Air Technical Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04374520 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

Air Technical Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A J Rossides

Mrs D J Rossides

SECRETARY:

Mr A J Rossides

REGISTERED OFFICE:

Lewis House

Great Chesterford Court

Great Chesterford

Essex

CB10 1PF

BUSINESS ADDRESS:

Unit 85

Hillgrove Business Park

Nazeing Road

Nazeing

Essex

EN9 2HB

REGISTERED NUMBER:

04374520 (England and Wales)

FIXED ASSETS

Tangible assets

5

26,202

19,803

CURRENT ASSETS

Stocks

5,839

7,348

Debtors

6

113,805

26,773

Cash at bank

22,659

6,653

142,303

40,774

CREDITORS

Amounts falling due within one year

7

(82,662

)

(26,728

)

NET CURRENT ASSETS

59,641

14,046

TOTAL ASSETS LESS CURRENT LIABILITIES

85,843

33,849

CREDITORS

Amounts falling due after more than one year

8

(56,205

)

(65,738

)

PROVISIONS FOR LIABILITIES

(3,194

)

(324

)

NET ASSETS/(LIABILITIES)

26,444

(32,213

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

26,344

(32,313

)

SHAREHOLDERS' FUNDS

26,444

(32,213

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 13 October 2018 and were signed on its behalf by:

Mr A J Rossides - Director

Mrs D J Rossides - Director

1.	STATUTORY INFORMATION

Air Technical 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

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

provisions of the instruments.

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

effect, 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.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

56,349

Additions

17,544

Disposals

(18,028

)

At 31 March 2018

55,865

DEPRECIATION

At 1 April 2017

36,546

Charge for year

8,738

Eliminated on disposal

(15,621

)

At 31 March 2018

29,663

NET BOOK VALUE

At 31 March 2018

26,202

At 31 March 2017

19,803

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

Plant and

machinery

etc

£

COST

At 1 April 2017

and 31 March 2018

15,356

DEPRECIATION

At 1 April 2017

7,639

Charge for year

1,929

At 31 March 2018

9,568

NET BOOK VALUE

At 31 March 2018

5,788

At 31 March 2017

7,717

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

110,669

9,313

Other debtors

3,136

17,460

113,805

26,773

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

6,799

6,464

Hire purchase contracts (see note 9)

4,112

3,822

Trade creditors

34,417

11,508

Taxation and social security

27,894

3,821

Other creditors

9,440

1,113

82,662

26,728

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

55,849

61,271

Hire purchase contracts (see note 9)

356

4,467

56,205

65,738

2018

2017

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

24,733

32,323

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

4,112

3,822

Between one and five years

356

4,467

4,468

8,289

Non-cancellable operating

leases

2018

2017

£

£

In more than five years

63,000

75,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

62,648

67,735

On 18 January 2010, Lloyds TSB Commercial Finance Limited placed an all assets debenture over the

undertaking and all property and assets present and future.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2018 and

31 March 2017:

2018

2017

£

£

Mr A J Rossides and Mrs D J Rossides

Balance outstanding at start of year

1,440

-

Amounts advanced

5,295

30,549

Amounts repaid

(6,735

)

(29,109

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,440

The advances made to the directors in the year had no fixed repayment terms and were repayable on demand.

Interest was charged on advances to the directors at a rate of 6.5%.