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Registered number: 09847773
AMS Aircraft Services Limited
Unaudited
Financial statements
For the Year Ended 31 December 2024
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AMS Aircraft Services Limited
Company Information
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AMS Aircraft Services Limited
Contents
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Statement of Profit or Loss and Other Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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AMS Aircraft Services Limited
Directors' Report
For the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The principal activity of the Company is aircraft re-marketing, aircraft technical management and aircraft acquisition.
The directors who served during the year were:
Small companies' exemption note
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In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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D Iera
Director
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S N McLean
Director
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Page 1
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AMS Aircraft Services Limited
Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 31 December 2024
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(Loss)/profit from operations
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(Loss)/profit for the year
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Total comprehensive income
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The notes on pages 8 to 19 form part of these financial statements.
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There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of profit or loss. No income has been recognised as other comprehensive income.
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Page 2
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AMS Aircraft Services Limited
Registered number: 09847773
Statement of Financial Position
As at 31 December 2024
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Property, plant and equipment
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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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Page 3
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AMS Aircraft Services Limited
Registered number: 09847773
Statement of Financial Position (continued)
As at 31 December 2024
Issued capital and reserves
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For the year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to the companies subject to the small companies regime.
The financial statements on pages 2 to 19 were approved and authorised for issue by the board of directors and were signed on its behalf by:
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D Iera
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S N McLean
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The notes on pages 8 to 19 form part of these financial statements.
Page 4
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AMS Aircraft Services Limited
Statement of Changes in Equity
For the Year Ended 31 December 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 8 to 19 form part of these financial statements.
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Page 5
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AMS Aircraft Services Limited
Statement of Cash Flows
For the Year Ended 31 December 2024
Cash flows from operating activities
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(Loss)/profit for the year
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Depreciation of property, plant and equipment
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Movements in working capital:
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Decrease/(increase) in trade and other receivables
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Decrease/(increase) in other assets
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Increase in trade and other payables
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Increase in other liabilities
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Cash generated from operations
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Net cash (used in)/from operating activities
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Cash flows from investing activities
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Purchases of property, plant and equipment
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Net cash used in investing activities
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Cash flows from financing activities
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Proceeds from bank borrowings
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Net cash from financing activities
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Net (decrease)/increase in cash and cash equivalents
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Cash and cash equivalents at the beginning of year
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Cash and cash equivalents at the end of the year
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The notes on pages 8 to 19 form part of these financial statements.
Page 6
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AMS Aircraft Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
AMS Aircraft Services Limited (the 'Company') is a private company, limited by share capital and incorporated in England and Wales. The Company's registered office is at 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ. The Company's principal activity is that of aircraft re-marketing, aircraft technical management and aircraft acquisition.
The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs and the Companies Act 2006 applicable to companies reporting under IFRS). They were authorised for issue by the Company's board of directors on 29 August 2025.
Details of the Company's accounting policies, including changes during the year, are included in note 4.
In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The areas where judgments and estimates have been made in preparing the financial statements and their effects are disclosed in note 5.
The financial statements have been prepared on the historical cost basis.
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2.2 Changes in accounting policies
i) New standards, interpretations and amendments effective from 1 January 2024
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Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements
The amendments had no impact on the year end accounts of the Company, as the Company has not entered into a Supplier Finance Arrangement.
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
The amendments had no impact on the year end accounts of the Company, as the Company is not involved in a Sale and Leaseback transaction.
Amendments to IAS 1: Classification of Liabilities as Current or Non-Current
The amendments had no impact on the year end accounts of the Company as the Company has not wished to use it's right to defer settlement of a liability for at least 12 months after the reporting period.
Amendments to IAS 1: Non-Current Liabilities with Covenants
The amendments had no impact on the year end accounts of the Company, as the Company does not have any liabilites subject to covenants.
Page 7
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AMS Aircraft Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Basis of preparation (continued)
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New standards, interpretations and amendments not yet effective
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The new standards, interpretations and amendments, which are not yet effective and have not been adopted early in these financial statements, are not expected to have an effect on the Company's future financial statements.
The impact of the following new and revised standards that have been issued but are not yet effective have been considered to have no material impact of the financial statements of the Company in future periods:
- Amendments to IAS 21 Lack of exchangeability; effective 1 January 2025.
- Amendments to IFRS 9 and IFRS 7 The Classification and Measurement of Financial Instruments; effective 1 January 2026
- Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity; effective 1 January 2026
- Amendments to IFRS 18 Presentation and Disclosures in Financial Statements; effective 1 January 2027
- Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures; effective 1 January 2027
The directors anticipate that all new standards, interpretations and amendments will be adopted for the first period beginning on or after the effective date.
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Functional and presentation currency
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These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
4.Accounting policies
The financial statements have been prepared on a going concern basis. The Company's ability to trade is dependent upon the suport of a parent, EastMerchant Capital GmbH. If this assumption proves to be inappropriate, then adjustments may have to be made to adjust the value of the assets to their recoverable amounts, to provide for any further liabilities which may arise and reclassify fixed assets as current assets.
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control over a product or service to a customer.
The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.
Payments are typically due no more than 30 days from the invoice date. Consideration is not variable.
Page 8
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AMS Aircraft Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
4.Accounting policies (continued)
Revenue from providing services is recognised in the accounting period in which the services are rendered.
