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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2020 |
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ALTERNATIVE AIRLINES LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2020 |
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FOR |
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ALTERNATIVE AIRLINES LIMITED |
ALTERNATIVE AIRLINES LIMITED (REGISTERED NUMBER: 02885223) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2020 |
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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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ALTERNATIVE AIRLINES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST OCTOBER 2020 |
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DIRECTORS: |
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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 |
178-180 Church Road |
Hove, East Sussex |
BN3 2DJ |
ALTERNATIVE AIRLINES LIMITED (REGISTERED NUMBER: 02885223) |
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BALANCE SHEET |
31ST OCTOBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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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 |
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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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ALTERNATIVE AIRLINES LIMITED (REGISTERED NUMBER: 02885223) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2020 |
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1. | STATUTORY INFORMATION |
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Alternative Airlines 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 on a going concern basis which assumes that the company will be able to continue in operational existence for the foreseeable future for a minimum period of at least 12 months from the date of approval of these financial statements. |
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The validity of this assumption depends on the recoverability of the £464,322 due from its subsidiary company, Flight Directors Scheduled Services Limited.The directors have prepared forecasts indicating that the operating profitability of this company will continue over the next 12 months as a result of a continued focus on balancing operating expenses against core revenue. The forecasts for Flight Directors Scheduled Services Limited indicate that the company will continue to be loss making for the next 12 months due to the Covid-19 pandemic and it's effects on the travel industry, but due to a significant reduction in staff costs the loss is expected to be smaller than for the current year. The group expects to have sufficient reserves to cover the losses until travel resumes. |
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If the company and its subsidiary were unable to continue operating for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, to provide for further liabilities that might arise and reclassify fixed assets and long term liabilities as current assets and liabilities. |
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Preparation of consolidated financial statements |
The financial statements contain information about Alternative Airlines Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Significant judgements and estimates |
No significant judgements have had to be made by the directors in preparing these financial statements. |
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Turnover |
Turnover comprises gross ticket sales, excluding Value Added Tax. Turnover is recognised when the company obtains the right to consideration. |
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Tangible fixed assets |
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Computer equipment | - |
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Government grants |
Government grants are recorded on the accruals basis and are released to the profit and loss account on receipt. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
ALTERNATIVE AIRLINES LIMITED (REGISTERED NUMBER: 02885223) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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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 profit or loss. |
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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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Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
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Valuation of investments |
Investments held as fixed assets are stated at cost less any provision for impairment. |
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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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ALTERNATIVE AIRLINES LIMITED (REGISTERED NUMBER: 02885223) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2020 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1st November 2019 |
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Additions |
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At 31st October 2020 |
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DEPRECIATION |
At 1st November 2019 |
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Charge for year |
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At 31st October 2020 |
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NET BOOK VALUE |
At 31st October 2020 |
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At 31st October 2019 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st November 2019 |
and 31st October 2020 |
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PROVISIONS |
At 1st November 2019 |
and 31st October 2020 | 20,000 |
NET BOOK VALUE |
At 31st October 2020 |
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At 31st October 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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ALTERNATIVE AIRLINES LIMITED (REGISTERED NUMBER: 02885223) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 22,727 | - |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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10. | 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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11. | CONTINGENT LIABILITIES |
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The company has entered into a bank cross guarantee with its subsidiary company Flight Directors Scheduled Services Limited on which the potential liability was £NIL as at the balance sheet date. |
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12. | ULTIMATE CONTROLLING PARTY |
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The controlling party is P G Argyle. |