First Light Aviation Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 05076437 (England and Wales)

First Light Aviation Ltd

Abbreviated Unaudited Accounts for the Year Ended 31 March 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Certified Accountants' Report

6

DIRECTOR:

P A Stanley

REGISTERED OFFICE:

110 Corve Street

Ludlow

Shropshire

SY8 1DJ

REGISTERED NUMBER:

05076437 (England and Wales)

ACCOUNTANTS:

Dyke Ruscoe & Hayes Ltd

Chartered Certified Accountants

110 Corve Street

Ludlow

Shropshire

SY8 1DJ

FIXED ASSETS

Intangible assets

2

-

3,013

Tangible assets

3

74,523

74,109

74,523

77,122

CURRENT ASSETS

Stocks

1,500

1,500

Debtors

4,194

353

Cash at bank

873

177

6,567

2,030

CREDITORS

Amounts falling due within one year

4

13,524

19,670

NET CURRENT LIABILITIES

(6,957

)

(17,640

)

TOTAL ASSETS LESS CURRENT LIABILITIES

67,566

59,482

CREDITORS

Amounts falling due after more than one year

4

172,665

141,854

NET LIABILITIES

(105,099

)

(82,372

)

CAPITAL AND RESERVES

Called up share capital

5

1

1

Revaluation reserve

19,467

19,467

Profit and loss account

(124,567

)

(101,840

)

SHAREHOLDERS' FUNDS

(105,099

)

(82,372

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 22 December 2014 and were signed by:

P A Stanley - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on cost and on cost over 20 years

Computer equipment

-

33% on cost

Stocks

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

moving items.

Deferred tax

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

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

30,129

AMORTISATION

At 1 April 2013

27,116

Amortisation for year

3,013

At 31 March 2014

30,129

NET BOOK VALUE

At 31 March 2014

-

At 31 March 2013

3,013

3.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 April 2013

82,905

Additions

1,856

Disposals

(900

)

At 31 March 2014

83,861

DEPRECIATION

At 1 April 2013

8,796

Charge for year

1,172

Eliminated on disposal

(630

)

At 31 March 2014

9,338

NET BOOK VALUE

At 31 March 2014

74,523

At 31 March 2013

74,109

4.

CREDITORS

Creditors include an amount of £ 7,500 (2013 - £ 10,980 ) for which security has been given.

Also included in creditors, amounts falling due after more than one year is £90,494 (2009 £79,018) owing to the

company's sole director P A Stanley.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1

Ordinary shares of £1 each

£1

1

1

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

No repayment terms have been set for the loan included within creditors and no interest has been charged by the

director.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of First Light Aviation Ltd for the year ended 31 March 2014 which comprise the Profit and Loss

Account, the Balance Sheet, and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and

other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the director of First Light Aviation Ltd in accordance with our terms of engagement. Our

work has been undertaken solely to prepare for your approval the financial statements of First Light Aviation Ltd and

state those matters that we have agreed to state to the director of First Light Aviation Ltd in this report in accordance

with the requirements of the Association of Chartered Certified Accountants as detailed at

http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that First Light Aviation Ltd has kept adequate accounting records and to prepare statutory

financial statements that give a true and fair view of the assets, liabilities, financial position and loss of First Light

Aviation Ltd. You consider that First Light Aviation 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 financial statements of First Light Aviation 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 financial statements.

Dyke Ruscoe & Hayes Ltd

Chartered Certified Accountants

110 Corve Street

Ludlow

Shropshire

SY8 1DJ

22 December 2014