Griffin Air Systems Ltd - Accounts to registrar (filleted) - small 18.2
Griffin Air Systems Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2019 |
| FOR |
| GRIFFIN AIR SYSTEMS LTD |
| GRIFFIN AIR SYSTEMS LTD (REGISTERED NUMBER: SC279208) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| GRIFFIN AIR SYSTEMS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 20 Anderson Street |
| Airdrie |
| Lanarkshire |
| ML6 0AA |
| BANKERS: |
| 29 Gordon Street |
| Glasgow |
| G2 4SN |
| GRIFFIN AIR SYSTEMS LTD (REGISTERED NUMBER: SC279208) |
| BALANCE SHEET |
| 30 APRIL 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| GRIFFIN AIR SYSTEMS LTD (REGISTERED NUMBER: SC279208) |
| BALANCE SHEET - continued |
| 30 APRIL 2019 |
| 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 by: |
| GRIFFIN AIR SYSTEMS LTD (REGISTERED NUMBER: SC279208) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 1. | STATUTORY INFORMATION |
| Griffin Air Systems Ltd is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible assets are initially recognised at cost which is the purchase price plus any directly attributable costs. |
| Subsequently tangible assets are measured at cost less accumulated depreciation and impairment losses. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Financial instruments |
| The company only has basic financial instruments. |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured |
| initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective |
| interest method, less any impairment. |
| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, |
| are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost |
| using the effective interest method. |
| 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. |
| GRIFFIN AIR SYSTEMS LTD (REGISTERED NUMBER: SC279208) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 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. |
| Government grants |
| Government grants of a revenue nature received or receivable are credited to the profit and loss account as they |
| fall due. Government grants of a capital nature are treated as deferred credits and credited to profit and loss |
| account over the estimated life of the relevant fixed assets. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 May 2018 |
| and 30 April 2019 |
| AMORTISATION |
| At 1 May 2018 |
| and 30 April 2019 |
| NET BOOK VALUE |
| At 30 April 2019 |
| At 30 April 2018 |
| GRIFFIN AIR SYSTEMS LTD (REGISTERED NUMBER: SC279208) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 May 2018 |
| and 30 April 2019 |
| DEPRECIATION |
| At 1 May 2018 |
| Charge for year |
| At 30 April 2019 |
| NET BOOK VALUE |
| At 30 April 2019 |
| At 30 April 2018 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| CIS Debtor | 310 | - |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 39,998 | 45,820 |
| Other creditors |
| Directors' current accounts | 83,510 | 145,063 |
| Accruals and deferred income |
| Accrued expenses |
| 8. | PROVISIONS FOR LIABILITIES |
| 2019 | 2018 |
| £ | £ |
| Deferred tax | 6,132 | 8,113 |
| GRIFFIN AIR SYSTEMS LTD (REGISTERED NUMBER: SC279208) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 8. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 May 2018 |
| Credit to Income Statement during year | ( |
) |
| Balance at 30 April 2019 |
| Deferred tax provided above relates to capital allowances in advance of depreciation. |