Aviation Electronics Expo Limited
for the Year Ended 31 May 2018
Aviation Electronics Expo Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Aviation Electronics Expo Limited
Company Information
Directors |
Mr Adrian Mark Broadbent Ms Maria Eugenia Hernanz Reyes |
Registered office |
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Accountants |
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Registered Number |
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Aviation Electronics Expo Limited
(Registration number: 08892662)
Balance Sheet as at 31 May 2018
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2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current (liabilities)/assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net (liabilities)/assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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Aviation Electronics Expo Limited
(Registration number: 08892662)
Balance Sheet as at 31 May 2018 (continued)
Approved and authorised by the
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Director
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Aviation Electronics Expo Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statement are prepared in sterling, which is the functional curreny of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The comapny has net liabilities of £7,437 as at 31 May 2018. This has been impacted in the year due to the exhibiton falling post year end, therefore, the income and costs associated with this have been deferred untill the critical event which is post year end. The directors are confident this is a 'one off' and on that basis the accounts have been prepared on the going concern basis.
The next exhibition takes place 19 June 2018.
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Aviation Electronics Expo Limited
Notes to the Financial Statements for the Year Ended 31 May 2018 (continued)
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Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Balances at the year-end denominated in a foreign currency and translated into sterling at the rate of exchange ruling at the balance sheet date.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purpose.
Tax deferred or accelerated is accounted for in respect of all material timing differences.
Deferred tax assets are recongnised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible assets
Tangible assets are stated in the statement of financial position at historical cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Tangible Fixed Assets |
25% reducing balance |
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Aviation Electronics Expo Limited
Notes to the Financial Statements for the Year Ended 31 May 2018 (continued)
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Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Aviation Electronics Expo Limited
Notes to the Financial Statements for the Year Ended 31 May 2018 (continued)
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Accounting policies (continued) |
Financial instruments
Classification
Recognition and measurement
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 7 |
Aviation Electronics Expo Limited
Notes to the Financial Statements for the Year Ended 31 May 2018 (continued)
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2017 |
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Additions |
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At 31 May 2018 |
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Depreciation |
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At 1 June 2017 |
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Charge for the year |
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At 31 May 2018 |
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Carrying amount |
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At 31 May 2018 |
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At 31 May 2017 |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Total current trade and other debtors |
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Aviation Electronics Expo Limited
Notes to the Financial Statements for the Year Ended 31 May 2018 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Amounts owed to director |
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Taxation and social security |
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Other creditors |
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Aviation Electronics Expo Limited
Notes to the Financial Statements for the Year Ended 31 May 2018 (continued)
Related party transactions |
Transactions with directors |
2018 |
At 1 June 2017 |
At 31 May 2018 |
Loan from director |
(393) |
( |
2017 |
At 1 June 2016 |
Repayments by director |
At 31 May 2017 |
Loan from director |
22,607 |
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( |
Parent and ultimate parent undertaking |
The company's immediate parent is
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