Prime Air Europe Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03897611 (England and Wales)

Prime Air Europe Limited

Financial Statements

for the Year Ended 31 October 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

B M Cohen

C L J Macau

Secretary:

E R Letendre

Registered office:

250 Fowler Avenue

Farnborough

Hampshire

GU14 7JP

Registered number:

03897611 (England and Wales)

Auditors:

Haines Watts

Chartered Accountants and Statutory Auditor

250 Fowler Avenue

Farnborough

Hampshire

GU14 7JP

Fixed assets

Tangible assets

4

43,853

9,148

Current assets

Stocks

2,099,467

2,382,420

Debtors

5

4,410,131

2,249,034

Cash at bank

902,309

1,143,209

7,411,907

5,774,663

Creditors

Amounts falling due within one year

6

1,352,569

840,638

Net current assets

6,059,338

4,934,025

Total assets less current liabilities

6,103,191

4,943,173

Capital and reserves

Called up share capital

8

660

660

Retained earnings

6,102,531

4,942,513

Shareholders' funds

6,103,191

4,943,173

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2023 and were signed on its behalf by:

B M Cohen - Director

1.	Statutory information

Prime Air Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest US dollar.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going Concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and financial statements

Turnover

Turnover in respect of all sales is recognised in the financial statements on the date of invoicing, which usually coincides with the dispatch of the goods.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings

10% straight line

Computer equipment

33% straight line

Long leasehold

20% straight line

Plant and machinery

17% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making the due allowances for obsolete and slow moving items.

Cash at bank and in hand

Cash and cash equivalents are made up of cash in hand and held in the bank.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, and transactions with fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities as payment is due within one year or less. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments in the form of ordinary shares, issued by the company, are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Pension costs and other post-retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Other operating income

Other operating income relates to management recharges with group companies. These are calculated based on a mark up on services rendered to group companies and are recognised in the period in which services are rendered.

3.	Employees and directors

The average number of employees during the year was 8 (2021 - 8 ) .

4.	Tangible fixed assets

Fixtures

Long

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

$

$

$

$

$

Cost

At 1 November 2021

-

7,760

6,944

15,804

30,508

Additions

23,066

-

17,309

3,633

44,008

At 31 October 2022

23,066

7,760

24,253

19,437

74,516

Depreciation

At 1 November 2021

-

3,418

6,107

11,835

21,360

Charge for year

2,856

1,109

2,137

3,201

9,303

At 31 October 2022

2,856

4,527

8,244

15,036

30,663

Net book value

At 31 October 2022

20,210

3,233

16,009

4,401

43,853

At 31 October 2021

-

4,342

837

3,969

9,148

5.

Debtors: amounts falling due within one year

2022

2021

$

$

Trade debtors

1,733,158

1,431,635

Amounts owed by group undertakings

2,587,071

792,795

Other debtors

89,902

24,604

4,410,131

2,249,034

6.

Creditors: amounts falling due within one year

2022

2021

$

$

Trade creditors

434,799

16,156

Amounts owed to group undertakings

139,710

52,441

Taxation and social security

97,604

100,640

Other creditors

680,456

671,401

1,352,569

840,638

7.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

$

$

Within one year

68,892

81,827

Between one and five years

137,785

245,481

206,677

327,308

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

$

$

200

Ordinary

$1

330

330

200

Ordinary A

$1

330

330

660

660

Ordinary shares and Ordinary A shares rank parri passu.

9.	Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Roslyn McFarlane (Senior Statutory Auditor)

for and on behalf of Haines Watts

10.	Related party disclosures

The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

11.	Ultimate controlling party

The controlling party is Prime Air LLC.

The ultimate controlling party is HEICO Corporation.

Consolidated accounts for HEICO Corporation are available from 3000 Taft Street, Hollywood, Florida

33021, United States of America.