Pilot Flight Training Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04988579 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Pilot Flight Training Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs L J Hodge

SECRETARY:

REGISTERED OFFICE:

Bo Peep Farm

Aynho Farm

Adderbury

Oxfordshire

OX17 3NP

REGISTERED NUMBER:

04988579 (England and Wales)

ACCOUNTANTS:

Smiths Chartered Accountants

Unit 114 Boston House

Grove Technology Park

Wantage

Oxfordshire

OX12 9FF

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

394

724

394

724

CURRENT ASSETS

Debtors

6

99,157

101,204

Cash at bank and in hand

529

488

99,686

101,692

CREDITORS

Amounts falling due within one year

7

90,350

100,246

NET CURRENT ASSETS

9,336

1,446

TOTAL ASSETS LESS CURRENT LIABILITIES

9,730

2,170

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

9

9,728

2,168

SHAREHOLDERS' FUNDS

9,730

2,170

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 director acknowledges her 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 24 September 2018 and were signed by:

Mrs L J Hodge - Director

1.	STATUTORY INFORMATION

Pilot Flight Training 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.

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 2004, is being amortised evenly over its estimated useful life of five 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.

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% 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 statement of financial position date.

Deferred tax

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

the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

79,000

AMORTISATION

At 1 January 2017

and 31 December 2017

79,000

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2017

and 31 December 2017

117

2,697

2,814

DEPRECIATION

At 1 January 2017

70

2,020

2,090

Charge for year

23

307

330

At 31 December 2017

93

2,327

2,420

NET BOOK VALUE

At 31 December 2017

24

370

394

At 31 December 2016

47

677

724

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Other debtors

99,157

101,204

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts

15,013

20,402

Payments on account

14,888

15,623

Trade creditors

42,795

42,331

Taxation and social security

10,679

14,446

Other creditors

6,975

7,444

90,350

100,246

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

2

Ordinary

1

2

2

9.

RESERVES

Retained

earnings

£

At 1 January 2017

2,168

Profit for the year

14,610

Dividends

(7,050

)

At 31 December 2017

9,728

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2017

and 31 December 2016:

31.12.17

31.12.16

£

£

Mrs L J Hodge

Balance outstanding at start of year

35,670

36,706

Amounts advanced

1,500

26,876

Amounts repaid

(1,700

)

(27,912

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

35,470

35,670

11.	RELATED PARTY DISCLOSURES

Demero

Inter company

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs L J Hodge.