Registered number:
09406739
MSN 24471 LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2019
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MSN 24471 LTD
COMPANY INFORMATION
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Bird & Bird Company Secretaries Limited
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Chartered Accountants
&
Statutory Auditors
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MSN 24471 LTD
REGISTERED NUMBER:
09406739
BALANCE SHEET
AS AT
31 DECEMBER 2019
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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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Net current assets/(liabilities)
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Total assets less current liabilities
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Provisions for liabilities
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
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MSN 24471 LTD
REGISTERED NUMBER:
09406739
BALANCE SHEET
(CONTINUED)
AS AT
31 DECEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
................................................
J Andriof
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The notes on pages 3 to 9 form part of these financial statements.
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MSN 24471 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 12 New Fetter Lane, London, United Kingdom, EC4A 1JP.
The Company's principal activity is that of aircraft leasing.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors are planning for the orderly cessation of the Company’s operations. They anticipate that this process will not be concluded within the foreseeable future, being a period of at least 12 months from the approval date of these financial statements, and therefore consider it appropriate to continue to prepare the financial statements on the going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is US Dollars.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income
except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
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MSN 24471 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable net of discounts and rebates allowed by the Company and value added tax.
Rental income from operating leases is credited to the Statement of Comprehensive Income on a straight line basis over the term of the relevant lease.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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MSN 24471 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
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40 years from the date of manufacture
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Stocks, being aircraft held for resale, are valued at the lower of cost and net realisable value.
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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.
The Company only enters into basic financial instrument transactions like other debtors and loans to related parties.
Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was
4
(2018 -
4
)
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MSN 24471 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Reclassified to held for sale
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Charge for the year on owned assets
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Reclassified to held for sale
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MSN 24471 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Amounts owed by group undertakings
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Called up share capital not paid
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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MSN 24471 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.
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1
(2018 -
1
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Ordinary
share of £
1.00
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Other reserves
Other reserves consist of a capital contribution from parent company AAWW International 2 Inc. which has been reduced by
$nil
(2018: $1.0m) in the year.
Profit and loss account
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
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Commitments receivable under operating leases
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At 31 December 2019 the Company was entitled to future minimum lease receipts under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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MSN 24471 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Post balance sheet events
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The aircraft held for resale was sold post balance sheet for $14,000,000.
The Company is a wholly owned subsidiary of AAWW International 2 Inc., a company registered in the British Virgin Islands. The ultimate controlling party is Atlas Air Worldwide Holdings, Inc., a company incorporated in Delaware.
The Company is exempt from the obligation to prepare and deliver group accounts of a large group because it is included in non-EEA group accounts of a larger group.
The auditors' report on the financial statements for the year ended 31 December 2019 was unqualified.
The audit report was signed on
4 June 2020
by
Mr F M E Shippam BSc FCA DChA
(Senior Statutory Auditor) on behalf of
MA Partners Audit LLP
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