Contents of the Financial Statements
for the Period Ended 30 April 2018
Balance sheet
As at 30 April 2018
| Notes | 2018 | 2017 |
| | £ | £ |
Fixed assets |
Investments: | 2 | 4,143,548 | 4,143,548 |
Total fixed assets: | | 4,143,548 | 4,143,548 |
Current assets |
Debtors: | 3 | 2,175,389 | 1,858,028 |
Total current assets: | | 2,175,389 | 1,858,028 |
Creditors: amounts falling due within one year: | 4 | (321,437) | (4,076) |
Net current assets (liabilities): | | 1,853,952 | 1,853,952 |
Total assets less current liabilities: | | 5,997,500 | 5,997,500 |
Total net assets (liabilities): | | 5,997,500 | 5,997,500 |
Capital and reserves |
Called up share capital: | | 6,000,000 | 6,000,000 |
Profit and loss account: | | (2,500) | (2,500) |
Shareholders funds: | | 5,997,500 | 5,997,500 |
The notes form part of these financial statements
Balance sheet statements
For the year ending 30 April 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on 28 February 2019
and signed on behalf of the board by:
Name: Prince Arthur Eze
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 30 April 2018
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102
Turnover policy
TurnoverTurnover is measured at the fair value of the consideration received or receivable. The company has not traded during the period.
Valuation and information policy
InvestmentsUnlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.
Other accounting policies
Basis of preparationThe accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.Going ConcernAt the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company will continue to rely on Prince Eze's support in that he will be providing funds when they are needed. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.Trade and other debtorsTrade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.Trade and other creditorsShort term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.Foreign currenciesTransactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.ProvisionsProvisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.
Notes to the Financial Statements
for the Period Ended 30 April 2018
2. Fixed investments
Investment in subsidiaries at 1/5/17 and 30/4/18 £4,143,548Net book values at 1/5/17 and 30/4/18 £4,143,548This represents a 100% holding in Executive & Business Aviation Support Limited
Notes to the Financial Statements
for the Period Ended 30 April 2018
3. Debtors
|
2018 | 2017 |
|
£ |
£ |
Debtors due after more than one year: | 0 | 0 |
Amounts owed by group undertakings £1,858,028 (2017 - £1,858,028). Other debtors £317,361 (2017 - £nil).
Notes to the Financial Statements
for the Period Ended 30 April 2018
4. Creditors: amounts falling due within one year note
Trade creditors £317,361 (2017 - £Nil). Other creditors £4,076 (2017 - £4,076).
Notes to the Financial Statements
for the Period Ended 30 April 2018
5. Related party transactions
The directors consider Prince Arthur Eze to be the controlling party.