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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2017 |
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AIR ABILITY LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2017 |
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FOR |
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AIR ABILITY LIMITED |
AIR ABILITY LIMITED (REGISTERED NUMBER: 06065045) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 January 2017 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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AIR ABILITY LIMITED |
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COMPANY INFORMATION |
for the year ended 31 January 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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BANKERS: |
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Scotland Corp Service Centre Audit Team |
Drummond House |
1 Redheughs Lane |
Edinburgh |
EH12 9JN |
AIR ABILITY LIMITED (REGISTERED NUMBER: 06065045) |
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ABRIDGED BALANCE SHEET |
31 January 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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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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CREDITORS |
Amounts falling due after more than one
year |
6 |
( |
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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 | 8 |
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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 |
(b) |
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. |
AIR ABILITY LIMITED (REGISTERED NUMBER: 06065045) |
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ABRIDGED BALANCE SHEET - continued |
31 January 2017 |
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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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AIR ABILITY LIMITED (REGISTERED NUMBER: 06065045) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 January 2017 |
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1. | STATUTORY INFORMATION |
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Air Ability 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 |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. |
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The financial statements are presented in sterling which is the functional currency of the company and is rounded |
to the nearest £1. |
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These financial statements for the year ended 31 January 2017 are the first financial statements that comply with |
FRS 102 Section 1A small entities. The date of transition is 1 February 2015. |
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The transition to FRS 102 Section 1A small entities has had no effect on the reporting position and performance |
in the financial statements. |
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Turnover |
Turnover comprises the value of sales (excluding value added tax) of goods and services provided in the normal |
course of business. |
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Goodwill |
Positive purchased goodwill arising on acquisition is capitalised, classified as an asset on the balance sheet and |
amortised over its estimated useful life of 2 years. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Work in progress |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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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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AIR ABILITY LIMITED (REGISTERED NUMBER: 06065045) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 February 2016 |
and 31 January 2017 |
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AMORTISATION |
At 1 February 2016 |
and 31 January 2017 |
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NET BOOK VALUE |
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At 31 January 2017 |
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At 31 January 2016 |
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AIR ABILITY LIMITED (REGISTERED NUMBER: 06065045) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2017 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 February 2016 |
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Additions |
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At 31 January 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for year |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
2017 | 2016 |
£ | £ |
Repayable by instalments |
Bank loans - more than 5 years | 104,707 | 118,807 |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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9. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme in respect of one of the directors and certain |
employees. The scheme and its assets are held by independent managers. The pension charge represents |
contributions due from the company and amounted to £6,591 (2016 - £5,592). |