For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.
Where contracts include multiple performance obligations, the transaction price will be allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on expected cost plus margin. For service contracts including a goods element, revenue for the separate good is recognised at a point in time when the good is delivered, the legal title has passed and the customer has accepted the good.
Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management. In case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered by the Company exceed the payment, a contract asset is recognised. If the payments exceed the services rendered, a contract liability is recognised.
There are no obligations for returns, refunds or warranties.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Page 9
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AMS Aircraft Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
4.Accounting policies (continued)
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Statement of Profit or Loss and Other Comprehensive Income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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(ii) Current and deferred tax for the year
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Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.
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Property, plant and equipment
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Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following range:
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Cash and cash equivalents
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Cash and cash equivalents comprise cash on hand and cash 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.
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
Page 10
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AMS Aircraft Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
4.Accounting policies (continued)
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Trade and other receivables
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Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
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Defined contribution schemes
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Contributions to defined contribution pension schemes are charged to the statement of comprehensive income in the year to which they relate.
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Accounting estimates and judgments
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5.1 Judgment
Going concern
The financial statements have been prepared on a going concern basis. The company's ability to continue to trade is also dependent upon the support of its parent company. If this assumption proves to be inappropriate, then adjustments may have to be made to adjust the value of assets to their recoverable amounts, to provide for any further liabilities which might arise and reclassify fixed assets as current assets.
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The following is an analysis of the Company's revenue for the year from continuing operations:
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Timing of revenue recognition:
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Goods and services transferred at a point in time
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Page 11
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AMS Aircraft Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Employee benefit expenses
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Employee benefit expenses (including directors) comprise:
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Defined contribution pension cost
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The average number of persons employed by the company (including directors) during the year was 6 (2023 - 5).
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Key management personnel compensation
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including the directors of the Company listed on page 1, and the Financial Controller of the Company.
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Defined contribution scheme costs
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Page 12
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AMS Aircraft Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Company contributions to pension schemes
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During the year, retirement benefits were accruing to the following number of directors in respect of qualifying services:
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Defined contribution schemes
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Finance income and expense
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Recognised in profit or loss
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Other interest receivable
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Other loan interest payable
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Net finance expense recognised in profit or loss
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Page 13
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AMS Aircraft Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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11.1 Income tax recognised in profit or loss
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Origination and reversal of timing differences
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Tax expense excluding tax on sale of discontinued operation and share of tax of equity accounted associates and joint ventures
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The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to losses for the year are as follows:
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(Loss)/profit for the year
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Income tax expense (including income tax on associate, joint venture and discontinued operations)
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(Loss)/profit before income taxes
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Tax using the Company's domestic tax rate of 25% (2023:23.52%)
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Expenses not deductible for tax purposes, other than goodwill, amortisation and impairment
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Increase or decrease in pension fund prepayment leading to an increase/(decrease) in tax
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Changes in provisions leading to an increase/(decrease) in the tax charge
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Unrelieved tax losses carried forward
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Page 14
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AMS Aircraft Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
11.Tax expense (continued)
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11.2 Deferred tax balances
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The following is the analysis of deferred tax assets/(liabilities) presented in the statement of financial position:
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Recognised in profit or loss
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Deferred tax (liabilities)/assets in relation to:
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Property, plant and equipment
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Tax losses carried forward
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Recognised in profit or loss
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Deferred tax (liabilities)/assets in relation to:
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Property, plant and equipment
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Tax losses carried forward
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Page 15
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AMS Aircraft Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Property, plant and equipment
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Accumulated depreciation and impairment
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Charge owned for the year
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Charge owned for the year
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Notes supporting statement of cash flows
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Cash at bank available on demand
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Cash and cash equivalents in the statement of financial position
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Bank overdrafts used for cash management purposes
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Cash and cash equivalents in the statement of cash flows
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Page 16
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AMS Aircraft Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Trade and other receivables
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Prepayments and accrued income
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Total current trade and other receivables
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Payables to related parties
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Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
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Other payables - tax and social security payments
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Total current trade and other payables
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,306 (2023 - £3,963). Contributions totalling £941 (2023 - £770) were payable to the fund at the balance sheet date and are included in other payables.
Page 17
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AMS Aircraft Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Ordinary shares of £1.00 each
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Ordinary shares of £1.00 each
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At 1 January and 31 December
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At 31 December 2024, the Company is committed to £2,512 (2023: £2,304) in future lease payments, all of which relate to short term leases. The carrying amount of the lease approximates the fair value.
The Company's obligations are secured by the lessors title to the leased office which has a carrying value of £nil (2023: £nil). The Company does not face a significant liquidity risk with regard to its lease liabilities and these are monitored as part of the overall process of managing cash flows.
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The following amounts in respect of leases have been recognised in profit or loss:
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Expenses relating to short-term leases
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Page 18
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AMS Aircraft Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Related party transactions
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Details of transactions between the Company and its related parties are disclosed below.
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20.1 Trading transactions
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During the year, consultancy services totalling £Nil (2023 - £15,000) were provided to the Company by the management entity Arundel Aviation Limited.
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20.2 Other related party transactions
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Other related party transactions are as follows:
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Related party relationship
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The parent company of AMS Aircraft Services Limited is AP Asset Partners GmbH, Germany. The ultimate controlling party is B H Vander.
Page 19
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