West of England Aerospace Forum Limited - Period Ending 2019-03-31
West of England Aerospace Forum Limited - Period Ending 2019-03-31
Registration number:
West of England Aerospace Forum Limited
(A company limited by guarantee)
for the Year Ended 31 March 2019
Leslie Dark & Co
Chartered Accountants and Registered Auditors
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
West of England Aerospace Forum Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
West of England Aerospace Forum Limited
Company Information
Chief executive |
C M Turner |
Directors |
S A Barker R J Gallon C M Turner E J Jones Ms J L Jacobs P Marchbank C J Steel N A Tolson C G Wilson J M Croker |
Company secretary |
Gregg Latchams WRH Executor & Trustee Company Limited |
Registered office |
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Auditors |
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Page 1 |
West of England Aerospace Forum Limited
(Registration number: 04483380)
Balance Sheet as at 31 March 2019
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2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Total equity |
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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 Profit and Loss Account has been taken.
Approved and authorised by the
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Page 2 |
West of England Aerospace Forum Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
General information |
The company is a company limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest £1.
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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.
Page 3 |
West of England Aerospace Forum Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated provisions for depreciation and impairment.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
On the disposal of a tangible asset, its cost and any accumulated provisions for depreciation and impairment are removed from the balance sheet, aggregated, charged to the profit and loss account, and offset against any proceeds of disposal.
Depreciation
Depreciation is charged against each tangible asset so as to write off its individual cost less estimated residual value over its estimated useful life, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
10% straight line |
Office equipment |
10% straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Computer software |
20% straight line |
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.
Page 4 |
West of England Aerospace Forum Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
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 employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
West of England Aerospace Forum Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Intangible assets |
Software development costs |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions acquired separately |
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At 31 March 2019 |
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Amortisation |
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Amortisation charge |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2018 - £Nil).
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Page 6 |
West of England Aerospace Forum Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Prepayments |
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Other debtors |
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- |
Accrued income |
162,302 |
196,007 |
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Page 7 |
West of England Aerospace Forum Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors and accruals |
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Deferred income |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Other borrowings |
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2019 |
2018 |
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Current loans and borrowings |
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Other borrowings |
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Page 8 |
West of England Aerospace Forum Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
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 £
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2019 |
2018 |
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Remuneration |
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Contributions paid to money purchase schemes |
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51,173 |
77,946 |
Page 9 |