|
Registered number: 01361255
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
COMPANY INFORMATION
|
|
|
|
|
I C Ross (appointed 1 September 2020)
|
|
|
C A Parker (resigned 31 August 2020)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chartered Accountants & Statutory Auditor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
CONTENTS
|
|
|
|
|
|
Directors' responsibilities statement in respect of the Directors' report and financial statements
|
|
Independent auditors' report to the members of Tex Air Traffic Control Rooms Limited
|
|
|
|
|
|
|
|
Statement of changes in equity
|
|
Notes to the financial statements
|
|
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2021
The directors present their report and the financial statements for the period ended 31 March 2021.
The company’s principal activity is that of the design, manufacture and installation of air traffic control rooms.
The profit for the period, after taxation, amounted to £690,161 (2019 - loss £5,039).
The directors proposed and paid a dividend of £Nil (2019: £Nil).
On 16 February 2021 the trade and assets of Tex Air Traffic Control Rooms Limited was transferred to TEX ATC LTD (formerly Tex A.T.C. Services Limited).
The directors who served during the period were:
|
|
I C Ross (appointed 1 September 2020)
|
C A Parker (resigned 31 August 2020)
|
During the year there has been no contract of significance in relation to the company’s business in which any director’s interest was material.
Certain directors benefited from qualifying third-party indemnity provisions in place during the year and at the date of this report.
Disclosure of information to auditors
|
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
These financial statements are not prepared on the going concern basis as the company is no longer trading. All trade has been moved to Tex ATC Limited (formerly Tex A.T.C. Services Limited) from 15 February 2021. The company is expected to remain dormant until it is struck off.
Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 13 May 2022 and signed on its behalf.
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2021
The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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;
∙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 Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 and other information included in Directors' reports may differ from legislation in other jurisdictions.
The directors confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the company’s auditors are unaware. They have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEX AIR TRAFFIC CONTROL ROOMS LIMITED
We have audited the financial statements of Tex Air Traffic Control Rooms Ltd (the ‘company’) for the period ended 31 March 2021 which comprise the profit and loss account, balance sheet, statement of changes in equity and notes to the financial statements, including 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 Company's affairs as at 31 March 2021 and of its profit for the period 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. ur responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, 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.
We draw attention to Note 2.3 to the financial statements which explains that the directors have decided since
the period end to cease trading 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 2.3.
Our opinion is not modified in respect of this matter.
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEX AIR TRAFFIC CONTROL ROOMS LIMITED (CONTINUED)
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
|
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
|
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the 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; or
∙the directors were not entitled to take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
Responsibilities of directors
|
As explained more fully in the Directors' responsibilities statement on page 3, 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.
In preparing the financial statements, the directors are responsible for assessing the 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.
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEX AIR TRAFFIC CONTROL ROOMS LIMITED (CONTINUED)
Auditors' 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 financial statements.
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:
• We reviewed systems and procedures to identify potential areas of management override risk, in particular, we carried out testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions to identify large or unusual transactions. We reviewed key authorisation procedures and decision making processes for any unusual or one-off transactions;
• A review of directors' minutes to understand if any instances of non-compliance have occurred;
• A review of a sample of expenditure to ensure that costs are suitably authorised;
• We undertook testing to confirm the existence of a sample of employees (i.e. tracing to physical verification) to ensure that no fictitious employees are paid;
• Gained confirmation directly from the client's bank, of the accounts and balances held in their name as at the period-end;
• Reviewed legal expenses to identify any instances of non-compliance with laws and regulations.
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 or 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: https://www.frc.org.uk /auditors/audit-assurance /auditor-s-responsibilities -for -the-audit-of-the-fi /description-of-the -auditor%E2%80%99s -responsibilities-for. This description forms part of our auditor’s report.
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEX AIR TRAFFIC CONTROL ROOMS LIMITED (CONTINUED)
This report is made solely to the Company's members 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 Auditors' 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 for our audit work, for this report, or for the opinions we have formed.
