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PROPTECH AERO LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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REGISTERED NUMBER:
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PROPTECH AERO LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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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 | 4 |
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PROPTECH AERO LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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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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Statutory Auditor |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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BALANCE SHEET |
31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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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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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Reserves - non-distributable |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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BALANCE SHEET - continued |
31 DECEMBER 2018 |
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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 on
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PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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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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Proptech Aero Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with "The Financial Reporting Standards |
applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as |
applicable to companies subject to the small companies regime. |
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The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure |
is required to show a true and far view. |
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest £1. |
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The financial statements have been prepared under the historical cost convention, modified to include certain |
financial instruments at fair value. The principal accounting policies adopted are set out below. |
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Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. Income is recognised in |
the profit and loss account in the period at which the services have been completed and when the goods are ready |
for distribution. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Short leasehold | - |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Upon adoption of FRS 102, the company has revalued some items of tangible fixed assets to fair value. The |
increase in fair value will be released to the profit and loss account over the remaining useful life of the Assets. |
The net book value of assets that have been revalued is held within non-distributable reserves. |
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The profit or loss arising on the disposal of an asset is determined as the difference between the sale proceeds |
and the carrying value of the asset and is recognised in the income statement. |
PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost is based on the cost of |
purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs |
to completion and disposal. Cost includes all direct expenditure and an appropriate proportion of fixed and |
variable overheads. |
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The nature of the industry dictates that the company are required to provide modular stock to the customers |
immediately on request. The modular stock is held at fair value on the balance sheet and is effectively swapped |
for the customers items, which require repair / renovation. The modular stock is loaned to the customer until the |
customers items are repaired / renovated, and at the point that the work is completed and invoiced, the repaired / |
renovated stock replaces the stock item that was sent out the customer initially. |
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A provision for slow moving and obsolete stock is provided for in the valuation. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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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Foreign currencies |
Foreign currency transactions are translated into sterling at the rates ruling when they occured. Foreign currency |
monetary assets and liabilities are translated at the rates ruling at the balance sheet date. Any differences are |
taken to the profit and loss account. |
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Hire purchase and leasing commitments |
Where assets are financed by leasing agreements that give rights approximating to the ownership (finance lease), |
the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the |
minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown |
as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account |
over the shorter of the estimated useful economic lift and the period of the lease. |
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All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on |
a straight-line basis over the term of the lease. |
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Pension costs and other post-retirement benefits |
Contributions to the company's defined contribution pension scheme are charged to the profit and loss account in |
the year in which they become payable. |
PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial assets |
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial assets are recognised in the company's statement of financial position when the company becomes |
party to the contractual provisions of the instrument. |
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Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is |
measured at the present value of the future receipts discounted at a market rate of interest. |
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Financial liabilities |
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and |
subsequently measured at amortised cost, 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. |
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Equity instruments |
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct |
issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the |
discretion of the company |
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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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4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 January 2018 |
and 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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PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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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 |
Short | to | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
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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Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
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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Included within tangible fixed assets above are assets held under finance leases with a net book value of £75,096 |
(2017: £98,686). Depreciation charged on these assets during the year equated to £23,590 (2017: £23,526). |
PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Other taxation and social |
security |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Amounts owed to group undertakings |
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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 |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 9) |
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Amounts owed to group undertakings |
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Other creditors |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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9. | LEASING AGREEMENTS - continued |
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Non-cancellable |
operating leases |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Hire purchase contracts | 42,204 | 70,723 |
Invoice discounting | 335,836 | 185,699 |
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On 2 May 2014, HSBC Invoice Finance (UK) Limited issued a fixed and floating charge over all company |
property and assets both present and future. |
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11. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax |
Deferred tax on accelerated capital
allowances |
92,486 |
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Deferred tax on losses | (72,026 | ) | - |
20,460 | - |
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Deferred |
tax |
£ |
Accelerated capital allowances | 92,486 |
Deferred tax on losses | (72,026 | ) |
Balance at 31 December 2018 |
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12. | 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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PROPTECH AERO LIMITED (REGISTERED NUMBER: 06738425) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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13. | RELATED PARTY DISCLOSURES |
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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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14. | POST BALANCE SHEET EVENTS |
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Subsequent to the balance sheet date the company has terminated its Invoice Discounting agreement with HSBC |
Invoice Finance (UK) Limited. In its place the company entered into an agreement with HSBC UK Bank Plc for |
the provision of a facility in the form of a Multi-Currency International Business Overdraft. |
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15. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Aviation Industrial Group Inc. |
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The company is a subsidiary of Segers Group which is the ultimate parent company and which was Incorporated |
in the British Virgin Islands. |
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The largest and smallest group in which the results of the company are consolidated is that headed by Segers |
Group, incorporated in the British Virgin Islands. The consolidated accounts of this company are available to the |
public and may be obtained from Unit 5-6 Spitfire Way, Solent Airport, Lee-On-The-Solent, Hampshire, PO13 |
9FY. No other group accounts include the results of the company. |