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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FAL AVIATION UK LTD. |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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FAL AVIATION UK LTD. |
FAL AVIATION UK LTD. (REGISTERED NUMBER: 05301982) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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FAL AVIATION UK LTD. |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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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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Chartered Accountants and Statutory Auditors |
Charlton House |
Dour Street |
DOVER |
Kent |
CT16 1BL |
FAL AVIATION UK LTD. (REGISTERED NUMBER: 05301982) |
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BALANCE SHEET |
31 DECEMBER 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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FAL AVIATION UK LTD. (REGISTERED NUMBER: 05301982) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Fal Aviation UK Ltd. is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company has applied the Triennial review 2017 amendments to Financial Reporting Standard 102. |
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Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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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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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. |
FAL AVIATION UK LTD. (REGISTERED NUMBER: 05301982) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors that are receivable or payable on demand are recorded at transaction price. Any losses |
arising from impairment are recognised in the profit and loss account in administrative expenses. |
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Going concern |
The financial statements have been prepared on a going concern basis. This basis may not be appropriate |
because, although during the year the company made a profit of £8,615 (2017 - £25,022), as at 31 December |
2018 the liabilities of the company exceed the net assets of the company by £1,212,327 (2017 - £1,220,942). |
Should the company be unable to continue trading, adjustments would have to be made to reduce the value of the |
assets to their recoverable amount, to provide any liabilities which might arise and to reclassify fixed assets and |
long term liabilities. The going concern basis has been applied as a result of the fact that the company can rely on |
the financial support of the immediate and ultimate parent companies. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2018 |
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Disposals |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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VAT |
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Prepayments |
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FAL AVIATION UK LTD. (REGISTERED NUMBER: 05301982) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Accrued expenses |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.18 | 31.12.17 |
value: | £ | £ |
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Ordinary | £1 |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | CONTINGENT LIABILITIES |
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HSBC UK Bank plc holds an unlimited multilateral guarantee dated 8 July 2005 given by the following group |
subsidiaries; London Ashford Airport Limited, FAL Aviation UK Ltd and Phoenix Aero Engineering Ltd, as |
well as a group set off. The security given to the bank is in the form of a debenture dated 8 September 2005 |
which creates fixed and floating charges over all the company's assets. At the balance sheet date there was a |
liability of £70,710 (2017 - £75,775) to HSBC UK Bank plc in respect of the fellow subsidiaries under the |
guarantee. |
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10. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the company owed an amount of £1,257,900 (2017- £1,257,900) to Lydd Holding |
Limited, the immediate parent company. The balance is interest free, unsecured and payable on demand. |
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11. | PARENT AND ULTIMATE PARENT COMPANY |
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The parent company is Lydd Holding Limited, the registered address of which is Geneva Place, Waterfront |
Drive, PO Box 3469, Road Town, Tortola, British Virgin Island. |
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The ultimate parent company is FAL Holdings Arabia Co. Ltd., a private company, limited by shares, registered |
in Saudi Arabia. |