Vermilion Aviation Ltd


Directors	Paul Brodie
	Neil Morgan
	William Van Klaveren


Registered Address	Heath House Blackheath Lane
	Blackheath
	Guildford
	GU4 8RB


Registered Number	03300974 (England and Wales)

Balance Sheet as at
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	4		351,580		352,107
			351,580		352,107
Current assets
Debtors	6	14,081		11,750
Cash at bank and on hand		14,540		24,365
		28,621		36,115
Creditors amounts falling due within one year	7	(16,399)		(17,259)
Net current assets (liabilities)			12,222		18,856
Total assets less current liabilities			363,802		370,963
Net assets			363,802		370,963
Capital and reserves
Called up share capital			100,000		100,000
Revaluation reserve			259,415		257,902
Profit and loss account			4,387		13,061
Shareholders' funds	8		363,802		370,963

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 13 March 2025, and are signed on its behalf by:

Paul Brodie
Director
Registered Company No. 03300974

Vermilion Aviation Ltd

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	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.

	Revenue from sale of goods
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

Revenue from sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	0		0

3.	Deferred tax
	Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.

4.	Tangible fixed assets

	Plant & machinery	Total
	£	£
Cost or valuation
At 01 January 24	353,371	353,371
At 31 December 24	353,371	353,371
Depreciation and impairment
At 01 January 24	1,264	1,264
Charge for year	527	527
At 31 December 24	1,791	1,791
Net book value
At 31 December 24	351,580	351,580
At 31 December 23	352,107	352,107

5.	Revaluation of property, plant and equipment
	The directors revalued the company's aircraft and associated equipment at £350,000 as at 31 May 2023 and are of the opinion that there was no material change between the valuation date and 31 December 2024. The comparable amounts under the historical cost convention as at 31 December 2023 are as follows: cost £146,884; accumulated depreciation £101,434; and depreciation charge for the year £7,781.

Revaluation of property, plant and equipment

The directors revalued the company's aircraft and associated equipment at £350,000 as at 31 May 2023 and are of the opinion that there was no material change between the valuation date and 31 December 2024. The comparable amounts under the historical cost convention as at 31 December 2023 are as follows: cost £146,884; accumulated depreciation £101,434; and depreciation charge for the year £7,781.

6.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	2,299	1,827
Other debtors	4,880	4,909
Prepayments and accrued income	6,902	5,014
Total	14,081	11,750

7.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	53	-
Taxation and social security	970	1,031
Other creditors	14,976	15,528
Accrued liabilities and deferred income	400	700
Total	16,399	17,259


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

8.	Revaluation reserve


		£
	Reserve at 01 January 24	257,902
	Deferred Tax on Revaluations	1,513
	At 31 December 24	259,415