AIR CONTRACTORS (UK) LIMITED

AIR CONTRACTORS (UK) LIMITED

AIR CONTRACTORS (UK) LIMITED - Company Information

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AIR CONTRACTORS (UK) LIMITED

Company Registration Number:
01065190 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2022

Period of accounts

Start date: 01 January 2022

End date: 31 December 2022

AIR CONTRACTORS (UK) LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Balance sheet
Notes

AIR CONTRACTORS (UK) LIMITED

Balance sheet

As at 31 December 2022


Notes
2022
2021


£
£
Called up share capital not paid: 0 0
Current assets
Debtors: 3 10,449,000 9,848,000
Cash at bank and in hand: 168,000 22,000
Total current assets: 10,617,000 9,870,000
Creditors: amounts falling due within one year: 4 (2,146,000) (1,669,000)
Net current assets (liabilities): 8,471,000 8,201,000
Total assets less current liabilities: 8,471,000 8,201,000
Total net assets (liabilities): 8,471,000 8,201,000
Capital and reserves
Called up share capital: 7,992,000 7,992,000
Profit and loss account: 479,000 209,000
Shareholders funds: 8,471,000 8,201,000

The notes form part of these financial statements

AIR CONTRACTORS (UK) LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 30 June 2023
and signed on behalf of the board by:

Name: Colin Grant
Status: Director

The notes form part of these financial statements

AIR CONTRACTORS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

Turnover policy

Turnover represents air transport services provided to customers in the period, in particular, the provision of UK-based pilots and crewing staff.

Tangible fixed assets and depreciation policy

n/a

Intangible fixed assets and amortisation policy

n/a

Valuation and information policy

n/a

Other accounting policies

Pensions: The company operates a defined contribution pension scheme and contributions to this scheme are charged to profit or loss as incurred. Taxation: The charge for current taxation is based on the profit for the period, as adjusted for taxation purposes. Deferred tax is recognised in respect of all temporary differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Temporary differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which temporary differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying temporary differences can be deducted. Trade and other debtors: Trade and other debtors are measured at amortised cost using the effective interest method, less any expected credit losses. Trade and other creditors: Trade and other creditors are measured at amortised cost using the effective interest method. Foreign currencies: Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. The resulting monetary assets and liabilities are translated into pounds sterling at the balance sheet date and the exchange differences are accounted for in profit or loss.

AIR CONTRACTORS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

2. Employees

2022 2021
Average number of employees during the period 48 49

AIR CONTRACTORS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Debtors

2022 2021
££
Debtors due after more than one year: 0 0

AIR CONTRACTORS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Creditors: amounts falling due within one year note

Creditors: amounts falling due within one year 2022 £’000 Taxation and related balances 113 Amounts due to group undertakings 1,977 Accruals 56 The taxation figure above is broken down as follows: Payroll taxes 34 VAT 37 Corporation tax 2022 42

AIR CONTRACTORS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Financial commitments

The company had no ongoing capital or other commitments at the

AIR CONTRACTORS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Related party transactions

Name of the related party:
Relationship:
Parent
Description of the Transaction: The company has availed of an exemption within FRS 101 from the requirement to disclose transactions with fellow group members as it is a 100% owned member of that group. See note 14 for details of the availability of group financial statements.
£
Balance at 01 January 2022 9,803,000
Balance at 31 December 2022 10,410,000
Name of the related party:
Relationship:
Fellow Group Company
Description of the Transaction: Trading
£
Balance at 01 January 2022 1,481,000
Balance at 31 December 2022 1,977,000

AIR CONTRACTORS (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

7. Post balance sheet events

There were no significant events subsequent to the year-end which require adjustment to the financial statements or the inclusion of a note thereto.