Nord Aerospace Bidco Limited
Registered number: 13075532
Annual report and
financial statements
For the period ended 31 March 2022
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NORD AEROSPACE BIDCO LIMITED
COMPANY INFORMATION
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A H Teeger
(appointed
10 December 2020
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Chartered Accountants
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Statutory Auditor
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NORD AEROSPACE BIDCO LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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NORD AEROSPACE BIDCO LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2022
The director presents the Strategic Report on the Company for the period ended 31 March 2022.
Principal activity
The principal activity of the Company is that of an intermediate holding company.
The principal activities of the Group are the manufacture and repair of composite components and the manufacture, assembly and surface treatment of metallic components and sub-assemblies for the Aerospace industry.
The Company was incorporated on 10 December 2020 and presents its first set of financial statements, following an extension to its accounting period to 31 March 2022.
On 2 February 2021 the Company completed the acquisition of Brookhouse Aerospace Holdings Limited (formally Kaman UK Holdings Limited) and its subsidiary undertakings, inclusive of Brookhouse Aerospace Limited, from Kaman Aerospace Group, the Aerospace subsidiary of Kaman Corporation, a New York Stock Exchange listed Corporation.
Since the acquisition date, the Group completed a rationalisation exercise of its entities, which saw a number of the group’s dormant investments dissolved. The following subsidiary companies were dissolved in the period:
- Brookhouse Aerospace Holdings Limited (formally Kaman UK Holdings Limited)
- Brookhouse Group Holdings Limited
- Brookhouse 2004 Limited
- Brookhouse (SPD) Tool Company Limited
- Brookhouse Automotive Limited
- Brookhouse IM Limited
The following investments were dissolved after the financial reporting date:
- Brookhouse Composites Holdings Limited (formally Kaman Composites – UK Holdings Limited)
- Kaman Fabricated Products Limited
Through the Group restructure, the 100% investment in Brookhouse Aerospace Limited, previously held by Brookhouse 2004 Limited, was hived up to the Company. At the reporting date, the Company only holds this investment. The consolidation of the investment is reported in the parent undertaking of the Company, Nord Aerospace Holdings Limited.
Financial key performance indicators
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As an intermediary holding company, the Directors have not set financial or non-financial KPIs.
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NORD AEROSPACE BIDCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
Principal risks and uncertainties
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The Company is not faced with principal risk and uncertainties as an intermediary holding company with no employees. The Company is impacted by the principal risks and uncertainties of the Group. The Group operates in a changing economic and technological environment that presents risks, many of which are driven by factors that we cannot control or predict. The key risks and uncertainties facing the Group are:
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Economic, political and market conditions, and in particular acts of terrorism affecting the aerospace markets.
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As a result of changes in the competitive landscape we may have to change our pricing models to compete successfully on future programmes.
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On 1 January 2021 the UK formally left the EU. The Group continues to monitor export and import regulations which could have an impact on the Group.
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COVID-19 has heavily impacted the commercial aerospace sector, one of the Group’s operating markets. The directors continue to monitor the impact of COVID-19 on international and domestic air travel and subsequently commercial aircraft build rates. It is our view that it may take several years for the commercial aerospace sector to recover to pre-COVID levels.
Impact of the Ukraine crisis
On the 24 February 2022 Russian Forces entered Ukraine, resulting in reactions including announcements of sanctions against Russia and Russian interests worldwide and an economic ripple effect on the global economy. The Directors have carried out an assessment of the potential consequences of the war and economic consequences, including sanctions, on the business and concluded that the greatest impact on the business is potentially expected from the general slow down of the general economy. The Group's going concern assessment took into consideration identified risks.
Financial risk management
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The Company's principal financial instruments comprise of cash and cash equivalents and related party balances. Other financial assets and liabilities such as trade debtors and trade creditors arise directly from the Company's operating activities. The main purpose of these financial assets and liabilities is to provide finance for the Company's ongoing operations.
The main risk associated with the Company’s financial assets and liabilities are cash flow and liquidity risk as summarised below.
Cash flow and liquidity risk
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The Company's finances are monitored by the directors on an ongoing basis. The directors assess the companies’ cash requirements by assessing short-term and long-term forecasts.
This report was approved by the board on 8 December 2022
and signed on its behalf.
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NORD AEROSPACE BIDCO LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 MARCH 2022
The director presents his report and the financial statements for the period ended
31 March 2022
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The Company was incorporated on 10 December 2020 and the financial statements have been prepared for a 16 month period to 31 March 2022. There is therefore no comparative information.
Director's responsibilities statement
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The director is responsible for preparing the Strategic Report, the Director's Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year
. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:
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select suitable accounting policies for the Company's financial statements and then apply them consistently;
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make judgments 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.
The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The profit for the period, after taxation, amounted to £
847,792.
The director who served during the period was:
A H Teeger
(appointed
10 December 2020
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Kenneth Worth acted as chairman during the period.
Going concern
The director has adopted the going concern basis of preparation for the financial statements following a review of the Company’s resources and assets, and taking into consideration the principal activities of the Company being that of an intermediary holding company. After making enquiries, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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NORD AEROSPACE BIDCO LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
Disclosure of information to auditor
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The
director at the time when this Director's Report is approved has confirmed that:
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so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and
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he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
Mazars LLP were appointed as auditor during the period.
