Registration number:
MI Aviation Holdings Limited
for the Year Ended 30 April 2024
MI Aviation Holdings Limited
Contents
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Company Information |
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Group Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account and Statement of Retained Earnings |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
MI Aviation Holdings Limited
Company Information
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Directors |
Mr M G Kearns Mr I R Burgess |
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Registered Number |
12749537 |
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Registered office |
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Accountants |
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Auditors |
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MI Aviation Holdings Limited
Group Strategic Report for the Year Ended 30 April 2024
The directors present their strategic report for the year ended 30 April 2024.
Principal activity
The principal activity of the group is that of a holding company.
Fair review of the business
The group has had a successful year and also there is increase in level of turnover and gross profit as compared to the previous year.
The group has remained a medium sized group for financial reporting purposes due to its growth in recent years.
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2024 |
2023 |
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Sales |
£m |
16 |
12.2 |
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Gross Profit Margin |
% |
29.6 |
27.8 |
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Current liquidity ratio |
2.8 |
5.95 |
Principal risks and uncertainties
The risks managed by the company are market and price related, these risks are managed through the extensive experience of the Directors and senior managers. This is supported by tasks having a detailed repair quotation presented to the customer before proceeding, this quotation details all the work required person-hours for the task, along with a price list for all the required spare parts. No work commences until we have received the customer signed copy of the quotation, this limits our risk for losses on component repairs.
The other main risk within the group is that of Foreign Currency, and this is managed by maintaining foreign currency bank accounts. The group regularly monitors the currencies we deal in, and along with the advice from the financial exchange companies we use, sometimes we hedge fund if we feel any uncertainties in currency fluctuation, minimising the risk to the group.
Approved and authorised by the
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MI Aviation Holdings Limited
Directors' Report for the Year Ended 30 April 2024
The directors present their report and the for the year ended 30 April 2024.
Directors of the group
The directors who held office during the year were as follows:
Future developments
We are looking to establish in other areas of Europe to aid in the logistics of airline repairs.
Events within the financial year.
On 1st May 2023, the Group transferred its entire shareholding in IMT Aviation Scotland Limited to IMT Scotland Holdings Limited, a company under the common control of the same ultimate shareholders. Control of MI Aviation Holdings Limited continues to be held by the same ultimate shareholders after the transfer.
This transaction has been accounted for as a group reconstruction under common control. In accordance with the principles of merger accounting, the consolidated financial statements have been prepared as if IMT Aviation Scotland Limited had not previously been part of this Group.
The comparative information has therefore been restated to reflect the revised group structure. The assets and liabilities of IMT Aviation Scotland Limited have been recognised at their existing carrying amounts at the date of transfer.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Maynard Heady LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
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MI Aviation Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MI Aviation Holdings Limited
Independent Auditor's Report to the Members of MI Aviation Holdings Limited
Opinion
We have audited the financial statements of MI Aviation Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2024 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and 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.
Emphasis of matter
We draw attention to Note 5 of the financial statements, In May 2023, one of the group companies was taken into ownership outside of the current trading group. The Directors are seeking professional advice on the transaction, which has not been completed at the date of signing this audit report. Any adjustments arising as a result of this professional review will be included within the 2025 trading results. Our opinion is not modified in respect of this matter
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
MI Aviation Holdings Limited
Independent Auditor's Report to the Members of MI Aviation Holdings Limited
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 or apparent material misstatements, 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.
Opinion on the failure of the original financial statements to comply with the Companies Act 2006
Opinion
In our opinion the financial statements:
•give a true and fair view of the state of the group's affairs as at 30 April 2024 and of its profit for the year then ended;
•have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Group Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Group Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, 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.
MI Aviation Holdings Limited
Independent Auditor's Report to the Members of MI Aviation Holdings Limited
In preparing the financial statements, the directors are responsible for assessing the Group's and Parent 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 the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives 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 our 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 Group financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management and those charged with governance around actual and potential litigation
and claims:
• Enquiry of the entity staff in compliance functions to identify any instances of non-compliance
with laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of
journal entries and other adjustments for appropriateness, evaluating the business rationale of
significant transactions outside the normal course of business and reviewing accounting estimates
for bias;
• Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations.
