Flight Data Services Limited - Period Ending 2018-12-31

Registration number: 04041206

Flight Data Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

Flight Data Services Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Financial Statements	3 to 8

Flight Data Services Limited

(Registration number: 04041206)
Statement of Financial Position as at 31 December 2018

	Note	2018 £	(As restated) 2017 £
Fixed assets
Tangible assets	4	480,754	536,611
Investments	5	57,107	57,107
		537,861	593,718
Current assets
Debtors	6	1,271,430	1,723,491
Cash at bank and in hand		1,306,546	460,497
		2,577,976	2,183,988
Creditors: Amounts falling due within one year	7	(283,421)	(407,991)
Net current assets		2,294,555	1,775,997
Total assets less current liabilities		2,832,416	2,369,715
Provisions for liabilities		(51,727)	-
Net assets		2,780,689	2,369,715
Capital and reserves
Called up share capital		20,000	20,000
Share premium reserve		4,000	4,000
Capital redemption reserve		5,000	5,000
Profit and loss account		2,751,689	2,340,715
Total equity		2,780,689	2,369,715

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Flight Data Services Limited

(Registration number: 04041206)
Statement of Financial Position as at 31 December 2018

Approved and authorised by the Board on 26 September 2019 and signed on its behalf by:
 

.........................................

Mr R G Glover-Faure
Director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Flight Data Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1600 Parkway
Whiteley
Fareham
Hampshire
PO15 7AH
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of services to customers.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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Flight Data Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Improvements to property	10 % straight line basis
Computer equipment	33.3% straight line basis
Fixtures, fittings and equipment	33.3% straight line basis
DMTU and software development	33.3% straight line basis

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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Flight Data Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 46 (2017 - 43).

4	Tangible assets

	Improvements to property £	DMTU and software development £	Fixtures, fittings and equipment £	Computer equipment £	Total £
Cost or valuation
At 1 January 2018	162,772	94,233	84,839	744,567	1,086,411
Additions	1,930	5,426	2,559	214,433	224,348
Disposals	-	-	-	(7,915)	(7,915)
At 31 December 2018	164,702	99,659	87,398	951,085	1,302,844
Depreciation
At 1 January 2018	34,630	76,181	53,327	385,662	549,800
Charge for the year	16,470	15,195	24,149	224,391	280,205
Eliminated on disposal	-	-	-	(7,915)	(7,915)
At 31 December 2018	51,100	91,376	77,476	602,138	822,090
Carrying amount
At 31 December 2018	113,602	8,283	9,922	348,947	480,754
At 31 December 2017	128,142	18,052	31,512	358,905	536,611

5	Investments

	2018 £	(As restated) 2017 £
Investments in subsidiaries	57,107	57,107

Page 5

Flight Data Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Subsidiaries	£
Cost or valuation
At 1 January 2018	57,107
Provision
Carrying amount
At 31 December 2018	57,107
At 31 December 2017	57,107

Page 6

Flight Data Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2018	2017

Subsidiary undertakings
Asia Flight Data Services Pte. Ltd.	Vision Exchange, 2 Venture Drive, #24-01, (608526)	Ordinary	100%	100%
	Singapore
Flight Data Services. Inc.	101 North 1st Avenue, Suite 2325101, Phoenix, AZ85003	Common Stock	100%	100%
	U.S.A.

The principal activity of Asia Flight Data Services Pte. Ltd. is that of flight data analysis.

The principal activity of Flight Data Services. Inc. is that of flight data analysis.

6

Debtors

	Note	2018 £	(As restated) 2017 £
Trade debtors		909,927	1,180,156
Amounts owed by group undertakings	10	110,552	205,460
Other debtors		29,082	33,119
Prepayments and accrued income		221,869	304,756
Total current trade and other debtors		1,271,430	1,723,491

Page 7

Flight Data Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

7

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Trade creditors		50,577	95,741
Corporation tax control		-	21,921
Other taxes and social security		65,960	47,216
Other creditors		40,154	20,642
Accrued expenses		60,671	152,301
Lease incentive		66,059	70,170
		283,421	407,991

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	20,000	20,000	20,000	20,000

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £228,040 (2017 - £344,308).

10	Related party transactions

Summary of transactions with subsidiaries

Asia Flight Data Services PTE. Ltd.
 At the balance sheet date there was an amount due from Asia Flight Data Services PTE. Ltd. of £110,552 (2017: £83,845). This amount is interest free and repayable on demand.
 

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