REGISTERED NUMBER:
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Airways Aero Associations Limited |
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2019 |
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REGISTERED NUMBER:
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Airways Aero Associations Limited |
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2019 |
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Airways Aero Associations Limited (Registered number: 00447296) |
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Contents of the Financial Statements |
for the year ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 | to | 4 |
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Report of the Independent Auditors | 5 | to | 7 |
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Statement of Income and Retained Earnings | 8 |
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Balance Sheet | 9 |
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Notes to the Financial Statements | 10 | to | 16 |
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Airways Aero Associations Limited |
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Company Information |
for the year ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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13 The Courtyard |
Timothy's Bridge Road |
Stratford Upon Avon |
Warwickshire |
CV37 9NP |
Airways Aero Associations Limited (Registered number: 00447296) |
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Strategic Report |
for the year ended 31 December 2019 |
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The directors present their strategic report for the year ended 31 December 2019. |
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REVIEW OF BUSINESS |
AAA has worked hard in challenging circumstances resulting from international air traffic controller shortages |
leading to certain operational restrictions. Despite these issues the company has grown in its property rental |
business unit which we expect to take effect in the subsequent financial year. The business has continued to |
invest in airfield infrastructure, staff training and aircraft facilitating the expansion of its airfield and training |
operations. |
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Continued future growth is expected from |
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-The operation of M Class Aircraft sold into the UK |
-New negotiated tenants at Wycombe Air Park |
-Improvement of facilities |
-The addition of the PA-46 M600 to the Approved Training Organisation |
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Subsequent to the financial year AAA has repaid all borrowing and currently has no outstanding loans at all. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
Whilst weather and the economic climate still play a large part in company performance, the effects have |
been mitigated by investing in areas of the business such as hangarage, ATPL ground school training and |
simulators, which can assist in offsetting the vagaries of the weather. |
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Additionally, our program of accelerated debt repayment has resulted in a reduction of fixed operating costs. |
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ON BEHALF OF THE BOARD: |
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Airways Aero Associations Limited (Registered number: 00447296) |
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Report of the Directors |
for the year ended 31 December 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2019. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2019. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2019 to the date |
of this report. |
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Other changes in directors holding office are as follows: |
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prior to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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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 United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. |
In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business. |
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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 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 hence for taking reasonable steps |
for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps |
that he ought to have taken as a director in order to make himself aware of any relevant audit information |
and to establish that the company's auditors are aware of that information. |
Airways Aero Associations Limited (Registered number: 00447296) |
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Report of the Directors |
for the year ended 31 December 2019 |
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AUDITORS |
The auditors, Grenfell James Audit LLP, will be proposed for re-appointment at the forthcoming Annual |
General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Airways Aero Associations Limited |
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Disclaimer of opinion on financial statements |
We have audited the financial statements of Airways Aero Associations Limited (the 'company') for the year |
ended 31 December 2019 which comprise the Statement of Income and Retained Earnings, Balance Sheet |
and Notes to the Financial Statements, 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). |
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We do not express an opinion at this date on the accompanying financial statements. Because of the |
significance of the matter described in the 'Basis for Disclaimer of Opinion' section of our report, we have not |
been able to obtain sufficient evidence to provide a basis for an audit opinion on these financial statements. |
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Basis for disclaimer of opinion |
The financial statements for Airways Aero Associations Limited with the year ended 31 December 2019 were |
due to be audited at a time when the company was closed due to COVID-19 lockdown restrictions, since then |
there have been several business interruptions which have caused the company to only be open for short |
periods. As a result of this we have had limited access to the accounting records of the company and could |
only perform limited audit work on their financial statements. |
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As a result of the limitation placed upon our audit work on the underlying figures of the companies, we were |
unable to obtain sufficient and appropriate audit evidence on the financial statements of Airways Aero |
Associations Limited and are therefore unable to express an opinion on those financial statements. Due to a |
number of reasons, the company has been required to submit the accounts to companies house to avoid |
trading issues however the directors do intend to allow the audit to continue and be completed once |
lockdown restrictions have been lifted and file amended financial statements with Companies House. |
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Conclusions relating to going concern |
Because of the significance of the matter described in the basis for disclaimer of opinion section of our report |
we have been unable to form an opinion on going concern. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in |
