Demero Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04926977 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

Demero Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs L J Hodge

SECRETARY:

Mrs L J Hodge

REGISTERED OFFICE:

Bo Peep Farm

Aynho Road

Adderbury

Oxfordshire

OX17 3NP

REGISTERED NUMBER:

04926977 (England and Wales)

ACCOUNTANTS:

Aspen Waite South Ltd

Boston House

Grove Business Park

Wantage

Oxfordshire

OX12 9FF

FIXED ASSETS

Tangible assets

4

22,697

6,125

CURRENT ASSETS

Debtors

5

26,498

23,512

Cash at bank and in hand

66

66

26,564

23,578

CREDITORS

Amounts falling due within one year

6

64,848

70,815

NET CURRENT LIABILITIES

(38,284

)

(47,237

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(15,587

)

(41,112

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

(15,687

)

(41,212

)

SHAREHOLDERS' FUNDS

(15,587

)

(41,112

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 26 September 2019 and were signed by:

Mrs L J Hodge - Director

1.	STATUTORY INFORMATION

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

15% on cost

Taxation

Taxation for the year 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 year 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2018

97,700

2,142

99,842

Additions

21,361

-

21,361

Disposals

(13,703

)

-

(13,703

)

At 31 December 2018

105,358

2,142

107,500

DEPRECIATION

At 1 January 2018

91,631

2,086

93,717

Charge for year

4,733

56

4,789

Eliminated on disposal

(13,703

)

-

(13,703

)

At 31 December 2018

82,661

2,142

84,803

NET BOOK VALUE

At 31 December 2018

22,697

-

22,697

At 31 December 2017

6,069

56

6,125

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

25,793

22,807

Other debtors

705

705

26,498

23,512

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts

5,493

9,139

Trade creditors

1

1

Tax

293

-

Social security and other taxes

118

116

VAT

6,975

6,148

Inter company (Pilot flight)

50,942

54,510

Directors' current accounts

102

1

Accrued expenses

924

900

64,848

70,815

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

50

Ordinary A class

1

50

50

50

Ordinary B Class

1

50

50

100

100

8.

RESERVES

Retained

earnings

£

At 1 January 2018

(41,212

)

Profit for the year

25,525

At 31 December 2018

(15,687

)

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2018

and 31 December 2017:

31.12.18

31.12.17

£

£

Mrs L J Hodge

Balance outstanding at start of year

1

(6

)

Amounts advanced

1,232

1,850

Amounts repaid

(1,334

)

(1,843

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(101

)

1

10.	RELATED PARTY DISCLOSURES

Pilot flight

Inter company

Mrs L Hodge is also a current director of Pilot Flight Training Limited which operates to provide aircraft

pilot training , the equipment being primarily leased by Demero.

The balance owing to Pilot flight Limited at the end of the year is £50,942 (2017 - £54,510).