Contents of the Financial Statements

for the Period Ended 31 March 2022

Company Information

for the Period Ended 31 March 2022

Balance sheet

As at 31 March 2022

The notes form part of these financial statements

Balance sheet continued

As at 31 March 2022

For the year ending 31 March 2022 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 March 2022

• 1. Accounting policies

  Basis of measurement and preparation

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

  Turnover policy

  Turnover represents the invoiced value, net of Value Added Tax, of goods sold and services provided to customers.

  Tangible fixed assets depreciation policy

  Fixed assets are stated at historical cost.
  
  Depreciation is provided on all tangible fixed assets other than freehold land at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:-
  
  Aircraft - 5% on reducing balance
  Engine - at varying rates on cost
  Radios - 10% on reducing balance
  

  Other accounting policies

  DEFERRED TAXATION Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company’s taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. GOING CONCERN The company has the cash resources and shareholder support to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate for the foreseeable future. Accordingly, the directors believe it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include the adjustments that would be necessary if the company is unable to continue as a going concern.

Notes to the Financial Statements

for the Period Ended 31 March 2022

• 2. Employees

  	2022	2021
  Average number of employees during the period	0	0

Notes to the Financial Statements

for the Period Ended 31 March 2022

• 3. Off balance sheet disclosure

  No

Notes to the Financial Statements

for the Period Ended 31 March 2022

4. Tangible Assets

Notes to the Financial Statements

for the Period Ended 31 March 2022

5. Creditors: amounts falling due after more than one year note