REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JULY 2015 |
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FOR |
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FARNBOROUGH AIRCRAFT CORPORATION LIMITED |
REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JULY 2015 |
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FOR |
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FARNBOROUGH AIRCRAFT CORPORATION LIMITED |
FARNBOROUGH AIRCRAFT CORPORATION LIMITED (REGISTERED NUMBER: 04372752) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
for the Year Ended 31 July 2015 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 3 |
FARNBOROUGH AIRCRAFT CORPORATION LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 July 2015 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
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FARNBOROUGH AIRCRAFT CORPORATION LIMITED (REGISTERED NUMBER: 04372752) |
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ABBREVIATED BALANCE SHEET |
31 July 2015 |
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31.7.15 | 31.7.14 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 2 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 3 |
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Profit and loss account | ( |
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SHAREHOLDERS' FUNDS |
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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. |
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The financial statements were approved by the Board of Directors on
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FARNBOROUGH AIRCRAFT CORPORATION LIMITED (REGISTERED NUMBER: 04372752) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
for the Year Ended 31 July 2015 |
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1. | ACCOUNTING POLICIES |
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Going concern |
These financial statements have been prepared on the basis that the company will continue to be a going concern. |
If this assumption is not considered to be valid, then adjustments would need to be made to reduce the value of |
assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed |
assets and long-term liabilities as current assets and current liabilities. |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Deferred tax |
The charge for deferred tax takes into account taxation deferred as a result of timing differences between the |
treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred tax |
assets are recognised only to the extent that they will be recovered against the reversal of deferred tax liabilities |
or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the tax rates that |
would apply when the timing differences reverse based on tax rates and laws that have been enacted, or |
substantively enacted, by the balance sheet date. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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2. |
DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.7.15 | 31.7.14 |
£ | £ |
Trade debtors | 4,800,000 | 4,800,000 |
Provision for bad debts | (4,800,000 | ) | (4,800,000 | ) |
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3. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.15 | 31.7.14 |
value: | £ | £ |
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Ordinary | .10 |
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Deferred Ordinary | .10 |
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8,525,647 | 8,525,647 |
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4. | RELATED PARTY DISCLOSURES |
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A director and shareholder. |
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As at 31 July 2015 the company owed G Carroll £8,000 (2014 £8,000). |
FARNBOROUGH AIRCRAFT CORPORATION LIMITED (REGISTERED NUMBER: 04372752) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
for the Year Ended 31 July 2015 |
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4. | RELATED PARTY DISCLOSURES - continued |
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A director and shareholder. |
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During the year, A Norris invoiced the company for consultancy services in the sum of £12,000. As at 31st July |
2015, the company owed A Norris £nil (2014 - £nil). |
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5. | ULTIMATE CONTROLLING PARTY |
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At the year end G Carroll was the ultimate controlling party by virtue of his majority shareholding. |