College was ‘poised to become European leader’

Less than a year ago, the Pilot Training College claimed it was “poised to become a European leader in aviation training” even though auditors said its net assets were less than half the amount of its called-up share capital.

“In our opinion on that basis, there did exist at Dec 31, 2010, a financial situation which, under Section 40 of the Companies Act 1983, may require the convening of an extraordinary general meeting of the company,” the auditors say in the company’s abridged financial statements for the year ending Dec 31, 2010.

While the auditors said the company was on track to achieve significant budgeted profits for the following year, they added that “conditions indicate the existence of a material uncertainty which may cast significant doubt over the company’s ability to continue as a going concern”.