Company Registration No. 01435045 (England and Wales)
AEROSPACE LOGISTICS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
AEROSPACE LOGISTICS LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
AEROSPACE LOGISTICS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AEROSPACE LOGISTICS LIMITED FOR THE YEAR ENDED 31 AUGUST 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aerospace Logistics Limited 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.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Aerospace Logistics Limited, as a body, in accordance with the terms of our engagement letter
.
Our work has been undertaken solely to prepare for your approval the financial statements of Aerospace Logistics Limited and state those matters that we have agreed to state to the Board of Directors of Aerospace Logistics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aerospace Logistics Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Aerospace Logistics 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 profit of Aerospace Logistics Limited. You consider that Aerospace Logistics 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 Aerospace Logistics 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.
MHA Carpenter Box
25 August 2017
Chartered Accountants
2 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
AEROSPACE LOGISTICS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,451,645
1,500,923
Current assets
Stocks
1,727,117
1,141,419
Debtors
1,905,267
1,999,351
Cash at bank and in hand
651,049
384,318
4,283,433
3,525,088
Creditors: amounts falling due within one year
3
(2,383,725)
(1,772,255)
Net current assets
1,899,708
1,752,833
Total assets less current liabilities
3,351,353
3,253,756
Capital and reserves
Called up share capital
4
100
100
Revaluation reserve
534,425
544,655
Profit and loss account
2,816,828
2,709,001
Shareholders' funds
3,351,353
3,253,756
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 25 August 2017
Mr S Wright
Director
Company Registration No. 01435045
AEROSPACE LOGISTICS LIMITED
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 modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings freehold
2% per annum on a straight line basis
Leasehold improvements
15% per annum on a straight line basis
Plant and machinery & Computer equipment
15% per annum on a straight line basis
Computer equipment
25% per annum on a straight line basis
Fixtures, fittings & equipment
15% per annum on a straight line basis
Motor vehicles
15% per annum on a reducing balance basis
1.4
Stock
Stock is valued at the lower of cost and net realisable value.
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
AEROSPACE LOGISTICS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 September 2015
2,244,131
Additions
13,352
At 31 August 2016
2,257,483
Depreciation
At 1 September 2015
743,208
Charge for the year
62,630
At 31 August 2016
805,838
Net book value
At 31 August 2016
1,451,645
At 31 August 2015
1,500,923
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £986,500 (2015 - £636,250).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
5
Related party relationships and transactions
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr A G Wright -
-
283,561
72,177
-
32,500
323,238
Mr S Wright -
-
9,785
-
9,785
293,346
72,177
-
42,285
323,238