Aviation Engineering Support Ltd - Period Ending 2016-10-31

Registration number: 7827762

Aviation Engineering Support Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

Delyth Bending Accountancy Ltd
4 The Paddock
Lower Boddington
Nr Daventry
Northants
NN11 6YF

Aviation Engineering Support Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the 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 Accounts of
Aviation Engineering Support Ltd
for the Year Ended 31 October 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Aviation Engineering Support Ltd for the year ended 31 October 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising 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 http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Aviation Engineering Support Ltd, 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 Aviation Engineering Support Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aviation Engineering Support Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Aviation Engineering Support Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Aviation Engineering Support Ltd. You consider that Aviation Engineering Support Ltd 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 Aviation Engineering Support Ltd. 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.

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

Delyth Bending Accountancy Ltd
4 The Paddock
Lower Boddington
Nr Daventry
Northants
NN11 6YF

25 July 2017

Page 1

Aviation Engineering Support Ltd
(Registration number: 7827762)
Abbreviated Balance Sheet at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					99,869			107,967
Current assets
Stocks					15,872			9,799
Debtors					11,124			22,509
Cash at bank and in hand					12,581			24,397
					39,577			56,705
Creditors: Amounts falling due within one year					(22,662)			(30,270)
Net current assets					16,915			26,435
Total assets less current liabilities					116,784			134,402
Creditors: Amounts falling due after more than one year					(66,635)			(75,366)
Provisions for liabilities					(7,826)			(8,773)
Net assets					42,323			50,263
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					42,321			50,261
Shareholders' funds					42,323			50,263

For the year ending 31 October 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 25 July 2017 and signed on its behalf by:

.........................................
Mr Brian Coombs-Prole
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Aviation Engineering Support Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

1	Accounting policies

Basis of preparation

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 January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Vehicles, plant and machinery	25% straight line
Fixtures, fittings, tools and equipment	25% straight line
Office and computer equipment	33% straight line

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Aviation Engineering Support Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2015		125,020			125,020
Additions		28,268			28,268
Disposals		(20,232)			(20,232)
At 31 October 2016		133,056			133,056
Depreciation
At 1 November 2015		17,053			17,053
Charge for the year		21,191			21,191
Eliminated on disposals		(5,057)			(5,057)
At 31 October 2016		33,187			33,187
Net book value
At 31 October 2016		99,869			99,869
At 31 October 2015		107,967			107,967

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years not by instalments		52,887			54,981

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2

Page 4

Aviation Engineering Support Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr Paul Broadaway
Amounts loaned to the company during the year	(2,432)	1,809	(4,241)	2,727
Mr Brian Coombs-Prole
Amounts loaned to the company during the year	(10,251)	(268)	(9,983)	(96)

Page 5