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Registered number: 07077559
PB LEASING AIRCRAFT NO. 9 LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 NOVEMBER 2022
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PB LEASING AIRCRAFT NO. 9 LIMITED
REGISTERED NUMBER: 07077559
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2022
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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PB LEASING AIRCRAFT NO. 9 LIMITED
REGISTERED NUMBER: 07077559
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2022
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 May 2023.
The notes on pages 3 to 9 form part of these financial statements.
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
PB Leasing Aircraft No. 9 Limited is a private company limited by shares and incorporated in England under registered number 07077559. Its registered office is at Second Floor, 1 Putney High Street,Putney, London, SW15 1SZ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional currency is US$. This differs from the presentational currency which is GBP. The reason for the difference is that all the Company's revenue is generated in US$.
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 Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover is attributable to the principal activity of the company, that of aircraft leasing, wholly undertaken outside the United Kingdom. Turnover is reognised when the lease income is earned.
Debtors under operating leases represent outstanding amounts due under these arrangements.
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
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 income 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 income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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.
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Cash and cash equivalents
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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.
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
2.Accounting policies (continued)
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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the Company's accounting policies.
The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions.
The directors believe that there are no key accounting estimates and assumptions involved in applying the
Company's accounting policies that warrant disclosure.
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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Due after more than one year
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Net investment in finance leases and hire purchase contracts
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Amounts owed by related parties
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Prepayments and accrued income
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Net investment in finance leases contracts
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Net investment in finance leases contracts comprises:
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Interest allocated to future periods
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Cash and cash equivalents
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Other creditors include directors'/shareholders' loans (ref note 12 below).
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Authorised, allotted, called up and fully paid
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1,000 (2021 - 1,000) Ordinary shares shares of £1.00 each
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Profit and loss account
The profit and loss account represents the net distributable reserves of the company at the date of the statement of financial position.
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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Transactions with directors
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Balance outstanding at the start of the year
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Amount advanced by the director
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Amount repaid to the director
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Balance outstanding at the start of the year
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Amount advanced by the director
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Amount repaid to the director
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Unsecured interest free loan with no fixed repayment date, included in creditors due within one year.
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Related party transactions
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Plane Invest Limited - Mr R J Allard and Mr H D Gamble are directors and shareholders of PB Leasing Aircraft No.9 Limited and also directors of this company. Payment of fees for management of aircraft leases paid to the related party amounted to £54,951 (2021: £8,659). At year end, the amount due to the related party amounted to £3,262 (2021: £Nil) and is contained in Trade creditors.
Chelsea Green Engines Limited - Mr R J Allard and Mr H D Gamble are directors and shareholders of PB Leasing Aircraft No.9 Limited and also directors of this company. At year end, the amount due from the related party amounted to £91,749 (2021: £Nil), the loan is interest free with no fixed repayment date and is contained in Amounts owed by related parties.
Aerohal Limited - Mr H D Gamble is a director and shareholder of PB Leasing Aircraft No.9 Limited and also a director of this company. During the year management fees expensed to the related party amounted to £10,036 (2021: £Nil). At year end the amount due to the related party amounted to £10,036 (2021: £Nil) and is contained in Accruals and deferred income.
Roger Allard Limited - Mr R J Allard is a director and shareholder of PB Leasing Aircraft No.9 Limited and also a director of this company. During the year management fees expensed to the related party amounted to £73,599 (2021: £Nil). At year end the amount due to the related party amounted to £73,599 (2021: £Nil) and is contained in Accruals and deferred income.
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
The Company is controlled by Mr R J Allard, a director, by virtue of his ownership of 88% of the issued share capital in the Company.
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