Tracer Aviation Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 08020516 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2015

for

Tracer Aviation Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Dr C F Ross

A J McQuiggan

REGISTERED OFFICE:

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

REGISTERED NUMBER:

08020516 (England and Wales)

ACCOUNTANTS:

Knights Lowe

Chartered Accountants

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

2

684

-

CURRENT ASSETS

Debtors

88,627

78,314

Cash at bank

10,190

1,037

98,817

79,351

CREDITORS

Amounts falling due within one year

82,246

83,491

NET CURRENT ASSETS/(LIABILITIES)

16,571

(4,140

)

TOTAL ASSETS LESS CURRENT LIABILITIES

17,255

(4,140

)

CREDITORS

Amounts falling due after more than one year

65,588

67,517

NET LIABILITIES

(48,333

)

(71,657

)

CAPITAL AND RESERVES

Called up share capital

3

20,300

300

Profit and loss account

(68,633

)

(71,957

)

SHAREHOLDERS' FUNDS

(48,333

)

(71,657

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 21 December 2015 and were signed on its behalf by:

Dr C F Ross - Director

A J McQuiggan - Director

1.	ACCOUNTING POLICIES

Going concern

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Having discussed the projected results and cash flow of the company with the directors, it is planned that the

company will continue to invest in products in the following year. Orders are now being received which will see

cash generated in the year ended 31 March 2016 and within the foreseeable future. The company currently

has the continued support of its directors. Whilst there is always considerable uncertainty in predicting cash

flows more than a few months into the future, the directors are confident that the cash demands of the

company will be satisfied, and it is therefore appropriate to prepare the financial statements on the going

concern basis.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Turnover represents the value of services provided to date based on a proportion of the total contract value.

Where payments are received from customers in advance of services provided, the amounts are recorded as

deferred income and included as part of creditors due within one year. Similarly If the value of the work

performed is above payments received from the customer, if the final outcome can be assessed with

reasonable certainty, the difference in value is recognised as turnover and as accrued income which is included

as part of debtors due within one year.

Tangible fixed assets

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

Computer equipment

-

5 years straight line

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating

result.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

Additions

733

At 31 March 2015

733

DEPRECIATION

Charge for year

49

At 31 March 2015

49

NET BOOK VALUE

At 31 March 2015

684

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

40,600

Ordinary

£0.50

20,300

300

40,000 Ordinary shares of £0.50 each were allotted and fully paid for cash at par during the year.