the Strategic Report and the Report of the Directors, but does not include the financial statements and our |
Report of the Auditors thereon. |
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We do not express any opinion on the other information and we do not express any form of assurance |
conclusion thereon. |
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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 audit or otherwise |
appears to be materially misstated. If we identify such material inconsistencies or apparent material |
misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. 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. Because of the significance of the matter described in the basis for disclaimer of opinion section of our |
report we have been unable to report on this. |
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Opinions on other matters prescribed by the Companies Act 2006 |
Because of the significance of the matter described in the basis for disclaimer of opinion section of our report |
we have been unable to form an opinion, whether based on the work undertook in the course of the audit: |
- the information given in the strategic report and the directors' report for the financial period for which the |
financial statements are prepared is consistent with the financial statements; and |
- the strategic report and the directors' report have been prepared in accordance with applicable legal |
requirements. |
Report of the Independent Auditors to the Members of |
Airways Aero Associations Limited |
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Matters on which we are required to report by exception |
Notwithstanding our disclaimer of an opinion on the consolidated financial statements, in the light of the |
knowledge and understanding of the group and its environment obtained in the course of the audit |
performed subject to the pervasive limitation described above, we have not identified material misstatements |
in the strategic report or the directors' report. |
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Arising from the limitation of our work referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purpose of |
our audit; |
- we were unable to determine whether adequate accounting records have been kept; |
- we were unable to determine whether the consolidated financial statements are in agreement with the |
accounting records and returns; and |
- we were unable to determine whether certain disclosures of directors' remuneration specified by law are |
made. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
- returns adequate for our audit have not been received from branches not visited by us |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us; or |
- | the 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. |
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Responsibilities of directors |
As explained more fully in the directors' responsibilities statement, 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. |
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In preparing the financial statements, the directors are responsible for assessing the 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. |
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Auditors' responsibilities for the audit of the financial statements |
Our responsibility is to conduct an audit of the company's financial statements in accordance with |
International Standards on Auditing (UK) and to issue and auditor's report. |
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However due to the matters described in the basis for disclaimer of opinion section of our report, we have |
not been able to obtain sufficient appropriate evidence to provide a basis for an audit opinion on these |
financial statements. |
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We are independent of the company in accordance with the ethical requirements that are relevant to our |
audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our |
other ethical responsibilities in accordance with these requirements. |
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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 |
Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Airways Aero Associations Limited |
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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 a Report of the Auditors 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. |
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for and on behalf of
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13 The Courtyard |
Timothy's Bridge Road |
Stratford Upon Avon |
Warwickshire |
CV37 9NP |
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Airways Aero Associations Limited (Registered number: 00447296) |
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Statement of Income and Retained Earnings |
for the year ended 31 December 2019 |
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2019 | 2018 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING LOSS | ( |
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Interest receivable and similar income |
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(140,516 | ) | (75,760 | ) |
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Interest payable and similar expenses | 4 |
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LOSS BEFORE TAXATION | 5 | ( |
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Tax on loss | 6 | ( |
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LOSS FOR THE FINANCIAL YEAR | ( |
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Retained earnings at beginning of year |
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RETAINED EARNINGS AT END OF
YEAR |
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Airways Aero Associations Limited (Registered number: 00447296) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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Investment property | 10 |
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CURRENT ASSETS |
Stocks | 11 |
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Debtors | 12 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 13 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 15 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Revaluation reserve | 17 |
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Retained earnings | 17 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Airways Aero Associations Limited (Registered number: 00447296) |
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Notes to the Financial Statements |
for the year ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Airways Aero Associations Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial |
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and |
Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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New Projects | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Aircraft | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
changes in fair value is recognised in profit or loss. |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due |
allowance for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling |
costs in bringing stocks to their present location and condition. |
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Airways Aero Associations Limited (Registered number: 00447296) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
probable that they will be recovered against the reversal of deferred tax liabilities or other future |
