Premiair Service UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07047661 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2017

for

Premiair Service UK Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTORS:

D Farrar

Mrs J Farrar

REGISTERED OFFICE:

Onward Chambers

34 Market Street

Hyde

Cheshire

SK14 1AH

REGISTERED NUMBER:

07047661 (England and Wales)

ACCOUNTANTS:

Hardy & Company (Hyde) Ltd

Chartered Certified Accountants

Onward Chambers

34 Market Street

Hyde

Cheshire

SK14 1AH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

53,707

41,416

53,707

41,416

CURRENT ASSETS

Debtors

361,045

415,713

Cash at bank

236,002

157,928

597,047

573,641

CREDITORS

Amounts falling due within one year

176,451

156,899

NET CURRENT ASSETS

420,596

416,742

TOTAL ASSETS LESS CURRENT LIABILITIES

474,303

458,158

CREDITORS

Amounts falling due after more than one year

(11,160

)

-

PROVISIONS FOR LIABILITIES

(9,975

)

(7,988

)

NET ASSETS

453,168

450,170

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

453,166

450,168

453,168

450,170

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 26 July 2018 and were signed on its behalf by:

D Farrar - Director

1.	STATUTORY INFORMATION

Premiair Service UK 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.	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.

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

These financial statements for the year ended 31 October 2017 are the first that are prepared in accordance with FRS 102

Section 1A. The previous financial statements were prepared in accordance with FRSSE 2015, the date of transition to

FRS 102 Section 1A is 1 November 2015.

Significant judgements and estimates

The preparation of the financial statements requires management to make estimates, judgements and assumptions that

affect the amounts reported. These judgements and estimates are continually reviewed and are based on experience and

other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no significant judgements or estimates.

Turnover

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

added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

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 and 20% on reducing balance

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and

impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent

accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income

and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously

recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other

comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves

in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital

and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Financial instruments

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

the instrument.

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

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.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are

assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of

similar credit risk characteristics.

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 statement of financial positionbalance sheet date.

Deferred tax

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

financial positionbalance 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.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated

where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.

Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable

amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of

assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets

or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable

that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be

estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an

expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date

and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would

be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss

unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present

value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance

costs in profit or loss in the period it arises.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2016

and 31 October 2017

210,000

AMORTISATION

At 1 November 2016

and 31 October 2017

210,000

NET BOOK VALUE

At 31 October 2017

-

At 31 October 2016

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2016

126,036

Additions

29,322

At 31 October 2017

155,358

DEPRECIATION

At 1 November 2016

84,620

Charge for year

17,031

At 31 October 2017

101,651

NET BOOK VALUE

At 31 October 2017

53,707

At 31 October 2016

41,416

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

Totals

£

COST

At 1 November 2016

27,167

Transfer to ownership

(27,167

)

At 31 October 2017

-

DEPRECIATION

At 1 November 2016

22,333

Transfer to ownership

(22,333

)

At 31 October 2017

-

NET BOOK VALUE

At 31 October 2017

-

At 31 October 2016

4,834

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2017 and 31 October 2016:

31.10.17

31.10.16

£

£

D Farrar and Mrs J Farrar

Balance outstanding at start of year

244,788

-

Amounts advanced

209,860

244,788

Amounts repaid

(291,921

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

162,727

244,788

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

financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet.

Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors

are not required to be filed with the Registrar of Companies.

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

statements of Premiair Service UK Limited for the year ended 31 October 2017 which comprise the Statement of Income and

Retained Earnings, Abridged 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://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Premiair Service UK Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Premiair Service UK Limited and state those matters that we have agreed to state to the Board of Directors of Premiair Service UK Limited, as a body, 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 Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Premiair Service UK Limited 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 profit of Premiair Service UK Limited. You consider that Premiair Service UK Limited 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 Premiair Service UK Limited. 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.

Hardy & Company (Hyde) Ltd

Chartered Certified Accountants

Onward Chambers

34 Market Street

Hyde

Cheshire

SK14 1AH

26 July 2018