|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 30 April 2017 |
|
for |
|
Falcon Aviation Limited |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 30 April 2017 |
|
for |
|
Falcon Aviation Limited |
Falcon Aviation Limited (Registered number: 02612526) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 30 April 2017 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Chartered Certified Accountants' Report | 13 |
Falcon Aviation Limited |
|
Company Information |
for the Year Ended 30 April 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Certified Accountants |
Beechey House |
87 Church Street |
Crowthorne |
Berkshire |
RG45 7AW |
Falcon Aviation Limited (Registered number: 02612526) |
|
Balance Sheet |
30 April 2017 |
|
30.4.17 | 30.4.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
Falcon Aviation Limited (Registered number: 02612526) |
|
Balance Sheet - continued |
30 April 2017 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved and authorised for issue by the Board of Directors on
|
|
|
|
|
|
|
|
Falcon Aviation Limited (Registered number: 02612526) |
|
Notes to the Financial Statements |
for the Year Ended 30 April 2017 |
|
1. | STATUTORY INFORMATION |
|
Falcon Aviation Limited is a
|
The company's registered number and registered office address can be found on the Company |
Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 30 April 2017 are the first that are prepared in |
accordance with FRS 102 Section 1A. The previous financial statements were prepared in |
accordance with UK GAAP, the date of transition to FRS 102 Section 1A is 1 May 2015. |
|
Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make |
judgements, estimates and assumptions about the carrying values of assets and liabilities that are |
not readily apparent from other sources. The estimates and underlying assumptions are based on |
historical experience and other factors that are considered to be relevant. Actual results may differ |
from these estimates. |
|
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to |
accounting estimates are recognised in the period in which the estimate is revised if the revision |
affects only that period, or in the period of the revision and future periods if the revision affects |
both current and future periods. |
Falcon Aviation Limited (Registered number: 02612526) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
|
2. | ACCOUNTING POLICIES - continued |
|
Changes in accounting policies |
Plant & Machinery Depreciation |
The depreciation rate for plant and machinery has been amended this year to 5% reducing balances, |
in previous periods it was depreciated at 5% on cost. The reason for the change is to ensure that the |
net book value of the plant and machinery is in line with resale values. |
|
The comparative period has not been amended in these financial statements as the depreciated net |
book value was not materially different to the resale values at that time. |
|
Leasehold Property depreciation |
The depreciation rate for the leasehold property has been amended this year to 33.33% on cost, in |
previous periods it was depreciated at 10% on cost. The reason for the change is to ensure that the |
life of the asset matches that of the ownership period which has been confirmed as 3 years from |
01st May 2016. |
|
The comparative period has not been amended in these financial statements as the amount of |
change in depreciation was not considered material. |
|
Turnover |
Turnover represents the value of services provided under contracts to the extent that there is a right |
to consideration and is recorded at the value of the consideration due. Where a contract has only |
been partially completed at the balance sheet date turnover represents the value of the service |
provided to date based on a proportion of the total expected consideration at completion. Where |
payments are received from customers in advance of services provided, the amounts are recorded |
as deferred income and included as part of creditors due within one year. |
Falcon Aviation Limited (Registered number: 02612526) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
|
2. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
|
Short leasehold | - |
|
Plant and machinery | - |
|
Computer equipment | - |
|
|
Fixtures and Fittings and Computer Equipment are stated at cost less accumulated depreciation and |
accumulated impairment losses. |
|
At each balance sheet date, the Company reviews the carrying amounts of its Tangible Fixed Assets |
to determine whether there is any indication that any items have suffered an impairment loss. If any |
such indication exists, the recoverable amount of an asset is estimated in order to determine the |
extent of the impairment loss, if any. |
|
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying |
amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an |
expense immediately. |
|
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to |
the revised estimate of its recoverable amount, to the extent that the increased carrying amount |
does not exceed the carrying amount that would have been determined ( net of depreciation ) had |
no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is |
recognised as income immediately. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
|
Falcon Aviation Limited (Registered number: 02612526) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
Income tax expense represents the sum of the tax currently payable and deferred tax. |
|
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as |
reported in the statement of comprehensive income because of items of income or expense that are |
taxable or deductible in other years and items that are never taxable or deductible. The Company's |
liability for current tax is calculated using tax rates that have been enacted or substantively enacted |
by the end of the reporting period. |
|
Deferred tax is recognised on timing differences between the carrying amounts of assets and |
liabilities in the financial statements and the corresponding tax bases used in the computation of |
taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. |
Deferred tax assets are generally recognised for all deductible temporary differences to the extent |
that it is probable that taxable profits will be available against which those deductible timing |
differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of |
each reporting period and reduced to the extent that it is no longer probable that sufficient taxable |
profits will be available to allow all or part of the asset to be recovered. |
|
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the |
period in which the liability is settled or the asset realised, based on tax rates ( and tax laws ) that |
have been enacted or substantively enacted by the end of the reporting period. The measurement |
of deferred tax liabilities and assets reflects the tax consequences that would follow from the |
manner in which the Company expects, to recover or settle the carrying amounts of its assets and |
liabilities. |
|
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items |
that are recognised in other comprehensive income or directly in equity, in which case, the current |
and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
|
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. |
Falcon Aviation Limited (Registered number: 02612526) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
|
2. | ACCOUNTING POLICIES - continued |
|
Related parties |
For the purposes of these financial statements, a party is considered to be related to the Company if |
