TARGET_AVIATION_LIMITED - Accounts

TARGET AVIATION LIMITED - Company Information

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Company Registration No. 06989285 (England and Wales)

TARGET AVIATION LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2016

TARGET AVIATION LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

TARGET AVIATION LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

141,371

151,726

Current assets

Debtors

165,855

123,730

Cash at bank and in hand

5,621

35,147

171,476

158,877

Creditors: amounts falling due within one year

(290,743)

(322,983)

Net current liabilities

(119,267)

(164,106)

Total assets less current liabilities

22,104

(12,380)

Capital and reserves

Called up share capital

Profit and loss account

22,102

(12,382)

Shareholders' funds

22,104

(12,380)

For the financial year ended 30 April 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 15 December 2016

Mr A I O'Neill

Director

Company Registration No. 06989285

TARGET AVIATION LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

- 2 -

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).

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 chargeable, net of VAT, in respect of the sales of goods and services to customers.

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 less estimated residual value of each asset over its expected useful life, as follows:

Aircraft

5% straight line basis

Computer equipment

20% reducing balance basis

Fixed assets

Tangible assets

Cost

At 1 May 2015 & at 30 April 2016

207,053

Depreciation

At 1 May 2015

55,327

Charge for the year

10,355

At 30 April 2016

65,682

Net book value

At 30 April 2016

141,371

At 30 April 2015

151,726

Share capital

2016

2015

Allotted, called up and fully paid

2 Ordinary of £1 each

TARGET AVIATION LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2016

- 3 -

Ultimate parent company

The company is controlled by the directors who own 100% of the called up share capital.

Related party relationships and transactions

Other related party transactions

During the year the company made the following related party transactions:

Target Motor Sports Limited

(Company owned 100% by Mr & Mrs A I O'Neill)

During the period the company received funding of £5,000 (2015 - £5,000) from Target Motor Sports Limited. The company also transferred funds of £17,710 (2015 - £8,075) to Target Motor ports Limited.

During the year Target Aviation Limited raised a management charge of £30,000 (2015 -£30,000) to Target Motor Sports Limited. At the balance sheet date the amount due from Target Motor Sports

Limited was £162,160 (2015- £119,450).

Mr A.I O'Neill

(Director)

The company repaid £29,832 to Mr A.I O'Neill during the year. At the balance sheet date the amount due to Mr A.I O'Neill was £287,719 (2015 - £317,552).