Air Technical Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04374520 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Air Technical Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A J Rossides

Mrs D J Rossides

SECRETARY:

Mr A J Rossides

REGISTERED OFFICE:

Lewis House

Great Chesterford Court

Great Chesterford

Essex

CB10 1PF

BUSINESS ADDRESS:

Unit 85

Hillgrove Business Park

Nazeing Road

Nazeing

Essex

EN9 2HB

REGISTERED NUMBER:

04374520 (England and Wales)

FIXED ASSETS

Tangible assets

5

40,018

26,202

CURRENT ASSETS

Stocks

11,708

5,839

Debtors

6

39,799

113,805

Cash at bank

142,056

22,659

193,563

142,303

CREDITORS

Amounts falling due within one year

7

(113,779

)

(82,662

)

NET CURRENT ASSETS

79,784

59,641

TOTAL ASSETS LESS CURRENT LIABILITIES

119,802

85,843

CREDITORS

Amounts falling due after more than one year

8

(56,959

)

(56,205

)

PROVISIONS FOR LIABILITIES

(6,056

)

(3,194

)

NET ASSETS

56,787

26,444

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

56,687

26,344

56,787

26,444

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 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 Board of Directors on 17 October 2019 and were signed on its behalf by:

Mr A J Rossides - Director

Mrs D J Rossides - Director

1.	STATUTORY INFORMATION

Air Technical 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual

provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in

effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a

market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised 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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

55,865

Additions

27,274

Disposals

(4,468

)

At 31 March 2019

78,671

DEPRECIATION

At 1 April 2018

29,663

Charge for year

13,339

Eliminated on disposal

(4,349

)

At 31 March 2019

38,653

NET BOOK VALUE

At 31 March 2019

40,018

At 31 March 2018

26,202

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

Plant and

machinery

etc

£

COST

At 1 April 2018

15,356

Additions

27,274

At 31 March 2019

42,630

DEPRECIATION

At 1 April 2018

9,568

Charge for year

8,265

At 31 March 2019

17,833

NET BOOK VALUE

At 31 March 2019

24,797

At 31 March 2018

5,788

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

24,952

110,669

Other debtors

14,847

3,136

39,799

113,805

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

7,175

6,799

Hire purchase contracts (see note 9)

8,312

4,112

Trade creditors

20,201

34,417

Taxation and social security

39,203

27,894

Other creditors

38,888

9,440

113,779

82,662

Included within other creditors disclosed above is a balance of £1,855 (2018 - £2,316) in relation to accruals and

a balance of £37,033 (2018 - £7,124) in relation to directors loan accounts.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

49,003

55,849

Hire purchase contracts (see note 9)

7,956

356

56,959

56,205

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

15,654

24,733

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

8,312

4,112

Between one and five years

7,956

356

16,268

4,468

Non-cancellable operating

leases

2019

2018

£

£

In more than five years

51,000

63,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

56,177

62,648

On 18 January 2010, Lloyds TSB Commercial Finance Limited placed an all assets debenture over the

undertaking and all property and assets present and future.