ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

MI AVIATION HOLDINGS LIMITED - Company Information

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Registered number: 12749537

MI AVIATION HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

MI AVIATION HOLDINGS LIMITED

COMPANY INFORMATION

Directors	I R Burgess
	M G Kearns


Registered number	12749537


Registered office	Aviation House Bearwaldens Business Park
	Royston Road, Wendens Ambo
	Saffron Walden
	Essex
	CB11 4JX


Independent auditors	Haslers Chartered Accountants
	Old Station Road
	Loughton
	Essex
	IG10 4PL

MI AVIATION HOLDINGS LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2
Directors' responsibilities statement	3
Independent auditors' report	4 - 8
Consolidated statement of comprehensive income	9
Consolidated balance sheet	10 - 11
Company balance sheet	12
Consolidated statement of changes in equity	13 - 14
Company statement of changes in equity	15 - 16
Consolidated statement of cash flows	17 - 18
Consolidated analysis of net debt	19
Notes to the financial statements	20 - 41

MI AVIATION HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2023

Introduction

The principal activity of the Group in the year under review was that of repair and maintenance of aircraft
components.

Business review

The group has had a successful year and also there is increase in level of turnover and gross profit as compared to previous year.
The group has remained a medium sized group for financial reporting purposes due to its growth in recent years.

Principal risks and uncertainties

The risks managed by the company are market and price related, these risks are managed through the extensive experience of the Directors and senior managers. This is supported by job, having a detailed repair quotation presented to the customer before proceeding, this quotation details all the work required person-hours for the task, along with a price list for all the required spare parts. No work commences until we have received the customer signed copy of the quotation, this limits our risk for losses on component repairs.
The other main risk within the group is that of Foreign Currency, and this is managed by maintaining foreign currency bank accounts. The group regularly monitors the currencies we deal in, and along with the advice from
the financial exchange companies we use, sometimes we hedge fund if we feel any uncertainties in currency fluctuation, minimising the risk to the group.

Financial key performance indicators

The Directors monitor the Groups performance on a monthly basis and believe the following measures to be the
Key Financial Indicators:
   2023 2022
Sales £15.4m £10.6m
Gross Profit Margin 33.2% 34.4%
Current Liquidity Ratio 8.5 12.3

This report was approved by the board on 30 April 2024 and signed on its behalf.

I R Burgess

Director

Page 1

MI AVIATION HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £1,999,993 (2022 - £1,654,955).

Dividends amounting to £1,520,000 (2022: £1,270,000) were paid during the year.

Directors

The directors who served during the year were:

I R Burgess

M G Kearns

Future developments

We are looking to establish in other areas of Europe to aid in the logistics of airline repairs.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Haslers Chartered Accountants, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 April 2024 and signed on its behalf.

I R Burgess

Director

Page 2

MI AVIATION HOLDINGS LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 30 APRIL 2023

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

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

The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

MI AVIATION HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MI AVIATION HOLDINGS LIMITED

Opinion

We have audited the financial statements of MI Aviation Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2023 and of the Group's profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 4

MI AVIATION HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MI AVIATION HOLDINGS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Page 5

MI AVIATION HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MI AVIATION HOLDINGS LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

MI AVIATION HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MI AVIATION HOLDINGS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and
determined that the most significant are those that had a direct effect on the determination of material amounts
and disclosures in the financial statements. These included the UK Companies Act and tax legislation etc.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by
making enquiries to the management. We corroborated our enquiries through our review of documentation
generated and assessing the extent of compliance with the relevant laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives, including
management override of controls, that may exist within the organisation for fraud and how and where fraud might
occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our
specific procedures performed to address it are described below:
The principal risks related to inappropriate journal entries to impact the profit for the year and management bias
in accounting estimates.
Procedures performed to address these were as follows:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud,
• Understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process,
• Challenging assumptions and judgements made by management in its significant accounting estimates and
• Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted by infrequent system users.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 7

