Registration number:
Air Sea Road International Ltd
for the Year Ended 30 April 2020
Air Sea Road International Ltd
Contents
Company Information |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Air Sea Road International Ltd
Company Information
Directors |
P Bentham S Alder O Newton |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Air Sea Road International Ltd
for the Year Ended 30 April 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Air Sea Road International Ltd for the year ended 30 April 2020 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Air Sea Road International Ltd, as a body, in accordance with the terms of our engagement letter dated 9 November 2017. Our work has been undertaken solely to prepare for your approval the accounts of Air Sea Road International Ltd and state those matters that we have agreed to state to the Board of Directors of Air Sea Road International Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Air Sea Road International Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Air Sea Road International Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Air Sea Road International Ltd. You consider that Air Sea Road International Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Air Sea Road International Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Wybunbury
Nantwich
Cheshire
CW5 7SB
Air Sea Road International Ltd
Profit and Loss Account for the Year Ended 30 April 2020
Note |
2020 |
2019 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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- |
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Operating profit |
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Other interest receivable and similar income |
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200 |
157 |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Air Sea Road International Ltd
(Registration number: 06588459)
Balance Sheet as at 30 April 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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- |
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Current assets |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 April 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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.
Approved and authorised by the
.........................................
Director
Air Sea Road International Ltd
Statement of Changes in Equity for the Year Ended 30 April 2020
Share capital |
Profit and loss account |
Total |
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At 1 May 2019 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 30 April 2020 |
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Share capital |
Profit and loss account |
Total |
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At 1 May 2018 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 30 April 2019 |
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Air Sea Road International Ltd
Notes to the Financial Statements for the Year Ended 30 April 2020
General information |
The company is a private company limited by share capital, incorporated in England.
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 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants are included in the financial statements as other operating income and are recognised when there is reasonable assurance that the company will comply with the conditions attaching to the grant and the grant will be received. Government grant income is included within other operating income and is accounted for using the accruals model.
Foreign currency transactions and balances
Air Sea Road International Ltd
Notes to the Financial Statements for the Year Ended 30 April 2020
Tax
The tax expense for the period comprises current 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. The current income 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 countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 |
Furniture, fittings and equipment |
Straight line over 3 - 5 years |
Motor vehicles |
Straight line over 4 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Air Sea Road International Ltd
Notes to the Financial Statements for the Year Ended 30 April 2020
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.
Government grants |
The amount of grants recognised in the financial statements was £
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Air Sea Road International Ltd
Notes to the Financial Statements for the Year Ended 30 April 2020
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 May 2019 |
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Additions |
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- |
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Disposals |
- |
( |
( |
At 30 April 2020 |
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- |
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Depreciation |
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At 1 May 2019 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
( |
( |
At 30 April 2020 |
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- |
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Carrying amount |
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At 30 April 2020 |
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- |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments |
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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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Taxation and social security |
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Other creditors |
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Air Sea Road International Ltd
Notes to the Financial Statements for the Year Ended 30 April 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Dividends |
2020 |
2019 |
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£ |
£ |
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Interim dividend of £
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2,000 |
2,000 |
Related party transactions |
Transactions with directors |
2020 |
At 1 May 2019 |
Other payments made to company by director |
At 30 April 2020 |
P Bentham |
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Net movement in loan balance due to director |
26,485 |
2,115 |
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2019 |
At 1 May 2018 |
Repayments by director |
Other payments made to company by director |
At 30 April 2019 |
P Bentham |
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Net movement in loan balance due to director |
24,675 |
( |
2,000 |
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Dividends paid to directors |
2020 |
2019 |
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P Bentham |
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Interim dividends |
2,000 |
2,000 |
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Air Sea Road International Ltd
Notes to the Financial Statements for the Year Ended 30 April 2020
Other transactions with directors |
Remuneration (agreed under normal market conditions) and business expenses incurred personally and reimbursed.
Summary of transactions with entities with joint control or significant interest
Loans from related parties
2020 |
Entities with joint control or significant influence |
At start of period |
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At end of period |
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2019 |
Entities with joint control or significant influence |
At start of period |
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Terms of loans from related parties