Aircraft Chartering Services Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02020724 (England and Wales)

AIRCRAFT CHARTERING SERVICES LIMITED

Unaudited Financial Statements for the Year Ended 31 May 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Hugo

Mrs G Hugo

SECRETARY:

Mrs G Hugo

REGISTERED OFFICE:

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

REGISTERED NUMBER:

02020724 (England and Wales)

ACCOUNTANTS:

Tudor John LLP

Chartered Accountants

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

FIXED ASSETS

Tangible assets

4

2,277

3,048

Investments

5

21,277

12,836

23,554

15,884

CURRENT ASSETS

Debtors

6

2,116

2,452

Cash at bank and in hand

2,513,917

2,361,267

2,516,033

2,363,719

CREDITORS

Amounts falling due within one year

7

306,049

1,077,654

NET CURRENT ASSETS

2,209,984

1,286,065

TOTAL ASSETS LESS CURRENT LIABILITIES

2,233,538

1,301,949

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

8

2,133,538

1,201,949

SHAREHOLDERS' FUNDS

2,233,538

1,301,949

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 2 February 2018 and were signed on its behalf by:

M Hugo - Director

1.	STATUTORY INFORMATION

Aircraft Chartering 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.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements for the year ended 31 May 2017 are the first financial statements of Aircraft

Chartering Services Limited that comply with FRS102. The date of transition is 1 June 2015.

The transition from previously extant UK GAAP to FRS102 has resulted in a small number of changes in

accounting policies compared to those used previously. No restatement of prior period figures is required as a

result of the transition to FRS102.

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.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on cost

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2016

and 31 May 2017

27,443

24,880

52,323

DEPRECIATION

At 1 June 2016

25,909

23,366

49,275

Charge for year

230

541

771

At 31 May 2017

26,139

23,907

50,046

NET BOOK VALUE

At 31 May 2017

1,304

973

2,277

At 31 May 2016

1,534

1,514

3,048

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 June 2016

12,836

Additions

284

Revaluations

8,157

At 31 May 2017

21,277

NET BOOK VALUE

At 31 May 2017

21,277

At 31 May 2016

12,836

Fixed asset investments consists of listed shares and were revalued to market value at year end. If the shares were

not revalued they would have been included at a cost of £13,120.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

VAT

-

283

Prepayments and accrued income

2,116

2,169

2,116

2,452

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Tax

231,816

23,111

Social security and other taxes

-

1,252

VAT

641

-

Other creditors

9,729

29,410

Directors' current accounts

13,484

91,847

Accruals and deferred income

27,671

927,534

Accrued expenses

22,708

4,500

306,049

1,077,654

8.

RESERVES

In accordance with FRS102 the gain or loss on the revaluation of the investments in shares are recognised in the

income statement and therefore included in retained earnings. This revaluation is non distributable.

The split of retained earnings between distributable and non distributable are as follows:

Retained earnings (distributable)

Retained earnings (non distributable)

Totals

£

£

£

At 1 June 2016

1,201,949

-

1,201,949

Profit/(loss) for the year

936,488

8,157

944,645

Dividend

(13,056

)

-

(13,056

)

At 31 May 2017

2,125,381

8,157

2,133,538

9.	RELATED PARTY DISCLOSURES