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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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AEROS GLOBAL LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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AEROS GLOBAL LIMITED |
AEROS GLOBAL LIMITED (REGISTERED NUMBER: 04037501) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2018 |
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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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AEROS GLOBAL LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
One Eastwood |
Harry Weston Road |
Binley Business Park |
Coventry |
CV3 2UB |
AEROS GLOBAL LIMITED (REGISTERED NUMBER: 04037501) |
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BALANCE SHEET |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Revaluation reserve | 12 |
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Retained earnings | 12 | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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AEROS GLOBAL LIMITED (REGISTERED NUMBER: 04037501) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Aeros Global Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Consolidation |
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. |
The company has therefore taken advantage of the exemption provided by Section 399 of the |
Companies Act 2006 not to prepare group accounts. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
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Tangible fixed assets |
Tangible fixed assets with the exception of aircraft frames and engines are recognised at cost and |
subsequently measured under the historical cost model being cost less accumulated depreciation and |
any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring |
the asset to its current location and condition necessary for the asset to work as intended by |
management. |
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Repairs and maintenance costs are charged to the statement of comprehensive income in the period |
in which they are incurred. |
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Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over |
their estimated useful lives as follows:- |
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Improvements to property | - | Straight line over 10 - 20 years |
Plant and machinery | - | Straight line over 3 - 10 years |
Fixtures and fittings | - | Straight line over 3 - 15 years |
Computer equipment | - | Straight line over 3 - 7 years |
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Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of |
comprehensive income in the year that the disposal takes place. |
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From 2013 the aircraft frames and engines are revalued annually and therefore there is no |
depreciation for these assets. Revaluation losses arising from the revaluation being below the historic |
cost carrying value are taken to the statement of comprehensive income. Other revaluation gains and |
losses go to the revaluation reserve. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
AEROS GLOBAL LIMITED (REGISTERED NUMBER: 04037501) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially |
measured at transaction costs and are subsequently carried at amortised cost using the effective |
interest method unless the arrangement constitutes a financing transaction, where the financial asset |
in measured at the present value of the future receipts discounted at a market rate of interest. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of |
comprehensive income, except to the extent that it relates to items recognised in other comprehensive |
income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Leasing commitments |
Rentals paid under operating leases are charged to the statement of comprehensive income on a |
straight line basis over the period of the lease. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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AEROS GLOBAL LIMITED (REGISTERED NUMBER: 04037501) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2018 |
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Additions |
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Disposals | ( |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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Aircraft |
frames |
and | Computer |
engines | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2018 |
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Additions |
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Disposals | ( |
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Revaluations |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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The aircraft frames and engines were valued on an open market basis on 31 December 2018 by the |
directors at £1,140,000. If the aircraft frames and engines had not been revalued they would have |
been included at a historical cost of £1,431,963. |
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AEROS GLOBAL LIMITED (REGISTERED NUMBER: 04037501) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
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PROVISIONS |
At 1 January 2018 |
and 31 December 2018 | 18,929 |
NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other loans |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Other loans |
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Included in creditors due in more than one year is £119,884 (2017: £nil) of loans repayable by |
installments in more than 5 years. |
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10. | SECURED DEBTS |
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Included in other loans are two loans of £338,842 which are secured with a charge over the aircraft |
financed. |
AEROS GLOBAL LIMITED (REGISTERED NUMBER: 04037501) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | 1 | 1,030 | 1,030 |
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12. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2018 |
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320,183 |
Deficit for the year | ( |
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Aircraft revaluation | - | 122,357 | 122,357 |
Deferred tax | - | (22,100 | ) | (22,100 | ) |
At 31 December 2018 | ( |
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21,532 |
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13. | 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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14. | FINANCIAL COMMITMENTS |
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Total financial commitments and guarantees which are not included in the balance sheet amount to |
£1,026,418 (2017: £1,164,181). |
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15. | RELATED PARTY DISCLOSURES |
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During the year the company repaid £35,493 of the loan due to a director. At the year end £565,407 |
(2017: £600,000) was outstanding to a director. Interest of £nil (2017: £32,337) was charged on the |
loan during the year. |
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During the year the company borrowed £324,000 from a company under common control. At the year |
end £219,797 (2017: £49,797) was outstanding. Interest of £nil (2017: £nil) was charged on the loan |
during the period. |
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16. | ULTIMATE CONTROLLING PARTY |
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The ultimate holding company is TGD Leasing Limited. |