taxable profits. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The directors believe that the company's financial statements during Covid-19 should be prepared on |
a going concern basis on the grounds that current and future sources of funding or support will be |
more than adequate for the company's needs, for a minimum of twelve months from the date of |
approval of the financial statements. |
Airways Aero Associations Limited (Registered number: 00447296) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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3. | EMPLOYEES AND DIRECTORS |
2019 | 2018 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2019 | 2018 |
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Directors | 5 | 6 |
Engineering staff | 10 | 7 |
Admin staff | 29 | 24 |
Pilots | 33 | 28 |
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2019 | 2018 |
£ | £ |
Directors' remuneration |
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4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2019 | 2018 |
£ | £ |
Loan |
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5. | LOSS BEFORE TAXATION |
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The loss is stated after charging: |
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2019 | 2018 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Goodwill amortisation |
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6. | TAXATION |
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Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2019 | 2018 |
£ | £ |
Deferred tax | ( |
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Tax on loss | ( |
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Airways Aero Associations Limited (Registered number: 00447296) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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7. | EBITDA |
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The EBITDA for the year was (-£7,485) (2018: £62,253). |
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8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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AMORTISATION |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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9. | TANGIBLE FIXED ASSETS |
Short | Long | New |
leasehold | leasehold | Projects |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Charge written back | (1 | ) | - | - |
At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Airways Aero Associations Limited (Registered number: 00447296) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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9. | TANGIBLE FIXED ASSETS - continued |
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Fixtures |
Plant and | and |
machinery | fittings | Aircraft | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Charge written back | - | - | - | (1 | ) |
At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Revaluation |
The short leasehold of the company's investment property could not be confirmed by the independent |
advisor as required due to COVID-19 restrictions and the last confirmation of valuation was in |
September 2019 therefore we cannot confirm the valuation at balance sheet date. |
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10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Investment property was valued on an open market basis on 14 December 2016 by Savills (UK) |
Limited and was confirmed for the 2018 audit in September 2019 to hold similar value but due to |
COVID-19 restrictions no assessment of property value has been conducted since. |
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11. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
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Work-in-progress |
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Airways Aero Associations Limited (Registered number: 00447296) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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Deferred tax | 130,419 | 92,891 |
Prepayments |
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13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other loans (see note 14) |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | 8,745 | 41,501 |
Other creditors |
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Net wages | - | 382 |
Accruals and deferred income |
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14. | LOANS |
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An analysis of the maturity of loans is given below: |
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2019 | 2018 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
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No loan amount is due (2018 : £9,167) at the year end.This loan is secured by a way of a fixed charge |
over the aircraft owned by the company including all the rights, title, interest and benefit in and to |
them. |
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On 29 April 2015 the company entered into a cross-guarantee with its fellow subsidiary Heli Air |
Limited, in favour of Barclays Bank PLC, as a security for the liabilities of both companies. The |
guarantee is secured by way of a fixed and floating charge over the assets of both companies. |
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15. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax | 1,280,121 | 1,271,814 |
Airways Aero Associations Limited (Registered number: 00447296) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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15. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 January 2019 |
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Provided during year |
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Balance at 31 December 2019 |
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16. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | 1 | 100 | 100 |
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17. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2019 |
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5,551,381 |
Deficit for the year | ( |
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At 31 December 2019 |
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5,435,344 |
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18. | USE OF OUR REPORT |
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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 matter we are required to state to them in an auditor's 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. |
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19. | ULTIMATE CONTROLLING PARTY |
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The controlling party is British European Aviation Limited. |
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Registered office :- Wellesbourne Airfield Loxley Lane, Wellesbourne, Warwick, CV35 9EU. |
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20. | RELATED PARTY TRANSACTIONS |
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Silton Investments |
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During the year, the company repaid an amount of £13,909 (2018: £45,833) against Silton |
Investments. |
Interest charged on the loan, at an arm's length basis, was paid to Silton Investments of £4,742 |
(2018: £19,842). |
At the statement of financial position date the amount due for Silton Investments was £nil (2018: |
£9,167). |