Company Registration No. 00909554 (England and Wales)
AIRWAYS HEATING LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
AIRWAYS HEATING LTD
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
AIRWAYS HEATING LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AIRWAYS HEATING LTD FOR THE YEAR ENDED 31 AUGUST 2016
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Airways Heating Ltd for the year ended 31 August 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Airways Heating Ltd, as a body, in accordance with the terms of ou
r engagement.
Our work has been undertaken solely to prepare for your approval the financial statements of Airways Heating Ltd and state those matters that we have agreed to state to the Board of Directors of Airways Heating Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Airways Heating Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Airways Heating Ltd 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 profit of Airways Heating Ltd. You consider that Airways Heating Ltd 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 Airways Heating Ltd. 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.
Baldwins (Nottingham) Limited
13 May 2017
Accountants
370-374 Nottingham Road
Newthorpe
Nottinghamshire
NG16 2ED
AIRWAYS HEATING LTD
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
12,221
14,442
Current assets
Stocks
7,987
9,217
Debtors
7,622
5,067
Cash at bank and in hand
19,628
18,620
35,237
32,904
Creditors: amounts falling due within one year
(26,105)
(26,683)
Net current assets
9,132
6,221
Total assets less current liabilities
21,353
20,663
Provisions for liabilities
(1,537)
-
19,816
20,663
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
19,716
20,563
Shareholders' funds
19,816
20,663
For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 10 May 2017
Mrs S J Daft
Director
Company Registration No. 00909554
AIRWAYS HEATING LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
15% on a reducing balance basis
Fixtures, fittings & equipment
15% / 33% on a reducing balance basis
Motor vehicles
15% on a reducing balance basis
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2015 & at 31 August 2016
59,926
Depreciation
At 1 September 2015
45,484
Charge for the year
2,221
At 31 August 2016
47,705
Net book value
At 31 August 2016
12,221
At 31 August 2015
14,442
AIRWAYS HEATING LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 4 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
52 Ordinary A shares of £1 each
52
52
48 Ordinary B shares of £1 each
48
48
100
100
The shares rank pari passu in all respects.
4
Transactions with directors
Included within other creditors at the year end are amounts owed by the company to the directors. Mr B Hayes of £16,425 (2015: £16,551), Mrs S Daft of £333 (2015: £333) and Mr R G Daft of £333 (2015: £333). These amounts are unsecured, interest free and repayable upon demand.