Freedom Air Limited - Period Ending 2014-08-31

Registration number: 03788245

Freedom Air Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2014
 

Newsham Hanson
Chartered Certified Accountants
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

Freedom Air Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Freedom Air Limited
for the Year Ended 31 August 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Freedom Air Limited for the year ended 31 August 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Freedom Air Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Freedom Air Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Freedom Air Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Freedom Air Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Freedom Air Limited. You consider that Freedom Air Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Freedom Air Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Newsham Hanson
Chartered Certified Accountants
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

20 May 2015

Page 1

Freedom Air Limited
(Registration number: 03788245)
Abbreviated Balance Sheet at 31 August 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					1,426			1,079
Current assets
Debtors					53,892			70,106
Cash at bank and in hand					63,987			58,626
					117,879			128,732
Creditors: Amounts falling due within one year					(41,873)			(42,919)
Net current assets					76,006			85,813
Net assets					77,432			86,892
Capital and reserves
Called up share capital		3			6			6
Profit and loss account					77,426			86,886
Shareholders' funds					77,432			86,892

For the year ending 31 August 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 20 May 2015 and signed on its behalf by:

.........................................
 Mr N Hannabuss
 Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Freedom Air Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover in the accounts represents sales commissions received as agent during the period.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line basis

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2013		8,378			8,378
Additions		1,234			1,234
At 31 August 2014		9,612			9,612
Depreciation
At 1 September 2013		7,299			7,299
Charge for the year		887			887
At 31 August 2014		8,186			8,186
Net book value
At 31 August 2014		1,426			1,426
At 31 August 2013		1,079			1,079

Page 3

Freedom Air Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
'A' Ordinary shares of £1 each		4			4			4			4
'B' Ordinary shares of £1 each		2			2			2			2
		6			6			6			6

Page 4