Acumen Air Cargo Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05662679 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

for

Acumen Air Cargo Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms T Hoa

M Pulling

R Marriott

N Nguyen

SECRETARY:

P Carter

REGISTERED OFFICE:

47 The Hawnelands

Halesowen

West Midlands

B63 3RT

REGISTERED NUMBER:

05662679 (England and Wales)

ACCOUNTANTS:

Harris & Co

(The practising name of

Harris Accountants Limited)

1 Trinity Place

Midland Drive

Sutton Coldfield

B72 1 TX

FIXED ASSETS

Tangible assets

4

6,472

11,693

CURRENT ASSETS

Debtors

5

264,125

235,724

Cash at bank

39,429

67,440

303,554

303,164

CREDITORS

Amounts falling due within one year

6

252,174

256,476

NET CURRENT ASSETS

51,380

46,688

TOTAL ASSETS LESS CURRENT LIABILITIES

57,852

58,381

CREDITORS

Amounts falling due after more than one year

7

-

(8,234

)

PROVISIONS FOR LIABILITIES

(1,300

)

(3,488

)

NET ASSETS

56,552

46,659

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

56,352

46,459

56,552

46,659

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

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

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

The financial statements were approved by the Board of Directors on 5 September 2018 and were signed on its behalf by:

M Pulling - Director

1.	STATUTORY INFORMATION

Acumen Air Cargo 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.

Turnover

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

rebates, value added tax and other sales taxes.

Rendering of Services

When the outcome of a transaction can be estimated reliably, turnover from freight services is recognised

by reference to the stage of completion at the balance sheet date. Stage of completion is measured by

reference to date of shipment.

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 etc 25% on cost.

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 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 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.

Employee 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.

The company provides a range of benefits to employees, including annual bonus arrangements and

defined contribution pension plans.

i. Short term benefits

Short term benefits , including holiday pay and other similar non-monetary benefits, are recognised as an

expense in the period in which the service is received.

ii.Defined contribution pension plans

The company operates a defined contribution plan for its employees. A defined contribution plan is a

pension plan under which the company pays fixed contributions into a separate entity. Once the

contributions have been paid the company has no further payment obligations. The contributions are

recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance

sheet. The assets of the plan are held separately from the company in independently administered funds.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded

at transaction price. Any losses arising from impairment are recognised in the profit and loss account in

other administrative expenses.

Cash and cash equivalents

Cash comprises cash in hand and demand deposits. Cash equivalents are short-term, highly liquid

investments that mature in no more than three months from the date of acquisition and that are readily

convertible to known amounts of cash with an insignificant risk of change in value.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each

balance sheet date .If such indication exists, the recoverable amount of the asset or the asset's cash

generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds

its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a

revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2016 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

28,533

Additions

1,688

At 31 December 2017

30,221

DEPRECIATION

At 1 January 2017

16,840

Charge for year

6,909

At 31 December 2017

23,749

NET BOOK VALUE

At 31 December 2017

6,472

At 31 December 2016

11,693

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

Plant and

machinery

etc

£

COST

At 1 January 2017

and 31 December 2017

25,582

DEPRECIATION

At 1 January 2017

14,537

Charge for year

6,395

At 31 December 2017

20,932

NET BOOK VALUE

At 31 December 2017

4,650

At 31 December 2016

11,045

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

241,647

214,111

Other debtors

22,478

21,613

264,125

235,724

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Hire purchase contracts

8,234

4,256

Trade creditors

168,567

178,012

Taxation and social security

10,202

12,740

Other creditors

65,171

61,468

252,174

256,476

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Hire purchase contracts

-

8,234

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.17

31.12.16

£

£

Hire purchase

8,234

12,490

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related

party transactions.