Accounts filed on 31-03-2016
Accounts filed on 31-03-2016
trueKemble Flying Centre Ltd080962402016-03-313507-19753607-18751001003607-187548090051697-1875-92984-17200103284195311030023319806206228502092691446811532511000013368115325Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
GoodwillPositive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the
Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax, with
the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments)
of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement
assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose
of the assets concerned. However, no provision is made where, on the basis of all available
evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled
over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the director considers that it is 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 is measured on an undiscounted basis at the tax rates that are expected
to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
Provisions for liabilities and charges
Provisions for the expected costs of maintenance under guarantees are charged against profits when
products have been invoiced. The effect of the time value of money is not material and therefore
the provisions are not discounted.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Plant & MachineryMethod for Plant & equipment0.0000Fixtures & FittingsMethod for Fixtures & fittings0.0000Leasehold Propertystraight line0.0500Aircraft - Cost B/FwdMethod for Fixed asset 70.0000110000110001420641702712503783831702668115306417027136037838317026681Ordinary1001100100Ordinary1100100100
Mr D Young is a director and shareholder.
Mr D Young was owed £2,627 on her director's loan account (2015: £6,708) and is included creditors. The loan is interest free and repayable on demand.2016-12-12Mr D Youngtruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureKemble Flying Centre Ltd2015-04-012016-03-31Kemble Flying Centre Ltd2014-04-012015-03-31Kemble Flying Centre Ltd2014-03-31Kemble Flying Centre Ltd2015-03-31Kemble Flying Centre Ltd2015-03-31Kemble Flying Centre Ltd2016-03-31 2016-12-13
