Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2019
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
COMPANY INFORMATION
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
CONTENTS
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors present their strategic report for Chapman Freeborn Airchartering Limited for the year ended 31 December 2019.
The company continued its principal activity of air charter brokerage throughout the current year.
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
As reported in the company's profit and loss account, revenue has shown a decrease from £95.2m to £50.6m. The decrease in revenue is due to reduction in the number of cargo contracts compared to the prior year.
The balance sheet show that the company's net assets at the year end has increased from £8.8m to £9.2m.
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
Management continually monitor the key risks facing the group together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually.
The principal risks and uncertainties facing the group are as follows: • Environmental and market – air charter broking can be materially impacted by changes in global economies, political instability, natural events and supply chain mechanics affecting the movement of cargo and passengers. The group manages exposure by constantly monitoring global events, constant communication with customer needs and regular liaising with current and potential suppliers; • Competitor pressure – the market in which the group operates is highly competitive with low barriers to entry. The group manages the risk by maintaining strong relationship with its key customers; • Variety of financial risks – the group’s operations expose it to several financial risks including the effects of changes in foreign exchange rates, credit risk, liquidity risk and interest rate risk, all of which are monitored, and strategies adopted on a regular basis; • Strategic risk – the group’s growth strategy is of complementary acquisitions, with a focus on increasing managed capacity through access to aircraft from our parent group or adding directly to our fellow subsidiaries capabilities.
Key performance indicators
Management use a range of performance measures to monitor and manage the business. The performance measures are split into financial and non-financial key performance indicators as set out below: Profit ratios: Gross profit margin Liquidity ratios: Working capital on total assets Non-financial Staff turnover, market share, customer retention
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
The board of directors of Chapman Freeborn Airchartering Limited consider, both individually and together, that they have acted in a way that they consider in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
• the likely consequences of any decision in the long-term; • the interests of the company’s employees; • the need to foster the company’s business relationships with customers, suppliers, and others; • the impact of the company’s operations on the community and environment; and • the desirability of the company maintaining a reputation for high standards of business conduct. Directors’ fulfil their duties as follows: Risk Management: we provide business critical services to our clients, often in time pressured and challenging environments. It is therefore vital that we effectively identify, evaluate, manage and mitigate the risks we face, and that we continue to evolve our approach to risk management. Consideration of stakeholders’ interests has always been integral to the work of the Board and in its decision making. The Board’s decision-making process includes considering and evaluating the impact of decisions on the key identified stakeholders. For strategic decisions the Board evaluates associated documentation to allow for an informed assessment, for example an outline of key risks and opportunities and of the possible impact on stakeholders and the long-term strategic impact.
This report was approved by the board on 11 August 2020
and signed on its behalf.
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors present their report and the financial statements for the year ended 31 December 2019.
The profit for the year, after taxation, amounted to £
405,037
(2018 -
£
1,318,859
)
.
An interim dividend amounting to £Nil (2018: £11,902,779) was paid during the year.
The directors who served during the year were:
The directors consider that there are no significant future developments which require disclosure.
Foreign currency risk
The Company's principal foreign currency exposures arise from trading with overseas companies. The company actively hedges against adverse currency fluctuations with the purchase of forward contracts. The company also maintains Euro, US Dollar, Swedish Krone, Australian Dollar and Canadian Dollar bank accounts. The directors do not consider this risk to be significant in that it could materially impact the company. Credit risk Investments of cash surpluses are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. Liquidity risk The Company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the Company has sufficient liquid resources to meet the operating needs of the business. Interest rate risk The Company has both interest bearing assets and liabilities. Interest bearing assets include only cash balances that earn interest at fixed and variable rates. Interest bearing liabilities include loan balances where interest is charged at fixed and variable rates.
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
The Board acknowledges that the long-term success of the group is dependent on the way it works with several important stakeholders. Key stakeholders are considered in their decision making and in doing so ensure the directors' duty is discharged under section 172 of the Companies Act 2006.
