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Financial Statements for the Year Ended 31 August 2017 |
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HSM Aero Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 August 2017 |
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for |
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HSM Aero Limited |
HSM Aero Limited (Registered number: 04794306) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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HSM Aero Limited |
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Company Information |
for the Year Ended 31 August 2017 |
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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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AUDITORS: |
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69 Knowl Piece |
Wilbury Way |
Hitchin |
Hertfordshire |
SG4 0TY |
HSM Aero Limited (Registered number: 04794306) |
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Balance Sheet |
31 August 2017 |
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31.8.17 | 31.8.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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
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HSM Aero Limited (Registered number: 04794306) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2017 |
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1. | STATUTORY INFORMATION |
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HSM Aero Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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This is the first year in which the financial statements have been prepared in accordance with FRS 102, there are |
no adjustments necessary on transition. |
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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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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Office equipment | - |
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Government grants |
Government grants in respect of fixed assets are treated as deferred income and credited to the profit and loss |
account over the expected useful economic life of the relevant asset. The Grant received to date relates to plant |
and machinery and is being credited to the profit and loss account over the period of ten years. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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. |
HSM Aero Limited (Registered number: 04794306) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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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Discounted debts |
At 31st August 2017 the trade debtors totalling £818,871 had been discounted and an amount of £589,806 had |
been advanced to the company under this financing agreement. The financial statements reflect a separate |
presentation i.e. gross discounted debts are included within assets and proceeds received from factors are |
included within liabilities. The factor's charges are accrued as arising and included within the profit and loss |
account. |
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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 September 2016 |
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Additions |
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At 31 August 2017 |
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DEPRECIATION |
At 1 September 2016 |
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Charge for year |
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At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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HSM Aero Limited (Registered number: 04794306) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 September 2016 |
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Additions |
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Transfer to ownership | (43,975 | ) |
At 31 August 2017 |
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DEPRECIATION |
At 1 September 2016 |
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Charge for year |
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Transfer to ownership | (30,447 | ) |
At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.17 | 31.8.16 |
£ | £ |
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 |
31.8.17 | 31.8.16 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 8) |
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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. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.8.17 | 31.8.16 |
£ | £ |
Hire purchase contracts (see note 8) |
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HSM Aero Limited (Registered number: 04794306) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2017 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31.8.17 | 31.8.16 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
31.8.17 | 31.8.16 |
£ | £ |
Between one and five years |
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In more than five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.8.17 | 31.8.16 |
£ | £ |
Hire purchase contracts | 689,794 | 774,701 |
Discounted debts | 589,806 | 484,665 |
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Securities include: |
Fixed and floating charge created in favour of Svenska Handelsbanken AB (PUBL) to cover all property or |
undertaking of the company. The charge includes a negative pledge. |
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Fixed charge over non- vesting debts within the Invoice finance facility. |
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The company has a cross guarantee with it's subsidiary companies: |
Cabinair Services Ltd |
SATTO Solutions Ltd |
Specialist Aviation Manufacturing Ltd. |
Specialist Aviation Holding Ltd |
Specialist Aviation Ltd |
Hermitage S M Ltd |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was qualified on the following basis: |
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Basis for qualified opinion on financial statements |
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for and on behalf of
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HSM Aero Limited (Registered number: 04794306) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2017 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 - continued |
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We were initially appointed auditors on 25th August 2017, therefore we were unable to carry our auditing |
procedures necessary to obtain adequate assurance regarding the quantities and condition of inventories and |
work in progress appearing in the balance sheet at 31st August 2016. Consequently we were unable to determine |
whether any adjustments to the accounts were necessary. |
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11. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the following amounts are due from companies under common control: |
Hermitage SM Limited - £57,838 |
Specialist Aviation manufacturing Limited - £6,504 |
SATTO Solutions Limited - £3,037 |
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At the balance sheet date the following amounts are due to companies under common control: |
Cabinair Services Limited - £113,620 |
Specialist Aviation Limited - £59,371 |
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The ultimate controlling party is
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12. | ULTIMATE PARENT COMPANY |
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The ultimate parent company is Specialist Aviation Holdings Limited, the registered office is: Aerospace |
Logistics Centre, Fifth Avenue, Letchworth Garden City, Herts SG6 2TS |