MI AVIATION HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MI AVIATION HOLDINGS LIMITED (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Charalambos Patsalides ACA FCCA (Senior statutory auditor)

for and on behalf of

Haslers Chartered Accountants

Old Station Road

Loughton

Essex

IG10 4PL

30 April 2024

Page 8

MI AVIATION HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2023

	2023	2022
Note	£	£


Turnover	4	15,472,928	10,645,394
Cost of sales		(10,343,570)	(6,983,882)
Gross profit		5,129,358	3,661,512
Administrative expenses		(3,089,792)	(2,419,910)
Other operating income	5	20,540	90,324
Fair value movements		(5,835)	8,412
Operating profit	6	2,054,271	1,340,338
Interest receivable and similar income	10	12,978	411
Interest payable and similar expenses	11	-	(167)
Profit before taxation		2,067,249	1,340,582
Tax on profit	12	(87,361)	348,232
Profit for the financial year		1,979,888	1,688,814

Profit for the year attributable to:
Non-controlling interests	(20,105)	33,859
Owners of the parent Company	1,999,993	1,654,955
	1,979,888	1,688,814

Total comprehensive income for the year attributable to:
Non-controlling interest	(20,105)	33,859
Owners of the parent Company	1,999,993	1,654,955
	1,979,888	1,688,814

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 20 to 41 form part of these financial statements.

Page 9

MI AVIATION HOLDINGS LIMITED

REGISTERED NUMBER: 12749537

CONSOLIDATED BALANCE SHEET

AS AT 30 APRIL 2023

		2023		2022
Note		£		£

Fixed assets
Intangible assets			69,252		-
Tangible assets	16		1,900,336		1,781,123
Investment property	18		2,419,880		2,419,880
			4,389,468		4,201,003
Current assets
Stocks	19	4,077,600		3,328,331
Debtors: amounts falling due after more than one year	20	88,477		-
Debtors: amounts falling due within one year	20	5,907,197		6,928,557
Current asset investments	21	19,993		25,827
Cash at bank and in hand	22	4,583,267		3,397,343
		14,676,534		13,680,058
Creditors: amounts falling due within one year	23	(1,730,582)		(1,112,577)
Net current assets			12,945,952		12,567,481
Total assets less current liabilities			17,335,420		16,768,484
Creditors: amounts falling due after more than one year	24		(142,000)		(142,000)
Provisions for liabilities
Deferred taxation	26	(21,068)		(24,020)
			(21,068)		(24,020)
Net assets excluding pension asset			17,172,352		16,602,464
Net assets			17,172,352		16,602,464

Capital and reserves
Called up share capital	27	4	4
Profit and loss account	28	16,176,896	15,586,903
Equity attributable to owners of the parent Company		16,176,900	15,586,907
Non-controlling interests		995,452	1,015,557
		17,172,352	16,602,464

Page 10

MI AVIATION HOLDINGS LIMITED

REGISTERED NUMBER: 12749537

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2024.

I R Burgess

Director

The notes on pages 20 to 41 form part of these financial statements.

Page 11

MI AVIATION HOLDINGS LIMITED

REGISTERED NUMBER: 12749537

COMPANY BALANCE SHEET

AS AT 30 APRIL 2023

		2023		2022
Note		£		£

Fixed assets
Investments	17		2		2
			2		2
Current assets
Debtors: amounts falling due within one year	20	2		2
Cash at bank and in hand	22	164,318		-
		164,320		2
Creditors: amounts falling due within one year	23	(164,318)		-
Net current assets			2		2
Total assets less current liabilities			4		4


Net assets excluding pension asset			4		4
Net assets			4		4

Capital and reserves
Called up share capital	27		4		4
Profit for the year		1,385,000		1,260,000
Other changes in the profit and loss account		(1,385,000)		(1,260,000)
			4		4

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2024.

