Company Registration No. 01435045 (England and Wales)
AEROSPACE LOGISTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
AEROSPACE LOGISTICS LIMITED
COMPANY INFORMATION
Directors
Mr A G Wright
Mrs C A Wright
Mr S Wright
Secretary
Mrs C A Wright
Company number
01435045
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Accountants
MHA Carpenter Box
2 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
AEROSPACE LOGISTICS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
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 2017
- 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 Aerospace Logistics Limited for the year ended 31 August 2017 which comprise, 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 (ICAEW), 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
.
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
30 May 2018
Chartered Accountants
2 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
AEROSPACE LOGISTICS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2017
31 August 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,424,699
1,451,645
Current assets
Stocks
2,117,700
1,727,117
Debtors
4
1,359,266
1,905,267
Cash at bank and in hand
789,676
651,049
4,266,642
4,283,433
Creditors: amounts falling due within one year
5
(2,200,641)
(2,383,725)
Net current assets
2,066,001
1,899,708
Total assets less current liabilities
3,490,700
3,351,353
Creditors: amounts falling due after more than one year
6
(22,288)
-
Provisions for liabilities
(5,400)
-
Net assets
3,463,012
3,351,353
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
524,195
534,425
Profit and loss reserves
2,938,717
2,816,828
Total equity
3,463,012
3,351,353
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
AEROSPACE LOGISTICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2017
31 August 2017
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 May 2018 and are signed on its behalf by:
Mr S Wright
Director
Company Registration No. 01435045
AEROSPACE LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
- 4 -
1
Accounting policies
Company information
Aerospace Logistics Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 August 2017
are the
first
financial statements of Aerospace Logistics Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 September 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
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
Fixtures, fittings & equipment
15% per annum on a straight line basis
Computer equipment
25% per annum on a straight line basis
Motor vehicles
15% per annum on a diminishing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
AEROSPACE LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 5 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
AEROSPACE LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 6 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 25 (2016 - 27).
AEROSPACE LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 7 -
3
Tangible fixed assets
Land and buildings freehold
Leasehold improvements
Plant and machinery & Computer equipment
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 September 2016
1,650,156
134,199
49,566
230,092
142,441
51,029
2,257,483
Additions
-
-
21,150
1,601
735
15,780
39,266
At 31 August 2017
1,650,156
134,199
70,716
231,693
143,176
66,809
2,296,749
Depreciation and impairment
At 1 September 2016
271,806
89,086
41,300
223,790
139,719
40,137
805,838
Depreciation charged in the year
33,003
20,130
6,391
2,585
1,030
3,073
66,212
At 31 August 2017
304,809
109,216
47,691
226,375
140,749
43,210
872,050
Carrying amount
At 31 August 2017
1,345,347
24,983
23,025
5,318
2,427
23,599
1,424,699
At 31 August 2016
1,378,350
45,113
8,266
6,302
2,722
10,892
1,451,645
AEROSPACE LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 8 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
700,324
1,230,929
Amounts owed by group undertakings and undertakings in which the company has a participating interest
132,806
185,558
Other debtors
526,136
488,780
1,359,266
1,905,267
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
986,500
986,500
Trade creditors
712,154
864,471
Other taxation and social security
258,903
281,682
Other creditors
243,084
251,072
2,200,641
2,383,725
The bank loan is secured. The bank has issued guarantees which are outstanding at the year end to the value of £150,413 (2016: £144,128).
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
22,288
-
The hire purchase finance in note 5 and 6 is secured over the related asset.
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
AEROSPACE LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 9 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
360,433
410,000
9
Events after the reporting date
Since the year end dividends of £203,199 have been voted and paid.
10
Directors' transactions
Dividends totalling £246,901 (2016 - £235,136) were paid in the year in respect of shares held by the company's directors.
Interest is payable on the amount owed by the director at the rate of 3% per annum.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr A G Wright -
-
323,238
60,138
(36,111)
347,265
323,238
60,138
(36,111)
347,265
11
Parent company
The Company is under the control of Yarngrange Limited, a company incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.