FLYWELL_POWER_UK_LIMITED - Accounts

FLYWELL POWER UK LIMITED - Company Information

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Company Registration No. 06743595 (England and Wales)

FLYWELL POWER UK LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

FLYWELL POWER UK LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

FLYWELL POWER UK LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FLYWELL POWER UK LIMITED FOR THE YEAR ENDED 31 MARCH 2016

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 3 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Flywell Power UK Limited for the year ended 31 March 2016 set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Flywell Power UK Limited, as a body, in accordance with the terms of our engagement letter dated 16 September 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Flywell Power UK Limited and state those matters that we have agreed to state to the Board of Directors of Flywell Power UK Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flywell Power UK Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Flywell Power UK 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 loss of Flywell Power UK Limited. You consider that Flywell Power UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Flywell Power UK 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.

Gerald Edelman

21 December 2016

Chartered Accountants

73 Cornhill

London

EC3V 3QQ

FLYWELL POWER UK LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 2 -

2016

2015

Notes

Current assets

Stocks

26,622

43,326

Debtors

85,718

86,122

Cash at bank and in hand

280,116

13,499

392,456

142,947

Creditors: amounts falling due within one year

(867,912)

(577,218)

Total assets less current liabilities

(475,456)

(434,271)

Capital and reserves

Called up share capital

1,000

Profit and loss account

(476,456)

(435,271)

Shareholders' funds

(475,456)

(434,271)

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 21 December 2016

B Bal

Director

Company Registration No. 06743595

FLYWELL POWER UK LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Accounting policies

1.1

Accounting convention

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

The financial statements have been prepared on a going concern basis. During the year the company made a loss of £41,185 (2015: £58,802) before taxation and at the balance sheet date the company had net current liabilities of £475,456 (2015: £434,271).

The directors consider the going concern basis to be appropriate because in their opinion, the company will continue to obtain sufficient funding to enable it to pay its debts as they fall due and also will receive continuing support from its secured creditor A & B Aviation ME LLC. If the company were unable to obtain such funding, it would be unable to continue trading and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for sale and hire of aviation portable ground power units net of VAT and trade discounts.

Revenues from sales are recognised when the significant risks and rewards of ownership of the goods are transferred to the customer.

1.4

Stock

Stock is valued at the lower of cost and net realisable value.

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £729,258 (2015 - £570,644).

Share capital

2016

2015

Allotted, called up and fully paid

1,000 Ordinary shares of £1 each

1,000