Heritage Aviation Developments Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03285882 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2015

FOR

HERITAGE AVIATION DEVELOPMENTS LIMITED

Page

Company Information

1

Accountants' Report

2

Abbreviated Balance Sheet

3

to

4

Notes to the Abbreviated Accounts

5

to

6

DIRECTORS:

Mr J N Whaley

Mrs A Whaley

SECRETARY:

Mr J N Whaley

REGISTERED OFFICE:

Harboury House

Swanbourne Road

Mursley

Milton Keynes

Buckinghamshire

MK17 0JA

REGISTERED NUMBER:

03285882 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages three to six) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Heritage Aviation Developments Limited for the year ended

28 February 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from

the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Heritage Aviation Developments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Heritage Aviation Developments Limited and state those matters that we have agreed to state to the Board of Directors of Heritage Aviation Developments Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Heritage Aviation Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Heritage Aviation Developments Limited. You consider that Heritage Aviation Developments 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 financial statements of Heritage

Aviation Developments 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 financial statements.

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

8 July 2015

FIXED ASSETS

Tangible assets

2

109,366

110,195

CURRENT ASSETS

Debtors

85

977

Cash at bank

846

184

931

1,161

CREDITORS

Amounts falling due within one year

271,029

272,947

NET CURRENT LIABILITIES

(270,098

)

(271,786

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(160,732

)

(161,591

)

CAPITAL AND RESERVES

Called up share capital

3

3

3

Profit and loss account

(160,735

)

(161,594

)

SHAREHOLDERS' FUNDS

(160,732

)

(161,591

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 8 July 2015 and were signed on its behalf by:

Mr J N Whaley - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the going concern basis. Although the company had

net total liabilities at the balance sheet date, the directors believe it is appropriate for the financial

statements to be prepared on this basis. The company is able to rely upon the continued support of its

parent company, Watson and Ewen Limited.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to

consideration and is recorded at the value of the consideration due.

Tangible fixed assets

Depreciation of fixed assets is calculated to write off their cost or valuation less any residual value

over their estimated useful lives as follows:

Plant and machinery - 25% on reducing balance

Vintage aircraft - Not provided

The vintage aircraft is not depreciated as required by FRS15 as, in the opinion of the directors, by

virtue of annual maintenance costs defrayed, its original value has been maintained and consequently

any depreciation charge would not be material.

This policy represents a departure from the requirement of Companies Act 2006 to depreciate assets.

This is deemed necessary in order to provide a true and fair view.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2014

and 28 February 2015

125,974

DEPRECIATION

At 1 March 2014

15,779

Charge for year

829

At 28 February 2015

16,608

NET BOOK VALUE

At 28 February 2015

109,366

At 28 February 2014

110,195

Plant and machinery includes vintage aircraft with cost and net book value amounting to £106,879

(2014: £106,879).

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

3

Ordinary

£1

3

3

4.	ULTIMATE PARENT COMPANY

The company's ultimate parent undertaking at the balance sheet date was Watson and Ewen Limited, a

company incorporated in England and Wales.