Specialist Aviation Manufacturing Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 01179848 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 August 2016

for

Specialist Aviation Manufacturing Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

D F Hammond

D E Spencer

SECRETARY:

D F Hammond

REGISTERED OFFICE:

Aerospace Logistics Centre

Fifth Avenue

Letchworth

Hertfordshire

SG6 2TS

REGISTERED NUMBER:

01179848 (England and Wales)

ACCOUNTANTS:

Godfrey Laws & Co Limited

69 Knowl Piece

Wilbury Way

Hitchin

Hertfordshire

SG4 0TY

FIXED ASSETS

Tangible assets

2

-

445,440

CURRENT ASSETS

Stocks

-

51,423

Debtors

77,141

367,638

Cash at bank and in hand

8,293

22,810

85,434

441,871

CREDITORS

Amounts falling due within one year

84,808

565,670

NET CURRENT ASSETS/(LIABILITIES)

626

(123,799

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

626

321,641

CREDITORS

Amounts falling due after more than one
year

-

(214,340

)

PROVISIONS FOR LIABILITIES

-

(75,623

)

NET ASSETS

626

31,678

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

526

31,578

SHAREHOLDERS' FUNDS

626

31,678

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 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 have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 30 May 2017 and were signed on its behalf by:

D F Hammond - Director

1.	ACCOUNTING POLICIES

Accounting convention

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

Turnover represents amounts invoiced during the year, exclusive of value added tax.

In respect of contracts for on going services, turnover represents the value of work done in the year, including

estimates of amounts not invoiced. The turnover for these contracts is recognised by reference to the stage of

completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% and 10% on cost

Fixtures, fittings & equipment

-

10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Deferred tax assets are recognised only to the extent that the directors consider 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

Government grants

Government grants in respect of fixed assets are treated as deferred income and credited to the profit and loss

account over the expected useful economic life of the relevant asset. The Grant received to date relates to plant

and machinery and is being credited to the profit and loss account over the period of ten years.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

701,294

Additions

89,884

Disposals

(791,178

)

At 31 August 2016

-

DEPRECIATION

At 1 September 2015

255,854

Charge for year

55,364

Eliminated on disposal

(311,218

)

At 31 August 2016

-

NET BOOK VALUE

At 31 August 2016

-

At 31 August 2015

445,440

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.16

31.8.15

value:

£

100

Ordinary

1

100

4.	ULTIMATE PARENT COMPANY

Specialist Aviation Holdings limited is regarded by the directors as being the company's ultimate parent

company.

Consolidated financial statements have not been prepared by the parent company as the company has taken the

option under Section 398 of the Companies Act 2006 not to prepare Consolidated financial statements.

5.	ULTIMATE CONTROLLING PARTY

The controlling party is D F Hammond.