L J Air Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07237857 (England and Wales)

L J Air Limited

Unaudited Financial Statements

for the Period 1 May 2016 to 31 August 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J N O'Brien

REGISTERED OFFICE:

Rydal House

Colton Road

Rugeley

Staffordshire

WS15 3HF

REGISTERED NUMBER:

07237857 (England and Wales)

ACCOUNTANTS:

Haines Watts

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

FIXED ASSETS

Tangible assets

4

1,515

3,282

CURRENT ASSETS

Stocks

43,204

57,609

Debtors

5

218,108

157,383

Cash at bank and in hand

2,079

8,020

263,391

223,012

CREDITORS

Amounts falling due within one year

6

296,638

219,785

NET CURRENT (LIABILITIES)/ASSETS

(33,247

)

3,227

TOTAL ASSETS LESS CURRENT LIABILITIES

(31,732

)

6,509

CAPITAL AND RESERVES

Called up share capital

7

50

50

Retained earnings

(31,782

)

6,459

SHAREHOLDERS' FUNDS

(31,732

)

6,509

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 9 May 2018 and were signed by:

J N O'Brien - Director

1.	STATUTORY INFORMATION

L J Air 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.

The interim dividend paid during the year was based upon profits anticipated to be made during the period.

However the level of profits ultimately achieved was lower than anticipated, resulting in an over distribution in

contravention of section 830 of the Companies Act 2006. The directors confirm that no further dividends will be

paid until such a time as sufficient profits are available for the purpose.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the period ended 31 August 2017 are the first that are prepared in accordance

with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the

date of transition to FRS 102 Section 1A is 1 May 2015.

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 the cost less estimated residual value of each asset over its estimated useful life.

Fixtures & Fittings

20% Straight Line

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the period 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 period 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 period was 7 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2016

and 31 August 2017

15,922

DEPRECIATION

At 1 May 2016

12,640

Charge for period

1,767

At 31 August 2017

14,407

NET BOOK VALUE

At 31 August 2017

1,515

At 30 April 2016

3,282

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

147,447

149,123

Other debtors

70,661

8,260

218,108

157,383

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

31,839

Trade creditors

273,816

186,319

Taxation and social security

10,046

(2,992

)

Other creditors

12,776

4,619

296,638

219,785

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

50

Ordinary

£1

50

50

8.	FIRST YEAR ADOPTION

The company has adopted the provisions set out in FRS102 (Section 1A) for small companies. This is the first

year that the company has prepared financial statements under the new regulatory framework. It is not

considered that there are any transitional adjustments required to either the prior year figures nor those at the

transitional date. As such, no reconciliation is provided in these financial statements.