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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 2017
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PB LEASING AIRCRAFT NO. 9 LIMITED
REGISTERED NUMBER: 07077559
BALANCE SHEET
AS AT 30 NOVEMBER 2017
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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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Creditors: amounts falling due after more than one year
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Page 1
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PB LEASING AIRCRAFT NO. 9 LIMITED
REGISTERED NUMBER: 07077559
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2017
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 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 profit and loss account 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 28 August 2018.
The notes on pages 5 to 13 form part of these financial statements.
Page 2
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PB LEASING AIRCRAFT NO. 9 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2017
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 5 to 13 form part of these financial statements.
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Page 3
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PB LEASING AIRCRAFT NO. 9 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2016
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 5 to 13 form part of these financial statements.
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Page 4
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
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 1 Putney High Street 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 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 management to exercise judgment in applying the Company's's accounting policies.
The following principal accounting policies have been applied:
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.
Aircrafts leased to customers under finance leases is deemed to be sold at normal selling value which is taken to turnover at the inception of the lease. Debtors under finance leases represent outstanding amounts due under these arrangements less finance charges allocated to future periods. Finance lease interest is recognised over the primary period of the lease so as to produce a constant rate of return on the net cash investments.
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.
Page 5
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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 the Profit and Loss Account.
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.
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.
Page 6
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
2.Accounting policies (continued)
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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 the Profit and Loss Account 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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and Loss Account within 'other operating income'.
Interest income is recognised in the Profit and Loss Account using the effective interest method.
Page 7
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 operates and generates 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; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Page 8
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
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Aircraft engine and equipment
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Charge for the year on owned assets
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Net investment in finance leases and hire purchase contracts
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Prepayments and accrued income
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Page 9
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
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Amount due after more than one year included in above
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Net investment in finance leases and hire purchase contracts comprises:
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Interest allocated to future periods
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Rents receivable during the year under finance leases and hire purchase contracts amounted to £995,756 (2016 - £628,939).
The cost of assets acquired during the year for onwards finance leasing was £1,879,993 (2016 - £Nil)
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Page 10
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
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Creditors: Amounts falling due after more than one year
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Included within other creditors after one year are security deposits of £522,388 (2016 - £1,001,201) received from the lessees. These are refundable on termination of the lease.
Furthermore, included within other creditors after one year are maintenance reserves in the sum of £Nil (2016 - £102,424). These are security deposits received from the lessees, as per the obligation in the lease contracts requiring that the return conditions of the aircraft frames, engines, landing gear and propellers reach at least a specific condition on their return at the end of the lease period.
The amounts held in maintenance reserves indicated above would become non refundable in the event that the lease ends.
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Charged to profit or loss
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Page 11
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
8.Deferred taxation (continued)
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Authorised, allotted, called up and fully paid
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1,000 Ordinary shares shares of £1 each
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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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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 Business Limited - company shareholder and 100% controlled by Mr H D Gamble a director of PB Leasing Aircraft No. 9 Ltd. Payment of fees for management of aircraft leases £143,284 (2016: £103,805). Early performance fees £201,280 (2016: £Nil). Amount due to the related party, included in trade creditors £50,804 (2016: £69,203). Plane Business Limited also provided a loan of £214,925 during the year. Amount due to the related party, included in other creditors £155,224 (2016:£Nil).
Mr R D Bryant - former company director and shareholder. Payment of management fees £31,754 (2016: Nil).
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Page 12
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PB LEASING AIRCRAFT NO. 9 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
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.
Page 13
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