Rossair Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01151450 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

ROSSAIR LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A J Sanders

L Smith

S C Cottam

S J Pace

REGISTERED OFFICE:

West Gate

104 High Street

Alton

Hampshire

GU34 1EN

REGISTERED NUMBER:

01151450 (England and Wales)

ACCOUNTANTS:

Nunn Hayward LLP

Chartered Accountants

2-4 Packhorse Road

Gerrards Cross

Buckinghamshire

SL9 7QE

FIXED ASSETS

Tangible assets

4

3,483

4,156

CURRENT ASSETS

Debtors

5

1,623,544

2,916,402

Cash at bank

161,902

72,214

1,785,446

2,988,616

CREDITORS

Amounts falling due within one year

6

2,047,396

2,339,085

NET CURRENT (LIABILITIES)/ASSETS

(261,950

)

649,531

TOTAL ASSETS LESS CURRENT LIABILITIES

(258,467

)

653,687

PROVISIONS FOR LIABILITIES

557

1,252

NET (LIABILITIES)/ASSETS

(259,024

)

652,435

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(259,124

)

652,335

SHAREHOLDERS' FUNDS

(259,024

)

652,435

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2020 and were signed on its behalf by:

A J Sanders - Director

1.	STATUTORY INFORMATION

Rossair 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 (£).

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the balance sheet deficit

of £259,024. The directors have reviewed cashflows since the year end and have a reasonable expectation the

company has adequate resources to meet its liabilities as they fall due such that the company will continue in

operational existence for the foreseeable future. On this basis, they continue to adopt the going concern basis of

accounting in preparing the annual financial statements.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration by

reference to the stage of completion of the transaction at the balance sheet date. It is measured at the fair value

of the right to consideration, which represents amounts receivable for goods and services net of VAT and trade

discounts. Revenue recognised but not billed to clients at the balance sheet date is included in debtors.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on 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

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.

Debtors and creditors falling due within one year

Short term debtors and creditors are measured at transaction price, less any impairment. They do not carry any

interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2018 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2019

52,927

Additions

2,606

At 31 December 2019

55,533

DEPRECIATION

At 1 January 2019

48,771

Charge for year

3,279

At 31 December 2019

52,050

NET BOOK VALUE

At 31 December 2019

3,483

At 31 December 2018

4,156

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,371,827

2,283,825

Other debtors

275

267

Amounts owed by connected companies

2,597

69,236

Tax

29,121

9,267

Prepayments and accrued income

219,724

553,807

1,623,544

2,916,402

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

1,795,545

2,113,251

Social security and other taxes

51,903

72,693

VAT

50,798

72,182

Other creditors

5,939

-

Accruals and deferred income

143,211

80,959

2,047,396

2,339,085

7.	POST BALANCE SHEET EVENTS

Since the balance sheet date, the company sub-divided its issued share capital into 1,000 Ordinary shares £0.10

each and redesignated them as 300 Ordinary 'A', 550 Ordinary 'B' and 150 Ordinary 'C' shares.

The COVID-19 pandemic is identified as a relevant event, but it is deemed to be non-adjusting as the condition

did not exist at the balance sheet date.

8.	PARENT COMPANY AND ULTIMATE CONTROLLING PARTY