Global Aviation Limited - Period Ending 2022-03-31
Global Aviation Limited - Period Ending 2022-03-31
Registration number:
Global Aviation Limited
for the Year Ended 31 March 2022
Global Aviation Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Global Aviation Limited
Company Information
Directors |
R J Lake OBE B A Huxford |
Registered office |
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Accountants |
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Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Global Aviation Limited
for the Year Ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Global Aviation Limited for the year ended 31 March 2022 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Global Aviation Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2021. Our work has been undertaken solely to prepare for your approval the accounts of Global Aviation Limited and state those matters that we have agreed to state to the Board of Directors of Global Aviation Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet-163-
audit-exempt-companies.html.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Global Aviation Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Global Aviation Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Global Aviation Limited. You consider that Global Aviation Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Global Aviation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ
Global Aviation Limited
(Registration number: 02845996)
Balance Sheet as at 31 March 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report or the Profit and Loss Account has been taken.
Approved and authorised by the
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Global Aviation Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales. The company's registration number is 02845996.
The address of its registered office is:
United Kingdom
The principal place of business is:
Schiphol House
Schiphol Way
Humberside Airport
Kirmington
North East Lincs
DN39 6YH
These financial statements were authorised for issue by the
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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
The accounts are being prepared on the going concern basis on the assumption of the continued support of its shareholders. The parent company have confirmed they will not seek repayment of the outstanding liability for 12 months following the signing of these accounts.
Global Aviation Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
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, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold properties |
Straight line over the life of the lease |
Plant & machinery |
25% Straight line |
Fixtures & fittings |
25% Straight line |
Motor vehicles |
25% Straight line |
Aircraft |
Based on air miles |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Global Aviation Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, 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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Loss before tax |
Arrived at after charging/(crediting)
2022 |
2021 |
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Depreciation expense |
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Staff numbers |
The average number of persons employed (including directors) during the year was
Global Aviation Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)
Taxation |
Deferred tax
Deferred tax assets and liabilities
2022 |
Asset |
Tax losses carried forward |
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2021 |
Asset |
Tax losses carried forward |
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Tangible assets |
Included within the net book value of land and buildings above is £33,754 (2021 - £45,006) in respect of short leasehold land and buildings.
Short leasehold land and buildings |
Fixtures and fittings |
Motor vehicles |
Plant & machinery |
Total |
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Cost or valuation |
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At 1 April 2021 |
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At 31 March 2022 |
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Depreciation |
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At 1 April 2021 |
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Charge for the year |
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- |
- |
- |
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At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
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- |
- |
- |
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At 31 March 2021 |
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- |
- |
- |
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Stocks |
2022 |
2021 |
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Finished goods and goods for resale |
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Global Aviation Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)
Debtors |
Note |
2022 |
2021 |
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Amounts owed by related parties |
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Other debtors |
- |
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Prepayments |
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Deferred tax assets |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accrued expenses |
13,594 |
11,276 |
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Creditors: amounts falling due after more than one year
2022 |
2021 |
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Due after one year |
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Other non-current financial liabilities |
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- |
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Global Aviation Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)
Parent and ultimate parent undertaking |
The company's immediate parent is
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2022 |
2021 |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £