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Registered number: 02028932
Heli Air Limited
Financial Statements
For The Year Ended 31 December 2024
Grenfell James Audit LLP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—9
Page 1
Balance Sheet
Registered number: 02028932
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 226,179 143,422
Tangible Assets 5 2,011,908 2,099,277
2,238,087 2,242,699
CURRENT ASSETS
Stocks 6 3,378,817 3,064,708
Debtors 7 1,514,949 2,267,927
Cash at bank and in hand 38,966 81,499
4,932,732 5,414,134
Creditors: Amounts Falling Due Within One Year 8 (4,717,029 ) (5,026,322 )
NET CURRENT ASSETS (LIABILITIES) 215,703 387,812
TOTAL ASSETS LESS CURRENT LIABILITIES 2,453,790 2,630,511
Creditors: Amounts Falling Due After More Than One Year 9 (961,780 ) (1,309,948 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (358,441 ) (280,959 )
NET ASSETS 1,133,569 1,039,604
CAPITAL AND RESERVES
Called up share capital 13 299,954 299,954
Profit and Loss Account 833,615 739,650
SHAREHOLDERS' FUNDS 1,133,569 1,039,604
Page 1
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R D Packe
Director
18/09/2025
The notes on pages 3 to 9 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Heli Air Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02028932 . The registered office is Wellesbourne Airfield, Loxley Lane, Wellesbourne, Warwickshire, CV35 9EU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
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 live of ten to twenty years.
Development costs are being amortised evenly over their estimated useful live of five to ten years.
Computer software is being amortised evenly over their estimated useful live of five years.
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2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Short Leasehold Over the term of the lease
Plant & Machinery 4 - 5 years straight line
Fixtures & Fittings 3 - 5 years straight line
Aircrafts Varying rates on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
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 as reported in the statement of 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 liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
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2.8. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Related Party Exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 48 (2023: 48)
48 48
4. Intangible Assets
Patents & Licences Development Costs Computer Software Total
£ £ £ £
Cost
As at 1 January 2024 35,928 459,779 57,528 553,235
Additions 43,284 90,809 15,540 149,633
As at 31 December 2024 79,212 550,588 73,068 702,868
...CONTINUED
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Amortisation
As at 1 January 2024 13,473 369,803 26,537 409,813
Provided during the period 4,682 52,230 9,964 66,876
As at 31 December 2024 18,155 422,033 36,501 476,689
Net Book Value
As at 31 December 2024 61,057 128,555 36,567 226,179
As at 1 January 2024 22,455 89,976 30,991 143,422
5. Tangible Assets
Land & Property
Short Leasehold Plant & Machinery Fixtures & Fittings Aircrafts Total
£ £ £ £ £
Cost
As at 1 January 2024 883,398 613,021 610,005 2,286,753 4,393,177
Additions - 11,632 8,088 11,548 31,268
As at 31 December 2024 883,398 624,653 618,093 2,298,301 4,424,445
Depreciation
As at 1 January 2024 749,288 556,788 566,768 421,056 2,293,900
Provided during the period 20,052 22,489 23,049 53,047 118,637
As at 31 December 2024 769,340 579,277 589,817 474,103 2,412,537
Net Book Value
As at 31 December 2024 114,058 45,376 28,276 1,824,198 2,011,908
As at 1 January 2024 134,110 56,233 43,237 1,865,697 2,099,277
6. Stocks
2024 2023
£ £
Stock 2,888,384 2,665,480
Work in progress 490,433 399,228
3,378,817 3,064,708
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 257,160 1,229,412
Amounts owed by group undertakings 647,002 143,062
Other debtors 610,787 895,453
1,514,949 2,267,927
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 98,685 69,353
Trade creditors 898,502 766,742
Bank loans and overdrafts 1,424,370 817,055
Other loans - 100,000
Amounts owed to group undertakings 83,426 786,539
Other creditors 2,019,090 2,335,523
Taxation and social security 192,956 151,110
4,717,029 5,026,322
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 483,054 389,740
Bank loans 478,726 920,208
961,780 1,309,948
10. Secured Creditors
The following secured debts are included within creditors:
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 581,739 459,093
Bank loans and overdrafts 1,903,097 1,737,263
The bank loans are secured against the leasehold property and helicopters; AS355 and two
Robinson R44's.
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11. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 500,492 528,645
Other loans - 100,000
500,492 628,645
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 478,726 920,208
12. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 98,685 69,353
Later than one year and not later than five years 483,054 389,740
581,739 459,093
581,739 459,093
13. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 299,954 299,954
14. Controlling Parties
The company's ultimate controlling party is British European Aviation Limited by virtue of their interest in the share capital of the company.
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15. Audit Information
The auditor's report on the accounts of Heli Air Limited for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Edward Grenfell James (Senior Statutory Auditor) for and on behalf of Grenfell James Audit LLP , Statutory Auditor.
Grenfell James Audit LLP
13 The Courtyard
Timothy's Bridge Road
Stratford upon Avon
Warwickshire
CV37 9NP
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