• Auditing the risk of management override of controls, including through testing journal entries
and other adjustments for appropriateness, and evaluating the business rationale of significant
transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law and regulation is removed from the events and transactions reflected in the financial statements as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
MI Aviation Holdings Limited
Independent Auditor's Report to the Members of MI Aviation Holdings Limited
Use of our report
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.
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For and on behalf of
West Station Business Park
Spital Road
Maldon
Essex
CM9 6FF
MI Aviation Holdings Limited
Consolidated Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 April 2024
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Note |
2024 |
As restated 2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
|
|
|
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Administrative expenses |
( |
( |
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Other operating income |
- |
|
|
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Operating profit |
|
|
|
|
Loss on financial assets at fair value through profit and loss |
( |
( |
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar charges |
( |
|
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|
55,979 |
21,255 |
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Profit before tax |
|
|
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Taxation |
(618,736) |
(96,410) |
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Profit for the financial year |
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Profit/(loss) attributable to: |
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Owners of the company |
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Non-controlling interests - Income statement |
(212,161) |
20,105 |
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Retained earnings brought forward |
13,820,363 |
14,051,914 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
14,271,033 |
13,820,363 |
MI Aviation Holdings Limited
Consolidated Statement of Comprehensive Income for the Year Ended 30 April 2024
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2024 |
As restated 2023 |
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Profit for the year |
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Surplus on property, plant and equipment revaluation |
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- |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Other comprehensive income |
426,681 |
- |
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Minority interests |
|
( |
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MI Aviation Holdings Limited
(Registration number: 12749537)
Consolidated Balance Sheet as at 30 April 2024
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Note |
2024 |
As restated 2023 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Debtors -non current |
89,652 |
88,477 |
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Investments |
|
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
4 |
4 |
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Revaluation reserve |
426,681 |
- |
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Retained earnings |
14,271,033 |
13,820,363 |
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Equity attributable to owners of the company |
14,697,718 |
13,820,367 |
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minority interests |
1,207,613 |
995,452 |
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Shareholders' funds |
15,905,331 |
14,815,819 |
MI Aviation Holdings Limited
(Registration number: 12749537)
Consolidated Balance Sheet as at 30 April 2024
Approved and authorised by the
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MI Aviation Holdings Limited
(Registration number: 12749537)
Balance Sheet as at 30 April 2024
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Note |
2024 |
As restated 2023 |
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Fixed assets |
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Investments |
|
|
|
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Current assets |
|||
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Cash at bank and in hand |
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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- |
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Net assets |
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Capital and reserves |
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Called up share capital |
4 |
4 |
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Retained earnings |
9,184 |
- |
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Shareholders' funds |
9,188 |
4 |
The company made a profit after tax for the financial year of £1,019,204 (2023 - profit of £1,385,000).
Approved and authorised by the
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MI Aviation Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 April 2024
Equity attributable to the parent company
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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As restated At 1 May 2023 |
|
- |
|
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Profit for the year |
- |
- |
|
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Other comprehensive income |
- |
|
- |
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Total comprehensive income |
- |
|
|
|
|
Dividends |
- |
- |
( |
( |
|
At 30 April 2024 |
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|
|
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Non-controlling interests - Equity |
Total equity |
|
|
As restated At 1 May 2023 |
|
|
|
Profit for the year |
|
|
|
Other comprehensive income |
- |
|
|
Total comprehensive income |
|
|
|
Dividends |
- |
( |
|
At 30 April 2024 |
|
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MI Aviation Holdings Limited
Statement of Changes in Equity for the Year Ended 30 April 2024
|
Share capital |
Retained earnings |
Total |
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|
As restated At 1 May 2023 |
|
- |
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 30 April 2024 |
|
|
|
|
Share capital |
Retained earnings |
Total |
|
|
At 1 May 2022 |
|
- |
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 30 April 2023 |
4 |
- |
4 |
MI Aviation Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 30 April 2024
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Note |
2024 |
2023 |
|
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Changes in fair value of investment property |
9,121 |
5,835 |
|
|
(Profit)/loss on disposal of tangible assets |
( |
|
|
|
Loss from disposals of investments |
|
- |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
( |
|
|
Income tax expense |
|
|
|
|
Foreign exchange gains/losses |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Increase in stocks |
( |
( |
|
|
(Increase)/decrease in debtors |
( |
|
|
|
Increase in creditors |
|
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes received/(paid) |
|
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
- |
|
|
Acquisition of intangible assets |
- |
( |
|
|
Proceeds from sale of intangible assets |
|
- |
|
|
Proceeds from disposal of investments in joint ventures and associates |
( |
- |
|
|
Revaluation |
( |
- |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
|
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 May |
|
|
|
|
Cash and cash equivalents at 30 April |
3,605,211 |
3,989,273 |
|
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2024.
