HANGAR SEVENTEEN LTD

HANGAR SEVENTEEN LTD

HANGAR SEVENTEEN LTD - Company Information

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HANGAR SEVENTEEN LTD

Company Registration Number:
11632224 (England and Wales)

Unaudited abridged accounts for the year ended 31 October 2020

Period of accounts

Start date: 01 November 2019

End date: 31 October 2020

HANGAR SEVENTEEN LTD

Contents of the Financial Statements

for the Period Ended 31 October 2020

Balance sheet
Notes

HANGAR SEVENTEEN LTD

Balance sheet

As at 31 October 2020


Notes
2020
2019


£
£
Fixed assets
Tangible assets: 3 0 1,645
Total fixed assets: 0 1,645
Current assets
Stocks: 3,586 20,590
Cash at bank and in hand: 287 7,159
Total current assets: 3,873 27,749
Creditors: amounts falling due within one year: 4 (45,851) (30,450)
Net current assets (liabilities): (41,978) (2,701)
Total assets less current liabilities: (41,978) (1,056)
Total net assets (liabilities): (41,978) (1,056)
Capital and reserves
Called up share capital: 2 2
Profit and loss account: (41,980) (1,058)
Shareholders funds: (41,978) (1,056)

The notes form part of these financial statements

HANGAR SEVENTEEN LTD

Balance sheet statements

For the year ending 31 October 2020 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

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

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 27 October 2021
and signed on behalf of the board by:

Name: A. Campbell
Status: Director

The notes form part of these financial statements

HANGAR SEVENTEEN LTD

Notes to the Financial Statements

for the Period Ended 31 October 2020

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets and depreciation policy

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.Plant and machinery 20%Motor vehicles 25%

Other accounting policies

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

HANGAR SEVENTEEN LTD

Notes to the Financial Statements

for the Period Ended 31 October 2020

2. Employees

2020 2019
Average number of employees during the period 2 2

HANGAR SEVENTEEN LTD

Notes to the Financial Statements

for the Period Ended 31 October 2020

3. Tangible Assets

Total
Cost £
At 01 November 2019 1,978
At 31 October 2020 1,978
Depreciation
At 01 November 2019 333
Charge for year 477
Other adjustments 1,168
At 31 October 2020 1,978
Net book value
At 31 October 2020 0
At 31 October 2019 1,645

HANGAR SEVENTEEN LTD

Notes to the Financial Statements

for the Period Ended 31 October 2020

4. Creditors: amounts falling due within one year note

Creditors: Amounts falling due within one year2020Other creditors £42,935Accruals and deferred income £3,4562019 - As restatedOther creditors £28,890Accruals and deferred income £1,560

HANGAR SEVENTEEN LTD

Notes to the Financial Statements

for the Period Ended 31 October 2020

5. Changes in presentation and prior period adjustments

A prior year adjustment has been made in order to correct opening balances for other creditors & cash at bank. The effect on opening reserves and the profit and loss account was an increase of £1,978 as a result of duplicated expenditure.

HANGAR SEVENTEEN LTD

Notes to the Financial Statements

for the Period Ended 31 October 2020

6. Post balance sheet events

Since the year end the Directors have become busy with other commitments and made the decision to wind the Company up within 12 months of the year end, with the last vehicle sale in August 2021.As a result, tangible fixed assets have had an impairment review as at the balance sheet date with the financial statements not being prepared on the going concern basis.