Airtrace Sheet Metal Limited - Accounts to registrar (filleted) - small 18.2
Airtrace Sheet Metal Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| FOR |
| AIRTRACE SHEET METAL LIMITED |
| AIRTRACE SHEET METAL LIMITED (REGISTERED NUMBER: 05392792) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| AIRTRACE SHEET METAL LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 30 - 34 North Street |
| Hailsham |
| East Sussex |
| BN27 1DW |
| AIRTRACE SHEET METAL LIMITED (REGISTERED NUMBER: 05392792) |
| BALANCE SHEET |
| 30 JUNE 2020 |
| 2020 | 2019 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| AIRTRACE SHEET METAL LIMITED (REGISTERED NUMBER: 05392792) |
| BALANCE SHEET - continued |
| 30 JUNE 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| AIRTRACE SHEET METAL LIMITED (REGISTERED NUMBER: 05392792) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| 1. | STATUTORY INFORMATION |
| Airtrace Sheet Metal Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Critical accounting judgements and estimation uncertainty |
| No significant judgements have had to be made by management in preparing these financial statements. |
| There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| AIRTRACE SHEET METAL LIMITED (REGISTERED NUMBER: 05392792) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. |
| Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| 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. |
| AIRTRACE SHEET METAL LIMITED (REGISTERED NUMBER: 05392792) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 July 2019 |
| and 30 June 2020 |
| AMORTISATION |
| At 1 July 2019 |
| and 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 July 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 July 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| AIRTRACE SHEET METAL LIMITED (REGISTERED NUMBER: 05392792) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 July 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2019 |
| Additions |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 July 2019 |
| Charge for year |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| AIRTRACE SHEET METAL LIMITED (REGISTERED NUMBER: 05392792) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| 9. | CALLED UP SHARE CAPITAL |
| 2020 | 2019 |
| £ | £ |
| Allotted, called up and fully paid |
| Class A ordinary shares of £1 each | 375 | 375 |
| Class B ordinary shares of £1 each | 375 | 375 |
| Class C ordinary shares of £1 each | 125 | 125 |
| Class D ordinary shares of £1 each | 125 | 125 |
| 1,000 | 1,000 |