For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

Charlie Oscar Limited is a private company limited by guarantee incorporated in Scotland. The registered office is 54 Norwood, Newport on Tay, Fife, DD6 8DX.

These financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

At the year-end, the balance sheet was in deficit by £118,278 (2023 - surplus of £6,956) and the company had cash balances of £12,058 (2023 - £127,577). The directors consider that the going concern basis of accounting is appropriate for the preparation of the financial statements as they consider the company is able to meet its ongoing commitments and liabilities as they fall due from regular income from the members and from its cash balances. Also, included within 'Creditors: Amounts falling due within one year' is a liability for members' loan balances of £562,380 (2023 - £556,680). The members' loan balances have no fixed repayment terms and would only become repayable on any member ceasing to be a member, and provided that the company or the existing members can find a new member to fund the loan repayment.true

The turnover shown in the Statement of Income and Retained Earnings represents amounts invoiced during

the year to members to cover costs.

Fixed assets, which comprise the company's aircraft and equipment, are revalued by the directors each year to reflect open market value. At the year end, the directors do not consider the market value of the company's aircraft and equipment to be less than the historic cost of £438,000.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Under clause 6 of the company's Memorandum of Association, each member of the company undertakes to

contribute a sum not exceeding £1 to the assets of the company in the event of its being wound up while he

or she is a member, or within one year afterwards, for payment of debts and liabilities of the company

contracted before he or she ceased to be a member, and for the expenses of winding up. At 31 December

2024 there were 7 members (2023 - 7 members).

At the year end there were 7 members (2023 - 7 members). Included in Creditors: amounts falling due

within one year are loans from the members totalling £562,380 (2023 - £556,680). These loans are interest

free, unsecured and repayable on any member ceasing to be a member of the company and provided that

the company or remaining members can find a new member(s) to fund the loan repayment.