Iscavia Limited - Accounts

Iscavia Limited
Directors' Report
For the year ended 31 March 2025

Director's report and financial statements

The directors present their annual report and the financial statements for the year ended 31 March 2025

Principal activities

The principal activity of the company during the financial year was of light aircraft maintenance and hangarage.

Directors

The directors who served the company throughout the year were as follows:

Simon Newton-Chance

Neil Taviner

Statement of directors' responsibilities

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.

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 (Financial Reporting Standard 102). 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 company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to :
-    select suitable accounting policies and then apply them consistently
-    make judgements 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 and
-    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 companys transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:

----------------------------------
Simon Newton-Chance
Director

Date approved: 11 June 2025

Registered Number: 03156392 Iscavia Limited
Statement of Financial Position
As at 31 March 2025

	Notes	2025 £	2024 £
Current assets
Stocks	4	183,247	209,887
Debtors	5	521,114	412,253
Cash at bank and in hand		375,222	390,362
		1,079,583	1,012,502
Creditors: amount falling due within one year	6	(624,098)	(662,202)
Net current assets		455,485	350,300

Total assets less current liabilities		455,485	350,300
Net assets		455,485	350,300

Capital and reserves
Called up share capital		2	2
Profit and loss account		455,483	350,298
Shareholders' funds		455,485	350,300

For the year ended 31 March 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 accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The financial statements were approved by the board of directors on 11 June 2025 and were signed on its behalf by:

-------------------------------
Simon Newton-Chance
Director

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Neil Taviner
Director

Iscavia Limited
Notes to the Financial Statements
For the year ended 31 March 2025

General Information

Iscavia Limited is a private company, limited by shares, registered in England and Wales, registration number 03156392, registration address Hangar 49 Exeter International Airport, Exeter, EX5 2BD.

The presentation currency is £ sterling.

Accounting policies

Significant accounting policies

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
The amount of profit attributable to the stage of completion of a light aircraft maintenance contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover of such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years.
Provision is made for losses as soon as they are foreseen.
Cost sis based on the cost of attributable materials together with hours worked, charged at the cost of labour plus an allocation for direct charges and overheads.

Government grants

Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.

Operating lease rentals

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and buildings - 20% on cost
Plant and machinery - at varying rates on cost

Land and Buildings	5 Straight Line
Plant and Machinery	5 Straight Line

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items, as follows:-
Aircraft rotables - these comprise aircraft parts which have a renewable time/usage life, upon which expiry are required by the Civil Aviation Authority to be serviced by approved engineers. Such parts are valued on a proportion of manufacturer's list price.
Aircraft consumables - these comprise aircraft parts having a non-renewable life. These are valued at the lower of cost and net realisable value for each separately identified batch purchased.
Work in progress - valuation is based on direct cost and attributable overheads. Materials issued from store are valued as detailed above. Labour and attributable overhead rates are based upon normal levels of activity.

2.	Average number of employees Average number of employees during the year was 10 (2024 : 10).

Tangible fixed assets

Cost or valuation	Plant and Machinery	Land and Buildings	Total
	£	£	£
At 01 April 2024	53,421	24,943	78,364
Additions	-	-	-
Disposals	(3,925)	(1,795)	(5,720)
At 31 March 2025	49,496	23,148	72,644
Depreciation
At 01 April 2024	53,421	24,943	78,364
Charge for year	-	-	-
On disposals	(3,925)	(1,795)	(5,720)
At 31 March 2025	49,496	23,148	72,644
Net book values
Closing balance as at 31 March 2025	-	-	-
Opening balance as at 01 April 2024	-	-	-

Stocks

	2025 £		2024 £
Stocks	183,247		209,887
	183,247		209,887

Debtors: amounts falling due within one year

	2025 £	2024 £
Trade Debtors	507,830	331,251
Prepayments & Accrued Income	13,284	81,002
	521,114	412,253

Creditors: amount falling due within one year

	2025 £	2024 £
Trade Creditors	43,561	131,495
Amounts Owed to Group Undertakings	410,300	391,545
Corporation Tax	101,728	102,845
Accrued Expenses	25,088	11,456
VAT	43,421	24,861
	624,098	662,202

Related parties

During the year the company entered into the following transactions with related parties:

	Transaction value - income/(expenses)				Balance owed by/(owed to)
	2025 £		2024 £		2025 £		2024 £
Iscavia Holdings Ltd	123,600		120,000		(410,300)		(391,545)

Management charges have been paid in the year to the parent company


Registered Number: 03156392
England and Wales
Unaudited Financial Statements

for the year ended 31 March 2025
for
ISCAVIA LIMITED