I R Burgess

Director

The notes on pages 20 to 41 form part of these financial statements.

Page 12

MI AVIATION HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2023

	Called up share capital	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£
At 1 May 2022	4	15,586,903	15,586,907	1,015,557	16,602,464
Comprehensive income for the year
Profit for the year	-	1,999,993	1,999,993	(20,105)	1,979,888
Total comprehensive income for the year	-	1,999,993	1,999,993	(20,105)	1,979,888
Contributions by and distributions to owners
Dividends: Equity capital	-	(1,410,000)	(1,410,000)	-	(1,410,000)
Total transactions with owners	-	(1,410,000)	(1,410,000)	-	(1,410,000)
At 30 April 2023	4	16,176,896	16,176,900	995,452	17,172,352

The notes on pages 20 to 41 form part of these financial statements.

Page 13

MI AVIATION HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2022

	Called up share capital	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£
At 1 May 2021	4	15,201,948	15,201,952	981,698	16,183,650
Comprehensive income for the year
Profit for the year	-	1,654,955	1,654,955	33,859	1,688,814
Total comprehensive income for the year	-	1,654,955	1,654,955	33,859	1,688,814
Contributions by and distributions to owners
Dividends: Equity capital	-	(1,270,000)	(1,270,000)	-	(1,270,000)
Total transactions with owners	-	(1,270,000)	(1,270,000)	-	(1,270,000)
At 30 April 2022	4	15,586,903	15,586,907	1,015,557	16,602,464

The notes on pages 20 to 41 form part of these financial statements.

Page 14

MI AVIATION HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 May 2022	4	-	4
Comprehensive income for the year
Profit for the year	-	1,385,000	1,385,000
Total comprehensive income for the year	-	1,385,000	1,385,000
Contributions by and distributions to owners
Dividends: Equity capital	-	(1,385,000)	(1,385,000)
Total transactions with owners	-	(1,385,000)	(1,385,000)
At 30 April 2023	4	-	4

The notes on pages 20 to 41 form part of these financial statements.

Page 15

MI AVIATION HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2022

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 May 2021	4	-	4
Comprehensive income for the year
Profit for the year	-	1,260,000	1,260,000
Total comprehensive income for the year	-	1,260,000	1,260,000
Contributions by and distributions to owners
Dividends: Equity capital	-	(1,260,000)	(1,260,000)
Total transactions with owners	-	(1,260,000)	(1,260,000)
At 30 April 2022	4	-	4

The notes on pages 20 to 41 form part of these financial statements.

Page 16

MI AVIATION HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 APRIL 2023

			2023	2022
			£	£

Cash flows from operating activities
Profit for the financial year	1,979,888	1,688,814
Adjustments for:
Depreciation of tangible assets	131,079	147,827
Loss/(Profit) on disposal of tangible assets	13,596	(7,502)
Government grants	(20,540)	(90,324)
Interest paid	-	167
Interest received	(12,978)	(411)
Taxation charge	87,361	(348,232)
(Increase)/decrease in stocks	(749,268)	161,489
Decrease/(increase) in debtors	91,739	(671,579)
(Increase)/decrease in amounts owed by groups	(80)	-
Increase in creditors	475,752	23,010
Increase in amounts owed to groups	8,812	-
Net fair value losses/(gains) recognised in P&L	5,835	(8,412)
Corporation tax received/(paid)	879,088	(1,123,336)
Net cash generated from operating activities	2,890,284	(228,489)

Cash flows from investing activities
Purchase of intangible fixed assets	(69,252)	-
Purchase of tangible fixed assets	(264,299)	(121,098)
Sale of tangible fixed assets	413	32,413
Government grants received	20,540	90,324
Interest received	12,978	411
HP interest paid	-	(167)
Income from investments	(110,000)	-
Dividends received	110,000	-
Net cash from investing activities	(299,620)	1,883
Cash flows from financing activities
Repayment of/new finance leases	(8,635)	(16,531)
Dividends paid	(1,395,000)	(1,270,000)
Net cash used in financing activities	(1,403,635)	(1,286,531)
Net increase/(decrease) in cash and cash equivalents	1,187,029	(1,513,137)
Cash and cash equivalents at beginning of year	3,396,238	4,909,375

