Aero-Biz UK Limited 30/06/2021 iXBRL

Aero-Biz UK Limited 30/06/2021 iXBRL

AERO-BIZ UK LTD - Company Information

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Company registration number: 06946640
Aero-Biz UK Limited
Unaudited filleted financial statements
30 June 2021
Aero-Biz UK Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Aero-Biz UK Limited
Directors and other information
Director M Hall
Company number 06946640
Registered office Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Aero-Biz UK Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Aero-Biz UK Limited
Year ended 30 June 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aero-Biz UK Limited for the year ended 30 June 2021 which comprise the statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Aero-Biz UK Limited, as a body, in accordance with the terms of our engagement letter dated 31 July 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Aero-Biz UK Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aero-Biz UK Limited and its director as a body for our work or for this report.
It is your duty to ensure that Aero-Biz UK 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 Aero-Biz UK Limited. You consider that Aero-Biz UK 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 Aero-Biz UK 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.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
27 September 2021
Aero-Biz UK Limited
Statement of financial position
30 June 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 826 145
_______ _______
826 145
Current assets
Debtors 6 41,220 51,840
Cash at bank and in hand 340,250 389,196
_______ _______
381,470 441,036
Creditors: amounts falling due
within one year 7 ( 22,341) ( 30,030)
_______ _______
Net current assets 359,129 411,006
_______ _______
Total assets less current liabilities 359,955 411,151
_______ _______
Net assets 359,955 411,151
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 359,954 411,150
_______ _______
Shareholders funds 359,955 411,151
_______ _______
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 September 2021 , and are signed on behalf of the board by:
M Hall
Director
Company registration number: 06946640
Aero-Biz UK Limited
Notes to the financial statements
Year ended 30 June 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, Hertfordshire, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - Staight line over four years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 July 2020 2,702 2,702
Additions 881 881
_______ _______
At 30 June 2021 3,583 3,583
_______ _______
Depreciation
At 1 July 2020 2,557 2,557
Charge for the year 200 200
_______ _______
At 30 June 2021 2,757 2,757
_______ _______
Carrying amount
At 30 June 2021 826 826
_______ _______
At 30 June 2020 145 145
_______ _______
6. Debtors
2021 2020
£ £
Trade debtors 25,920 51,840
Other debtors 15,300 -
_______ _______
41,220 51,840
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 138 74
Corporation tax 11,681 18,713
Social security and other taxes 8,363 8,583
Other creditors 2,159 2,660
_______ _______
22,341 30,030
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
M Hall ( 1,535) - 759 ( 776)
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
M Hall ( 57) ( 1,478) - ( 1,535)
_______ _______ _______ _______
9. Related party transactions
During the year the company provided a loan of £15,000 (2020 - £nil) and has charged interest at a rate of 3% to Visionary Ecom Ltd, a company in which M Hall is a director and shareholder. As at 30 June 2021, there was a balance due from Visionary Ecom Ltd of £15,300 (2020 - £nil).