The auditor, Mazars LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
8 December 2022
and signed on its behalf.
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NORD AEROSPACE BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORD AEROSPACE BIDCO LIMITED
Opinion
We have audited the financial statements of Nord Aerospace Bidco Limited (the ‘Company’) for the period ended 31 March 2022 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 FRS 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:
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give a true and fair view of the state of the Company’s affairs as at 31 March 2022 and of its
profit for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 "Auditor’s 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
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NORD AEROSPACE BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORD AEROSPACE BIDCO LIMITED
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 course of 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and the Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
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the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In 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 Director's Report.
We have nothing to report in respect of the following matters in relation to which 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
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of director's remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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NORD AEROSPACE BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORD AEROSPACE BIDCO LIMITED
Responsibilities of Director
As explained more fully in the Director's Responsibilities Statement set out on page 3, 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.
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.
Auditor's 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 an auditor’s report 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 the financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: anti-money laundering regulation, non-compliance with implementation of government support schemes relating to COVID-19.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
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Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
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Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
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Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
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Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as
tax legislation and the Companies Act 2006.
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NORD AEROSPACE BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORD AEROSPACE BIDCO LIMITED
In addition, we evaluated the director's and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks were related to
posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular to, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
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Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
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Gaining an understanding of the internal controls established to mitigate risks related to fraud;
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Discussing amongst the engagement team the risks of fraud; and
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Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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 auditor’s report.
Use of the audit 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 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.
Christopher Martin
(Senior Statutory Auditor)
for and on behalf of
Mazars LLP
Chartered Accountants and Statutory Auditor
One St. Peter's Square
Manchester
M2 3DE
8 December 2022
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NORD AEROSPACE BIDCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2022
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16 month period ended
31 March
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Profit for the financial period
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There were no recognised gains and losses for 2022 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2022.
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The notes on pages 12 to 17 form part of these financial statements.
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NORD AEROSPACE BIDCO LIMITED
REGISTERED NUMBER:
13075532
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on
8 December 2022
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The notes on pages 12 to 17 form part of these financial statements.
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NORD AEROSPACE BIDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
31 MARCH 2022
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Comprehensive income for the period
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Total comprehensive income for the period
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The notes on pages 12 to 17 form part of these financial statements.
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NORD AEROSPACE BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
Nord Aerospace Bidco Limited ("the Company") is a private limited Company, limited by shares, registered number 13075532, registered in England & Wales. The address of its registered office and principal place of business is Ariel House 1st Floor, 74a Charlotte Street, London, United Kingdom, W1T 4QJ.
The Company was incorporated on 10 December 2020 and the financial statements have been prepared for a 16 month period to 31 March 2022. There is therefore no comparative information.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
These financial statements have been presented in pound sterling which is the functional currency of the Company, and rounded to the nearest £.
The following principal accounting policies have been applied:
The director has adopted the going concern basis of preparation for the financial statements following a review of the Company’s resources and assets, and taking into consideration the principal activities of the Company being that of an intermediary holding company. After making enquiries, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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Financial reporting standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the 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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the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
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the requirements of Section 33 Related Party Disclosures paragraph 33.7.
Investments in subsidiaries are measured at cost less accumulated impairment.
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NORD AEROSPACE BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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NORD AEROSPACE BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
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16 month period ended
31 March
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Gain on loan notes acquired
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Other operating income of £1,118,410 relates to the gain on loan notes acquired.
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16 month period ended
31 March
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Fees payable to the Company's auditor for the audit of the Company's annual financial statements
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Fees payable to the Company's auditor in respect of:
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The Company has no employees other than the directors, who did not receive any remuneration.
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NORD AEROSPACE BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
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16 month period ended
31 March
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the period
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The tax assessed for the period is lower than the standard rate of corporation tax in the UK of
19
%. The differences are explained below:
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16 month period ended
31 March
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19%
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Expenses not deductible for tax purposes
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Remeasurement of deferred tax for changes in tax rates
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Movement in deferred tax not recognised
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Total tax charge for the period
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Factors that may affect future tax charges
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The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.
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NORD AEROSPACE BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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Brookhouse Aerospace Limited
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India Mill, Darwen, Lancashire, BB3 1AD
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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NORD AEROSPACE BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
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Allotted, called up and fully paid
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1
Ordinary
share of £
0.10
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The Company issued 1 ordinary share upon incorporation on 10 December 2020 at a nominal value of 10p per share.
Profit and loss account
This reserve represents cumulative profits and losses.
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Related party transactions
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The Company has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures' not to provide disclosures of transactions entered into with fellow group companies.
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The Company is a wholly owned subsidiary of Nord Aerospace Holdings Limited. The ultimate controlling party is Vaalon Capital Green Lp, a limited Partnership registered number Lp021452, registered in England & Wales. The address of its registered office and principal place of business Ariel House 1st Floor, 74a Charlotte Street, London, United Kingdom, W1T 4QJ.
The Company is consolidated within Nord Aerospace Holdings Limited financial statements and copies can be obtained upon request from the group's registered office, Ariel House 1st Floor, 74a Charlotte Street, London, United Kingdom, W1T 4QJ.
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