Vantage Aviation Limited 28/06/2018 iXBRL

Vantage Aviation Limited 28/06/2018 iXBRL

VANTAGE AVIATION LIMITED - Company Information

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Company registration number: 06291857
Vantage Aviation Limited
Unaudited filleted financial statements
28 June 2018
Vantage Aviation Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Vantage Aviation Limited
Directors and other information
Director J L Newton
Secretary Ms D Duval
Company number 06291857
Registered office 68 West Street
Warminster
Wiltshire
BA12 8JW
Vantage Aviation Limited
Statement of financial position
28 June 2018
28/06/18 29/06/17
Note £ £ £ £
Fixed assets
Tangible assets 5 1,186,435 1,198,513
_______ _______
1,186,435 1,198,513
Current assets
Debtors 6 504,126 68,179
Cash at bank and in hand 92 307,727
_______ _______
504,218 375,906
Creditors: amounts falling due
within one year 7 ( 499,504) ( 893,878)
_______ _______
Net current assets/(liabilities) 4,714 ( 517,972)
_______ _______
Total assets less current liabilities 1,191,149 680,541
Creditors: amounts falling due
after more than one year 8 ( 919,727) ( 445,241)
Provisions for liabilities ( 62,904) ( 46,166)
_______ _______
Net assets 208,518 189,134
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 208,418 189,034
_______ _______
Shareholders funds 208,518 189,134
_______ _______
For the period ending 28 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 July 2019 , and are signed on behalf of the board by:
J L Newton
Director
Company registration number: 06291857
Vantage Aviation Limited
Notes to the financial statements
Period ended 28 June 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 68 West Street, Warminster, Wiltshire, BA12 8JW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 5 % straight line
Plant and machinery - 25% on cost to 3% reducing balance
Fittings fixtures and equipment - 25% cost to 25% reducing balance
Motor vehicles - 20 % reducing balance
Computer Equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 4 (2017: 5 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer Equip Total
£ £ £ £ £ £
Cost
At 30 June 2017 173,907 1,045,738 22,890 55,965 5,717 1,304,217
Additions 6,122 40,000 - - - 46,122
_______ _______ _______ _______ _______ _______
At 28 June 2018 180,029 1,085,738 22,890 55,965 5,717 1,350,339
_______ _______ _______ _______ _______ _______
Depreciation
At 30 June 2017 22,519 50,547 13,353 15,868 3,417 105,704
Charge for the year 9,001 37,962 2,384 8,278 575 58,200
_______ _______ _______ _______ _______ _______
At 28 June 2018 31,520 88,509 15,737 24,146 3,992 163,904
_______ _______ _______ _______ _______ _______
Carrying amount
At 28 June 2018 148,509 997,229 7,153 31,819 1,725 1,186,435
_______ _______ _______ _______ _______ _______
At 29 June 2017 151,388 995,191 9,537 40,097 2,300 1,198,513
_______ _______ _______ _______ _______ _______
6. Debtors
28/06/18 29/06/17
£ £
Trade debtors 356,112 15,752
Other debtors 148,014 52,427
_______ _______
504,126 68,179
_______ _______
7. Creditors: amounts falling due within one year
28/06/18 29/06/17
£ £
Bank loans and overdrafts 256,094 112,209
Trade creditors 55,355 54,990
Corporation tax 9 5
Social security and other taxes 1,147 -
Other creditors 186,899 726,674
_______ _______
499,504 893,878
_______ _______
8. Creditors: amounts falling due after more than one year
28/06/18 29/06/17
£ £
Bank loans and overdrafts 351,460 -
Other creditors 568,267 445,241
_______ _______
919,727 445,241
_______ _______
The loans are secured on the assets of the company.
9. Directors advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
Period ended 28/06/18
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
J L Newton ( 3,391) 1,616 ( 1,775)
_______ _______ _______
Period ended 29/06/17
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
J L Newton ( 49,146) 45,755 ( 3,391)
_______ _______ _______
10. Controlling party
Vantage Aviation Limited is controlled by James Newton who owns 51% of the issued share capital.