any of the following are applicable :- |
|
(1) The party has the ability, directly or indirectly, through one or more intermediaries, to control |
the Company or exercise significant influence over the company in making financial and operating |
policy decisions, or has joint control over the Company. |
|
(2) The Company and the party are subject to common control |
|
(3) The party is an associate of the Company |
|
(4) The party is a member of key management personnel of the Company or the Company's parent, |
or a close family member of such an individual. |
|
(5) The party is a post - employment benefit plan which is for the benefit of employees of the |
Company or of any entity that is a related party of the Company. |
Falcon Aviation Limited (Registered number: 02612526) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
The company has elected to apply the provisions of Section 11' Basic Financial Instruments' and |
Section 12 ' Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments. |
|
Financial instruments are recognised in the company's statement of financial position when the |
company becomes party to the contractual provisions of the instrument. |
|
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, |
when there is a legally enforceable right to set off the recognised amounts and there is an intention |
to settle on a net basis or to realise the asset and settle the liability simultaneously. |
|
Non-derivative financial instruments |
Non-derivative financial instruments comprise trade and other debtors, cash at bank and in hand, |
and trade and other creditors. |
|
Trade and other debtors |
Trade and other debtors are recognised initially at fair value and thereafter stated at amortised cost |
using the effective interest method, less impairment losses for bad and doubtful debts except where |
the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less |
impairment losses for bad and doubtful debts. |
|
Trade and other creditors |
Trade and other creditors are recognised initially at fair value and thereafter stated at amortised |
cost using the effective interest method unless the effect of discounting would be immaterial, in |
which case they are stated at cost. |
|
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and |
other short-term highly liquid investments with original maturities of three months or less and bank |
overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or |
current liabilities when applicable |
Falcon Aviation Limited (Registered number: 02612526) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
|
2. | ACCOUNTING POLICIES - continued |
|
Impairment of fixed assets |
Financial assets that are measured at cost and amortised cost are assessed at the end of each |
reporting period for objective evidence of impairment. If objective evidence of impairment is found, |
an impairment loss is recognised in profit or loss. |
|
For financial assets measured at amortised cost, the impairment loss is measured as the difference |
between an asset's carrying amount and the present value of estimated cash flows discounted at the |
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount |
rate for measuring any impairment loss is the current effective rate determined under the contract. |
|
For financial assets measured at cost less impairment, the impairment loss is measured as the |
difference between an asset's carrying amount and the best estimate, which is an approximation, of |
the amount that the company would receive for the asset if it were to be sold at the reporting date. |
|
Financial assets and liabilities are offset and the net amount reported in the statement of financial |
position when there is an enforceable right to set off the recognised amounts and there is an |
intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
|
At each reporting date non-financial assets not carried at face value are reviewed to determine |
whether there is an indication that an asset may be impaired. If there is an indication of possible |
impairment, the recoverable amount of any asset or group of related assets, which is the higher of |
value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. |
If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable |
amount and an impairment loss is recognised immediately in profit or loss. |
|
Inventories are also assessed for impairment at each reporting date, the carrying amount of each |
item of inventory, or group of similar items, is compared with its selling price less costs to complete |
and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced |
to selling price less costs to complete and sell, and an impairment loss is recognised immediately in |
profit or loss. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
Falcon Aviation Limited (Registered number: 02612526) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
|
4. | TANGIBLE FIXED ASSETS |
Short | Plant and | Computer |
leasehold | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2016 |
and 30 April 2017 |
|
|
|
|
DEPRECIATION |
At 1 May 2016 |
|
|
|
|
Charge for year |
|
|
|
|
At 30 April 2017 |
|
|
|
|
NET BOOK VALUE |
At 30 April 2017 |
|
|
|
|
At 30 April 2016 |
|
|
|
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.17 | 30.4.16 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.17 | 30.4.16 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
7. | RELATED PARTY DISCLOSURES |
|
During the year Mr PJ Whitaker reduced his directors loan by £2,471, and Mr BW Stuart reduced his |
directors loan to the company by £5,244. |
|
Mr PJ Whitaker and Mr BW Stuart are both Directors and Shareholders of the Company. |
|
As at the Balance Sheet date , Included within creditors due within one year are unsecured loans |
from the directors P J Whitaker and B W Stuart, totalling £289,599 (2016: £289,598) and £145,843 |
(2016: £145,843), respectively. |
Falcon Aviation Limited (Registered number: 02612526) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
|
7. | RELATED PARTY DISCLOSURES - continued |
|
The directors control the company by their equal share in the entire issued share capital. |
Chartered Certified Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Falcon Aviation Limited |
|
The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only |
required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other |
primary statements and the Report of the Directors are not required to be filed with the Registrar of |
Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your |
approval the financial statements of Falcon Aviation Limited for the year ended 30 April 2017 which |
comprise the Income Statement, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
|
This report is made solely to the Board of Directors of Falcon Aviation Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Falcon Aviation Limited and state those matters that we have agreed to state to the Board of Directors of Falcon Aviation Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that Falcon Aviation 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 Falcon Aviation Limited. You consider that Falcon Aviation Limited is exempt from the statutory audit requirement for the year. |
|
We have not been instructed to carry out an audit or a review of the financial statements of Falcon Aviation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
|
|
|
|
|
|
|
Chartered Certified Accountants |
Beechey House |
87 Church Street |
Crowthorne |
Berkshire |
RG45 7AW |
|
|
Date: ............................................. |