,179
TOTAL EQUITY 3,447,254 3,777,501

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:





G E McFarlane - Director


Air Charter Scotland Group Limited (Registered number: SC656770)

Company Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 1,797,505 1,797,505
1,797,505 1,797,505

CURRENT ASSETS
Debtors 12 695 500,695
Cash at bank 86,000 -
86,695 500,695
NET CURRENT ASSETS 86,695 500,695
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,884,200

2,298,200

CAPITAL AND RESERVES
Called up share capital 15 200 200
Retained earnings 16 1,884,000 2,298,000
SHAREHOLDERS' FUNDS 1,884,200 2,298,200

Company's profit for the financial year - 500,000

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

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:





G E McFarlane - Director


Air Charter Scotland Group Limited (Registered number: SC656770)

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

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 January 2023 200 1,880,136 1,880,336 312,300 2,192,636

Changes in equity
Total comprehensive income - 1,200,986 1,200,986 383,879 1,584,865
Balance at 31 December 2023 200 3,081,122 3,081,322 696,179 3,777,501

Changes in equity
Dividends - (414,000 ) (414,000 ) (352,034 ) (766,034 )
Total comprehensive income - 710,120 710,120 (274,333 ) 435,787
Balance at 31 December 2024 200 3,377,242 3,377,442 69,812 3,447,254

Air Charter Scotland Group Limited (Registered number: SC656770)

Company 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 200 1,798,000 1,798,200

Changes in equity
Total comprehensive income - 500,000 500,000
Balance at 31 December 2023 200 2,298,000 2,298,200

Changes in equity
Dividends - (414,000 ) (414,000 )
Balance at 31 December 2024 200 1,884,000 1,884,200

Air Charter Scotland Group Limited (Registered number: SC656770)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,462,471 1,954,738
Interest paid - (24,997 )
Finance costs paid (6,224 ) (55,989 )
Tax paid (407,088 ) (64,973 )
Net cash from operating activities 1,049,159 1,808,779

Cash flows from investing activities
Purchase of tangible fixed assets (128,654 ) (178,444 )
Sale of tangible fixed assets 17,363 -
Interest received 31,000 32,200
Dividends received - 27,843
Net cash from investing activities (80,291 ) (118,401 )

Cash flows from financing activities
Loan repayments in year - (527,083 )
Amount introduced by directors 25,000 -
Amount withdrawn by directors - (25,000 )
Balances with connected companies 65,955 (71,401 )
Equity dividends paid (414,003 ) -
Dividends paid to minority interests (352,034 ) -
Net cash from financing activities (675,082 ) (623,484 )

Increase in cash and cash equivalents 293,786 1,066,894
Cash and cash equivalents at beginning of
year

2

3,235,113

2,168,875
Effect of foreign exchange rate changes - (656 )
Cash and cash equivalents at end of year 2 3,528,899 3,235,113

Air Charter Scotland Group Limited (Registered number: SC656770)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 451,594 1,888,789
Depreciation charges 112,955 77,828
Profit on disposal of fixed assets (3,059 ) -
Finance costs 6,224 80,986
Finance income (31,000 ) (60,043 )
536,714 1,987,560
Increase in stocks (98,115 ) (1,429 )
Decrease in trade and other debtors 172,501 329,290
Increase/(decrease) in trade and other creditors 851,371 (360,683 )
Cash generated from operations 1,462,471 1,954,738

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 3,528,899 3,235,113
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 3,235,113 2,168,875


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank 3,235,113 293,786 3,528,899
3,235,113 293,786 3,528,899
Total 3,235,113 293,786 3,528,899

Air Charter Scotland Group Limited (Registered number: SC656770)

Notes to the Consolidated 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.

Revenue
Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition.

Depreciation is provided at annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Inventories
Stocks 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 Consolidated 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 Group Limited (Registered number: SC656770)

Notes to the Consolidated 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.

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 group operates a defined contribution pension scheme. Contributions payable to the group'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.

2. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,170,977 4,278,845
Social security costs 396,832 417,402
Other pension costs 568,390 115,334
5,136,199 4,811,581

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

Crew and cabin crew 43 43
Head office 13 19
Management 5 5
61 67

The average number of employees by undertakings that were proportionately consolidated during the year was 60 (2023 - 67 ) .

