AIR CONTRACTORS (UK) LIMITED

AIR CONTRACTORS (UK) LIMITED

AIR CONTRACTORS (UK) LIMITED - Company Information

Print Friendly Version

AIR CONTRACTORS (UK) LIMITED

Company Registration Number:
01065190 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2019

Period of accounts

Start date: 01 January 2019

End date: 31 December 2019

AIR CONTRACTORS (UK) LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2019

Balance sheet
Notes

AIR CONTRACTORS (UK) LIMITED

Balance sheet

As at 31 December 2019


Notes
2019
2018


£
£
Current assets
Debtors:   8,110,000 7,926,000
Cash at bank and in hand: 39,000 23,000
Total current assets: 8,149,000 7,949,000
Creditors: amounts falling due within one year: 3 (295,000) (302,000)
Net current assets (liabilities): 7,854,000 7,647,000
Total assets less current liabilities: 7,854,000 7,647,000
Total net assets (liabilities): 7,854,000 7,647,000
Capital and reserves
Called up share capital: 7,992,000 7,992,000
Profit and loss account: (138,000) (345,000)
Shareholders funds: 7,854,000 7,647,000

The notes form part of these financial statements

AIR CONTRACTORS (UK) LIMITED

Balance sheet statements

For the year ending 31 December 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 27 January 2021
and signed on behalf of the board by:

Name: David Andrew
Status: Director

The notes form part of these financial statements

AIR CONTRACTORS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2019

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

Turnover policy

Turnover is represented by aviation services provided to customers in the period and excludes value added tax.

Tangible fixed assets and depreciation policy

n/a

Intangible fixed assets and amortisation policy

n/a

Valuation and information policy

n/a

Other accounting policies

Pensions The company operates a defined contribution pension scheme and contributions to this scheme are charged to profit or loss as incurred. TaxationThe charge for taxation is based on the profit for the period, as adjusted for taxation purposes. Deferred tax is recognised in respect of all temporary differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Temporary differences are differences between the company’s taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.Deferred tax is measured at the average tax rates that are expected to apply in the periods in which temporary differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying temporary differences can be deducted. Trade and other debtorsTrade and other debtors are measured at amortised cost using the effective interest method, less any expected credit losses. Trade and other creditorsTrade and other creditors are measured at amortised cost using the effective interest method. Foreign currenciesTransactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. The resulting monetary assets and liabilities are translated into pounds sterling at the balance sheet date and the exchange differences are accounted for in profit or loss.

AIR CONTRACTORS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2019

2. Employees

2019 2018
Average number of employees during the period 33 33

AIR CONTRACTORS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2019

3. Creditors: amounts falling due within one year note

2019: £295,000

AIR CONTRACTORS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2019

4. Financial commitments

The company had no ongoing capital or other commitments at the year end.

AIR CONTRACTORS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2019

5. Changes in presentation and prior period adjustments

On 31 January 2020 the World Health Organisation (WHO) announced Coronavirus COVID-19 (“COVID-19”) as a global health emergency and on 11 March 2020 declared it to be a pandemic in recognition of its rapid spread over the globe.The economic consequences of the pandemic are unprecedented with material decreases in GDP in most of the developed economies of the world for the period March to December 2020 compared with the same period in 2019.The impact of this pandemic has been mitigated by the fact that the principal activity of the company is the provision of pilots and crewing staff to ASL Airlines (Ireland) Limited, which is a related entity with a majority of customers who are cargo operations which have continued to trade strongly. Revenue is based on a mark-up of costs and the company traded satisfactorily during 2020.The directors believe that the company, being part of the larger ASL group which gives it the option of access to further cash and financing facilities if needed, will have sufficient cash resources to trade for a period of at least twelve months from the date of approval of these financial statements. The directors believe that uncertainty in relation to the impact of COVID-19 at the date of approval of the financial statements does not represent a material uncertainty that may cast significant doubt on the ability of the Company to continue as a going concern. For this reason, the directors have continued to adopt the going concern basis in preparing these financial statements.There were no other significant events which require adjustment to the financial statements or the inclusion of a note thereto.

AIR CONTRACTORS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2019

6. Related party transactions

The company has availed of an exemption within FRS 101 from the requirement to disclose transactions with fellow group members as it is a 100% owned member of that group. See note 14 for details of the availability of group financial statements.

AIR CONTRACTORS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2019

7. Post balance sheet events

On 31 January 2020 the World Health Organisation (WHO) announced Coronavirus COVID-19 (“COVID-19”) as a global health emergency and on 11 March 2020 declared it to be a pandemic in recognition of its rapid spread over the globe.The economic consequences of the pandemic are unprecedented with material decreases in GDP in most of the developed economies of the world for the period March to December 2020 compared with the same period in 2019.The impact of this pandemic has been mitigated by the fact that the principal activity of the company is the provision of pilots and crewing staff to ASL Airlines (Ireland) Limited, which is a related entity with a majority of customers who are cargo operations which have continued to trade strongly. Revenue is based on a mark-up of costs and the company traded satisfactorily during 2020.The directors believe that the company, being part of the larger ASL group which gives it the option of access to further cash and financing facilities if needed, will have sufficient cash resources to trade for a period of at least twelve months from the date of approval of these financial statements. The directors believe that uncertainty in relation to the impact of COVID-19 at the date of approval of the financial statements does not represent a material uncertainty that may cast significant doubt on the ability of the Company to continue as a going concern. For this reason, the directors have continued to adopt the going concern basis in preparing these financial statements.There were no other significant events which require adjustment to the financial statements or the inclusion of a note thereto.16 Approval of financial statements