Page 17

MI AVIATION HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2023

		2023	2022
		£	£

Cash and cash equivalents at the end of year	4,583,267	3,396,238

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	4,583,267	3,397,343
Bank overdrafts	-	(1,105)
	4,583,267	3,396,238

The notes on pages 20 to 41 form part of these financial statements.

Page 18

MI AVIATION HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 30 APRIL 2023


At 1 May 2022	Cash flows	At 30 April 2023
£	£	£

Cash at bank and in hand	3,397,343	1,185,924	4,583,267
Bank overdrafts	(1,105)	1,105	-
Debt due after 1 year	(142,000)	-	(142,000)
Debt due within 1 year	(1,241)	(106,752)	(107,993)
Finance leases	(8,635)	8,635	-
	3,244,362	1,088,912	4,333,274

The notes on pages 20 to 41 form part of these financial statements.

Page 19

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

1.	General information

MI Aviation Holdings Limited is a private company, limited by shares, domiciled in England and Wales,
registration number 12749537. The registered office is Aviation House, Bearwalden Business Park,
Royston Road, Wendens Ambo, Saffron Walden, Essex, CB11 4JX. The principal activity of the company
is that of a holding company.

2.Accounting policies

2.1

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases

Page 20

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.3

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 Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 21

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 Group 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.

Rental Income
Revenue from rental properties is recognised for the period for which the rent is due. Revenue on
property development is recognised on exchange of contracts.

2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 22

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

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.

2.9

Borrowing costs

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

2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 23

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 24

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.13

Tangible fixed assets

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property	-	Not depreciated
Long-term leasehold property	-	20% straight line
Plant and machinery	-	20% reducing balance
Motor vehicles	-	25% straight line
Office equipment	-	20% reducing balance
Other fixed assets	-	20% reducing balance

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.

2.14

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 25

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.17

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.

2.18

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.19

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.

2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 26

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.21

Financial instruments

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

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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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.

Derecognition of financial instruments

Page 27

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.21

Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the director is required to make judgements, estimates,
and assumptions in determining and the carrying amounts of assets and liabilities. The director's
judgements, estimates and assumptions are based on the best and most reliable evidence avaliable at the
time when the decisions are made, and are based on historical experience and other factors that are
considered to be applicable. Due to the inherent subjectivity involved in making such judgements,
estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised, if the revision affects only that
period, or in the period of the revision and future periods, if the revision affects both current and future
periods.
The directors do not believe that there have been judgements (apart from those involving estimates) made
in the process of applying the above accounting policies that have had a signficant effect on amounts
recognised in the financial statements.

Page 28

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

Turnover

					2023	2022
					£	£

United Kingdom	15,472,928	10,645,394
	15,472,928	10,645,394

All turnover arose within the United Kingdom.

5.	Other operating income
		2023	2022
		£	£

Government grants receivable	20,540	90,324
	20,540	90,324

	Exchange differences	117,607	22,881
	Other operating lease rentals	78,500	52,500

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

39,550

34,300

Page 29

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2023	2022	2023	2022
£	£	£	£


Wages and salaries	2,078,947	1,755,582	-	-
Social security costs	187,220	142,041	-	-
Cost of defined contribution scheme	50,645	38,090	-	-
	2,316,812	1,935,713	-	-

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2023	2022	2023	2022
	No.	No.	No.	No.

