Year Ended
Registration number:
Devon & Somerset Flight Training Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Devon & Somerset Flight Training Limited
Company Information
Directors |
Mr L C J Procter Mr B L Procter Miss N A Procter |
Registered office |
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Accountants |
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Page 1 |
Devon & Somerset Flight Training Limited
Balance Sheet
31 March 2017
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2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
Devon & Somerset Flight Training Limited
Balance Sheet
31 March 2017
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Mr L C J Procter
Director
Company Registration Number: 05402154
Page 3 |
Devon & Somerset Flight Training Limited
Notes to the Financial Statements
Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including section 1A, and the Companies Act 2006. There are no material departures from FRS102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Change in basis of accounting
The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2015.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
2% Straight line |
Fixture, fittings and office equipment |
10% Straight line |
Motor vehicles |
20% Straight line |
Plant and machinery |
5% Straight line |
Page 4 |
Devon & Somerset Flight Training Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling prices less anticipated costs to completion and selling costs.
Leases
Leases are classified as hire purchase and finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under hire purchase contracts are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Hire purchase payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Page 5 |
Devon & Somerset Flight Training Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Devon & Somerset Flight Training Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Tangible assets |
Land and buildings |
Fixture, fittings and office equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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Disposals |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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Eliminated on disposal |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Included within the net book value of land and buildings above is £43,357 (2016 - £44,497) in respect of long leasehold land and buildings.
Page 7 |
Devon & Somerset Flight Training Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Finance lease liabilities and hire purchase contracts (secured on assets concerned) |
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Financial commitments, guarantees and contingencies |
The total amount of contingencies not included in the balance sheet is £491,832 (2016 - £427,003)
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Contingent liabilities
There is a £100,000 guarantee in place over the bank borrowing of the parent undertaking. At the year end the net bank borrowings of the parent were £491,832 (2016 - £427,003).
Page 8 |
Devon & Somerset Flight Training Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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1,012 |
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1,012 |
Page 9 |