Aviation South West Limited 28/02/2021 iXBRL

Aviation South West Limited 28/02/2021 iXBRL

AVIATION SOUTH WEST LIMITED - Company Information

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Company registration number: 03729936
Aviation South West Limited
Unaudited filleted financial statements
28 February 2021
AVIATION SOUTH WEST LIMITED
Contents
Statement of financial position
Notes to the financial statements
AVIATION SOUTH WEST LIMITED
STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 180,723 113,875
_______ _______
180,723 113,875
Current assets
Stocks 1,347 2,090
Debtors 7 49,465 65,757
Cash at bank and in hand 195,501 83,119
_______ _______
246,313 150,966
Creditors: amounts falling due
within one year 8 ( 363,779) ( 230,532)
_______ _______
Net current liabilities ( 117,466) ( 79,566)
_______ _______
Total assets less current liabilities 63,257 34,309
Creditors: amounts falling due
after more than one year 9 ( 43,333) -
Provisions for liabilities ( 2,687) ( 4,013)
_______ _______
Net assets 17,237 30,296
_______ _______
Capital and reserves
Called up share capital 70,000 70,000
Profit and loss account ( 52,763) ( 39,704)
_______ _______
Shareholders funds 17,237 30,296
_______ _______
For the year ending 28 February 2021 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2021 , and are signed on behalf of the board by:
Mr A C Mclaird Mrs A McLaird
Director Director
Company registration number: 03729936
AVIATION SOUTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 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 Aileron House Exeter Airport, Clyst Honiton, Exeter, EX5 2BA.
Principal activity
The principal activity of the company is the provision of flight training courses together with flight experience sessions.
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'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
As at 28 February 2021 the company had net current liabilities. The financial statements have been prepared on a going concern basis due to the continued support of the directors who have expressed their willingness to continue providing this support to the company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover represents the total value of training courses and experience flights undertaken, excluding value added tax, to customers during the year.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation.
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:
Short leasehold property - Straight line over the life of the lease
Property improvements - Straight line over the life of the lease
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 20 % reducing balance
Aircraft - 5 % straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2020: 14 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2020 and 28 February 2021 5,500 5,500
_______ _______
Amortisation
At 1 March 2020 and 28 February 2021 5,500 5,500
_______ _______
Carrying amount
At 28 February 2021 - -
_______ _______
At 28 February 2020 - -
_______ _______
6. Tangible assets
Property improvements Fixtures, fittings and equipment Motor vehicles Aircraft Total
£ £ £ £ £
Cost
At 1 March 2020 78,255 17,964 7,995 69,500 173,714
Additions 275 7,108 - 81,950 89,333
Disposals - - - ( 9,500) ( 9,500)
_______ _______ _______ _______ _______
At 28 February 2021 78,530 25,072 7,995 141,950 253,547
_______ _______ _______ _______ _______
Depreciation
At 1 March 2020 42,889 6,464 5,375 5,111 59,839
Charge for the year 7,683 2,791 524 7,098 18,096
Disposals - - - ( 5,111) ( 5,111)
_______ _______ _______ _______ _______
At 28 February 2021 50,572 9,255 5,899 7,098 72,824
_______ _______ _______ _______ _______
Carrying amount
At 28 February 2021 27,958 15,817 2,096 134,852 180,723
_______ _______ _______ _______ _______
At 28 February 2020 35,366 11,500 2,620 64,389 113,875
_______ _______ _______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 5,517 32,018
Other debtors 43,948 33,739
_______ _______
49,465 65,757
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 6,667 -
Trade creditors 139,917 93,415
Accruals and deferred income 8,926 7,427
Social security and other taxes 167,454 78,068
Other creditors 40,815 51,622
_______ _______
363,779 230,532
_______ _______
The loans are supported by way of a 100% guarantee from the UK Government.
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 43,333 -
_______ _______
The loans are supported by way of a 100% guarantee from the UK Government.
10. Government grants
The amounts recognised in the for government grants are as follows:
2021 2020
£ £
Recognised in other operating income:
Government grants recognised directly in income 120,370 -
_______ _______
Included within creditors is a bank loan balance of £50,000 (2020: £nil) that has been guaranteed in full by the UK Government.
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 9,542 -
Later than 1 year and not later than 5 years 28,687 67,338
_______ _______
38,229 67,338
_______ _______
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 March 2020 Loans to / (from) the directors Amounts repaid Balance at 28 February 2021
£ £ £ £
Directors 17,807 10,803 ( 9,744) 18,866
_______ _______ _______ _______
Loans to / (from) directors at 1 March 2019 Loans to / (from) the directors Amounts repaid Balance at 28 February 2020
£ £ £ £
Directors 17,808 64,187 ( 64,188) 17,807
_______ _______ _______ _______
13. Related party transactions
During the year the company entered into the following transactions with related parties:
Balance owed by/(owed to)
2021 2020
£ £
Loan advanced to connected party 5,251 251
_______ _______
14. Coronavirus Pandemic
During the year there was instability as a result of the Coronavirus pandemic which has impacted the company's income and expenditure.
15. Coronavirus Job Retention Scheme
During the year the company was the recipient of economic benefits as a result of participating in the UK's Coronavirus Job Retention Scheme. The total funds recognised on an accruals basis from the UK Government during the year was £109,329 (2020: £nil).