Airline Component Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05596134 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st March 2018

for

AIRLINE COMPONENT SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E E Bradley

G J Higgins

R M E Stanborough

REGISTERED OFFICE:

Arbor House

Broadway North

Walsall

West Midlands

WS1 2AN

BUSINESS ADDRESS:

Unit 1

Swinbourne Drive

Braintree

Essex

CM7 2GB

REGISTERED NUMBER:

05596134 (England and Wales)

ACCOUNTANTS:

Bakers

(The practising name of

Baker (Midlands) Limited)

Arbor House

Broadway North

Walsall

WS1 2AN

FIXED ASSETS

Tangible assets

4

63,358

47,233

Investments

5

76

76

63,434

47,309

CURRENT ASSETS

Stocks

696,385

550,999

Debtors

6

1,008,196

796,925

Cash at bank

259,293

201,807

1,963,874

1,549,731

CREDITORS

Amounts falling due within one year

7

487,582

631,963

NET CURRENT ASSETS

1,476,292

917,768

TOTAL ASSETS LESS CURRENT LIABILITIES

1,539,726

965,077

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

1,539,724

965,075

SHAREHOLDERS' FUNDS

1,539,726

965,077

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2018 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 27th September 2018 and were signed on its behalf by:

G J Higgins - Director

1.	STATUTORY INFORMATION

Airline Component Services 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 net of VAT and trade

discounts.The policy adopted for the recognition of turnover is as follows:

Sale of Goods

Turnover from the sale of goods is recognized when significant risks and rewards of ownership of the goods

have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the

economic benefits associated with the transaction will flow to the company and the costs incurred or to be

incurred in respect of the transaction can be measured reliably . This is usually on the dispatch of goods.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated

residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery at various rates on reducing balance

Motor vehicles at various rates on reducing balance

Computers 33.3% on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in

circumstances indicate the carrying value may not be recoverable.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes

all costs of purchase, costs of conversion and other costs incurred in bringing stocks to its present location and

condition.Cost is calculated using the first-in,first-out formula.Provision is made for damaged, obsolete and

slow-moving stock where appropriate.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Employee benefits

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.

Debt

Certain elements of the Company's debts are factored with the Company retaining the benefit and risks of the

debts. As required separate presentation has been included with the debts disclosed in current assets and the

liability to the factoring company shown within current liabilities.

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 recognized 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

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past

event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be

reliably estimated.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1st April 2017

42,876

35,980

56,940

135,796

Additions

866

1,004

63,990

65,860

Disposals

(15,301

)

(27,319

)

(56,940

)

(99,560

)

At 31st March 2018

28,441

9,665

63,990

102,096

DEPRECIATION

At 1st April 2017

29,111

27,560

31,892

88,563

Charge for year

3,546

2,137

11,775

17,458

Eliminated on disposal

(12,110

)

(23,524

)

(31,649

)

(67,283

)

At 31st March 2018

20,547

6,173

12,018

38,738

NET BOOK VALUE

At 31st March 2018

7,894

3,492

51,972

63,358

At 31st March 2017

13,765

8,420

25,048

47,233

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st April 2017

and 31st March 2018

76

NET BOOK VALUE

At 31st March 2018

76

At 31st March 2017

76

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

646,213

607,784

Amounts owed by group undertakings

1,174

104,239

Other debtors

360,809

84,902

1,008,196

796,925

Included in Trade debtors is an amount due from the factoring company of £110,800.

Included in Other debtors are prepayments of £58,548 (2017: £74,718).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

258,345

261,476

Taxation and social security

64,580

154,432

Other creditors

164,657

216,055

487,582

631,963

Included in Other creditors are accruals of £155,135 (2017: £147,485).

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Directors loans

-

63,197

The loan to the director was secured by a fixed charge on the assets of the company, it was satisfied and

released in January 2018.

Any indebtedness to the bank is secured by a fixed and floating charge on the assets of the company.

Any indebtedness to the factoring company is secured by a fixed and floating charge on the assets of the

company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2

ordinary

£1

2

2

10.	FINANCIAL COMMITMENTS

Total financial commitments under non-cancellable operating leases which are not included in the balance

sheet amount to £1,885,954. (2017 : £110,796).