Bernera Blue Ltd formerly known as Outlaw Aviation Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: SC403279

Bernera Blue Ltd formerly known as Outlaw Aviation Ltd

Filleted Unaudited Financial Statements

30 June 2018

Bernera Blue Ltd formerly known as Outlaw Aviation Ltd

Statement of Financial Position

30 June 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	9,559	2,941

Current assets

Debtors	6	–	155
Cash at bank and in hand		154,727	189,677
		---------	---------
		154,727	189,832

Creditors: amounts falling due within one year	7	960	24,385
		---------	---------
Net current assets		153,767	165,447
		---------	---------
Total assets less current liabilities		163,326	168,388

Creditors: amounts falling due after more than one year	8	56,068	56,068

Provisions

Taxation including deferred tax	–	500
	---------	---------
Net assets	107,258	111,820
	---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	107,257	111,819
	---------	---------
Shareholders funds	107,258	111,820
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Bernera Blue Ltd formerly known as Outlaw Aviation Ltd

Statement of Financial Position (continued)

30 June 2018

These financial statements were approved by the board of directors and authorised for issue on 5 November 2018 , and are signed on behalf of the board by:

Mr D Boag
Director

Company registration number: SC403279

Bernera Blue Ltd formerly known as Outlaw Aviation Ltd

Notes to the Financial Statements

Year ended 30 June 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 7 Kirkibost, Great Bernera, Isle of Lewis, HS2 9LZ, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% straight line
Fixtures and fittings	-	15% reducing balance
Office equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Office Equipment	Total
	£	£	£	£
Cost
At 1 July 2017	1,632	2,158	3,405	7,195
Additions	8,370	–	–	8,370
	--------	-------	-------	--------
At 30 June 2018	10,002	2,158	3,405	15,565
	--------	-------	-------	--------
Depreciation
At 1 July 2017	230	1,289	2,735	4,254
Charge for the year	1,455	130	167	1,752
	--------	-------	-------	--------
At 30 June 2018	1,685	1,419	2,902	6,006
	--------	-------	-------	--------
Carrying amount
At 30 June 2018	8,317	739	503	9,559
	--------	-------	-------	--------
At 30 June 2017	1,402	869	670	2,941
	--------	-------	-------	--------

6. Debtors

	2018	2017
	£	£
Other debtors	–	155
	----	----

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	–	17,999
Corporation tax	–	4,901
Other creditors	960	1,485
	----	--------
	960	24,385
	----	--------

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	56,068	56,068
	--------	--------

9. Related party transactions

At 30 June 2018 the company was due the director £ 56,068 (2017 - £56,068). This loan is interest free and has no definite terms of repayment .