N.T.N. Aerospares Limited - Period Ending 2017-03-31

Registration number: 04882540

N.T.N. Aerospares Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

N.T.N. Aerospares Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 6

N.T.N. Aerospares Limited

Company Information

Directors

N J Brown K Sweeney

Company secretary

N J Brown

Registered office

5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Bankers

HSBC Plc 13 Market Street Castle Donnington Derbyshire DE74 2JD

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Page 1

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
N.T.N. Aerospares Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of N.T.N. Aerospares Limited for the year ended 31 March 2017 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of N.T.N. Aerospares Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of N.T.N. Aerospares Limited and state those matters that we have agreed to state to the Board of Directors of N.T.N. Aerospares Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than N.T.N. Aerospares Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that N.T.N. Aerospares Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of N.T.N. Aerospares Limited. You consider that N.T.N. Aerospares 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 accounts of N.T.N. Aerospares 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 accounts.

...........................................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

30 June 2017

Page 2

N.T.N. Aerospares Limited

(Registration number: 04882540)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	647	965
Current assets
Stocks	5	172,678	134,779
Debtors	6	54,741	171,148
Cash at bank and in hand		272,695	66,208
		500,114	372,135
Creditors: Amounts falling due within one year	7	(145,351)	(58,658)
Net current assets		354,763	313,477
Total assets less current liabilities		355,410	314,442
Provisions for liabilities		(128)	(192)
Net assets		355,282	314,250
Capital and reserves
Called up share capital		300	300
Profit and loss account		354,982	313,950
Total equity		355,282	314,250

For the financial year ending 31 March 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 June 2017 and signed on its behalf by:
 

.........................................

N J Brown

Director

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 3

N.T.N. Aerospares Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private limited company by share capital incorporated in England.

The address of the registered office is given in the company information on page 1 of the financial statements.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and are rounded to the nearest £1.

Revenue recognition

Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Income is recongnised based on the level of completion of services.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	33% reducing balance
Plant and machinery	33% reducing balance

Stocks

Stock is valued at the lower of cost and net relisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 4

N.T.N. Aerospares Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

4	Tangible assets

	Computer equipment £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2016	1,846	652	2,498
At 31 March 2017	1,846	652	2,498
Depreciation
At 1 April 2016	1,231	302	1,533
Charge for the year	203	115	318
At 31 March 2017	1,434	417	1,851
Carrying amount
At 31 March 2017	412	235	647
At 31 March 2016	615	350	965

5

Stocks

	2017 £	2016 £
Finished goods and goods for resale	172,678	134,779

6

Debtors

	2017 £	2016 £
Trade debtors	54,741	32,338
Other debtors	-	138,810
	54,741	171,148

Page 5

N.T.N. Aerospares Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

7

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		71,338	-
Corporation tax		16,572	11,095
Other creditors		57,441	47,563
		145,351	58,658

8	Related party transactions

Transactions with directors

2017	At 1 April 2016 £	Advances to directors £	Repayments by director £	At 31 March 2017 £
	30,546	(566)	25,208	55,188

9	Transition to FRS 102

The financial statements are the company’s first financial statements that comply with FRS102. The date of transition to FRS102 was 1 April 2015. The transition to FRS102 has not resulted in any changes between the amounts prepared previously under UK GAAP and those presented in compliance with FRS 102.

Page 6