Severn Aviation Limited 30/11/2022 iXBRL

SEVERN AVIATION LIMITED - Company Information

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Company registration number: 02668308

Severn Aviation Limited

Filleted financial statements

30 November 2022

SEVERN AVIATION LIMITED

DIRECTOR'S RESPONSIBILITIES STATEMENT

YEAR ENDED 30 NOVEMBER 2022

The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 enable him 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.

SEVERN AVIATION LIMITED

STATEMENT OF FINANCIAL POSITION

30 NOVEMBER 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Tangible assets	5	137,712		172,412
		_______		_______
			137,712		172,412

Current assets
Debtors	6	46,694		93,896
Cash at bank and in hand		307,585		76,961
		_______		_______
		354,279		170,857
Creditors: amounts falling due
within one year	7	( 1,528,899)		( 1,188,861)
		_______		_______
Net current liabilities			( 1,174,620)		( 1,018,004)
			_______		_______
Total assets less current liabilities			( 1,036,908)		( 845,592)

Creditors: amounts falling due
after more than one year	8		( 52,100)		( 52,100)
			_______		_______
Net liabilities			( 1,089,008)		( 897,692)
			_______		_______

Capital and reserves
Called up share capital			50,000		50,000
Profit and loss account	9		( 1,139,008)		( 947,692)
			_______		_______
Shareholders deficit			( 1,089,008)		( 897,692)
			_______		_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 21 August 2023 , and are signed on behalf of the board by:

R K Bunyard

Director

Company registration number: 02668308

SEVERN AVIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Castle Hangar Horningtops, Trebrown, Liskeard, Cornwall, PL14 3PX.

Principal activity

The principal activity of the company continued to be that of a training provider for helicopter pilots.

2. Statement of compliance

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Leasehold improvements	-	5 %	straight line
Plant and machinery	-	20 %	straight line
Fittings fixtures and equipment	-	25 %	straight line
Office equipment	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Tangible assets

	Leasehold property	Plant and machinery	Fixtures, fittings and equipment	Office equipment	Total
	£	£	£	£	£
Cost
At 1 December 2021	50,200	496,584	6,343	2,892	556,019
Additions	-	-	1,836	-	1,836
	_______	_______	_______	_______	_______
At 30 November 2022	50,200	496,584	8,179	2,892	557,855
	_______	_______	_______	_______	_______
Depreciation
At 1 December 2021	12,845	365,916	3,152	1,694	383,607
Charge for the year	2,510	32,000	1,411	615	36,536
	_______	_______	_______	_______	_______
At 30 November 2022	15,355	397,916	4,563	2,309	420,143
	_______	_______	_______	_______	_______
Carrying amount
At 30 November 2022	34,845	98,668	3,616	583	137,712
	_______	_______	_______	_______	_______
At 30 November 2021	37,355	130,668	3,191	1,198	172,412
	_______	_______	_______	_______	_______

6. Debtors

	2022	2021
	£	£
Trade debtors	30,576	3,000
Other debtors	16,118	90,896
	_______	_______
	46,694	93,896
	_______	_______

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	49,515	26,019
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,198,242	1,110,835
Accruals and deferred income	151,496	6,760
Social security and other taxes	30,751	4,832
Other creditors	98,895	40,415
	_______	_______
	1,528,899	1,188,861
	_______	_______

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	52,100	52,100
	_______	_______

9. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses.

10. Summary audit opinion

The auditor's report for the year dated 21 August 2023 was unqualified.

The senior statutory auditor was Valerie Doyle FCA for and on behalf of Westcotts (SW) LLP

11. Controlling party

The parent company is Castle Air Limited, registered office at Castle Hangar Horningtops, Trebrown, Liskeard, Cornwall, PL14 3PX.

12. Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

13. Financial commitments, guarantees and contingent liabilities

The company has agreed to cross guarantee the bank facilities of Castle Air Limited, Castle Motors (Trebrown) Limited, Castle Air Aviation Parts Limited and Castle Air Group Limited, companies under the common control of the directors. The maximum full potential liability at the year end was £8,636,344 (2021 - £3,750,285).