Malton Inflight Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02325432 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

MALTON INFLIGHT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTOR:

G S Oakley

REGISTERED OFFICE:

The Beehive

Beehive Ring Road

Gatwick

West Sussex

RH6 0PA

REGISTERED NUMBER:

02325432 (England and Wales)

ACCOUNTANTS:

Synergee Limited

1 The Old Stables

Eridge Park

Tunbridge Wells

Kent

TN3 9JT

FIXED ASSETS

Tangible assets

4

5,839

7,340

CURRENT ASSETS

Stocks

167,335

27,609

Debtors

5

5,619

121,225

Cash at bank

34,075

19,446

207,029

168,280

CREDITORS

Amounts falling due within one year

6

(270,753

)

(278,968

)

NET CURRENT LIABILITIES

(63,724

)

(110,688

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(57,885

)

(103,348

)

CREDITORS

Amounts falling due after more than one
year

7

(44,488

)

-

NET LIABILITIES

(102,373

)

(103,348

)

CAPITAL AND RESERVES

Called up share capital

2,000

Retained earnings

8

(104,373

)

(105,348

)

(102,373

)

(103,348

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 28 September 2021 and were signed by:

G S Oakley - Director

1.	STATUTORY INFORMATION

Malton Inflight Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, VAT and other sales taxes.

Turnover from the sale of goods is recognised when the following conditions are satisfied:

- the significant risks and rewards of ownership are transferred to the customer;

- the company does not retain managerial involvement, nor control over the goods sold;

- the amount of turnover can be reliably measured;

- the right to consideration due for the transaction is probable; and

- the costs incurred, or to be incurred, can be reliably measured.

Turnover is recognised upon dispatch or collection of the goods by the customer.

Monies received in respect of advanced orders are treated as deposits until the criteria for recognition as turnover is met.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Tangible fixed assets are held under the cost model, and are stated at their historical cost less accumulated depreciation and impairment losses. Cost includes directly attributable expenditure in bringing the asset into the location and condition necessary for operation.

The assets' residual values; useful lives and depreciation methods are reviewed periodically and prospectively adjusted where appropriate; or where there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount, and are recognised in the statement of income and retained earnings.

Government grants

Government grants are recognised according to the accrual model.

Government grants are classified either as relating to revenue or relating to assets.

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the related costs, for which the grant is intended to compensate, are recognised. Grants that become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support with no future related costs, are recognised in income in the period in which they become 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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the cost of purchase of finished goods for resale.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to the estimated realisable value, and the impairment is immediately recognised in the statement of income and retained earnings.

Financial instruments

The company only enters into basic financial instruments 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 non-puttable ordinary shares.

Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.

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.

Foreign currencies

The company's functional and presentation currency is GBP.

At each reporting date, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction. Non-monetary items at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from translation of monetary assets and liabilities denominated in foreign currencies at the reporting date are recognised in the statement of income and retained earnings.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the term of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by hire purchase are depreciated over the useful economic life. Assets acquired by finance lease are depreciated over the term of the lease, or useful economic life if shorter.

Finance leases are those where substantially all of the risks and benefits of ownership are assumed by the company. Obligations under such agreements are included in creditors, net of finance charges allocated to future periods. The finance element of the rental payment is charged to the statement of income and retained earnings so as to produce a constant, periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company operates a defined contribution pension scheme. A defined contribution scheme is a plan under which the company pays fixed contributions into a separate legal entity. Once the contributions have been paid, the company has no further payment obligations.

Contributions payable to the company's pension scheme are recognised in the statement of income and retained earnings in the period to which they fall due. Amounts not paid by the reporting date are shown within accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Cash and cash equivalents

Cash is represented by cash in hand and bank current and short term deposit accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

59,520

Additions

341

At 31 December 2020

59,861

DEPRECIATION

At 1 January 2020

52,180

Charge for year

1,842

At 31 December 2020

54,022

NET BOOK VALUE

At 31 December 2020

5,839

At 31 December 2019

7,340

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Trade debtors

-

112,422

Other debtors

5,619

8,803

5,619

121,225

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Bank loans and overdrafts

5,512

-

Trade creditors

225,461

243,252

Amounts owed to group undertakings

8,647

Taxation and social security

1,703

2,550

Other creditors

29,430

24,519

270,753

278,968

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

Bank loans

44,488

-

8.

RESERVES

Retained earnings represent distributable reserves of accumulated profits and losses.

9.	PENSION COMMITMENTS

Amounts due and not paid at the reporting date in respect of contributions to defined contribution pension schemes totalled £176 (2019: £253). This is included within Other Creditors.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G S Oakley.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Malton Inflight Limited for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Malton Inflight Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Malton Inflight Limited and state those matters that we have agreed to state to the director of Malton Inflight Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Malton Inflight Limited and its director for our work or for this report.

It is your duty to ensure that Malton Inflight 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 Malton Inflight Limited. You consider that Malton Inflight 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 Malton Inflight 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.

Synergee Limited

1 The Old Stables

Eridge Park

Tunbridge Wells

Kent

TN3 9JT

28 September 2021

Malton Inflight Limited - Accounts to registrar (filleted) - small 18.2

Malton Inflight Limited - Accounts to registrar (filleted) - small 18.2