Company Registration No. 02422516 (England and Wales)
AIRPORT EXECUTIVE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
AIRPORT EXECUTIVE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
AIRPORT EXECUTIVE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
85,036
84,329
Tangible assets
2
110,507
91,839
195,543
176,168
Current assets
Debtors
93,087
102,853
Cash at bank and in hand
159,725
218,757
252,812
321,610
Creditors: amounts falling due within one year
3
(202,488)
(275,701)
Net current assets
50,324
45,909
Total assets less current liabilities
245,867
222,077
Creditors: amounts falling due after more than one year
(35,506)
(26,080)
Provisions for liabilities
(12,774)
(17,042)
197,587
178,955
Capital and reserves
Called up share capital
4
2,000
2,000
Profit and loss account
195,587
176,955
Shareholders' funds
197,587
178,955
AIRPORT EXECUTIVE LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 28 September 2016
Mr J Patel
Mr S Sharma
Director
Director
Company Registration No. 02422516
AIRPORT EXECUTIVE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 7 years and 10 years.
1.5
Research and development
Software development costs are deferred and amortised in equal annual instalments over their estimated useful economic life of 5 years.
1.6
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
33% per annum on the reducing balance method.
Fixtures, fittings & equipment
10% per annum on the reducing balance method.
Motor vehicles
25% per annum on the reducing balance method
1.7
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.8
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.9
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
AIRPORT EXECUTIVE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 January 2015
370,286
237,545
607,831
Additions
39,330
61,745
101,075
Disposals
-
(37,633)
(37,633)
At 31 December 2015
409,616
261,657
671,273
Depreciation
At 1 January 2015
285,957
145,706
431,663
On disposals
-
(26,350)
(26,350)
Charge for the year
38,623
31,794
70,417
At 31 December 2015
324,580
151,150
475,730
Net book value
At 31 December 2015
85,036
110,507
195,543
At 31 December 2014
84,329
91,839
176,168
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £69,837 (2014 - £44,263).
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
500 Ordinary C shares of £1 each
500
500
200 Ordinary B shares of £1 each
200
200
300 Ordinary A shares of £1 each
300
300
2,000
2,000
The shares rank pari passu
.
The directors are empowered to vote and declare
dividends to any one or more of the share categories separately.