REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Boyce's Building |
40-42 Regent Street |
Clifton |
Bristol |
BS8 4HU |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their strategic report for the year ended 31 December 2022. |
REVIEW OF BUSINESS |
2022 has been a year of recovery for the Company. An increase in revenues to £9.6m (2021 £8.3m) have seen the company stabilise and grow slightly. Gross margin has increased to £2.4m from £2.1m in 2021. Administrative costs rose slightly in light of increased energy costs related to fuel cost increases globally, but on the whole the increase was negligible. This allowed the Company to post an operating profit of £215k in the year, overturning the previous year's loss of £20k. |
The company saw a significant increase in bookings in 2022 of £13.1m (2021 £8.1m), which will give a solid platform for growth in 2023. Significant additional contracts with key strategic partners have underpinned these bookings and continued strengthening relationships into 2023. |
The continued growth prospect has also allowed us to plan for relocation to a new state of the art facility in early 2023 which will allow us to fulfil the additional business in the short term and also allow us to continue to push for further growth within the short and medium term. The company will continue to invest in stocking fast moving and strategic parts to maintain a competitive edge in the market. |
PRINCIPAL RISKS AND UNCERTAINTIES |
As for many businesses of our size, the business environment in which we operate continues to be challenging. With these risks and uncertainties in mind, we are satisfied with the level of trading that has been achieved this year and continue to forecast slow but steady growth over the next year. |
There is currently significant uncertainty in the UK economy due to inflationary pressures. However, the Directors have taken all reasonable steps to ensure that the company is able to continue through the uncertainty and for a period of at least 12 months. As a result, the Directors' considerate it appropriate to continue preparing the accounts on a going concern basis. |
ON BEHALF OF THE BOARD: |
24 July 2023 |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
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. |
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: |
- | select suitable accounting policies 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 company 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 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. |
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. |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
AUDITORS |
The auditors, Lawes & Co UK Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD |
Opinion |
We have audited the financial statements of Advanced Logistics for Aerospace (UK)Ltd (the 'company') for the year ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its 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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Material uncertainty related to going to 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 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. |
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. |
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. |
In connection with our audit of the financial statements, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD |
Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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: |
- | 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD |
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 a Report of the Auditors 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 financial statements. |
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and indirect taxes impacting the different territories, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of stock values and management bias in accounting estimates. Furthermore, the additional pressures from the Covid-19 pandemic are considered to have inherently increased the overall risks. Audit procedures performed by the engagement team included, but were not limited to: |
- enquiries with management, internal audit and the Company's legal counsel (internal and, where relevant, external), including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these; |
- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws and indirect tax matters; |
- understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities; |
- challenging assumptions and judgements made by management in their significant accounting estimates, in particular, in relation to stock values and stock provisions; |
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and postings by unusual users. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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 |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD |
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. |
for and on behalf of |
Boyce's Building |
40-42 Regent Street |
Clifton |
Bristol |
BS8 4HU |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT/(LOSS) | 4 | ( |
) |
Exceptional items | 5 |
215,141 | (49,216 | ) |
Interest payable and similar expenses |
6 |
( |
) |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 7 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
BALANCE SHEET |
31 DECEMBER 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
168,063 |
Cash and cash equivalents at end of year |
2 |
552,363 |
84,213 |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.22 | 31.12.21 |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Depreciation charges |
