Company Registration No. 07223824 (England and Wales)
PHOENIX HELICOPTER ACADEMY LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
PHOENIX HELICOPTER ACADEMY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
PHOENIX HELICOPTER ACADEMY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
30 June 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
503,867
259,056
Current assets
Stocks
3,397
7,400
Debtors
76,653
48,432
Cash at bank and in hand
127,905
84,348
207,955
140,180
Creditors: amounts falling due within one year
3
(451,875)
(305,215)
Net current liabilities
(243,920)
(165,035)
Total assets less current liabilities
259,947
94,021
Creditors: amounts falling due after more than one year
4
(273,979)
(673)
(14,032)
93,348
Capital and reserves
Called up share capital
5
1,500
1,500
Share premium account
277,500
277,500
Profit and loss account
(293,032)
(185,652)
Shareholders' funds
(14,032)
93,348
For the financial year ended 30 June 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 23 June 2017
Mr P J Andrews
Director
Company Registration No. 07223824
PHOENIX HELICOPTER ACADEMY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 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).
The financial statements have been prepared on a going concern basis, not withstanding that there is a deficiency of assets at 30 June 2016 amounting to £14,032, the viability of which is dependent upon the continued financial support of the directors. The financial statements do not include any adjustments that would result from a discontinuance of the financial support. On this basis, the directors consider that it is appropriate for the financial statements to be prepared on a going concern basis.
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
5% straight line
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
25% reducing balance
PHOENIX HELICOPTER ACADEMY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2015
326,619
Additions
410,684
Disposals
(165,000)
At 30 June 2016
572,303
Depreciation
At 1 July 2015
67,563
On disposals
(24,750)
Charge for the year
25,623
At 30 June 2016
68,436
Net book value
At 30 June 2016
503,867
At 30 June 2015
259,056
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £50,188 (2015 - £2,574).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £273,979 (2015 - £673).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,000 "A" Ordinary shares of £1 each
1,000
1,000
500 "B" Ordinary shares of £1 each
500
500
1,500
1,500