RYVOAN_AVIATION_LIMITED - Accounts

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.

Overhaul costs of helicopters are capitalised and depreciated on a straight line basis over the period until the next major overhaul, which is usually between 7 and 11 years. The balance of the cost is depreciated on a straight line basis over the remaining useful life of the helicopter, which is usually between 14 and 22 years.

Investments held as fixed assets are shown at cost less provision for impairment.

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.