Air Charter Scotland Group Limited (Registered number: SC656770)

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

2. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 204,383 67,917

Information regarding the highest paid director for the year ended 31 December 2024 is as follows:
2024
£   
Emoluments etc 58,383

3. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 98,165 104,167
Depreciation - owned assets 100,326 65,197
Profit on disposal of fixed assets (3,059 ) -
Goodwill amortisation 12,630 12,630
Auditors' remuneration 34,565 26,652
Foreign exchange differences (6,059 ) -

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest - 24,997
Exchange rate loss/(gain) 6,224 56,232
Corporation tax interest - (243 )
6,224 80,986

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 27,839 274,698

Deferred tax (12,031 ) 28,578
Tax on profit 15,808 303,276

Air Charter Scotland Group Limited (Registered number: SC656770)

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

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


7. DIVIDENDS

Ordinary A shares of £1 each Interim 2024 2023
£    £   
Ordinary A shares of £1 each Interim 92,000 -
Ordinary B shares of £1 each Interim 213,000 -
Ordinary C shares of £1 each Interim 92,000 -
Ordinary D shares of £1 each Interim 17,000 -
414,000 -


8. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 126,296 50,000 176,296
AMORTISATION
At 1 January 2024 50,520 50,000 100,520
Amortisation for year 12,630 - 12,630
At 31 December 2024 63,150 50,000 113,150
NET BOOK VALUE
At 31 December 2024 63,146 - 63,146
At 31 December 2023 75,776 - 75,776

Air Charter Scotland Group Limited (Registered number: SC656770)

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

9. TANGIBLE FIXED ASSETS

Group
Fixtures,
fittings Motor Computer
& equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2024 509,467 270,791 - 780,258
Additions 18,526 101,884 8,244 128,654
Disposals - (63,823 ) - (63,823 )
At 31 December 2024 527,993 308,852 8,244 845,089
DEPRECIATION
At 1 January 2024 369,830 92,296 - 462,126
Charge for year 53,533 46,656 137 100,326
Eliminated on disposal - (49,519 ) - (49,519 )
At 31 December 2024 423,363 89,433 137 512,933
NET BOOK VALUE
At 31 December 2024 104,630 219,419 8,107 332,156
At 31 December 2023 139,637 178,495 - 318,132

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 1,797,505
NET BOOK VALUE
At 31 December 2024 1,797,505
At 31 December 2023 1,797,505


11. STOCKS

Group
2024 2023
£    £   
Stocks 111,256 13,141

Air Charter Scotland Group Limited (Registered number: SC656770)

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

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 3,946,432 3,979,527 - -
Amounts owed by group undertakings - - 695 500,695
Amounts owed by associates 11,329 77,283 - -
Other debtors 169,792 548,667 - -
Indirect tax 14,920 10,968 - -
Directors' current accounts - 25,000 - -
VAT 8,510 35,566 - -
Prepayments and accrued income 718,381 860,625 - -
Prepayments 618,521 213,704 - -
5,487,885 5,751,340 695 500,695

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade creditors 4,386,811 2,973,345
Tax 65,624 444,873
Social security and other taxes 101,589 127,147
Other creditors 354,815 457,469
Accruals and deferred income 904,404 1,391,021
Accrued expenses 201,310 148,576
6,014,553 5,542,431

14. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 61,535 73,570

Group
Deferred
tax
£   
Balance at 1 January 2024 73,570
Balance at 31 December 2024 73,570

Air Charter Scotland Group Limited (Registered number: SC656770)

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

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal value: 2024 2025
£    £   
10 Ordinary A £1 10 10
164 Ordinary B £1 164 164
20 Ordinary C £1 20 26
6 Ordinary D £1 6 -
200 200


16. RESERVES

Group
Retained
earnings
£   

At 1 January 2024 3,081,122
Profit for the year 435,786
Dividends (414,000 )
Minority interests 274,334
At 31 December 2024 3,377,242

Company
Retained
earnings
£   

At 1 January 2024 2,298,000
Profit for the year -
Dividends (414,000 )
At 31 December 2024 1,884,000


17. NON-CONTROLLING INTERESTS

The spouse of the director owns 51% of Air Charter Scotland Malta Holding Limited which owns 100% of Air Charter Scotland Europe Limited. These companies are however controlled by the same individuals as the rest of the companies in the group. For this reason, these foreign companies have been consolidated within this groups financial statements.

18. 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.