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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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Clarke Aviation Consultants Limited |
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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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for |
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Clarke Aviation Consultants Limited |
Clarke Aviation Consultants Limited (Registered number: 10460606) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Clarke Aviation Consultants Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
The Old Dairy |
Cadhay |
Ottery St Mary |
Devon |
EX11 1QT |
Clarke Aviation Consultants Limited (Registered number: 10460606) |
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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Investments | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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 and authorised for issue on
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Clarke Aviation Consultants Limited (Registered number: 10460606) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | Statutory information |
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Clarke Aviation Consultants Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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COVID 19 |
The director has considered the impact of COVID-19 and does not consider it to have a material impact on the balances included within the financial statements. In addition, the director does not consider it to cast any significant doubt upon the company's ability to continue successfully in the future. |
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The director has taken both reactive and proactive measures in order to mitigate any risks associated with COVID-19, including managing cash flow to ensure that debts can be paid when they fall due, managing staffing levels and monitoring key customer and supplier activity. |
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The director has implemented a robust system of procedures and controls in order to deal with any associated risks. |
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Turnover |
Turnover represents commission received on insurance policies and is recognised when received. |
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Tangible fixed assets |
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Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other debtors are initially recognised at the transaction price and therefore stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts. |
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Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
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(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. |
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Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Clarke Aviation Consultants Limited (Registered number: 10460606) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | Employees and directors |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | Tangible fixed assets |
Plant and |
machinery |
etc |
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Cost |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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Depreciation |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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Net book value |
At 31 December 2020 |
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At 31 December 2019 |
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5. | Current asset investments |
2020 | 2019 |
£ | £ |
Listed investments | 304,925 | 321,481 |
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6. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Taxation and social security |
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Other creditors |
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