ACCOUNTS - Final Accounts preparation

02800984 2013-05-01 false true 2014-04-302014-04-30 02800984 c:EntityAccountantsOrAuditors 2014-04-30 02800984 2013-05-01 2014-04-30 02800984 2014-04-30 02800984 2013-04-30 02800984 d:MotorVehicles 2013-05-01 2014-04-30 02800984 d:FixturesFittingsToolsEquipment 2013-05-01 2014-04-30 02800984 c:OrdinaryShareClass1 2014-04-30 02800984 c:OrdinaryShareClass1 2013-04-30 02800984 c:OrdinaryShareClass1 2013-05-01 2014-04-30 02800984 c:Director1 2013-05-01 2014-04-30 02800984 d:OfficeEquipment 2013-05-01 2014-04-30 02800984 d:PlantMachinery 2013-05-01 2014-04-30 02800984 d:LandBuildings d:LongLeaseholdProperties 2013-05-01 2014-04-30 02800984 c:EntityAccountantsOrAuditors 2013-05-01 2014-04-30 xbrli:shares iso4217:GBP

Registered number: 02800984

AVELAIR LIMITED

UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2014

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 5) 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 2014

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 2014 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 icaew.com/regulations.

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 2012. Our 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 AAF 2/10 as detailed at icaew.com/compilation. 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 company's assets, liabilities, financial position and profit. 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

4 November 2014

Page 1

AVELAIR LIMITED

REGISTERED NUMBER: 02800984

ABBREVIATED BALANCE SHEET

AS AT 30 APRIL 2014

2014

2013

	Note	£	£	£	£
FIXED ASSETS
Tangible assets	2		178,247		179,359

CURRENT ASSETS
Stocks		345,123		327,896
Debtors		359,646		231,127
Cash at bank and in hand		92,793		83,964

		797,562		642,987
CREDITORS: amounts falling due within one year	3	(401,916)		(273,010)
NET CURRENT ASSETS			395,646		369,977

TOTAL ASSETS LESS CURRENT LIABILITIES

573,893

549,336

CREDITORS: amounts falling due after more than one year	4		(11,079)		(29,069)
NET ASSETS			£562,814		£520,267

CAPITAL AND RESERVES
Called up share capital	5	600,000	600,000
Profit and loss account		(37,186)	(79,733)

SHAREHOLDERS' FUNDS

£562,814

£520,267

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 2014 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.

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 30 October 2014.

D J Wood (Managing Director)

Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2

AVELAIR LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2014

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 April 2008).

	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 April 2008).

	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, less their estimated residual value, over their expected useful lives on the following bases:

L/Term Leasehold Property	-	straight line over 6 years
Plant & machinery	-	10% straight line
Motor vehicles	-	25% reducing balance
Fixtures & fittings	-	10% straight line
Office equipment	-	20% straight line

	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.

Page 3

AVELAIR LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2014

1.ACCOUNTING POLICIES (continued)

	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. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

	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	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.

	1.9	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 4

AVELAIR LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2014

2.TANGIBLE FIXED ASSETS

		£
	Cost
	At 1 May 2013	393,022
	Additions	75,331
	Disposals	(29,315)
	At 30 April 2014	439,038

	Depreciation
	At 1 May 2013	213,663
	Charge for the year	53,010
	On disposals	(5,882)
	At 30 April 2014	260,791

	Net book value
	At 30 April 2014	£178,247
	At 30 April 2013	£179,359

3.CREDITORS:
Amounts falling due within one year

Included within creditors: amounts falling due within one year are secured creditors totalling £26,843 (2013 - £31,670).

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 £11,079 (2013 - £29,069).

5.SHARE CAPITAL

	2014	2013
	£	£
Allotted, called up and fully paid

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

Page 5