ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation


02800984 2015-05-01 false true 2016-04-302016-04-30 02800984 c:EntityAccountantsOrAuditors 2016-04-30 02800984 2015-05-01 2016-04-30 02800984 2016-04-30 02800984 2015-04-30 02800984 d:MotorVehicles 2015-05-01 2016-04-30 02800984 d:FixturesFittingsToolsEquipment 2015-05-01 2016-04-30 02800984 c:OrdinaryShareClass1 2016-04-30 02800984 c:OrdinaryShareClass1 2015-04-30 02800984 c:OrdinaryShareClass1 2015-05-01 2016-04-30 02800984 c:Director1 2015-05-01 2016-04-30 02800984 d:ComputerEquipment 2015-05-01 2016-04-30 02800984 d:PlantMachinery 2015-05-01 2016-04-30 02800984 d:LandBuildings d:ShortLeaseholdProperties 2015-05-01 2016-04-30 02800984 d:ProvisionsForDeferredTaxation 2015-04-30 02800984 c:EntityAccountantsOrAuditors 2015-05-01 2016-04-30 xbrli:shares iso4217:GBP

Registered number: 02800984










AVELAIR LIMITED








UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

 
AVELAIR 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 6) have been prepared.
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AVELAIR LIMITED
FOR THE YEAR ENDED 30 APRIL 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Avelair Limited for the year ended 30 April 2016 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 http://www.icaew.com/en/membership/
regulations-standards-and-guidance.


This report is made solely to the Board of directors of Avelair Limited, as a body, in accordance with the terms of our engagement letter dated 12 September 2012Our work has been undertaken solely to prepare for your approval the financial statements of Avelair Limited and state those matters that we have agreed to state to the Board of directors of Avelair Limited, as a body, in this report in accordance with ICAEW Technical release TECH07/16AAF . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Avelair Limited and its Board of directors, as a body, for our work or for this report.
 
 
It is your duty to ensure that Avelair 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 Avelair Limited. You consider that Avelair 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 Avelair 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

18 November 2016
Page 1

 
AVELAIR LIMITED
REGISTERED NUMBER: 02800984

ABBREVIATED BALANCE SHEET
AS AT 30 APRIL 2016

2016
2015
Note
£
£
£
£
 
FIXED ASSETS





 
Tangible assets
 
2
195,564
161,345
 
CURRENT ASSETS





 
Stocks
366,804
322,172

 
Debtors
347,857
315,099

 
Cash at bank and in hand

159,520
126,635







 
874,181
763,906
 
CREDITORS: amounts falling due within one year
3
(388,781)
(328,459)
 
NET CURRENT ASSETS


485,400

435,447
 
TOTAL ASSETS LESS CURRENT LIABILITIES
680,964
596,792
 
CREDITORS: amounts falling due after more than one year
4
(23,326)

(10,036)
 
PROVISIONS FOR LIABILITIES





 
Deferred tax
(10,611)
(10,933)

NET ASSETS




£647,027


£575,823
  
CAPITAL AND RESERVES

 
Called up share capital
5
600,000
600,000
 
Profit and loss account
47,027
(24,177)
 
SHAREHOLDERS' FUNDS
 

£647,027

£575,823


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 30 April 2016 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

 
AVELAIR LIMITED
 
    
ABBREVIATED BALANCE SHEET (continued)
AS AT 30 APRIL 2016

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 14 November 2016.





D J Wood (Managing Director)
Director

The notes on pages 4 to 6 form part of these financial statements.

Page 3

 
AVELAIR LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016

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 revenue recognised by the company from the sale of gas compressors and spare parts and the servicing and hire of equipment during the year, exclusive of Value Added Tax and trade discounts
Revenue is recognised when compressors and spare parts are delivered and servicing has been carried out.  Hire charges are recognised in terms of the hire days in the month equating to complete weeks.

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, over their expected useful lives, on the following bases:

Leasehold property
-
straight line over 6 years
Plant & machinery
-
straight line over 10 years
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
straight line over 10 years
Computer equipment
-
straight line over 5 years

1.5
Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.6
Operating leases

Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.

Page 4

 
AVELAIR LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016

1.ACCOUNTING POLICIES (continued)

1.7
Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

1.8
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.

1.9
Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and loss account.

1.10
Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Page 5

 
AVELAIR LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016

2.TANGIBLE FIXED ASSETS



£


Cost 


At 1 May 2015
446,813

Additions
83,520

Disposals
(72,705)


At 30 April 2016

457,628



Depreciation


At 1 May 2015
285,468

Charge for the year
39,800

On disposals
(63,204)


At 30 April 2016

262,064




Net book value


At 30 April 2016
£195,564


At 30 April 2015

£161,345


3.CREDITORS:
Amounts falling due within one year

Included within creditors: amounts falling due within one year are secured creditors totalling £14,252 (2015 - £19,120).

 

4.CREDITORS:
Amounts falling due after more than one year

Included within creditors: amounts falling due after more than one year are secured creditors totalling £23,326 (2015 - £10,036).


5.SHARE CAPITAL
        2016
        2015
        £

        £

Allotted, called up and fully paid



600,000 Ordinary shares of £1 each
£600,000
£600,000

Page 6