PM Air Limited - Filleted accounts

Registered number

11908508

PM Air Limited

Filleted Accounts

31 March 2020

PM Air Limited
Registered number:		11908508
Balance Sheet
as at 31 March 2020

Notes			2020
£
Fixed assets
Intangible assets	3		6,000

Current assets
Debtors	4	168,130
Cash at bank and in hand		18,618
		186,748

Creditors: amounts falling due within one year	5	(151,297)

Net current assets			35,451

Net assets			41,451

Capital and reserves
Called up share capital			1,000
Profit and loss account			40,451

Shareholders' funds			41,451

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Paul Mansi
Director
Approved by the board on 1 March 2021

PM Air Limited
Notes to the Accounts
for the period from 27 March 2019 to 31 March 2020


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees	2020
Number

	Average number of persons employed by the company	2


3	Intangible fixed assets		£
	Goodwill & Databases

	Cost
	Additions		7,500
	At 31 March 2020		7,500

	Amortisation
	Provided during the period		1,500
	At 31 March 2020		1,500

	Net book value
	At 31 March 2020		6,000

	Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.


4	Debtors	2020
£

	Trade debtors	164,288
	Other debtors	3,842
		168,130


5	Creditors: amounts falling due within one year	2020
£

	Trade creditors	106,951
	Taxation and social security costs	31,770
	Other creditors	12,576
		151,297


6	Other information

	PM Air Limited is a private company limited by shares and incorporated in Wales. Its registered office is:
	BP 26
	10 Y Sgwár
	Heol Yr Orsaf
	Dinas Powys
	CF64 4YR

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