Shenley Farms (Aviation) Limited - Period Ending 2017-12-31
Shenley Farms (Aviation) Limited - Period Ending 2017-12-31
Registration number:
Shenley Farms (Aviation) Limited
for the Year Ended 31 December 2017
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Shenley Farms (Aviation) Limited
for the Year Ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Shenley Farms (Aviation) Limited for the year ended 31 December 2017 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Shenley Farms (Aviation) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Shenley Farms (Aviation) Limited and state those matters that we have agreed to state to the Board of Directors of Shenley Farms (Aviation) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shenley Farms (Aviation) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Shenley Farms (Aviation) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Shenley Farms (Aviation) Limited. You consider that Shenley Farms (Aviation) 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 accounts of Shenley Farms (Aviation) 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 accounts.
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204 London Road
Waterlooville
Hampshire
PO7 7AN
Shenley Farms (Aviation) Limited
(Registration number: 01000275)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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.
Directors' responsibilities:
• |
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• |
The directors acknowledge their 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.
Page 2 |
Shenley Farms (Aviation) Limited
(Registration number: 01000275)
Balance Sheet as at 31 December 2017
Approved and authorised by the
.........................................
Director
.........................................
Director
Page 3 |
Shenley Farms (Aviation) Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
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 the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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 deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 4 |
Shenley Farms (Aviation) Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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 |
Aircraft |
20% reducing balance |
Plant and machinery |
15% reducing balance |
Bulk fuel installation |
10% reducing balance |
Computer |
25% straight line |
Portable buildings |
10% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 5 |
Shenley Farms (Aviation) Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
Average number of employees
2017 |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Additions |
- |
- |
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Disposals |
- |
- |
( |
( |
At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
- |
- |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Included within the net book value of land and buildings above is £1 (2016 - £1) in respect of short leasehold land and buildings.
Debtors |
2017 |
2016 |
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Trade debtors |
( |
( |
Other debtors |
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Page 6 |
Shenley Farms (Aviation) Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
( |
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Accruals and deferred income |
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Other creditors |
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Related party transactions |
Summary of transactions with other related parties
Balances due (to)/from the companies are Shenley Farms Limited £(647,929) (2016 - £(607,929)), Shenley Farms Engineering Limited £352,162 (2016 - £352,162) and Weald Air Services Limited £306,497 (2016 - £304,197).
The loans are in the normal course of business, unsecured, interest free and have no fixed date for repayment.
Loans to related parties
2017 |
Other related parties |
At start of period |
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2016 |
Other related parties |
At start of period |
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Advanced |
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At end of period |
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Page 7 |
Shenley Farms (Aviation) Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Loans from related parties
2017 |
Other related parties |
At start of period |
( |
2016 |
Other related parties |
At start of period |
( |
Advanced |
( |
At end of period |
( |
Transition to FRS 102 |
There were no material adjustments required on transition to FRS102 and as such it has not been necessary to restate prior year comparatives following the implementation of FRS102.
Page 8 |