Trent Aero Engineering Limited - Accounts to registrar - small 17.1.1
Trent Aero Engineering Limited - Accounts to registrar - small 17.1.1
| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2016 |
| FOR |
| TRENT AERO ENGINEERING LIMITED |
| TRENT AERO ENGINEERING LIMITED (REGISTERED NUMBER: 01420006) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 October 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| TRENT AERO ENGINEERING LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 October 2016 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| 19-20 Bourne Court |
| Southend Road |
| Woodford Green |
| Essex |
| IG8 8HD |
| TRENT AERO ENGINEERING LIMITED (REGISTERED NUMBER: 01420006) |
| BALANCE SHEET |
| 31 October 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Other reserves |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| TRENT AERO ENGINEERING LIMITED (REGISTERED NUMBER: 01420006) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 October 2016 |
| 1. | STATUTORY INFORMATION |
| Trent Aero Engineering Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention in accordance with FRS 102 Section 1A - |
| The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. |
| The company has transferred from previously extant UK GAAP to FRS 102 as at 1 November 2015. There is no impact on |
| the reported financial position and financial statements. |
| Turnover |
| Turnover from the sale of goods is recognised when goods are delivered and legal title has passed. Turnover is reduced for |
| estimated customer returns, rebates and other similar allowances. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since |
| last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, |
| which comprise direct production costs, are based on the method most appropriate to the type of inventory class. Overheads |
| are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated |
| completion or selling costs. |
| When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related |
| revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are |
| recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any |
| write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which |
| the reversal occurs. |
| TRENT AERO ENGINEERING LIMITED (REGISTERED NUMBER: 01420006) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 October 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Income tax expense represents the sum of the tax currently payable and deferred tax. |
| The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the |
| statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and |
| items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have |
| been enacted or substantively enacted by the end of the reporting period. |
| Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial |
| statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally |
| recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary |
| differences to the extent that it is probable that taxable profits will be available against which those deductible timing |
| differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and |
| reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the |
| asset to be recovered. |
| Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability |
| is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end |
| of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would |
| follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying |
| amount of its assets and liabilities. |
| Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in |
| other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other |
| comprehensive income or directly in equity respectively. |
| Leasing commitments |
| Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another |
| systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
| Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred. |
| In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. |
| The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight line basis over the lease |
| term, except where another systematic basis is more representative of the time pattern in which economic benefits from the |
| leased asset are consumed. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. A defined contribution plan is a post-employment benefit |
| plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive |
| obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an |
| expense in the profit and loss account in the periods during which services are rendered by employees. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| TRENT AERO ENGINEERING LIMITED (REGISTERED NUMBER: 01420006) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 October 2016 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 November 2015 |
| and 31 October 2016 |
| DEPRECIATION |
| At 1 November 2015 |
| Charge for year |
| At 31 October 2016 |
| NET BOOK VALUE |
| At 31 October 2016 |
| At 31 October 2015 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Amounts owed to group undertakings |
| TRENT AERO ENGINEERING LIMITED (REGISTERED NUMBER: 01420006) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 October 2016 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2016 | 2015 |
| £ | £ |
| Between one and five years |
| 9. | DEFERRED TAX |
| £ |
| Balance at 1 November 2015 | ( |
) |
| Accelerated capital allowances | 13,484 |
| Balance at 31 October 2016 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme for certain members of staff and the pension charge |
| represents the amounts paid by the company during the year. Payments during the year amounted to £31,721 |
| (2015:£30,335).The assets of the scheme are held separately from those of the company in an independently administered |
| fund. |
| 12. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of the exemption within FRS 8 - Related party disclosures - not to disclose details of |
| transactions and balances between fellow group members. |
| 13. | AUDITOR LIABILITY LIMITATION AGREEMENT |
| The company has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the |
| statutory audit for the year ended 31 October 2016. The proportionate liability agreement follows the standard terms in |
| Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved |
| by the directors on 2 November 2016. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The controlling party is MEL Aviation Limited, by virtue of holding 100% of the issued share capital and the ultimate |
| controlling party is Mr N F Smith, by virtue of holding 80% of the issued share capital in MEL Aviation Limited. |
| 15. | FIRST YEAR ADOPTION |
| This is the first year in which the financial statements have been prepared under FRS 102. |
| No transitional adjustments were required in equity or profit or loss for the year. |
| TRENT AERO ENGINEERING LIMITED (REGISTERED NUMBER: 01420006) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 October 2016 |
| 16. | GOING CONCERN |
| The liabilities exceed the assets at the balance sheet date but the company continues to have the support of its parent |
| company and the directors to continue trading for the foreseeable future. |