Paul Cullen FCCA (Senior statutory auditor)
for and on behalf of
Price Bailey LLP
Chartered Accountants
Statutory Auditor
Tennyson House
Cambridge Business Park
Cambridge
Cambridgeshire
CB4 0WZ
17 May 2022
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exceptional administrative expenses
|
|
|
|
|
|
|
|
|
Interest receivable and similar income
|
|
|
|
|
|
|
|
|
Profit/(loss) for the financial period
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period/year
|
|
|
|
There were no recognised gains and losses for 2021 or 2019 other than those included in the profit and loss account.
|
The notes on pages 12 to 21 form part of these financial statements.
|
All figures on the profit and loss statement relate to discontinued operations, as all operations were transferred to TEX ATC LTD (formerly Tex A.T.C. Services Limited) on 15 February 2021. See note 2.3 for details.
|
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
REGISTERED NUMBER: 01361255
BALANCE SHEET
AS AT 31 MARCH 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
Net current assets/(liabilities)
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 May 2022.
The notes on pages 12 to 21 form part of these financial statements.
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period
|
|
|
|
|
|
|
|
|
Other comprehensive income for the period
|
|
|
|
Total comprehensive income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 12 to 21 form part of these financial statements.
|
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2019
|
|
|
|
|
|
|
|
|
|
At 1 January 2019 - As restated
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
Other comprehensive income for the year
|
|
|
|
Total comprehensive income for the year
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 12 to 21 form part of these financial statements.
|
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
Tex Air Traffic Control Rooms Ltd is a private limited company incorporated in England. The registered office is Claydon Business Park, Gipping Road, Gt Blakenham, Ipswich, IP6 0NL.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
|
|
|
Financial reporting standard 102 - reduced disclosure exemptions
|
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Tex Group Limited (formerly Tex Holdings plc) as at 31 March 2021 and these financial statements may be obtained from Companies House.
These financial statements are not prepared on the going concern basis as the company is no longer trading. All trade has been moved to Tex ATC Limited (formerly Tex A.T.C. Services Limited) from 15 February 2021. The company is expected to remain dormant until it is struck off.
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
2.Accounting policies (continued)
|
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
For projects that last longer than a year, we make sure that all costs are held in stock until the project has been completed at which time we release to the Profit and Loss account. This would include materials and labour. We review the stock for impairment at each year end.
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Trade debtors are amounts due from customers for services performed or merchandise sold in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
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 company will not be able to collect all amounts due according to the original terms of the receivables.
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Trade creditors are obligations to pay for services of goods that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, 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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
2.Accounting policies (continued)
|
|
|
Financial instruments (continued)
|
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The company is a subsidiary of Tex Group Limited (formerly Tex Holdings plc). Certain of the subsidiaries of Tex Group Limited (formerly Tex Holdings plc), including the company, Tex Air Traffic Control Rooms Limited, Tex Special Projects Limited, and TEX ATC LTD (formerly Tex A.T.C. Services Limited) are considered by management to be part of a group-wide contracting division. Accordingly, certain overhead costs are apportioned between the company and the above-stated subsidiaries based on management’s assessment of relevant and respective cost and benefit, and not necessarily on the basis of the entity that is legally engaged.
|
|
|
Intra-group financial instruments
|
Where the company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its group, the company considers these to be insurance arrangements and accounts for them as such. In this respect, the company treats the guarantee contract as a contingent liability until such time as it becomes probable that the company will be required to make payment under the guarantee.
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
|
|
Significant judgements in applying accounting policies and key sources of estimation uncertainty
|
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following have had the most significant effect on amounts recognised in the financial statements:
Stock valuation and overhead absorption
The Company reviews the valuation of the stock by ensuring that it is valued at the lower of cost and net realisable value. The stock system is systematically updated with the latest cost for stock purchases. The overheads are reviewed on an annual basis and an allocation of these are attributed to the stock value on a basis of direct labour hours and production overheads only.
Provision for obsolete stock
The Company reviews its stock on a regular basis and, where appropriate, makes provision for slow-moving stock based on length of time held since last purchase. Estimation uncertainty arises in evaluating the likely recoverable amount of stock held for extended periods.
