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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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Aerospace Reliance Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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for |
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Aerospace Reliance Limited |
Aerospace Reliance Limited (Registered number: 10788741) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Aerospace Reliance Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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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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Marlborough House |
298 Regents Park Road |
London |
N3 2SZ |
Aerospace Reliance Limited (Registered number: 10788741) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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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. |
Aerospace Reliance Limited (Registered number: 10788741) |
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Balance Sheet - continued |
31 December 2019 |
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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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Aerospace Reliance Limited (Registered number: 10788741) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Aerospace Reliance Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover and principal activity |
Turnover represents amounts receivable for the sale of aerospace parts, net of value added tax. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Fixtures and fittings - 25% on reducing balance |
Computer equipment - 25% straight line on cost |
Plant and machinery - 25% on reducing balance |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
Aerospace Reliance Limited (Registered number: 10788741) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | STOCKS |
31.12.19 | 31.12.18 |
£ | £ |
Stocks |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
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Provision for bad debts | - | (6,000 | ) |
Other debtors |
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Director's current account | - | 18,428 |
Directors' loan accounts | 1,025 | - |
VAT |
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Prepayments |
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Aerospace Reliance Limited (Registered number: 10788741) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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Pensions payable | 1,953 | 403 |
Strexor Ltd T/A Smoke Purer |
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Other creditors | 9,478 | 2,975 |
AMEX credit card | 23,528 | 450 |
Director's current account | 475 | 1,975 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.19 | 31.12.18 |
£ | £ |
Within one year |
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Between one and five years |
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10. | PROVISIONS FOR LIABILITIES |
31.12.19 | 31.12.18 |
£ | £ |
Deferred tax | 2,383 | 2,036 |
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Deferred |
tax |
£ |
Balance at 1 January 2019 |
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Provided during year |
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Balance at 31 December 2019 |
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Aerospace Reliance Limited (Registered number: 10788741) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 January 2019 |
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164,134 |
Profit for the year |
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Dividends | ( |
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At 31 December 2019 |
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455,331 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 December 2019 and 31 December 2018: |
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31.12.19 | 31.12.18 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid |
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( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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13. | RELATED PARTY DISCLOSURES |
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The balance shown as directors' current accounts under debtors of £nil (2018: £18,428) is owed by the directors to the company. The debt has no fixed date for repayment, is repayable on demand and is non-interest bearing. |
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The balance shown as directors' current accounts under creditors of £475 (2018: 1,975) is owed by the company to the directors. The debt has no fixed date for repayment, is repayable on demand and is non-interest bearing. |
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The balance shown as Strexor Ltd T/A Smoke Purer under creditors of £119,948 (2018: £23,948) is owed to a company which is under common control. The debt has no fixed date for repayment, is repayable on demand and is non-interest bearing. |