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Financial Statements for the Year Ended 30 November 2020 |
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Flight Calibration Services Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 November 2020 |
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for |
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Flight Calibration Services Limited |
Flight Calibration Services Limited (Registered number: 05524571) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2020 |
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Page |
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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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Flight Calibration Services Limited |
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Company Information |
for the Year Ended 30 November 2020 |
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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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Statutory Auditors |
P O Box 4991 |
Maidenhead |
Berkshire |
SL60 1NN |
Flight Calibration Services Limited (Registered number: 05524571) |
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Balance Sheet |
30 November 2020 |
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30.11.20 | 30.11.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Prepayments and accrued income |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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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 and authorised for issue on
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Flight Calibration Services Limited (Registered number: 05524571) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2020 |
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1. | STATUTORY INFORMATION |
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Flight Calibration Services Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared according to the going concern basis on the grounds that the Company will be able to pay its debts as they become due for a period of not less than 12 months from the issuing of these financial statements. |
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Preparation of consolidated financial statements |
The financial statements contain information about Flight Calibration Services Limited 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 undertaking are included by full consolidation in the consolidated financial statements of its parent, Albatross Topco Limited, Calibration House, 17-19 Cecil Pashley Way, Shoreham Airport, BN43 5FF. |
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Revenue recognition |
Turnover is recognised at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue is recognised when the service provision is completed, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the Company and the costs incurred providing the service can be measured reliably. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Government grants |
Government grants, including staff furlough support and interest on CBILS loans, are credited to Profit and Loss. |
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Taxation |
Taxation for the year comprises current 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 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 only recognised in respect of timing differences that have originated but not reversed at the balance sheet date if they are likely to reverse within the foreseeable future. |
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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. |
Flight Calibration Services Limited (Registered number: 05524571) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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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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 |
Plant and |
machinery |
etc |
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COST |
At 1 December 2019 |
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Additions |
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At 30 November 2020 |
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DEPRECIATION |
At 1 December 2019 |
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Charge for year |
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At 30 November 2020 |
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NET BOOK VALUE |
At 30 November 2020 |
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At 30 November 2019 |
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Within fixed assets are aircraft which are subject to an HP agreement. |
Flight Calibration Services Limited (Registered number: 05524571) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
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5. | FIXED ASSET INVESTMENTS |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: Calibration House 17-19 Cecil Pashley Way, Shoreham Airport, West Sussex, BN43 5FF |
Nature of business:
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Class of shares: | holding |
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30.11.20 | 30.11.19 |
£ | £ |
Aggregate capital and reserves | ( |
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Loss for the year | ( |
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Registered office: 5th Floor, Beaux House Mercer Street Lower, Dublin 2, DO2D H60 Ireland |
Nature of business:
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Class of shares: | holding |
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6. | DEBTORS |
30.11.20 | 30.11.19 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Amounts owed by group undertakings |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.20 | 30.11.19 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Flight Calibration Services Limited (Registered number: 05524571) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.11.20 | 30.11.19 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Amounts owed to group undertakings |
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Amounts owed to associates | - | 384,232 |
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9. | FINANCIAL INSTRUMENTS |
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The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. |
Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
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Debtors |
Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured at fair value, net of transaction costs less any impairment. |
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Creditors |
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, less any impairment |
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The company took out a CBILS loan during the year repayable over three years. HP finance on aircraft and equipment was consolidated into a single agreement repayable over 10 years. Both facilities have interest charged at commercial rates. |
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As at 30th November 2020 the Company had outstanding import guarantees and standby credits of £329,718 (2019 - £227,837). Against these, the bank held deposits of £119,598 (2019 - £119,352). |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.20 | 30.11.19 |
value: | £ | £ |
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Ordinary | 0.000 | 1 | 1 | 1 |
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11. | 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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12. | OTHER FINANCIAL COMMITMENTS |
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The company has an annual rental commitment of £100,000 on its premises at Shoreham Airport. The lease |
ends in 2028 with a break clause in 2023. |
Flight Calibration Services Limited (Registered number: 05524571) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
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13. | RELATED PARTY DISCLOSURES |
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Included within "Debtors" was an amount of £542,498 (2019 - £354,591) due to the company by its wholly owned subsidiary FCSL Engineering Limited. The debt was interest free and not due for settlement within the next 12 months. |
That company provided repair and maintenance services totalling £363,353 (2019 - £334,749) |
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14. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Albatross Bidco Limited. |
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The ultimate controlling party is
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The entire issued share capital of Flight Claibration Services Limited was acquired by Albatross Bidco Limited on 28th February 2020. On that date Literacy Capital plc became the ultimate holding company. |