Air Power East Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 02626574 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2014

FOR

AIR POWER EAST LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

K Sanford

R P R Sewell

SECRETARY:

Mrs A E Wright

REGISTERED OFFICE:

Unit 10

Shepherds Grove Industrial Estate West

Stanton

Bury St. Edmunds

Suffolk

IP31 2AR

REGISTERED NUMBER:

02626574 (England and Wales)

ACCOUNTANTS:

Howard & Company

Chartered Accountants

Unit 17

Park Farm Business Centre

Fornham St. Genevieve

Bury St. Edmunds

Suffolk

IP28 6TS

FIXED ASSETS

Tangible assets

2

189,943

139,997

CURRENT ASSETS

Stocks

95,780

94,320

Debtors

422,451

503,102

Cash at bank and in hand

11,689

107,152

529,920

704,574

CREDITORS

Amounts falling due within one year

3

428,043

637,468

NET CURRENT ASSETS

101,877

67,106

TOTAL ASSETS LESS CURRENT LIABILITIES

291,820

207,103

CREDITORS

Amounts falling due after more than one year

3

(90,297

)

(59,235

)

PROVISIONS FOR LIABILITIES

(9,499

)

(9,344

)

NET ASSETS

192,024

138,524

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

191,924

138,424

SHAREHOLDERS' FUNDS

192,024

138,524

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 5 March 2015 and were signed on its behalf by:

R P R Sewell - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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 cost

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

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

obsolete and slow moving items.

Deferred tax

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

the balance sheet date.

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 the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

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 the profit and loss account in the period to which they

relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2013

326,303

Additions

105,772

Disposals

(53,312

)

At 30 June 2014

378,763

DEPRECIATION

At 1 July 2013

186,306

Charge for year

36,659

Eliminated on disposal

(34,145

)

At 30 June 2014

188,820

NET BOOK VALUE

At 30 June 2014

189,943

At 30 June 2013

139,997

3.

CREDITORS

Creditors include an amount of £ 135,237 (30.6.13 - £ 93,517 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.14

30.6.13

value:

£

£

100

Ordinary

1

100

100

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the following loans subsisted between the directors and the Company.

As at 30 June 2014, R P R Sewell owed the company £4,550 (2013 - £8,140). During the year

advances were made of £16,410l and repayments of £20,000 were made.

As at 30 June 2014, K Sanford owed the company £3,355 (2013 - £1,630). During the year advances

were made of £7,163 and repayments of £5,438 were made.

The above unsecured loans were provided on an interest free basis and will be repaid in full by 31

March 2015.