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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2016 |
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FARNBOROUGH AIRCRAFT CORPORATION LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2016 |
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FOR |
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FARNBOROUGH AIRCRAFT CORPORATION LTD |
FARNBOROUGH AIRCRAFT CORPORATION LTD (REGISTERED NUMBER: 04372752) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2016 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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FARNBOROUGH AIRCRAFT CORPORATION LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2016 |
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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 |
24 Landport Terrace |
Portsmouth |
Hampshire |
PO1 2RG |
FARNBOROUGH AIRCRAFT CORPORATION LTD (REGISTERED NUMBER: 04372752) |
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STATEMENT OF FINANCIAL POSITION |
31 JULY 2016 |
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2016 | 2015 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 3 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 4 |
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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 |
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Retained earnings | ( |
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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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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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FARNBOROUGH AIRCRAFT CORPORATION LTD (REGISTERED NUMBER: 04372752) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2016 |
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1. | STATUTORY INFORMATION |
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Farnborough Aircraft Corporation Ltd is a
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The company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position 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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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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Income recognition |
Income is recognised when goods have been delivered to customers such that risks and rewards of ownership |
have transfered to them. |
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3. | DEBTORS |
2016 | 2015 |
£ | £ |
Amounts falling due within one year: |
A J Aircraft LLC | 33,895 | 33,895 |
Prepayments |
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Amounts falling due after more than one year: |
Trade debtors |
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Provision for bad debts | (4,800,000 | ) | (4,800,000 | ) |
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Aggregate amounts |
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FARNBOROUGH AIRCRAFT CORPORATION LTD (REGISTERED NUMBER: 04372752) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2016 |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Directors' current accounts | 7,885 | 8,000 |
Accruals |
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5. | FINANCIAL INSTRUMENTS |
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Basic financial instruments are recognised at authorised cost, except for investments in non-convertible |
preference shares and non-puttable ordinary shares which are measured at fair value, with changes recognised |
in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with |
changes recognised in profit or loss. |
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6. | FIRST YEAR ADOPTION |
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These financial statements for the year ended 31 July 2016 are the first financial statements that comply with |
FRS 102 section 1A small entities. The date of transition is 1 August 2014. |
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The transition to FRS 102 Section 1A small entities has not resulted in any changes in accounting policies to |
those used previously. |
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There are no reconciling items to report in either equity or profit during the transitional period to FRS 102 Section |
1A. |
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