Registered number:
Unaudited
For the year ended
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Dazzlink Air Limited
Company Information
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Dazzlink Air Limited
Contents
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Dazzlink Air Limited
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Dazzlink Air Limited for the year ended 30 November 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dazzlink Air Limited for the year ended 30 November 2018 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/
members/regulations-standards-and-guidance/
.
This report is made solely to the director of Dazzlink Air Limited in accordance with the terms of our engagement letter dated
4 June 2018. Our work has been undertaken solely
to prepare for your approval the financial statements of Dazzlink Air Limited and state those matters that we have agreed to state to the director of Dazzlink Air Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dazzlink Air Limited and its director for our work or for this report.
It is your duty to ensure that Dazzlink Air Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Dazzlink Air Limited. You consider that Dazzlink Air Limited is exempt from the statutory audit requirement for the year.
Chartered Accountants
Innovation House
Ramsgate Road
Kent
CT13 9FF
Page 1
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Dazzlink Air Limited
Registered number:
03127697
Balance sheet
As at
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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Dazzlink Air Limited
Notes to the financial statements
For the year ended 30 November 2018
Dazzlink Air Limited ("the company") is a private company limited by shares and is incorporated in England with the registration number 03127697. The address of the registered office is Kreston Reeves LLP, Innovation House, Ramsgate Road, Sandwich, Kent, CT13 9FF.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The financial statements are rounded to the nearest pound.
The company's functional and presentational currency is Pounds sterling.
The following principal accounting policies have been applied:
The director has a reasonable expectation that the company has adequate resources to continue in
operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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Dazzlink Air Limited
Notes to the financial statements
For the year ended 30 November 2018
2.
Accounting policies (continued)
Interest income is recognised in the Statement of income and retained earnings using the effective interest method.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Dazzlink Air Limited
Notes to the financial statements
For the year ended 30 November 2018
2.
Accounting policies (continued)
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Dazzlink Air Limited
Notes to the financial statements
For the year ended 30 November 2018
The controlling party is Mr D Crowhurst, by virtue of his 100% shareholding.
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