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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Devon & Somerset Flight Training Limited
Balance Sheet
31 March 2020
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2020 |
2019 |
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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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Devon & Somerset Flight Training Limited
Balance Sheet
31 March 2020
For the financial year ending 31 March 2020 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 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 05402154
Devon & Somerset Flight Training Limited
Notes to the Financial Statements
Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office and principal place of business 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.
Going concern
The financial statements have been prepared on a going concern basis. The directors have considered the impact of the COVID-19 pandemic, which at the year end led to the temporary closure of the airfield. The directors are confident that the company will continue to trade as a going concern for the foreseeable future, making use of existing credit facilities, cash reserves and government support schemes where appropriate.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax in respect of the sale of goods and provision of services in the ordinary course of the company’s activities.
Turnover is adjusted for deferred income to ensure that income invoiced in advance of services being provided is deferred and recognised in the appropriate period.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Devon & Somerset Flight Training Limited
Notes to the Financial Statements
Year Ended 31 March 2020
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the country where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet 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 |
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.
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.
Devon & Somerset Flight Training Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Financial instruments
Classification
• Short term trade and other debtors and creditors (including inter-company balances); 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Devon & Somerset Flight Training Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Tangible assets |
Land and buildings |
Fixture, fittings and office equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Devon & Somerset Flight Training Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Debtors |
2020 |
2019 |
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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 |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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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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Corporation tax |
11,500 |
16,000 |
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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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1,012 |
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1,012 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of guarantees not included in the balance sheet is £100,000 (2019 - £100,000). This is a guarantee in place over the bank borrowings of the parent undertaking. At the year end the net bank borrowings of the parent were £381,511 (2019 - £421,574).