Employees	53	53	2	2

Directors' emoluments	24,480	24,480
	24,480	24,480

10.	Interest receivable
		2023	2022
		£	£

	Other interest receivable	12,978	411
		12,978	411

Page 30

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

11.	Interest payable and similar expenses
		2023	2022
		£	£

	Finance leases and hire purchase contracts	-	167
		-	167

Corporation tax
Current tax on profits for the year	265,084	51,913
Adjustments in respect of previous periods	(174,771)	(390,083)
	90,313	(338,170)

Total current tax	90,313	(338,170)

Deferred tax
Origination and reversal of timing differences	(2,952)	(10,062)
Total deferred tax	(2,952)	(10,062)


	Tax on profit	87,361	(348,232)

Page 31

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

12.Taxation (continued)

Profit on ordinary activities before tax

2,067,249

1,340,582

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.5% (2022 - 19%)	403,114	254,711
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	2,795	(380)
Capital allowances for year in excess of depreciation	-	18,578
Adjustments to tax charge in respect of prior periods	-	(390,083)
Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge	(336,270)	(220,152)
Dividends from UK companies	(21,450)	-
Other differences leading to an increase (decrease) in the tax charge	39,172	(10,906)
Total tax charge for the year	87,361	(348,232)

The corporation tax rate increased from 19% to 25% with effect from 1 April 2023. This results in the increase in tax rate shown above. Next year the Company’s rate will be the full 25%.
The deferred taxation balances have been measured using 25%, which is the enacted rate applicable in the reporting periods when the timing differences reverse.

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Dividends
		2023	2022
		£	£

	Ordinary Dividends	1,410,000	1,270,000
		1,410,000	1,270,000

Page 32

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

14.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £1,385,000 (2022 - £1,260,000).

15.	Intangible assets
	Group and Company

		Computer software
		£
	Cost
	Additions	69,252
	At 30 April 2023	69,252

	Net book value
	At 30 April 2023	69,252
	At 30 April 2022	-

Page 33

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

16.	Tangible fixed assets
	Group

	Freehold property	Long-term leasehold property	Plant and machinery	Motor vehicles	Office equipment
	£	£	£	£	£
Cost or valuation
At 1 May 2022	1,212,254	47,362	1,344,576	179,556	1,614
Additions	-	1,535	60,666	16,719	3,311
Disposals	-	-	(52,877)	-	-
At 30 April 2023	1,212,254	48,897	1,352,365	196,275	4,925
Depreciation
At 1 May 2022	-	22,528	873,651	108,059	-
Charge for the year on owned assets	-	6,715	88,501	32,978	2,884
Disposals	-	-	(38,868)	-	-
At 30 April 2023	-	29,243	923,284	141,037	2,884
Net book value
At 30 April 2023	1,212,254	19,654	429,081	55,238	2,041
At 30 April 2022	1,212,254	24,834	470,925	71,497	1,614

Page 34

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

16.Tangible fixed assets (continued)

	Other fixed assets	Total
	£	£
Cost or valuation
At 1 May 2022	-	2,785,362
Additions	182,067	264,298
Disposals	-	(52,877)
At 30 April 2023	182,067	2,996,783
Depreciation
At 1 May 2022	-	1,004,238
Charge for the year on owned assets	-	131,078
Disposals	-	(38,868)
At 30 April 2023	-	1,096,448
Net book value
At 30 April 2023	182,067	1,900,335
At 30 April 2022	-	1,781,124

The net book value of land and buildings may be further analysed as follows:
	2023	2022
	£	£

Freehold	1,212,254	1,212,254
Long leasehold	19,654	34,532
	1,231,908	1,246,786

Page 35

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

17.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 May 2022	2
	At 30 April 2023	2

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

Aer Maven Limited (previously Component Recovery Solutions Limited)	Ordinary	66.67%
IMT Aviation Scotland Limited	Ordinary	100%
IMT Aviation Limited	Ordinary	100%

Page 36

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

18.	Investment property
	Group

		Freehold investment property
		£
	Valuation
	At 1 May 2022	2,419,880
	At 30 April 2023	2,419,880

The 2023 valuations were made by the directors, on an open market value for existing use basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2023	2022
	£	£

	Historic cost	2,419,880	2,419,880
		2,419,880	2,419,880

The 2023 valuations were made by the directors, on an open market value for existing use basis.

