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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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Airline Business Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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for |
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Airline Business Limited |
Airline Business Limited (Registered number: 03716048) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Airline Business Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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(The practising name of |
Harris Accountants Limited) |
1 Trinity Place |
Midland Drive |
Sutton Coldfield |
B72 1 TX |
Airline Business Limited (Registered number: 03716048) |
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Balance Sheet |
31 December 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 |
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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. |
Airline Business Limited (Registered number: 03716048) |
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Balance Sheet - continued |
31 December 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Airline Business Limited (Registered number: 03716048) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Airline Business Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the |
amounts reported for revenues and expenses during the year. However the nature of estimation means |
that actual outcomes could differ from those estimates. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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The company recognises revenue from the sale of services when all the following conditions are |
satisfied:- |
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(a) the company has transferred to the buyer the significant risks and rewards of ownership of the |
services; |
(b) the company retains neither continuing managerial involvement to the degree usually associated with |
ownership nor effective control over the services sold; |
(c) the amount of revenue can be measured reliably; |
(d) it is probable that the economic benefit associated with the transaction will flow to the company: and |
(e) the costs incurred or to be incurred in respect of the transaction can be measured. |
Airline Business Limited (Registered number: 03716048) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
useful life. |
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Fixtures and fittings - 25% on cost |
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Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and |
any accumulated impairment losses. Historical cost includes any expenditure that is directly attributable |
to bringing the asset to the location and condition necessary for it to be capable of operating in the |
manner intended by management. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured using |
tax rates and laws that have been enacted or substantively enacted by the year end and that are expected |
to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
result. |
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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. |
Airline Business Limited (Registered number: 03716048) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded |
at transaction price. Any losses arising from impairment are recognised in the profit and loss account in |
other administrative expenses. |
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Cash and cash equivalents |
Cash comprises cash in hand and demand deposits. Cash equivalents are short-term, 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 an insignificant risk of change in value. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a |
past event, it is probable that an outflow of economic benefits will be required in settlement and the |
amount can be reliably estimated. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Airline Business Limited (Registered number: 03716048) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.16 | 31.12.15 |
value: | £ | £ |
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Ordinary A | £1 | 3,000 | 3,000 |
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Ordinary B | £1 | 1,000 | 1,000 |
4,000 | 4,000 |
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The class B shares do not confer any voting rights on the holders. |
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On the winding up of the company, class B shareholders are entitled to receive for each share 0.025% of |
the sum in excess of £226,539 |
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8. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
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During the year the company paid bookkeeping fees amounting to £17,000 ( 2015; £15,000) to Hawne |
Consultancy Limited a company incorporated in England and Wales of which P Carter is the sole director |
and shareholder. |
Airline Business Limited (Registered number: 03716048) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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9. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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10. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its results under FRS 102. The last financial |
statements prepared under the previous UK GAAP were for the year ended 31 December 2015. The date |
of transition to FRS 102 was 1 January 2015. |
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The change to the new UK GAAP has had no material impact upon either the profit and loss account or |
the balance sheet in the current or comparative year and accordingly no reconciliation has been provided. |
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11. | PARENT UNDERTAKING |
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The company is a wholly owned subsidiary undertaking of Maryland Group Limited which is registered in |
the UK. |