Company No:
Contents
DIRECTORS | Mr B L Procter |
Mr L C J Procter | |
Miss N A Procter |
REGISTERED OFFICE | Dunkeswell Aerodrome |
Dunkeswell | |
Devon | |
EX14 4LG | |
United Kingdom |
COMPANY NUMBER | 05402154 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
223,739 | 153,696 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
320,638 | 378,467 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
|
(
|
|
Net current assets | 247,890 | 317,208 | ||
Total assets less current liabilities | 471,629 | 470,904 | ||
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 6 |
|
|
|
Share premium account |
|
|
||
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Directors' responsibilities:
The financial statements of Devon and Somerset Flight Training Limited (registered number:
Miss N A Procter
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Devon and Somerset Flight Training Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Dunkeswell Aerodrome, Dunkeswell, Devon, EX14 4LG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS102.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
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.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Land and buildings |
|
Vehicles |
|
Fixtures and fittings |
|
Office equipment |
|
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Government grants are recognised in other income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate. During the year, the company received the following income from the government:-
Small Business Rate Grant £Nil (2021: £10,000)
Coronavirus Job Retention Scheme £8,419 (2021: £82,722)
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Land and buildings | Vehicles | Fixtures and fittings | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 April 2021 |
|
|
|
|
|
||||
Additions |
|
|
|
|
|
||||
At 31 March 2022 |
|
|
|
|
|
||||
Accumulated depreciation | |||||||||
At 01 April 2021 |
|
|
|
|
|
||||
Charge for the financial year |
|
|
|
|
|
||||
At 31 March 2022 |
|
|
|
|
|
||||
Net book value | |||||||||
At 31 March 2022 |
|
|
|
|
|
||||
At 31 March 2021 |
|
|
|
|
|
2022 | 2021 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by Group undertakings |
|
|
|
Corporation tax |
|
|
|
Other debtors |
|
|
|
|
|
2022 | 2021 | ||
£ | £ | ||
Trade creditors |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Amounts not provided for in the balance sheet:The total amount of guarantees not included in the balance sheet is £100,000 (2021 - £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 £241,746 (2021 - £341,158).