Aerospeed Ltd - Accounts to registrar - small 17.1
Aerospeed Ltd - Accounts to registrar - small 17.1
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2018 |
| FOR |
| AEROSPEED LTD |
| AEROSPEED LTD (REGISTERED NUMBER: 03704282) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| AEROSPEED LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 NOVEMBER 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Croft Chambers |
| 11 Bancroft |
| Hitchin |
| Hertfordshire |
| SG5 1JQ |
| AEROSPEED LTD (REGISTERED NUMBER: 03704282) |
| BALANCE SHEET |
| 30 NOVEMBER 2018 |
| 30.11.18 | 30.11.17 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 6 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| AEROSPEED LTD (REGISTERED NUMBER: 03704282) |
| BALANCE SHEET - continued |
| 30 NOVEMBER 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| AEROSPEED LTD (REGISTERED NUMBER: 03704282) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2018 |
| 1. | STATUTORY INFORMATION |
| Aerospeed Ltd is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced aircraft hire fees, excluding value added tax. |
| Tangible fixed assets |
| Aircraft | - |
| Motor vehicles | - |
| Aircraft are depreciated at the rate shown above and are revalued either externally or by the director on an open |
| market basis as at the year end on a regular basis and particularly when it is felt that values have changed |
| significantly during the year. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
| the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| AEROSPEED LTD (REGISTERED NUMBER: 03704282) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2018 |
| 3. | TANGIBLE FIXED ASSETS |
| Motor |
| Aircraft | vehicles | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 December 2017 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| Revaluations | ( |
) | ( |
) |
| At 30 November 2018 |
| DEPRECIATION |
| At 1 December 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Revaluation adjustments | ( |
) | ( |
) |
| At 30 November 2018 |
| NET BOOK VALUE |
| At 30 November 2018 |
| At 30 November 2017 |
| Cost or valuation at 30 November 2018 is represented by: |
| Plant and |
| machinery |
| etc |
| £ |
| Valuation in 2007 | (66,399 | ) |
| Valuation in 2008 | 155,000 |
| Valuation in 2012 | 46,663 |
| Valuation in 2014 | 94,442 |
| Valuation in 2015 | (70,000 | ) |
| Valuation in 2016 | (10,000 | ) |
| Valuation in 2017 | 304,571 |
| Valuation in 2018 | (45,318 | ) |
| Cost | 1,491,153 |
| 1,900,112 |
| If the aircraft had not been revalued they would have been included at the following historical cost: |
| 30.11.18 | 30.11.17 |
| £ | £ |
| Cost | 1,705,370 | 1,705,370 |
| Aggregate depreciation | 1,523,491 | 1,523,491 |
| The aircraft were valued on an open market basis on 30 November 2017 by the director, Mr S W Purchase . |
| AEROSPEED LTD (REGISTERED NUMBER: 03704282) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2018 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.11.18 | 30.11.17 |
| £ | £ |
| Trade debtors |
| Other debtors |
| VAT |
| Prepayments |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.11.18 | 30.11.17 |
| £ | £ |
| Trade creditors |
| VAT | 14,492 | - |
| Directors' current accounts | 403,345 | 582,633 |
| Accrued expenses |
| 6. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 December 2017 |
| Revalued in the year | (45,318 | ) |
| Depreciation | 190,011 |
| At 30 November 2018 |
| 7. | RELATED PARTY DISCLOSURES |
| The controlling party of the company and only shareholders are the two directors. |
| At the year end the company owed the directors £403,346 (2017: £582,633). |
| Other debtors includes a loan to Helix AV Ltd of £75,355, a company partly owned by Mr S W Purchase. |
| During the year there were sales of £30,847 (2017 - £9,346) and purchases of £43,005 (2017 - £65,451) to/from |
| this company. |