Financial Statements
For the year ended 31 October 2024
Registered number: 03605207
Company Information
Independent Auditor's Report to the Members of Vectair Limited
We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.
For the financial year ended 31 October 2023, the Company was not required to obtain audited financial statements as the company qualified as a small company under company law and availed of the small company audit exemption. Therefore, the comparative figures have not been audited.
Page 1
Independent Auditor's Report to the Members of Vectair Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon, including the Directors' Report . The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Page 2
Independent Auditor's Report to the Members of Vectair Limited (continued)
As explained more fully in the Directors responsibilities Statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Page 3
Independent Auditor's Report to the Members of Vectair Limited (continued)
The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law, consumer protection and competition law and we considered the extent to which the non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. The audit engagement responsible individual considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
In response to these principal risks, our audit procedures included but were not limited to:
- enquiries of management on the policies and procedures in place regarding compliance with laws and regulations,
including consideration of known or suspected instances of non-compliance and whether they have knowledge of
any actual, suspected or alleged fraud;
- inspection of the Company’s regulatory and legal correspondence and review of minutes of board meetings during
the year to corroborate inquiries made;
- gaining an understanding of the entity’s current activities, the scope of authorisation and the effectiveness of its
control environment to mitigate risks related to fraud;
- discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk
of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation
- enquiries of management on the policies and procedures in place regarding compliance with laws and regulations,
including consideration of known or suspected instances of non-compliance and whether they have knowledge of
any actual, suspected or alleged fraud;
- inspection of the Company’s regulatory and legal correspondence and review of minutes of board meetings during
the year to corroborate inquiries made;
- gaining an understanding of the entity’s current activities, the scope of authorisation and the effectiveness of its
control environment to mitigate risks related to fraud;
- discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk
of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation
Page 4
Independent Auditor's Report to the Members of Vectair Limited (continued)
of financial statements throughout the audit;
- designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; and
- review of the financial statement disclosures to underlying supporting documentation and inquiries of
management
The auditor communicates with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that may be identified during the audit.
- designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; and
- review of the financial statement disclosures to underlying supporting documentation and inquiries of
management
The auditor communicates with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that may be identified during the audit.
This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
Page 5
Statement of Financial Position
As at 31 October 2024
The directors have taken the advantage of the exemption contained in section 444(1) of the Companies Act 2006 from filing the Directors' report and Statement of comprehensive income.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 7 to 8 form part of these financial statements.
Page 6
Notes to the Financial Statements
For the year ended 31 October 2024
Vectair Limited (the "Company") is a UK registered private company limited by shares which has a registered office at Unit 3 Armstrong Road, Basingstoke, Hampshire, RG24 8NU. The Company's registered number is 03605207.
The Company has not traded during the year or the preceding financial year. During these periods, the Company received no income and incurred no expenditure and therefore made neither profit or loss.
The Company has not traded during the year or the preceding financial year. During these periods, the Company received no income and incurred no expenditure and therefore made neither profit or loss.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
shares and share options are recognised as a deduction from equity, net of any tax effects.
Page 7
Notes to the Financial Statements
For the year ended 31 October 2024
The ultimate parent of the Company is
The smallest and largest group of undertakings for which the group financial statements are drawn up for and of which the Company is a member is Vectair Acquisition Holdings LLC.
Page 8