19.	Stocks
		Group	Group
		2023	2022
		£	£

Work in progress (goods to be sold)	1,021,130	9,856
Finished goods and goods for resale	3,056,470	3,318,475
	4,077,600	3,328,331

Page 37

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

20.	Debtors
		Group	Group	Company	Company
		2023	2022	2023	2022
		£	£	£	£

Due after more than one year
Other debtors	88,477	-	-	-
	88,477	-	-	-

Group	Group	Company	Company
2023	2022	2023	2022
£	£	£	£

Due within one year
Trade debtors	1,973,281	1,490,831	-	-
Amounts owed by group undertakings	80	-	-	-
Other debtors	1,535,930	3,178,138	2	2
Prepayments and accrued income	2,397,906	2,259,588	-	-
	5,907,197	6,928,557	2	2

21.	Current asset investments
		Group	Group
		2023	2022
		£	£

Shares in group undertakings	19,993	25,827
	19,993	25,827

22.	Cash and cash equivalents
		Group	Group	Company	Company
		2023	2022	2023	2022
		£	£	£	£

Cash at bank and in hand	4,583,267	3,397,343	164,318	-
Less: bank overdrafts	-	(1,105)	-	-
	4,583,267	3,396,238	164,318	-

Page 38

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

23.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2023	2022	2023	2022
		£	£	£	£

Bank overdrafts	-	1,105	-	-
Trade creditors	1,235,811	934,468	-	-
Amounts owed to group undertakings	8,812	-	164,318	-
Corporation tax	173,708	30,710	-	-
Other taxation and social security	51,698	42,950	-	-
Obligations under finance lease and hire purchase contracts	-	8,635	-	-
Other creditors	225,753	32,700	-	-
Accruals and deferred income	34,800	62,009	-	-
	1,730,582	1,112,577	164,318	-

Disclosure of the terms and conditions attached to the non-equity shares is made in note 27.

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

Share capital treated as debt	142,000	142,000
	142,000	142,000

Disclosure of the terms and conditions attached to the non-equity shares is made in note 27.

25.	Financial instruments
		Group	Group
		2023	2022
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	4,583,267	3,397,343

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 39

MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

26.	Deferred taxation
	Group

		2023
		£

	At beginning of year	(24,020)
	Charged to profit or loss	2,952
	At end of year	(21,068)

Company

		2023

	At end of year	-


		Group	Group
		2023	2022
		£	£

	Accelerated capital allowances	(21,068)	(24,020)
		(21,068)	(24,020)

Allotted, called up and fully paid

4 (2022 - 4) Ordinary shares of £1.00 each	4	4

	2023	2022
	£	£
Shares classified as debt

Allotted, called up and fully paid

142,000 (2022 - 142,000) Ordinary shares of £1.00 each	142,000	142,000

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MI AVIATION HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

28.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other
adjustments.

29.	Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the group in an independently administered fund. The pension cost charge
represents contributions payable by the company to the fund and amounted to £50,645 (2022: £38,090).
Contributions totalling £Nil (2022: £Nil) were payable to the fund at the balance sheet date and are
included in creditors.

30.	Related party transactions
	During the year the following transactions with related parties occurred: Total remuneration paid to key management personnel is £24,480 (2022: £24,480) Key management personnel received dividends totalling £1,495,000 (2022: £1,260,000) At the balance sheet date, the following amounts were due from/(to) related parties:

		2023	2022
		£	£

	Key management personnel	(156,421)	13,938
		(156,421)	13,938

31.	Post balance sheet events

As of 1st May 2023, IMT Aviation Scotland Limited was demerged from the group.

32.	Controlling party

There is no ultimate controlling party.

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