Registration number: 12257843

Niche Aviation Leasing Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Niche Aviation Leasing Limited

Company Information

Directors

Mr N R H Smith Mr A Smith Mrs S J Smith

Registered office

Wellesley House 204 London Road Waterlooville Hampshire PO7 7AN

Accountants

MMO Limited Wellesley House 204 London Road Waterlooville Hampshire PO7 7AN

Niche Aviation Leasing Limited

(Registration number: 12257843)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	32,196	3,979,302
Current assets
Debtors	5	2,797,963	2,543
Cash at bank and in hand		91,069	18,560
		2,889,032	21,103
Creditors: Amounts falling due within one year	6	(53,705)	(100,816)
Net current assets/(liabilities)		2,835,327	(79,713)
Total assets less current liabilities		2,867,523	3,899,589
Creditors: Amounts falling due after more than one year	6	(7,461,884)	(6,667,461)
Net liabilities		(4,594,361)	(2,767,872)
Capital and reserves
Called up share capital	7	300	300
Revaluation reserve		-	2,155,610
Retained earnings		(4,594,661)	(4,923,782)
Shareholders' deficit		(4,594,361)	(2,767,872)

For the financial 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.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 23 April 2025 and signed on its behalf by:
 

Niche Aviation Leasing Limited

(Registration number: 12257843)
Balance Sheet as at 31 December 2024

......................................... Mrs S J Smith Director

Niche Aviation Leasing Limited

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

1	General information

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

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

These financial statements were authorised for issue by the Board on 23 April 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 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 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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

Going concern

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Niche Aviation Leasing Limited

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

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
Aircraft	None
Plant and machinery	20% reducing balance basis
Fixtures and fittings	20% reducing balance basis

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.

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.

Borrowings

Niche Aviation Leasing Limited

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4	Tangible assets

	Aircraft £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	3,927,360	88,178	4,015,538
Disposals	(3,927,360)	(25,296)	(3,952,656)
At 31 December 2024	-	62,882	62,882
Depreciation
At 1 January 2024	-	36,236	36,236
Charge for the year	-	8,049	8,049
Eliminated on disposal	-	(13,599)	(13,599)
At 31 December 2024	-	30,686	30,686
Carrying amount
At 31 December 2024	-	32,196	32,196
At 31 December 2023	3,927,360	51,942	3,979,302

Revaluation

Niche Aviation Leasing Limited

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

The fair value of the company's Aircraft was revalued on 31 December 2023. An independent valuer was not involved.
The company’s aircraft has been revalued in the accounts-based on market value at the year end.
This is based on an independent offer received by the company for the aircraft received from a motivated potential purchaser.
.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2023 - £1,771,750).

5

Debtors

Current	2024 £	2023 £
Trade debtors	2,797,963	-
Other debtors	-	2,543
	2,797,963	2,543

Niche Aviation Leasing Limited

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

6

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	46,654	95,733
Taxation and social security	4,552	-
Accruals and deferred income	2,500	2,500
Other creditors	(1)	2,583
	53,705	100,816

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	8	7,461,884	6,667,461

7	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	300	300	300	300

8	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Other borrowings	7,461,884	6,667,461