REGISTERED NUMBER: |
Prime Air Europe Limited |
Financial Statements |
for the Year Ended 31 October 2022 |
REGISTERED NUMBER: |
Prime Air Europe Limited |
Financial Statements |
for the Year Ended 31 October 2022 |
Prime Air Europe Limited (Registered number: 03897611) |
Contents of the Financial Statements |
for the year ended 31 October 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Prime Air Europe Limited |
Company Information |
for the year ended 31 October 2022 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditor |
250 Fowler Avenue |
Farnborough |
Hampshire |
GU14 7JP |
Prime Air Europe Limited (Registered number: 03897611) |
Balance Sheet |
31 October 2022 |
2022 | 2021 |
Notes | $ | $ | $ | $ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 8 |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Prime Air Europe Limited (Registered number: 03897611) |
Notes to the Financial Statements |
for the year ended 31 October 2022 |
1. | Statutory information |
Prime Air Europe Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements are prepared in US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest US dollar. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
Going Concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and financial statements |
Turnover |
Turnover in respect of all sales is recognised in the financial statements on the date of invoicing, which usually coincides with the dispatch of the goods. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Fixtures and fittings | 10% straight line |
Computer equipment | 33% straight line |
Long leasehold | 20% straight line |
Plant and machinery | 17% straight line |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making the due allowances for obsolete and slow moving items. |
Cash at bank and in hand |
Cash and cash equivalents are made up of cash in hand and held in the bank. |
Prime Air Europe Limited (Registered number: 03897611) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2022 |
2. | Accounting policies - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, and transactions with fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities as payment is due within one year or less. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Equity instruments |
Equity instruments in the form of ordinary shares, issued by the company, are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Taxation |
The tax expense represents the sum of the tax currently payable. |
Current tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
Foreign currencies |
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account. |
Leases |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. |
Pension costs and other post-retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
Prime Air Europe Limited (Registered number: 03897611) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2022 |
2. | Accounting policies - continued |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense. |
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Other operating income |
Other operating income relates to management recharges with group companies. These are calculated based on a mark up on services rendered to group companies and are recognised in the period in which services are rendered. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
Long | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
$ | $ | $ | $ | $ |
Cost |
At 1 November 2021 |
Additions |
At 31 October 2022 |
Depreciation |
At 1 November 2021 |
Charge for year |
At 31 October 2022 |
Net book value |
At 31 October 2022 |
At 31 October 2021 |
5. | Debtors: amounts falling due within one year |
2022 | 2021 |
$ | $ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prime Air Europe Limited (Registered number: 03897611) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2022 |
6. | Creditors: amounts falling due within one year |
2022 | 2021 |
$ | $ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
$ | $ |
Within one year |
Between one and five years |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | $ | $ |
Ordinary | $1 | 330 | 330 |
Ordinary A | $1 | 330 | 330 |
660 | 660 |
Ordinary shares and Ordinary A shares rank parri passu. |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
10. | Related party disclosures |
The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company. |
11. | Ultimate controlling party |
The controlling party is Prime Air LLC. |
The ultimate controlling party is |
Consolidated accounts for HEICO Corporation are available from 3000 Taft Street, Hollywood, Florida |
33021, United States of America. |