Heritage Aviation Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03285882 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

FOR

HERITAGE AVIATION DEVELOPMENTS LIMITED

Page

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mr J N Whaley

Mrs A Whaley

SECRETARY:

Mr J N Whaley

REGISTERED OFFICE:

Harboury House

Swanbourne Road

Mursley

Milton Keynes

Buckinghamshire

MK17 0JA

REGISTERED NUMBER:

03285882 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive

Income and certain other primary statements and the Report of the Directors are not required to be

filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Heritage Aviation Developments Limited for the year ended 28 February 2018

which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes

from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Heritage Aviation Developments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Heritage Aviation Developments Limited and state those matters that we have agreed to state to the Board of Directors of Heritage Aviation Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heritage Aviation Developments Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Heritage Aviation Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Heritage Aviation Developments Limited. You consider that Heritage Aviation Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Heritage Aviation Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

26 November 2018

FIXED ASSETS

Tangible assets

4

-

84,000

CURRENT ASSETS

Debtors

5

-

349

Cash at bank

1

2,409

1

2,758

CREDITORS

Amounts falling due within one year

6

203,637

289,875

NET CURRENT LIABILITIES

(203,636

)

(287,117

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(203,636

)

(203,117

)

CAPITAL AND RESERVES

Called up share capital

7

3

3

Retained earnings

(203,639

)

(203,120

)

SHAREHOLDERS' FUNDS

(203,636

)

(203,117

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 26 November 2018 and were signed on its behalf by:

Mr J N Whaley - Director

1.	GENERAL INFORMATION

Heritage Aviation Developments Limited is a private company limited by shares and incorporated in

England and Wales. The address of the company's registered office is Harboury House, Swanbourne

Road, Mursley, Milton Keynes, Buckinghamshire, MK17 0JA. The registered number is 03285882.

The presentation currency of these financial statements is Sterling (£), being the currency of the

primary economic market in which the entity operates (its functional currency). All amounts in these

financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out

below. These policies have been consistently applied to all years presented unless otherwise stated.

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 and on a going

concern basis.

Although at the balance sheet the company had net current liabilities and total net liabilities of

£203,636, the directors believe that it is appropriate for the financial statements to be prepared on the

going concern basis as the company is able to rely on the ongoing financial support of its parent

company, Watson and Ewen Limited.

Tangible fixed assets

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

losses.

Depreciation is provided at the following annual rates in order to write off the cost less estimated

residual value of each asset over its estimate useful life:

Plant and machinery

-

reducing balance - 25%

Vintage aircraft

-

not provided

The vintage aircraft is not depreciated as, in the opinion of the directors, by virtue of annual

maintenance costs defrayed, its original value has been maintained and consequently any depreciation

charge would not be material. This policy represents a departure from the requirement of the

Companies Act 2006 to depreciate assets, and is considered necessary in order to provide a true and

fair view.

In addition, the company assesses at each reporting date whether tangible fixed assets are impaired.

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 are largely independent of the cash inflows from

other assets or group of assets.

Taxation

Tax on the profit or loss 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 directly in equity or other

comprehensive income, in which case it is recognised directly in equity or other comprehensive

income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using

tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax

payable in respect of previous years.

Deferred tax

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses

in tax assessments in periods different from those in which they are recognised in the financial

statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed

asset, if and when all conditions for retaining the tax allowances have been met, are not provided for.

Deferred tax is not recognised on permanent differences arising because certain types of income or

expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are

greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related

difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax

balances are not discounted.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange

ruling at the date of the transaction. Monetary assets and liabilities at the period end denominated in a

foreign currency are translated into Sterling at the rate of exchange ruling at the balance sheet date.

Exchange differences are taken into account when arriving at the operating profit.

Financial instruments

The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12

"Other Financial Instrument Issues" of FRS 102 to its financial statements.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 March 2017

126,682

Disposals

(126,682

)

At 28 February 2018

-

DEPRECIATION

At 1 March 2017

42,682

Eliminated on disposal

(42,682

)

At 28 February 2018

-

NET BOOK VALUE

At 28 February 2018

-

At 28 February 2017

84,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

-

349

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

-

12

Amounts owed to group undertakings

202,092

288,363

Other creditors

1,545

1,500

203,637

289,875

Amounts due to group undertakings are repayable on demand and are interest free.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

3

Ordinary

£1

3

3