CJ 525 Limited - Period Ending 2021-09-30

CJ 525 Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

CJ 525 Limited

Company Information

Directors

N C Brown G T Marshall

Registered office

Ashton Gate Stadium Ashton Road Bristol BS3 2EJ

Auditors

PKF Francis Clark Statutory Auditor Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

CJ 525 Limited

Balance Sheet

30 September 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	1,282,290	2,232,693
Current assets
Debtors	5	129,812	384,450
Cash at bank and in hand		3,191	133,492
		133,003	517,942
Creditors: Amounts falling due within one year	6	(3,675,093)	(5,115,467)
Net current liabilities		(3,542,090)	(4,597,525)
Total assets less current liabilities		(2,259,800)	(2,364,832)
Provisions for liabilities		(33,901)	(5,808)
Net liabilities		(2,293,701)	(2,370,640)
Capital and reserves
Called up share capital	7	2	2
Profit and loss account		(2,293,703)	(2,370,642)
Shareholder's deficit		(2,293,701)	(2,370,640)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 June 2022 and signed on its behalf by:
 

......................................... N C Brown Director

Company Registration Number: 06030628

CJ 525 Limited

Notes to the Financial Statements

Year Ended 30 September 2021

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ashton Gate Stadium
Ashton Road
Bristol
BS3 2EJ

2	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 have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The first of the company's two aircraft was sold in June 2021. The remaining aircraft is, as of June 2022, actively being marketed for sale. It is the intention of the directors that the company will enter voluntary liquidation once the second aircraft has been sold.

Given this decision, it is the opinion of the directors that the company is no longer a going concern and the financial statements have therefore not been prepared on a going concern basis. The carrying value of assets and liabilities has not been modified as, in the opinion of the directors all known liabilities are already reflected in the balance sheet and all assets are shown at their recoverable amount.

CJ 525 Limited

Notes to the Financial Statements

Year Ended 30 September 2021

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affect both current and future periods.

The key judgement that has a significant impact on the financial statements is in respect of going concern, as described above.

The accounting estimates that have a significant effect on the amounts recognised in the financial statements are described below:

Aircraft are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimate of the depreciation rates used as well as assessment of the ongoing economic contribution and physical condition of the assets as to whether an indicator of impairment has occurred. The carrying amount is £1,282,290 (2020 - £2,232,693).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Revenue in respect of flying hours is recognised on the charter date of the flight. Revenue in respect of lease costs are recognised at the end of the month the lease relates to.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

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.

The current corporation 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 company operates and generates taxable income.

CJ 525 Limited

Notes to the Financial Statements

Year Ended 30 September 2021

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 as follows:

Asset class	Depreciation method and rate
Aircraft	17.5 years straight-line

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Intercompany debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 0).

CJ 525 Limited

Notes to the Financial Statements

Year Ended 30 September 2021

4	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 October 2020	4,584,811	4,584,811
Disposals	(1,953,585)	(1,953,585)
At 30 September 2021	2,631,226	2,631,226
Depreciation
At 1 October 2020	2,352,117	2,352,117
Charge for the year	234,081	234,081
Eliminated on disposal	(1,237,262)	(1,237,262)
At 30 September 2021	1,348,936	1,348,936
Carrying amount
At 30 September 2021	1,282,290	1,282,290
At 30 September 2020	2,232,693	2,232,693

Other operating income of £477,013 represents the profit on disposal of the aircraft sold during the year.

5

Debtors

	2021 £	2020 £
Trade debtors	24,136	-
Amounts due from group undertakings	34,944	345,599
Other debtors	46,066	-
Prepayments	24,666	38,851
	129,812	384,450

CJ 525 Limited

Notes to the Financial Statements

Year Ended 30 September 2021

6

Creditors

	2021 £	2020 £
Due within one year
Trade creditors	48,771	75,897
Amounts owed to group undertakings	3,578,500	4,488,370
Taxation and social security	11,938	59,079
Other creditors	-	486,885
Accruals and deferred income	35,884	5,236
	3,675,093	5,115,467

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary share capital of £1 each	2	2	2	2

8	Related party transactions

The company has taken advantage of the exemption in FRS 102 to not disclose transactions with wholly owned subsidiaries in its group.

Summary of transactions with other related parties

During the year, the company made sales of £57,941 (2020 - £33,816) to a jointly-controlling shareholder of the ultimate parent company. As at 30 September 2021, a balance of £24,136 was due from this shareholder of the ultimate parent company (2020 - £486,885 due to the shareholder).
 

9	Audit report

The Independent Auditors' Report was unqualified. We draw attention to Note 2 to the financial statements which explains that the directors intend that the company will enter voluntary liquidation following the sale of the company's remaining aircraft during 2022 and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in this respect. The name of the Senior Statutory Auditor who signed the audit report was Nicholas Farrant BA MSc FCA, who signed for and on behalf of PKF Francis Clark on 29 June 2022.