Year Ended
Registration number:
Complete Aircraft Tooling Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Complete Aircraft Tooling Limited
Company Information
Director |
Mr W H Crook |
Registered office |
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Accountants |
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Complete Aircraft Tooling Limited
Balance Sheet
31 May 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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 assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net 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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Shareholders' funds |
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Complete Aircraft Tooling Limited
Balance Sheet
31 May 2021
For the financial year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 12000633
Complete Aircraft Tooling Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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. There are no material departures from FRS 102 Section 1A.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentational currency of Complete Aircraft Tooling Limited is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates.
Going concern
Taking into account all available information about the future, the director has assessed the ability of the company to continue as a going concern and considers the going concern assumption is appropriate when preparing the financial statements.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in repsect of the sale of goods and services to customers.
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 corporation 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.
Complete Aircraft Tooling Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at 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 |
Furniture, fittings and equipment |
25% straight line |
Motor vehicles |
25% reducing balance |
Other property, plant and equipment |
25% straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Complete Aircraft Tooling Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Other loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for other loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Other loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Complete Aircraft Tooling Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 June 2020 |
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Additions |
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At 31 May 2021 |
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Depreciation |
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At 1 June 2020 |
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Charge for the year |
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At 31 May 2021 |
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Carrying amount |
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At 31 May 2021 |
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At 31 May 2020 |
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Stocks |
2021 |
2020 |
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Other inventories |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Complete Aircraft Tooling Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
Creditors |
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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- |
Loans and borrowings |
2021 |
2020 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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- |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Other borrowings |
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Other borrowings
Included in loans and borrowings at the year end is £350,000 (2020 - £nil) on which security has been provided.
Complete Aircraft Tooling Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Advances to directors |
2021 |
At 1 June 2020 |
Advances to director |
Repayments by director |
At 31 May 2021 |
Mr W H Crook |
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Interest free and repayable on demand |
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12 COVID-19
The director of Complete Aircraft Tooling Limited has considered the impact of COVID-19.
During the financial year to 31 May 2021, the company has been in receipt of government support schemes. These schemes, include the Coronavirus Job Retention Scheme. The scheme has been
accounted for on an accruals basis. The following government grants were receivable in the year:
£42,002 - Coronavirus Job Retention Scheme
The company has also been in receipt of a Bounce Back Loan. As the initial 12 months of the loan is interest free, the bounce back loan is included in these accounts at its original capital value
will be accounted for once repayments are made.
Despite the major impact of Covid-19 on the aviation sector as a whole, the impact on the company has been limited. It is the opinion of the director, the company has adequate finances in place and
sufficient support from the government to meet its financial obligations in the foreseeable future. Therefore the financial statements have been prepared on a going concern basis.