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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 |
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COLNE VALLEY AVIATION LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 |
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FOR |
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COLNE VALLEY AVIATION LIMITED |
COLNE VALLEY AVIATION LIMITED (REGISTERED NUMBER: 10624729) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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COLNE VALLEY AVIATION LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
Crane Court |
302 London Road |
Ipswich |
Suffolk |
IP2 0AJ |
COLNE VALLEY AVIATION LIMITED (REGISTERED NUMBER: 10624729) |
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STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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COLNE VALLEY AVIATION LIMITED (REGISTERED NUMBER: 10624729) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Colne Valley Aviation Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
Although as at the 30 November 2021 the company had net current liabilities of £1,621,709, included within creditors due within one year is an intercompany loan of £2,603,214 owed to the company's parent company, Colne Valley Electrical Limited. The company's parent company has undertaken to provide continuing financial support so that the company can pay its debts as they fall due. |
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In view of the above, the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future and the company therefore continues to adopt the going concern basis in preparing its financial statements. |
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Preparation of consolidated financial statements |
The financial statements contain information about Colne Valley Aviation Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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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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Significant judgements and estimates |
In preparing these financial statements the director has made the following significant judgements and estimates: |
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Investment in subsidiaries |
The director considers on an annual basics whether there is any indication of impairment in respect of the company's investments in subsidiaries. Where an indication of impairment is identified, the director estimates the recoverable values of the subsidiaries in order to determine any necessary impairment provisions. The recoverable values of subsidiaries is a source of significant estimation uncertainty. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment where applicable. |
COLNE VALLEY AVIATION LIMITED (REGISTERED NUMBER: 10624729) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties. |
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Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
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Government grants |
Grants are accounted for using the accrual model. |
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Grants relating to revenue are recognised in the Statement of Income and Retained Earnings in the same period as the related costs for which the grant is intended to compensate. Where there are no related costs the grant is recognised in the period in which it becomes receivable. |
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Grants relating to assets are recognised in the Statement of Income and Retained Earnings over the expected useful life of the asset. |
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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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COLNE VALLEY AVIATION LIMITED (REGISTERED NUMBER: 10624729) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2020 |
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Impairments | ( |
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At 30 November 2021 |
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NET BOOK VALUE |
At 30 November 2021 |
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At 30 November 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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Amounts due from group undertakings are stated after provisions for impairment of £55,877. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | 1 | 1 | 1 |
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8. | 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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COLNE VALLEY AVIATION LIMITED (REGISTERED NUMBER: 10624729) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
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9. | CONTROLLING PARTY |
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The controlling party is Colne Valley Electrical Limited whose registered office is at 5 Grange Way, Colchester, Essex, CO2 8HG. |