Blue Marble Aviation Limited - Period Ending 2020-04-30

Blue Marble Aviation Limited

Contents

Company Information	1
Statement of Directors' Responsibilities	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 8

Blue Marble Aviation Limited

Company Information

Directors

Mr Oliver Mayes Mr Garry Ramsden

Registered office

2 Patent House 48 Morris Road London E14 6NU

Accountants

Michaelides Warner & Co 102 Fulham Palace Road London W6 9PL

Blue Marble Aviation Limited

Statement of Directors' Responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' . Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Blue Marble Aviation Limited

(Registration number: 08493749)
Balance Sheet as at 30 April 2020

	Note	2020 £	2019 £
Current assets
Debtors	4	862,068	167,890
Cash at bank and in hand		1,304,115	2,159,858
		2,166,183	2,327,748
Creditors: Amounts falling due within one year	5	(248,452)	(558,473)
Net assets		1,917,731	1,769,275
Capital and reserves
Called up share capital	6	2	2
Profit and loss account		1,917,729	1,769,273
Shareholders' funds		1,917,731	1,769,275

For the financial year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 April 2021 and signed on its behalf by:
 

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

Mr Oliver Mayes
Director

Blue Marble Aviation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
2 Patent House
48 Morris Road
London
E14 6NU
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Blue Marble Aviation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Blue Marble Aviation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.



 
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

4

Debtors

	2020 £	2019 £
Other debtors	862,068	167,890
	862,068	167,890

Blue Marble Aviation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

5

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	668	358
Taxation and social security	244,784	90,631
Accruals and deferred income	3,000	18,848
Other creditors	-	448,636
	248,452	558,473

6	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

Blue Marble Aviation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

7	Related party transactions

Transactions with directors

2020	At 1 May 2019 £	Advances to directors £	Repayments by director £	At 30 April 2020 £
Mr Garry Ramsden
Amount owed to/(from) the Director	27,123	(605,887)	323,769	(254,995)
Mr Oliver Mayes
Amount owed/(from) the director	(19,045)	(610,015)	238,023	(391,037)

2019	At 1 May 2018 £	Advances to directors £	Repayments by director £	At 30 April 2019 £
Mr Garry Ramsden
Amount owed to/(from) the Director	30,148	(30,089)	27,064	27,123
Mr Oliver Mayes
Amount owed/(from) the director	1,973	(33,970)	12,952	(19,045)

Summary of transactions with other related parties

Blue Marble Creative Limited - a company related by way of having common directorship.
 Included in 'Other Debtors' as at 30 april 2020 is a balance of £ Nil (30 April 2019: £142,625) owed to the company from Blue Marble Creative Limited. Consultancy charges made to the company from Blue Marble Creative Limited during the year totalling £118,854 (30 April 2019; £72,000) are recognised in the accounts at arms length.