Premier Flight Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01198119 (England and Wales)

Unaudited Financial Statements

for the Period 1 January 2017 to 30 June 2018

for

Premier Flight Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

R K Pugh

J W Ressell

SECRETARY:

Mrs A J Pugh

REGISTERED OFFICE:

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

REGISTERED NUMBER:

01198119 (England and Wales)

ACCOUNTANTS:

Mudd Partners LLP

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

FIXED ASSETS

Tangible assets

4

274,133

293,087

CURRENT ASSETS

Debtors

5

103,566

104,289

Cash at bank

23

4,227

103,589

108,516

CREDITORS

Amounts falling due within one year

6

73,318

170,545

NET CURRENT ASSETS/(LIABILITIES)

30,271

(62,029

)

TOTAL ASSETS LESS CURRENT LIABILITIES

304,404

231,058

CREDITORS

Amounts falling due after more than one year

7

(129,719

)

(81,491

)

PROVISIONS FOR LIABILITIES

10

(29,044

)

(54,647

)

NET ASSETS

145,641

94,920

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

145,541

94,820

SHAREHOLDERS' FUNDS

145,641

94,920

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 29 March 2019 and were signed on its behalf by:

J W Ressell - Director

1.	STATUTORY INFORMATION

Premier Flight Services Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the value of sales to customers, net of discounts, allowances, volume and promotional

rebates and other payments to customers and excludes VAT. Sale of goods are recognised when the company

has delivered product to the customer, the customer has accepted the products and collectability of the related

receivable is reasonably assured.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

20% on reducing balance

Taxation

Taxation for the period 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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 period end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2017

45,160

462,073

507,233

Additions

-

162,400

162,400

Disposals

-

(148,000

)

(148,000

)

At 30 June 2018

45,160

476,473

521,633

DEPRECIATION

At 1 January 2017

9,785

204,361

214,146

Charge for period

10,613

91,808

102,421

Eliminated on disposal

-

(69,067

)

(69,067

)

At 30 June 2018

20,398

227,102

247,500

NET BOOK VALUE

At 30 June 2018

24,762

249,371

274,133

At 31 December 2016

35,375

257,712

293,087

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2017

45,160

290,000

335,160

Additions

-

162,400

162,400

Disposals

-

(148,000

)

(148,000

)

At 30 June 2018

45,160

304,400

349,560

DEPRECIATION

At 1 January 2017

9,785

56,433

66,218

Charge for period

10,613

84,564

95,177

Eliminated on disposal

-

(69,067

)

(69,067

)

At 30 June 2018

20,398

71,930

92,328

NET BOOK VALUE

At 30 June 2018

24,762

232,470

257,232

At 31 December 2016

35,375

233,567

268,942

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

31.12.16

£

£

Other debtors

103,566

104,289

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

31.12.16

£

£

Hire purchase contracts (see note 8)

71,118

79,852

Trade creditors

50

-

Other creditors

2,150

90,693

73,318

170,545

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.18

31.12.16

£

£

Hire purchase contracts (see note 8)

129,719

81,491

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.6.18

31.12.16

£

£

Gross obligations repayable:

Within one year

76,656

85,114

Between one and five years

139,538

87,909

216,194

173,023

Finance charges repayable:

Within one year

5,538

5,262

Between one and five years

9,819

6,418

15,357

11,680

Net obligations repayable:

Within one year

71,118

79,852

Between one and five years

129,719

81,491

200,837

161,343

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.18

31.12.16

£

£

Hire purchase contracts

200,837

161,343

The hire purchase agreements are secured against the assets in which they relate to.

10.	PROVISIONS FOR LIABILITIES

30.6.18

31.12.16

£

£

Deferred tax

Accelerated capital allowances

29,044

54,647

Deferred

tax

£

Balance at 1 January 2017

54,647

Credit to Income Statement during period

(25,603

)

Accelerated capital allowances

Balance at 30 June 2018

29,044

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.18

31.12.16

value:

£

£

100

Ordinary

£1

100

100

12.	RELATED PARTY DISCLOSURES

Premier Flight Services Ltd

A company owned and controlled by the directors

During the year the following transactions took place with Premier Freight Services Limited :

30.06.18 31.12.16

£ £

Sales 185,200 105,050

Fixed assets acquired - 60,000

Fixed assets disposed 70,000 -

Management fees incurred - 10,000

All transactions were at market value.

30.06.18 31.12.16

£ £

Amount due to/(from) related party at balance sheet date (36,507)88,818

Evradale Limited

A company in which the director, Mr R K Pugh, has a controlling interest

30.06.18 31.12.16

£ £

Amount due from related party at the balance sheet date 66,647 66,647

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Premier Flight Services Limited for the period ended 30 June 2018 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Premier Flight Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Premier Flight Services Limited and state those matters that we have agreed to state to the Board of Directors of Premier Flight Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premier Flight Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Premier Flight Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Premier Flight Services Limited. You consider that Premier Flight Services Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Premier Flight Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Mudd Partners LLP

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

29 March 2019