Aerospace Engineering Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04281247 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

FOR

AEROSPACE ENGINEERING SOLUTIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Heissig

A M Dolby

SECRETARY:

R W Stephens

REGISTERED OFFICE:

Unit 6

Century Drive

Freeport Office Village

Braintree

Essex

CM77 8YG

REGISTERED NUMBER:

04281247 (England and Wales)

ACCOUNTANTS:

Barrow LLP

Rae House

Dane Street

Bishops Stortford

Herts

CM23 3BT

FIXED ASSETS

Tangible assets

5

375,686

370,216

Investments

6

89

-

375,775

370,216

CURRENT ASSETS

Stocks

346,730

149,381

Debtors

7

423,326

496,079

Cash at bank

826,056

468,333

1,596,112

1,113,793

CREDITORS

Amounts falling due within one year

8

(600,344

)

(338,590

)

NET CURRENT ASSETS

995,768

775,203

TOTAL ASSETS LESS CURRENT LIABILITIES

1,371,543

1,145,419

CREDITORS

Amounts falling due after more than one year

9

(262,313

)

(13,577

)

NET ASSETS

1,109,230

1,131,842

CAPITAL AND RESERVES

Called up share capital

11

66

66

Revaluation reserve

12

(67,018

)

(67,018

)

Capital redemption reserve

12

34

34

Retained earnings

12

1,176,148

1,198,760

SHAREHOLDERS' FUNDS

1,109,230

1,131,842

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2020 and were signed on its behalf by:

A M Dolby - Director

1.	STATUTORY INFORMATION

Aerospace Engineering Solutions 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Aerospace Engineering Solutions Limited as an individual company and

do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of

the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Changes in accounting policies

The company has changed its accounting policy during the year in terms of the depreciation of its freehold property from 2%

straight line on the buildings to no provision, as it will be revaluing the property each year onward going to its considered fair

value in line with FRS 102 reporting requirements.

Turnover

Turnover represents net invoiced sales of goods and services, 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.

Freehold property

-

not provided

Office equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Work in progress is valued at net realisable value.

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.

Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred upon normal

business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present

value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are

measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If

there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a

carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not

previously been recognised.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

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.

Deferred taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of

certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing

differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised

only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of

deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average

tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been

enacted by the balance sheet date.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2018 - 20 ) .

5.	TANGIBLE FIXED ASSETS

Freehold

Office

property

equipment

Totals

£

£

£

COST OR VALUATION

At 1 October 2018

370,000

22,894

392,894

Additions

-

7,390

7,390

Disposals

-

(4,844

)

(4,844

)

At 30 September 2019

370,000

25,440

395,440

DEPRECIATION

At 1 October 2018

-

22,678

22,678

Charge for year

-

1,920

1,920

Eliminated on disposal

-

(4,844

)

(4,844

)

At 30 September 2019

-

19,754

19,754

NET BOOK VALUE

At 30 September 2019

370,000

5,686

375,686

At 30 September 2018

370,000

216

370,216

Cost or valuation at 30 September 2019 is represented by:

Freehold

Office

property

equipment

Totals

£

£

£

Valuation in 2015

(125,018

)

-

(125,018

)

Valuation in 2016

39,000

-

39,000

Valuation in 2018

19,000

-

19,000

Cost

437,018

25,440

462,458

370,000

25,440

395,440

If freehold property had not been revalued it would have been included at the following historical cost:

30.9.19

30.9.18

£

£

Cost

437,018

437,018

An informal valuation was carried out as part of a financial re-structure of the business during the year. It was deemed that

the previous carrying value had not changed significantly between this point in time and the balance sheet date.

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

89

At 30 September 2019

89

NET BOOK VALUE

At 30 September 2019

89

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade debtors

219,162

353,106

Amounts owed by group undertakings

60,169

-

Other debtors

143,995

142,973

423,326

496,079

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Bank loans and overdrafts

35,573

39,126

Trade creditors

340,849

261,618

Taxation and social security

24,057

23,062

Other creditors

199,865

14,784

600,344

338,590

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.19

30.9.18

£

£

Bank loans

262,313

13,577

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

120,021

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.19

30.9.18

£

£

Bank loans

297,886

52,703

The bank loan is secured against the company's freehold property.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.19

30.9.18

value:

£

£

66

Ordinary

£1

66

66

12.

RESERVES

Capital

Retained

Revaluation

redemption

earnings

reserve

reserve

Totals

£

£

£

£

At 1 October 2018

1,198,760

(67,018

)

34

1,131,776

Profit for the year

505,388

505,388

Dividends

(528,000

)

(528,000

)

At 30 September 2019

1,176,148

(67,018

)

34

1,109,164