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 2020

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

29,189

40,018

CURRENT ASSETS

Stocks

4,298

11,708

Debtors

6

115,578

39,799

Cash at bank

126,293

142,056

246,169

193,563

CREDITORS

Amounts falling due within one year

7

(144,823

)

(113,779

)

NET CURRENT ASSETS

101,346

79,784

TOTAL ASSETS LESS CURRENT LIABILITIES

130,535

119,802

CREDITORS

Amounts falling due after more than one year

8

(33,065

)

(56,959

)

PROVISIONS FOR LIABILITIES

(4,092

)

(6,056

)

NET ASSETS

93,378

56,787

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

93,278

56,687

93,378

56,787

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and authorised for issue on 9 October 2020 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

Government grants

Government grants Government grants in relation to tangible fixed asset are credited to profit and loss account

over the useful lives of the related assets, whereas those in relation to expenditure are credited when the

expenditure is charged to profit and loss.

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

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 (2019 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

78,671

Additions

3,246

Disposals

(15,356

)

At 31 March 2020

66,561

DEPRECIATION

At 1 April 2019

38,653

Charge for year

9,734

Eliminated on disposal

(11,015

)

At 31 March 2020

37,372

NET BOOK VALUE

At 31 March 2020

29,189

At 31 March 2019

40,018

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

Plant and

machinery

etc

£

COST

At 1 April 2019

42,630

Transfer to ownership

(15,356

)

At 31 March 2020

27,274

DEPRECIATION

At 1 April 2019

17,833

Charge for year

5,114

Transfer to ownership

(11,015

)

At 31 March 2020

11,932

NET BOOK VALUE

At 31 March 2020

15,342

At 31 March 2019

24,797

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

89,392

24,952

Other debtors

26,186

14,847

115,578

39,799

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

6,028

7,175

Hire purchase contracts (see note 9)

7,956

8,312

Trade creditors

34,213

20,201

Taxation and social security

46,538

39,203

Other creditors

50,088

38,888

144,823

113,779

Included within other creditors disclosed above is a balance of £1,683 (2019 - £1,855) in relation to accruals and

a balance of £48,405 (2019 - £37,033) in relation to directors loan accounts.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

33,065

49,003

Hire purchase contracts (see note 9)

-

7,956

33,065

56,959

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

5,221

15,654

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

7,956

8,312

Between one and five years

-

7,956

7,956

16,268

Non-cancellable operating

leases

2020

2019

£

£

In more than five years

39,000

51,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

39,094

56,177

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.