Air Technical Services Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04374520 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Air Technical Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A J Rossides

Mrs D J Rossides

SECRETARY:

Mr A J Rossides

REGISTERED OFFICE:

Lewis House

Great Chesterford Court

Great Chesterford

Essex

CB10 1PF

BUSINESS ADDRESS:

Unit 85

Hillgrove Business Park

Nazeing Road

Nazeing

Essex

EN9 2HB

REGISTERED NUMBER:

04374520 (England and Wales)

FIXED ASSETS

Tangible assets

5

19,803

16,844

CURRENT ASSETS

Stocks

7,348

32,317

Debtors

6

26,773

149,544

Cash at bank

6,653

584

40,774

182,445

CREDITORS

Amounts falling due within one year

7

26,728

85,833

NET CURRENT ASSETS

14,046

96,612

TOTAL ASSETS LESS CURRENT LIABILITIES

33,849

113,456

CREDITORS

Amounts falling due after more than one year

8

(65,738

)

(76,464

)

PROVISIONS FOR LIABILITIES

(324

)

(1,085

)

NET (LIABILITIES)/ASSETS

(32,213

)

35,907

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(32,313

)

35,807

SHAREHOLDERS' FUNDS

(32,213

)

35,907

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 18 August 2017 and were signed on its behalf by:

Mr A J Rossides - Director

Mrs D J Rossides - Director

1.	STATUTORY INFORMATION

Air Technical Services Limited is a private company, limited by shares , registered in England and Wales. The

company's 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.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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 etc

-

25% on reducing balance

Stocks

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

moving items.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual

provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in

effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a

market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond

normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is

measured at the present value of the future payments discounted at a market rate of interest for a similar debt

instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of

impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is

recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not

result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the

impairment not previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 6 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

46,786

Additions

9,563

At 31 March 2017

56,349

DEPRECIATION

At 1 April 2016

29,942

Charge for year

6,604

At 31 March 2017

36,546

NET BOOK VALUE

At 31 March 2017

19,803

At 31 March 2016

16,844

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2016

and 31 March 2017

15,356

DEPRECIATION

At 1 April 2016

5,067

Charge for year

2,572

At 31 March 2017

7,639

NET BOOK VALUE

At 31 March 2017

7,717

At 31 March 2016

10,289

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

9,313

55,333

Other debtors

17,460

94,211

26,773

149,544

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

6,464

6,249

Hire purchase contracts

3,822

3,533

Trade creditors

11,508

31,181

Taxation and social security

3,821

20,287

Other creditors

1,113

24,583

26,728

85,833

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

61,271

68,174

Hire purchase contracts

4,467

8,290

65,738

76,464

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

32,323

40,314

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

67,735

74,423

On 18 January 2010, Lloyds TSB Commercial Finance Limited placed an all assets debenture over the

undertaking and all property and assets present and future.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

Mr A J Rossides and Mrs D J Rossides

Balance outstanding at start of year

-

32,973

Amounts advanced

30,549

-

Amounts repaid

(29,109

)

(32,973

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,440

-

The advances made to the directors in the year had no fixed repayment terms and were repayable on demand.

Interest was charged on advances to the directors at a rate of 6.4%.

11.	RELATED PARTY DISCLOSURES

Electro Installations (Eltham) Limited

A company in which Mr A J Rossides is also a director and shareholder.

During the period, Air Technical Services Ltd provided goods and services to Electro Installations (Eltham) Ltd

to the value of £43,443 (2016 - £165,548).

Electro Installations (Eltham) Ltd also provided goods and services to Air Technical Services Ltd to the value of

£9,793 (2016 - £nil).

During the year the company continued to provide financial support to Electro Installations (Eltham) Ltd in the

form of a loan account, the amount due from Electro Installations (Eltham) Ltd at the year end is £9,420 (2016 -

£62,543). No interest has been charged on the loan account and there are no set repayment terms.

12.	GOING CONCERN

In determining the appropriate basis of preparation of the financial statements, the directors are required to

consider whether the company can continue in operational existence for at least the next 12 months.

During the period the company made a net loss of £68,120 and, at the balance sheet date, the company's total

liabilities exceeded its total assets by £32,213.

Having made requisite enquires, the directors are confident that the company has adequate resources to continue

its operations for the foreseeable future.

Following a detailed and comprehensive review of the business, the directors have no reason or intention to

liquidate the company or cease its trading activities over the foreseeable future.

In conclusion, and considering the areas described above, the directors are confident that the company has

adequate resources to continue in operational existence for the foreseeable future. For these reasons, the

directors consider it appropriate they continue to prepare the financial statements on a going concern basis.

These financial statements do not include any adjustments that would result from the going concern basis of

preparation being inappropriate.