Customers Customers are proactively engaged through our global team structure in order to build long standing relationships and deliver high standards of service. We also have dedicated Customer Service teams to ensure we have met our customers’ needs and expectations. Our Compliance team ensure that we achieve customer quality requirements and that we conform to all applicable requirements. During 2019, we have continued to invest in our commercial function in order to support our customers’ needs. Our sales teams are now structured on a regional basis with specialist knowledge across the range of our products and services, supported by dedicated product managers, to ensure that we can provide the highest level of service and care to our customers globally. Product reports are provided by the commercial team for each Board Meeting, which detail our performance against budget and current commercial environments. Suppliers Our supplier relationships are vital to our overall success, allowing us to deliver an extraordinary experience to our customers in all the markets in which we operate. The company is committed to maintaining the highest possible standards of integrity and trust in our business relationship with suppliers, and in turn, looks for suppliers and contractors who operate with values and standards like ours. Employees The Board recognises that the ability to retain talented and committed employees contributes significantly to the success of the company. Engagement with employees takes many forms including surveys, formal and informal meetings and regular email communications. Reports and KPIs are provided by the HR team for each Board Meeting, which detail our performance against KPI’s and employee engagement. Shareholders Our Board contains directors appointed by the company’s shareholder. These representatives attend the Board meetings and receive monthly management accounts and Board packs containing summaries of the key matters. Environment The risk of environmental damage is controlled through the implementation and enforcement of health and safety policies and procedures.
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
The company is committed to further reducing the environmental impact of our operations through the efficient use of resources, the reduction of waste and carbon emissions, recycling, transport planning and the careful handling of hazardous substances.
The company will encourage its employees and business partners to conduct activities in an environmentally responsible manner by: a) Supporting local environment sustainability initiatives such as energy saving, green travel or waste reduction programmes. b) Challenging unsustainable activities such as the wasteful use of energy. c) Being vigilant with respect to reporting any environmental risks, hazards or situations which do not appear right, including any potential regulatory breaches.
The Board approved the budget for 2020 and expenditure on major strategic projects, such as strategic acquisitions and increases in managed fleet capacity.
The Board considers that it has complied in all material respects with their s172(1) duties.
Each of the persons who are
directors at the time when this Directors' Report is approved has confirmed that:
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
There have been no significant events affecting the Company since the year end.
The auditors, Haslers, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors are responsible for preparing the Strategic Report, the Directors' Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAPMAN FREEBORN AIRCHARTERING LIMITED
We have audited the financial statements of Chapman Freeborn Airchartering Limited (the 'Company') for the year ended 31 December 2019, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity
and the related notes, 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 Financial Reporting Standard 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:
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAPMAN FREEBORN AIRCHARTERING LIMITED (CONTINUED)
inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the 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 Directors' 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:
As explained more fully in the Directors' Responsibilities Statement on page 8, 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.
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAPMAN FREEBORN AIRCHARTERING LIMITED (CONTINUED)
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 Auditors' 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 these financial statements.
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 Auditors' Report.
This report is made solely to the Company's members
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 Auditors' 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Old Station Road
Essex
IG10 4PL
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
REGISTERED NUMBER:
01053714
BALANCE SHEET
AS AT
31 DECEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 27 form part of these financial statements.
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2018
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Chapman Freeborn Airchartering Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 01053714. The address of the registered office is 3 City Place, Beehive Ring Road, Gatwick, West Sussex, RH6 OPA. The principal activity of the company is airchartering.
2.
Accounting policies
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
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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":
∙
the requirements of Section 7 Statement of Cash Flows;
∙
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Chapman Freeborn Holdings Limited as at 31 December 2019 and these financial statements may be obtained from the Company's registered office.
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Functional and presentation currency
The Company's functional and presentational currency is GBP.
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.
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, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue for cargo, passenger and VIP flights is recognised at the completion of a flight.
Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period of the lease.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
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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CHAPMAN FREEBORN AIRCHARTERING LIMITED
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 provided on the following basis:
Depreciation is charged up to the point of disposal and from the month of acquisition.
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 within 'administrative expenses' in the Statement of Comprehensive Income.
Investments held in subsidiaries are shown at cost less provision for impairment.
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.
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.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
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.
Following a review of the classification of deferred income and deferred costs relating to future flights in the balance sheet, the comparatives have been restated to reflect this new classification. Therefore, a net amount of £972,804 have been reclassified from creditors to debtors in the comparative figures. This reclassification has had no impact on the profit for the year or previous year.
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Management considers that there are no judgments that have been made in the process of applying the entity's accounting policies that have a significant effect on the financial statements. Furthermore, management considers that there are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
12.
Taxation (continued)
There were no factors that may affect future tax charges.
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Profit and loss account
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £271,873 (2018 - £247,566).
23.
Guarantees
A cross guarantee and debenture is in place in favour of the company's bankers between this company and the following group companies: Chapman Freeborn Airchartering (China) Limited, Chapman Freeborn International Limited, Chapman Freeborn Holdings Limited, Intradco Cargo Services Limited and Wings 24 Limited.
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CHAPMAN FREEBORN AIRCHARTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The immediate parent company is Chapman Freeborn International Limited, a company incorporated in England and Wales.
The ultimate parent company is Procyone FZE, a company incorporated in United Arab Emirates. The ultimate controlling party is Mr G Ziemelis by virtue of his shareholding in the ultimate parent company.
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