ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

ORYX JET AIRCRAFT MANAGEMENT LIMITED - Company Information

Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31No description of principal activity2022-04-01false11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07053833 2022-04-01 2023-03-31 07053833 2021-04-01 2022-03-31 07053833 2023-03-31 07053833 2022-03-31 07053833 c:Director1 2022-04-01 2023-03-31 07053833 d:CurrentFinancialInstruments 2023-03-31 07053833 d:CurrentFinancialInstruments 2022-03-31 07053833 d:Non-currentFinancialInstruments 2023-03-31 07053833 d:Non-currentFinancialInstruments 2022-03-31 07053833 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07053833 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07053833 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07053833 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 07053833 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 07053833 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 07053833 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 07053833 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 07053833 d:ShareCapital 2023-03-31 07053833 d:ShareCapital 2022-03-31 07053833 d:RetainedEarningsAccumulatedLosses 2023-03-31 07053833 d:RetainedEarningsAccumulatedLosses 2022-03-31 07053833 c:FRS102 2022-04-01 2023-03-31 07053833 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 07053833 c:FullAccounts 2022-04-01 2023-03-31 07053833 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 07053833

ORYX JET AIRCRAFT MANAGEMENT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

ORYX JET AIRCRAFT MANAGEMENT LIMITED

REGISTERED NUMBER: 07053833

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

		2023		2022
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	63,443		251,886
Cash at bank and in hand		449,437		238,060
		512,880		489,946
Creditors: amounts falling due within one year	5	(817,812)		(590,837)
Net current liabilities			(304,932)		(100,891)
Total assets less current liabilities			(304,932)		(100,891)
Creditors: amounts falling due after more than one year	6		(22,159)		(32,096)

Net liabilities			(327,091)		(132,987)

Capital and reserves
Called up share capital	2	2
Profit and loss account	(327,093)	(132,989)
	(327,091)	(132,987)

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ORYX JET AIRCRAFT MANAGEMENT LIMITED

REGISTERED NUMBER: 07053833

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2023

The director considers 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 director acknowledges his 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 statement of income and retained earnings 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 8 January 2024.

M W Nazir

Director

The notes on pages 3 to 7 form part of these financial statements.

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ORYX JET AIRCRAFT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies

1.1

Basis of preparation of financial statements

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 presentational currency of the Company is GBP.

The following principal accounting policies have been applied:

1.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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ORYX JET AIRCRAFT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

1.3

Revenue

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

1.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

1.7

Debtors

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.

1.8

Cash and cash equivalents

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.

1.9

Creditors

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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ORYX JET AIRCRAFT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

1.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

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ORYX JET AIRCRAFT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.	General information

Oryx Jet Aircraft Management Limited is a private company, limited by shares and incorporated in England.
Its registered number is: 07053833
The address of its Registered Office is:
Invision House
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Debtors

					2023	2022
					£	£


Trade debtors	23,043	89,934
Other debtors	40,400	161,952
	63,443	251,886

5.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Bank loans	10,228	9,998
Trade creditors	766,630	569,707
Other creditors	39,554	9,732
Accruals and deferred income	1,400	1,400
	817,812	590,837

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ORYX JET AIRCRAFT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

6.	Creditors: Amounts falling due after more than one year
		2023	2022
		£	£

Bank loans	22,159	32,096
	22,159	32,096

Amounts falling due within one year
Bank loans	10,228	9,998
	10,228	9,998
Amounts falling due 1-2 years
Bank loans	10,228	9,998
	10,228	9,998
Amounts falling due 2-5 years
Bank loans	11,932	22,098
	11,932	22,098

	32,388	42,094

8.	Amended accounts

The accounts for the year ended 31st March 2022 have been amended due to the company omitting both income and expenses relating to the year ended 31st March 2022.

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