COMPANY REGISTRATION NUMBER:
15527249
|
Unaudited financial statements |
|
|
Statement of financial position |
|
31 January 2026
|
2026 |
2025 |
|
|
|
(restated) |
|
Note |
£ |
£ |
£ |
£ |
|
|
|
|
|
Fixed assets
|
Tangible assets |
5 |
|
1,500,000 |
|
1,500,000 |
|
|
|
|
|
|
Current assets
|
Debtors |
6 |
340 |
|
– |
|
|
Cash at bank and in hand |
3,770 |
|
2,557 |
|
|
------ |
|
------ |
|
|
4,110 |
|
2,557 |
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year |
7 |
(
1,502,014) |
|
(
1,503,247) |
|
|
----------- |
|
----------- |
|
|
Net current liabilities |
|
(
1,497,904) |
|
(
1,500,690) |
|
|
----------- |
|
----------- |
|
Total assets less current liabilities |
|
2,096 |
|
(
690) |
|
|
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
(
5,911) |
|
198 |
|
|
------ |
|
---- |
|
Net liabilities |
|
(
3,815) |
|
(
492) |
|
|
------ |
|
---- |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
100 |
|
100 |
|
Profit and loss account |
|
(
3,915) |
|
(
592) |
|
|
------ |
|
---- |
|
Shareholders deficit |
|
(
3,815) |
|
(
492) |
|
|
------ |
|
---- |
|
|
|
|
|
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 income statement has not been delivered.
For the year ending 31 January 2026 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 year 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
.
|
Statement of financial position (continued) |
|
31 January 2026
These financial statements were approved by the
board of directors
and authorised for issue on
29 October 2026
, and are signed on behalf of the board by:
Company registration number:
15527249
|
Notes to the financial statements |
|
Year ended 31 January 2026
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 historica 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.
Going concern
The company had net liabilities of £3,815 at 31 January 2026. A substantial proportion of the company's liabilities is due to a group company, which has confirmed that repayment will not be sought where this would adversely affect the company's ability to continue trading.
Judgements and key sources of estimation uncertainty
Estimates and judgements used in preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition seldom equal the related actual results. Any subsequent changes are accounted for with an effect on income at the time such updated information is available. The estimates and assumptions that have a significant effect on the carrying amounts of assets and liabilities are discussed below: - Aircraft - In applying the Company's accounting policies for aircraft carried at fair value, consideration was given to the valuation of the aircraft at the reporting date. Further detail of the estimate has been included in the tangible assets note.
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. Revenue from the sale of services is recognised when the service has been satisfactorily provided, the amount can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
4.
Employee numbers
The average number of employees during the year was
3
(2025:
3
).
5.
Tangible assets
|
Aircraft |
|
£ |
|
Cost |
|
|
At 1 February 2025 (as restated) and 31 January 2026 |
1,500,000 |
|
----------- |
|
Depreciation |
|
|
At 1 February 2025 and 31 January 2026 |
– |
|
----------- |
|
Carrying amount |
|
|
At 31 January 2026 |
1,500,000 |
|
----------- |
|
At 31 January 2025 |
1,500,000 |
|
----------- |
|
|
6.
Debtors
|
2026 |
2025 |
|
|
(restated) |
|
£ |
£ |
|
Other debtors |
340 |
– |
|
---- |
---- |
|
|
|
7.
Creditors:
Amounts falling due within one year
|
2026 |
2025 |
|
|
(restated) |
|
£ |
£ |
|
Amounts owed to group undertakings |
1,500,314 |
1,501,547 |
|
Other creditors |
1,700 |
1,700 |
|
----------- |
----------- |
|
1,502,014 |
1,503,247 |
|
----------- |
----------- |
|
|
|
8.
Prior period errors
Trade creditors reported in the comparative period were overstated due to amounts owed to group undertakings not being reclassified. A restatement has been made to reflect these. The tables below show the impact of this adjustment to trade creditors to amounts owed to group undertakings.
|
£ |
| Trade creditors at 31 January 2025 per filed accounts |
1,647 |
| Movement of group and associated balances |
(1,647) |
|
------- |
| Restated trade creditors per 2025 comparatives |
– |
|
------- |
|
|
|
£ |
| Amounts owed to group undertakings at 31 January 2025 per filed accounts |
1,499,900 |
| Movement of group balances from trade creditors |
1,647 |
|
------------ |
| Restated amounts owed to group undertakings per 2025 comparatives |
1,501,547 |
|
------------ |
|
|
9.
Contingencies
The company has provided security to Coutts & Company in relation to loans taken out by a group company. The total liability due in respect of this loan as at 31 January 2026 was £280,284. No liability is expected to arise from this guarantee.
10.
Related party transactions
At the reporting date, the Company had an outstanding balance of £1,500,314 due to group companies. The balance is interest-free, unsecured, and repayable on demand.
11.
Controlling party
The ultimate parent company is Aircraft Restoration Company Limited whose registered office is Building 425 Duxford Airfield, Duxford, Cambridge, CB22 4QR.