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2024 |
As restated 2023 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
Rental income from investment property |
|
|
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2024 |
As restated 2023 |
|
|
Government grants |
- |
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2024 |
As restated 2023 |
|
|
Gain/(loss) on disposal of tangible assets |
|
( |
|
Loss from disposals of investments |
( |
- |
|
(25,529) |
(14,009) |
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
As restated 2023 |
|
|
Depreciation expense |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease expense - property |
|
|
|
(Profit)/loss on disposal of property, plant and equipment |
( |
|
|
Other interest receivable and similar income |
|
2024 |
As restated 2023 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2024 |
As restated 2023 |
|
|
Interest expense on other finance liabilities |
|
( |
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
As restated 2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Redundancy costs |
- |
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2024 |
As restated 2023 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
As restated 2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
- |
|
24,840 |
24,480 |
|
Auditors' remuneration |
|
2024 |
As restated 2023 |
|
|
Audit of these financial statements |
21,500 |
20,050 |
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
- |
|
Tax expense in the income statement |
|
|
Taxation rates changed from the 1st April 2023 from 19% to 25% relating to profits over £250,000. A marginal rate applies to profits between £50,000 - £249,999.
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
|
2024 |
2023 |
|
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax decrease arising from group relief |
( |
- |
|
Decrease in UK and foreign current tax from unrecognised tax loss or credit |
- |
( |
|
Deferred tax expense from unrecognised tax loss or credit |
|
- |
|
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
|
Total tax charge |
|
|
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
|
Intangible assets |
Group
|
Internally generated software development costs |
Total |
|
|
Cost or valuation |
||
|
As restated At 1 May 2023 |
|
|
|
Disposals |
( |
( |
|
Transfer |
( |
( |
|
At 30 April 2024 |
- |
- |
|
Amortisation |
||
|
Carrying amount |
||
|
At 30 April 2024 |
- |
- |
|
At 30 April 2023 |
|
|
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
|
Tangible assets |
Group
|
Land and buildings |
Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
||||
|
Cost or valuation |
|||||||
|
As restated At 1 May 2023 |
|
|
|
|
|||
|
Additions |
- |
|
|
|
|||
|
Disposals |
- |
( |
- |
- |
|||
|
Transfers |
- |
( |
|
|
|||
|
At 30 April 2024 |
|
|
|
|
|||
|
Depreciation |
|||||||
|
As restated At 1 May 2023 |
- |
|
|
|
|||
|
Charge for the year |
- |
|
|
|
|||
|
Eliminated on disposal |
- |
- |
- |
- |
|||
|
At 30 April 2024 |
- |
|
|
|
|||
|
Carrying amount |
|||||||
|
At 30 April 2024 |
|
|
|
|
|||
|
At 30 April 2023 |
|
|
|
|
|||
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
|
Office equipment |
Motor vehicles |
Total |
|||||
|
Cost or valuation |
|||||||
|
As restated At 1 May 2023 |
|
|
|
||||
|
Additions |
|
|
|
||||
|
Disposals |
- |
( |
( |
||||
|
Transfers |
- |
|
|
||||
|
At 30 April 2024 |
|
|
|
||||
|
Depreciation |
|||||||
|
As restated At 1 May 2023 |
|
|
|
||||
|
Charge for the year |
|
|
|
||||
|
Eliminated on disposal |
- |
( |
( |
||||
|
At 30 April 2024 |
|
|
|
||||
|
Carrying amount |
|||||||
|
At 30 April 2024 |
|
|
|
||||
|
At 30 April 2023 |
|
|
|
||||
Included within the net book value of land and buildings above is £1,212,254 (2023 - £1,212,254) in respect of freehold land and buildings and £175,494 (2023 - £312,080) in respect of long leasehold land and buildings.