Finance costs | (14,300 | ) | 89,931 |
216,362 | (47,994 | ) |
Decrease in stocks |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 552,363 | 84,213 |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 84,213 | 168,063 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.22 | Cash flow | At 31.12.22 |
£ | £ | £ |
Net cash |
Cash at bank | 84,213 | 468,150 | 552,363 |
84,213 | 552,363 |
Total | 84,213 | 468,150 | 552,363 |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Advanced Logistics for Aerospace (UK)Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Advanced Logistics for Aerospace (UK)Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Stag Group Limited, 1 Lyon Road, Walton on Thames, Surrey, KT12 3PU. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures, fittings & equipment | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. |
Pensions |
The company operates a defined contribution pension scheme, and the pension charge represents the amounts paid by the company to the fund in respect of the year. |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred taxation |
Full provision is made at current tax rates in respect of any material timing differences that have originated but not reversed at the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
31.12.22 | 31.12.21 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.22 | 31.12.21 |
Sales & administration staff | 23 | 28 |
Directors | 1 | - |
31.12.22 | 31.12.21 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2021 - operating loss) is stated after charging: |
31.12.22 | 31.12.21 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Auditors' remuneration |
5. | EXCEPTIONAL ITEMS |
31.12.22 | 31.12.21 |
£ | £ |
Exceptional items | ( |
) |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.22 | 31.12.21 |
£ | £ |
Bank interest |
HM Revenue & Customs interest |
Other interest |
Foreign exchange (gain)/loss | ( |
) |
Bank charges |
( |
) |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
31.12.22 | 31.12.21 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax |
Tax on profit/(loss) | ( |
) |
UK corporation tax has been charged at 19% . |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.22 | 31.12.21 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes | 26 | 16 |
Depreciation for period in excess of capital allowances | (3,396 | ) | (4,244 | ) |
assets |
Exceptional item | - | 5,464 |
Deferred Tax | 3,481 | 4,245 |
Total tax charge/(credit) | 43,705 | (20,957 | ) |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
8. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings | Computer |
& equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
9. | STOCKS |
31.12.22 | 31.12.21 |
£ | £ |
Stocks |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
VAT |
Deferred tax asset |
Prepayments |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade creditors |
Tax | ( |
) |
Social security and other taxes |
Factoring | 28,171 | 61,662 |
Other creditors | 455,236 | 73,694 |
Accrued expenses |
12. | DEFERRED TAX |
£ |
Balance at 1 January 2022 | ( |
) |
Reversal of timing differences | 3,481 |
Balance at 31 December 2022 | ( |
) |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary | £1 | 100,000 | 100,000 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2022 |
Profit for the year |
At 31 December 2022 |
ADVANCED LOGISTICS FOR AEROSPACE (UK)LTD (REGISTERED NUMBER: 02265000) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
15. | RELATED PARTY DISCLOSURES |
During the year, the company traded with Advanced Logistics for Aerospace France SAS (ALAF), a fully owned subsidiary of Advanced Logistics for Aerospace SPA (ALAS). Sales to and purchases from ALAF during the year amounted to £48,481 and £107,801 respectively (2021 £25,199 and £158,905). At the balance sheet date, £311,592 was owed by the company (2021 £271,637 was owed by the company to ALAF). |
During the year, sales to and purchases from ALAS were £521,213 and £327,206 respectively (2021 £747,236 and £216,748). At the balance sheet date, amounts owed by the company to ALAS and still to be repaid amounted to £247,575 (2021 £178,005). |
During the year, the company traded with Advanced Logistics for Aerospace North America (ALA NA), a fully owned subsidiary of ALAS. Sales to and purchases from ALA NA during the year amounted to £75,731 and £84,726 respectively (2021 £83,231 and £134,574). At the balance sheet date, ALA NA owed the company £95,759 (2021 £82,827). |
During the year sales to and purchases from Westbury Electronic Services INC (WES) were £Nil and £66 respectively (2021 £Nil and £Nil). At the balance sheet date, the company owed WES £54 (2021 £6,284). |
During the year, the company traded with Advanced Logistics for Aerospace Germany (ALAG), a fully owned subsidiary of ALAS. Sales to and purchases from ALAG were £30,349 and £5,199 respectively (2021 £20,311 and £12,095). At the balance sheet date, ALAG owed the company £29,887 (2021 the company owed ALAG £4,291). |
During the year, the company traded with Advanced Logistics for Aerospace Israel (ALAI), a fully owned subsidiary of ALAS. Sales to and purchases from ALAI were £6,403 and £Nil respectively (2021 £8,152 and £Nil). At the balance sheet date, ALAI owed the company £6,403 (2021 £25,250). |
16. | ULTIMATE CONTROLLING PARTY |
Advanced Logistics for Aerospace SPA, a company registered in Italy, is the ultimate parent company as it holds 100% of the share capital in STAG Group Limited which in turn owns 100% of the share capital in Advanced Logistics for Aerospace (UK) Ltd. |
There is no ultimate controlling party. |