COMPANY REGISTRATION NUMBER:
15513668
|
Unaudited financial statements |
|
|
Statement of financial position |
|
31 January 2025
Fixed assets
|
Tangible assets |
5 |
|
7,263,119 |
|
|
|
|
Current assets
|
Creditors: Amounts falling due within one year |
7 |
(
7,284,006) |
|
|
----------- |
|
|
Net current liabilities |
|
(
7,281,756) |
|
|
----------- |
|
Total assets less current liabilities |
|
(
18,637) |
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
4,684 |
|
|
------- |
|
Net liabilities |
|
(
13,953) |
|
|
------- |
|
|
|
Capital and reserves
|
Called up share capital |
|
100 |
|
Profit and loss account |
|
(
14,053) |
|
|
------- |
|
Shareholders deficit |
|
(
13,953) |
|
|
------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
30 September 2025
, and are signed on behalf of the board by:
Company registration number:
15513668
|
Notes to the financial statements |
|
Period from 22 February 2024 to 31 January 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Building 425 Duxford Airfield, Duxford, Cambridge, CB22 4QR.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of aircraft measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible fixed assets are initially recorded at cost. Aircraft are carried at revalued amounts, being fair value at the date of revaluation less any subsequent accumulated impairment losses. The aircraft are not depreciated, as the directors consider that the residual value of the aircraft is not materially different from its carrying amount and that the useful economic life cannot be reliably determined. This treatment is reviewed annually to ensure it remains appropriate. Revaluation gains are recognised in other comprehensive income and accumulated in equity under the revaluation reserve, except to the extent they reverse a revaluation decrease of the same asset previously recognised in profit or loss. Revaluation losses are recognised in other comprehensive income to the extent of any previously recognised revaluation gains accumulated in equity for that asset. Any excess revaluation loss beyond the revaluation reserve is recognised in profit or loss. The company reviews the carrying values of tangible assets periodically to ensure they reflect current fair values and assesses for indicators of impairment at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4.
Employee numbers
The average number of employees during the period was
3
.
5.
Tangible assets
|
Aircraft |
|
£ |
|
Cost |
|
|
At 22 February 2024 |
– |
|
Additions |
7,263,119 |
|
----------- |
|
At 31 January 2025 |
7,263,119 |
|
----------- |
|
Depreciation |
|
|
At 22 February 2024 and 31 January 2025 |
– |
|
----------- |
|
Carrying amount |
|
|
At 31 January 2025 |
7,263,119 |
|
----------- |
|
|
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Aircraft |
|
£ |
|
At 31 January 2025 |
|
|
Aggregate cost |
7,263,119 |
|
Aggregate depreciation |
(45,263) |
|
----------- |
|
Carrying value |
7,217,856 |
|
----------- |
|
|
6.
Debtors
|
31 Jan 25 |
|
£ |
|
Trade debtors |
2,250 |
|
------ |
|
|
7.
Creditors:
Amounts falling due within one year
|
31 Jan 25 |
|
£ |
|
Trade creditors |
84,760 |
|
Amounts owed to group undertakings |
7,196,646 |
|
Other creditors |
2,600 |
|
----------- |
|
7,284,006 |
|
----------- |
|
|
8.
Contingencies
Coutts have a floating charge over all company assets.