|
Investment properties |
Group
|
2024 |
|
|
At 1 May |
|
|
Revaluation |
|
|
At 30 April |
|
The investment property was revalued post year end by Berrys UK, independent valuers, in accordance with the RICS Valuation – Global Standards. The valuation was based on market evidence of transaction prices for similar properties
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
|
Investments |
Group
Details of undertakings
|
2024 |
As restated 2023 |
|
|
Investments in subsidiaries |
2 |
35,000 |
Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aer Maven Limited Profit £636,483 ((£60,321) - 2023)
Aer Maven Limited Capital & Reserves £2,195,111 (£1,658,628 - 2023)
IMT Aviation Limited Profit £1,147,183 (£1,318,664 - 2023)
IMT Aviation Limited Capital & Reserves £13,756,035 (£13,192,191 -2023)
Subsidiary undertakings
|
The principal activity of IMT Aviation Limited is |
|
The principal activity of Aer Maven Limited is |
Company
|
2024 |
As restated 2023 |
|
|
Investments in subsidiaries |
|
|
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 May 2023 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 30 April 2024 |
|
|
At 30 April 2023 |
|
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
|
Stocks |
|
Group |
Company |
|||
|
2024 |
As restated 2023 |
2024 |
As restated 2023 |
|
|
Work in progress |
|
|
- |
- |
|
Finished goods and goods for resale |
|
|
- |
- |
|
|
|
- |
- |
|
Group
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2024 |
As restated 2023 |
2024 |
As restated 2023 |
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by related parties |
|
|
- |
- |
|
|
Other receivables |
19,428 |
7,427 |
- |
- |
|
|
Directors Loan Account |
35,965 |
43,922 |
- |
- |
|
|
VAT |
303,433 |
141,818 |
- |
- |
|
|
Prepayments |
|
|
- |
- |
|
|
|
|
- |
- |
||
|
Group |
Company |
|||
|
Non-current |
2024 |
2023 |
2024 |
2023 |
|
Trade debtors |
|
|
- |
- |
|
|
|
- |
- |
|
|
Current asset investments |
|
Group |
||
|
2024 |
As restated 2023 |
|
|
Shares in group undertakings |
|
|
|
Other investments |
|
- |
|
|
|
|
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
As restated 2023 |
2024 |
As restated 2023 |
|
|
Cash on hand |
- |
|
- |
- |
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Bank overdrafts |
- |
( |
- |
- |
|
Cash and cash equivalents in statement of cash flows |
3,605,211 |
3,989,273 |
1,747,882 |
164,318 |
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
As restated 2023 |
2024 |
As restated 2023 |
|
|
Due within one year |
|||||
|
Trade creditors |
|
|
- |
- |
|
|
Other creditors |
- |
|
- |
- |
|
|
Amounts due to related parties |
- |
- |
|
|
|
|
Directors Loan account |
|
|
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Other payables |
16,732 |
21,812 |
- |
- |
|
|
Accruals |
|
|
|
- |
|
|
Income tax liability |
389,706 |
7,986 |
2,154 |
- |
|
|
|
|
|
|
||
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
As restated At 1 May 2023 |
|
|
|
Additional provisions |
|
|
|
At 30 April 2024 |
|
|
|
|
||
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
As restated 2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary of £1 each |
4 |
4 |
4 |
4 |
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
As restated 2023 |
2024 |
As restated 2023 |
|
|
Bank overdrafts |
- |
|
- |
- |
|
Dividends |
Interim dividends paid
|
2024 |
2023 |
|||
|
Interim dividend of £ |
|
|
||
MI Aviation Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
|
Related party transactions |
Group
Key management personnel
During the year the following transactions with related parties occurred:
|
2024 |
2023 |
|
|
Remuneration paid to key managment. |
|
|
|
Dividends paid to key managment. |
|
|
|
Amounts owed from (to) key managment at the balance sheet date. |
( |
( |
|
|
|
Income and receivables from related parties
|
2024 |
Group |
|
Amounts receivable from related parties |
|
|
|
|
|
2023 |
Group |
|
Amounts receivable from related parties |
|
|
|
|
|
Events within the financial period |
|
|