ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

K2 AIR SERVICES LIMITED - Company Information

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03681436 2015-01-01 false true 2015-12-312015-12-31Turnover comprises the value of services provided, exclusive of value added tax, under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. 03681436 e:EntityAccountantsOrAuditors 2015-12-31 03681436 2015-01-01 2015-12-31 03681436 2015-12-31 03681436 2014-12-31 03681436 e:OrdinaryShareClass1 2015-12-31 03681436 e:OrdinaryShareClass1 2014-12-31 03681436 e:OrdinaryShareClass1 2015-01-01 2015-12-31 03681436 e:Director1 2015-01-01 2015-12-31 03681436 c:OfficeEquipment 2015-01-01 2015-12-31 03681436 c:PlantMachinery 2015-01-01 2015-12-31 03681436 c:ProvisionsForDeferredTaxation 2014-12-31 03681436 e:EntityAccountantsOrAuditors 2015-01-01 2015-12-31 xbrli:shares iso4217:GBP

Registered number: 03681436









K2 AIR SERVICES LIMITED







UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015
 
K2 AIR SERVICES LIMITED
 

CONTENTS


Page

 
 
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the abbreviated accounts
 
 
4 - 5
 
K2 AIR SERVICES LIMITED
 
 
The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF K2 AIR SERVICES LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of K2 Air Services Limited for the year ended 31 December 2015 which comprise the Profit and loss account, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
 

As a 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 at icaew.com/regulations.


This report is made solely to the Board of directors of K2 Air Services Limited, as a body, in accordance with the terms of our engagement letter dated 9 May 2013. Our work has been undertaken solely to prepare for your approval the financial statements of K2 Air Services Limited and state those matters that we have agreed to state to the Board of directors of K2 Air Services Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K2 Air Services Limited and its Board of directors, as a body, for our work or for this report.
 
 
It is your duty to ensure that K2 Air Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit. You consider that K2 Air Services Limited is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of K2 Air Services 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.





MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ

30 August 2016
Page 1
 
K2 AIR SERVICES LIMITED
REGISTERED NUMBER: 03681436

ABBREVIATED BALANCE SHEET
AS AT 31 DECEMBER 2015

2015
2014
Note
£
£
£
£
 
FIXED ASSETS





 
Tangible assets
 
2
2,356
2,517
 
CURRENT ASSETS





 
Debtors
14,870
23,344

 
Cash at bank

49,556
40,555







 
64,426
63,899
 
CREDITORS: amounts falling due within one year
(16,991)
(23,121)
 
NET CURRENT ASSETS


47,435

40,778
 
TOTAL ASSETS LESS CURRENT LIABILITIES
49,791
43,295
 
PROVISIONS FOR LIABILITIES





 
Deferred tax
(353)
(502)

NET ASSETS




 49,438


 42,793
  
CAPITAL AND RESERVES

 
Called up share capital
3
2
2
 
Profit and loss account
49,436
42,791
 
SHAREHOLDERS' FUNDS
 

 49,438

 42,793


The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. 

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2015 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.


Page 2
 
K2 AIR SERVICES LIMITED
 
    
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 DECEMBER 2015

The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 30 August 2016.





S Mahmood
Director

The notes on pages 4 to 5 form part of these financial statements.

Page 3
 
K2 AIR SERVICES LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015

1.ACCOUNTING POLICIES

1.1
Basis of preparation of financial statements

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2
Cash flow

The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.3
Turnover

Turnover comprises the value of services provided, exclusive of value added tax, under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.
 
1.4
Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and equipment
-
15% reducing balance
Office equipment
-
15% reducing balance

1.5
Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.

Page 4
 
K2 AIR SERVICES LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015

2.TANGIBLE FIXED ASSETS



£


Cost 


At 1 January 2015
20,819

Additions
450

Disposals
(610)


At 31 December 2015

20,659



Depreciation


At 1 January 2015
18,302

Charge for the year
445

On disposals
(444)


At 31 December 2015

18,303




Net book value


At 31 December 2015
 2,356


At 31 December 2014

 2,517


3.SHARE CAPITAL
        2015
        2014
        £

        £

Allotted, called up and fully paid



2 Ordinary shares of £1 each
 2
 2


4.DIRECTORS' BENEFITS: ADVANCES, CREDIT AND GUARANTEES

At 1 January 2015 the company was owed £23,344 by S Mahmood, the director.
Amounts advanced during the year totalled £70,838. Amounts repaid during the year totalled £79,311. The  balance outstanding at 31 December 2015 was £14,871, as included within other debtors note 6 above. The loan is interest free with no set date for repayment.  The maximum loan amount outstanding during the year was £30,790.
 
Page 5