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Registered number: 02207626
CALEDONIAN AIRBORNE SYSTEMS LIMITED
UNAUDITED
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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COMPANY INFORMATION
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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CONTENTS
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Director's responsibilities statement
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
Results and Business Review
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The profit for the year, after taxation, amounted to £2,000 (2023 - £86,000).
Caledonian is an Original Equipment Manufacturer of Advanced aerospace Equipment. The Company designs, develops, manufactures and supports aircraft equipment and system Product Lines. These range from Infra-Red communications, AF ADELT Radio Radar Beacons, Satellite Data Links, Smart Multi-Function Displays (SMFD), Radar Track While Scan (TWS), Mission Computers, Aerospace Standard Data Converters, TWS/AIS/ADS B, Mission Management Systems to Very Low Light Level gyro Stabilised Camera Systems.
Caledonian Airborne Systems has an established Airborne Maritime Surveillance aircraft upgrade for Airborne Electronic Surveillance and Airborne Maritime Surveillance proven track record over three decades. Aircraft converted and upgraded by Caledonian are operational in regions from the Americas to EU to the Far East and Africa. Aircraft types converted by Caledonian include fixed wing and rotary wing ranging from Twin Turbo props to considerably larger fixed wing aircraft. While some of these upgrades date back decades, Caledonian continues to provide unparalleled Equipment support.
Caledonian’s ADELT beacon system has accumulated millions of flight hours since its launch in the 1980’s. Continual development, keeping pace with evolving regulation and drawing on the ADELT system’s operational excellence over several decades has ensured that the system continues to attract new business for a wide range of aircraft and government agencies. Notably in late 2020, new business was secured with a major aircraft OEM and new End Users. Through the supply requirements of orders placed in 2020 continue to expand. These developments saw ADELT deliveries through 2024 and provide demand through 2025 and beyond.
In 2015 Caledonian was the first in the EU to successfully integrate Static 360° E-Scan radar into an airborne platform. Additionally Caledonian integrated the entire family of E-Scan Radars including the Static 360° Osprey, again the 1st in the world. The radars were manufactured in Edinburgh and were integrated into G-CVXN Caledonian Vixen F-406 Twin Turbo prop aircraft. The Mission System on the all modifications was Caledonian’s Scorpio Mission System.
Third generation TWS and sector scan radar TWS systems embodied with advancements including integral AIS/ ADS-B and enhanced tracking features of previous years has an increased scope of aerospace interfaces. The customer base covers a wide spectrum of End Users including Coast Guards, Naval Aviation, and Government agencies in addition to Civil Aviation operators.
Installation and integration of Caledonian’s Advanced Radar Enhancements, and the subsequent operational capability upgrade, for a Far East Navy were very well received. Caledonian delivered on all aspects of the program, within budget and ahead of schedule, including and not limited to Equipment Design, manufacture, installation design, installation, integration, flight testing, training and after sales support. Since the installation Caledonian continues to support the integrated Caledonian systems to the highest level though 2024.
The COVID-19 pandemic has slowed progress in many aspects of commerce and production worldwide and the after effects are still evident. A key focus for many organisations relates to the impact on the global supply chains. Many materials and components are subject to considerably longer lead times and scarcity.
Owing to Caledonian’s in house design ability, the impact of said scarcity has been significantly mitigated as the company has designed many of its technologies from component level on a modular basis. This has enabled the Company to deliver on time and with confidence, a feature appreciated by Caledonian’s Customers.
Additionally, and possibly somewhat unique in the industry, Caledonian supports Customers who took receipt of Caledonian Complex embedded processor Equipment over 25 years ago.
Page 1
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Caledonian continues to support existing customers, in many instances offering expertise beyond the scope of the original equipment supply agreements. This continually promotes Caledonian’s philosophy not only to supply Caledonian equipment, but to support the customer to gain the most from their airborne Program.
The director who served during the year was:
In preparing this report, the director has 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.
Page 2
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CALEDONIAN AIRBORNE SYSTEMS LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Caledonian Airborne Systems Limited for the year ended 31 December 2024 which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the director of Caledonian Airborne Systems Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Caledonian Airborne Systems Limited and state those matters that we have agreed to state to the director of Caledonian Airborne Systems Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Caledonian Airborne Systems Limited and its director for our work or for this report.
It is your duty to ensure that Caledonian Airborne Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Caledonian Airborne Systems Limited. You consider that Caledonian Airborne Systems Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Caledonian Airborne Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
AAB
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU
30 September 2025
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Interest payable and expenses
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Profit for the financial year
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There was no other comprehensive income for 2024 (2023:£NIL).
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The notes on pages 8 to 16 form part of these financial statements.
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Page 5
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
REGISTERED NUMBER:02207626
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BALANCE SHEET
AS AT 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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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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The notes on pages 8 to 16 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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The notes on pages 8 to 16 form part of these financial statements.
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Page 7
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Caledonian Airborne Systems Limited is a limited liability company incorporated in England. The registered office is 6th Floor, 99 Gresham Street, London.
The principal activity of the company is that of aircraft conversions and the design and installation of Airborne Electronic Surveillance and Airborne Maritime Surveillance equipment.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The director having made due and careful enquiry, is of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Page 8
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Page 9
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 10
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Fixtures, fittings and equipment
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Expenses incurred prior to the award of contracts are only recognised as an asset where they are directly distributable to a specific contract, can be separately identified and measured reliably.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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The average monthly number of employees, including directors, during the year was 10 (2023 - 12).
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Charge for the year on owned assets
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The intangible assets comprises internally generated product development costs.
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Page 12
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Fixtures, fittings & equipment
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Page 13
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Page 14
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Short term timing differences
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Page 15
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CALEDONIAN AIRBORNE SYSTEMS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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100,000 (2023 - 100,000) Ordinary shares of £1.00 each
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25,000 (2023 - 25,000) Deferred shares of £1.00 each
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Related party transactions
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During the year the company repaid loans from the director totalling £13 (2023 - £1,014). As at 31 December 2024 the amount owed to the director was £12,769 (2023 - £12,782).
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The company's ultimate parent company is Beginextra Limited, a company which is registered in England.
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