Avtek Limited - Period Ending 2017-12-31

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Registration number: 03077019

Avtek Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Avtek Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 5

Avtek Limited

(Registration number: 03077019)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	-	277
Current assets
Debtors	5	11,991	5,733
Cash at bank and in hand		623	58,631
		12,614	64,364
Creditors: Amounts falling due within one year	6	(1,000)	(1,000)
Net current assets		11,614	63,364
Net assets		11,614	63,641
Capital and reserves
Called up share capital		4	4
Profit and loss account		11,610	63,637
Total equity		11,614	63,641

For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director on 2 March 2018

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

Mr T M Pinder

Director

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

Page 1

Avtek Limited

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

1	General information

The company is a incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

The principal place of business is:
Sterling House
Deacons Lane
Hermitage
Newbury
Berkshire
RG18 9RH
England

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for services provided and rent receivable in the ordinary course of the Company’s activities. Where payments are received from customers in advance, the amounts are recorded as deferred income and included as part of creditors due within one year.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 2

Avtek Limited

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

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
Office Equipment	15% Straight Line Basis
Furniture and Fittings	15% Straight Line Basis

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

Page 3

Avtek Limited

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

4	Tangible assets

	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 January 2017	5,297	745	6,042
Disposals	-	(745)	(745)
At 31 December 2017	5,297	-	5,297
Depreciation
At 1 January 2017	5,297	468	5,765
Eliminated on disposal	-	(468)	(468)
At 31 December 2017	5,297	-	5,297
Carrying amount
At 31 December 2017	-	-	-
At 31 December 2016	-	277	277

Debtors

	2017 £	2016 £
Other debtors	11,991	5,733
	11,991	5,733

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Other creditors	1,000	1,000

Page 4

Avtek Limited

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

7	Related party transactions

Transactions with directors

2017	At 1 January 2017 £	Advances to directors £	Repayments by director £	At 31 December 2017 £
Mr T M Pinder
Director Loan	4,413	10,078	(2,500)	11,991

2016	At 1 January 2016 £	Advances to directors £	Repayments by director £	At 31 December 2016 £
Mr T M Pinder
Director Loan	(58,913)	70,000	(6,674)	4,413

Other transactions with directors

T M Pinder had a loan account with the company on which there is an obligation to pay interest at the HMRC official rate. The loan is repayable on demand and loan interest is repaid in priority to capital. At the balance sheet date the amount due from T M Pinder was £11,991 (2016: £4,413).

Page 5