Company Registration No. 04500538 (England and Wales)
AEROSPACE AT SEA LEVEL LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
AEROSPACE AT SEA LEVEL LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
AEROSPACE AT SEA LEVEL LTD
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
18,666
14,602
Current assets
Debtors
8,306
10,045
Cash at bank and in hand
49,176
62,544
57,482
72,589
Creditors: amounts falling due within one year
(9,095)
(22,740)
Net current assets
48,387
49,849
Total assets less current liabilities
67,053
64,451
Provisions for liabilities
(2,937)
(1,706)
64,116
62,745
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
64,016
62,645
Shareholders' funds
64,116
62,745
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 20 April 2017
C D Harrison
Director
Company Registration No. 04500538
AEROSPACE AT SEA LEVEL LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 2 -
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
25% per annum on written down value
Computer equipment
25% per annum on written down value
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.6
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 AT SEA LEVEL LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2015
51,951
Additions
13,292
Disposals
(5,341)
At 31 August 2016
59,902
Depreciation
At 1 September 2015
37,349
On disposals
(2,337)
Charge for the year
6,224
At 31 August 2016
41,236
Net book value
At 31 August 2016
18,666
At 31 August 2015
14,602
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 ordinary of £1 each
100
100