Period from 16 May 2019 to
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 2020
Note |
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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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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Total equity |
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Complete Aircraft Tooling Limited
Balance Sheet
31 May 2020
For the financial period ending 31 May 2020 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
Period from 16 May 2019 to 31 May 2020
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.
Since the year end, despite the major impact of Covid-19 on the aviation sector as a whole, its impact on the company has been limited. It is the opinion of the director that the company has adequate finances in place to meet its financial obligations over the next 12 months.
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
Period from 16 May 2019 to 31 May 2020
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 |
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.
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
Period from 16 May 2019 to 31 May 2020
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 period, was
Complete Aircraft Tooling Limited
Notes to the Unaudited Financial Statements
Period from 16 May 2019 to 31 May 2020
Tangible assets |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 May 2020 |
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Depreciation |
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Charge for the period |
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At 31 May 2020 |
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Carrying amount |
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At 31 May 2020 |
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Stocks |
2020 |
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Other inventories |
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Debtors |
2020 |
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Trade debtors |
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Other debtors |
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Complete Aircraft Tooling Limited
Notes to the Unaudited Financial Statements
Period from 16 May 2019 to 31 May 2020
Creditors |
Note |
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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Corporation tax |
4,000 |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Loans and borrowings |
2020 |
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Current loans and borrowings |
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Other borrowings |
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Share capital |
Allotted, called up and fully paid shares
2020 |
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No. |
£ |
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100 |
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 £
Complete Aircraft Tooling Limited
Notes to the Unaudited Financial Statements
Period from 16 May 2019 to 31 May 2020
Related party transactions |
Loans from related parties
2020 |
Key management |
Total |
Advanced |
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Repaid |
( |
( |
At end of period |
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Terms of loans from related parties