Von Essen Aviation Limited - Accounts to registrar (filleted) - small 18.2
Von Essen Aviation Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 May 2021 |
| for |
| Von Essen Aviation Limited |
| Von Essen Aviation Limited (Registered number: 07436959) |
| Contents of the Financial Statements |
| for the Year Ended 30 May 2021 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Von Essen Aviation Limited |
| Company Information |
| for the Year Ended 30 May 2021 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 4 Cedar Park |
| Cobham Road |
| Ferndown Industrial Estate |
| Wimborne |
| Dorset |
| BH21 7SF |
| Von Essen Aviation Limited (Registered number: 07436959) |
| Abridged Balance Sheet |
| 30 May 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 7 |
| Retained earnings | ( |
) | ( |
) |
| The director acknowledges his 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. |
| Von Essen Aviation Limited (Registered number: 07436959) |
| Abridged Balance Sheet - continued |
| 30 May 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| Von Essen Aviation Limited (Registered number: 07436959) |
| Notes to the Financial Statements |
| for the Year Ended 30 May 2021 |
| 1. | STATUTORY INFORMATION |
| Von Essen Aviation Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Helicopter | - |
| Motor vehicles are all classic cars and therefore included at cost and not depreciated. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Von Essen Aviation Limited (Registered number: 07436959) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 May 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| From the onset of the Pandemic in March 2020 the company has been unable to utilise the assets due to the Covid-19 restrictions, however, the Director has pledged to support the company for the 12 months following the signing of these accounts. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2020 - NIL). |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST OR VALUATION |
| At 31 May 2020 |
| and 30 May 2021 |
| DEPRECIATION |
| At 31 May 2020 |
| Charge for year |
| At 30 May 2021 |
| NET BOOK VALUE |
| At 30 May 2021 |
| At 30 May 2020 |
| Cost or valuation at 30 May 2021 is represented by: |
| Totals |
| £ |
| Valuation in 2020 | 678,966 |
| Cost | 821,034 |
| 1,500,000 |
| If the helicopter had not been revalued it would have been included at the following historical cost: |
| 2021 | 2020 |
| £ | £ |
| Cost | 421,034 | 421,034 |
| Aggregate depreciation | 26,899 | 5,848 |
| Helicopter was valued on an open market basis on 19 March 2020 by the directors . |
| Due to the circumstances following the pandemic it is difficult to assess the current value of the assets as there is currently no active market. Therefore without any evidence to the contrary the valuations have not been adjusted. |
| Von Essen Aviation Limited (Registered number: 07436959) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 May 2021 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Totals |
| £ |
| COST OR VALUATION |
| At 31 May 2020 |
| and 30 May 2021 | 1,500,000 |
| DEPRECIATION |
| At 31 May 2020 | 16,667 |
| Charge for year | 60,000 |
| At 30 May 2021 | 76,667 |
| NET BOOK VALUE |
| At 30 May 2021 | 1,423,333 |
| At 30 May 2020 | 1,483,333 |
| 5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
| 2021 | 2020 |
| £ | £ |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 1,986 | 5,870 |
| 6. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2021 | 2020 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 1,986 | 5,870 |
| Von Essen Aviation Limited (Registered number: 07436959) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 May 2021 |
| 7. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 31 May 2020 |
| Revaluation | (38,948 | ) |
| At 30 May 2021 |
| 8. | RELATED PARTY DISCLOSURES |
| At the year end the company owed the director £500,533 (2020: £545,774). There is no interest being charged on the loan which is repayable on demand. |