Impairment of debtors
The Company reviews its debtors for recoverability on a monthly basis and will provide against those debtors where they have doubt over collection.
|
|
|
|
|
The operating profit/(loss) is stated after charging:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts receivable by the auditors and their associates in respect of audit of the financial statements of the company
|
|
|
|
|
The Company has no employees other than the directors, who did not receive any remuneration (2019 - £NIL).
|
|
|
During the year, a management charge was received from TEX ATC LTD (formerly Tex A.T.C. Services Limited) for administrative staff undertaking work on behalf of the company.
|
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
|
|
The highest paid director received remuneration of £NIL (2019 - £NIL).
|
|
|
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2019 - £NIL).
|
|
|
No directors’ emoluments were incurred by the company in the year. The director is remunerated by Tex Group Limited (formerly Tex Holdings plc) and his emoluments are disclosed in the Tex Group Limited (formerly Tex Holdings plc) financial statements.
Retirement benefits were accruing to no directors.
|
|
|
Interest receivable from group companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation on profit on ordinary activities
|
|
|
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
8.Taxation (continued)
|
|
Factors affecting tax charge for the period/year
|
|
|
The tax assessed for the period/year is higher than (2019 - higher than) the standard rate of corporation tax in the UK of 19% (2019 - 19%). The differences are explained below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) on ordinary activities before tax
|
|
|
|
|
Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 - 19%)
|
|
|
|
|
|
|
|
|
|
Expenses not deductible for tax purposes
|
|
|
|
|
|
|
|
|
|
Other differences leading to an increase (decrease) in the tax charge
|
|
|
|
|
|
|
|
|
|
Total tax charge for the period/year
|
|
|
|
|
Factors that may affect future tax charges
|
Changes to the UK corporation tax rates were substantively enacted as part of the 2021 Budget on 03 March 2021. This included an increase to the main rate to increase the rate from 19% to 25% from 01 April 2023. The company will be taxed at a rate of 25% unless its taxable profits are sufficiently low enough to qualify for a lower rate of tax, the lowest rate being 19%. Deferred taxes at the balance sheet date have been measured using tax rates between 19% and 25% to reflect the rate the timing difference is likely to unwind and are reflected in these financial statements.
|
|
Write off of intercompany balance with Tex ATC Limited (formerly Tex A.T.C. Services Limited)
|
|
|
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
|
|
Work in progress (goods to be sold)
|
|
|
|
|
|
|
|
|
|
Due to the transfer of trade and assets that occurred on 16 February 2021, all work in progress is now reflected in TEX ATC LTD (formerly Tex A.T.C. Services Limited) financial statements at 31 March 2021.
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEX AIR TRAFFIC CONTROL ROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts due to group undertakings is the remaining balance once all the trade and assets were transferred to TEX ATC LTD (formerly Tex A.T.C. Services Limited) on 16 February 2021. There is no interest on this balance. There are no formal loan repayment terms in place.
|
|
|
|
Authorised, allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
5,000 (2019 - 5,000) Ordinary shares of £1.00 each
|
|
|
|
|
Post balance sheet events
|
On 16 September 2021 the group entered into a new overdraft facility with its bank. As part of the new agreement the Tex Group Limited (formerly Tex Holdings plc), which includes Tex Air Traffic Control Rooms Limited, will have a facility of £5,000,000. The Company has given an unlimited guarantee in relation to this facility.
The company is a subsidiary undertaking of Tex Group Limited (formerly Tex Holdings plc) incorporated in England and Wales. Tex Group Limited (formerly Tex Holdings plc) is also the controlling party.
The ultimate controlling party is the Edward Brocas Burrows 2001 Settlement Trust.
The largest and smallest group in which the results of the company are consolidated is that headed by Tex Group Limited (formerly Tex Holdings plc). No other group financial statements include the results of the company. The consolidated financial statements of these groups are available to the public and may be obtained from Claydon Business Park, Gipping Road, Great Blakenham, Ipswich, Suffolk, IP6 0NL.
|
|
|
