Dizy Aviation Limited
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Notes to the Accounts |
for the year ended 31 October 2019
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Aeroplane |
over 15 years |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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2 |
Tangible fixed assets |
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Aeroplane |
£ |
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Cost |
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At 1 November 2018 |
50,000 |
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At 31 October 2019 |
50,000 |
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Depreciation |
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At 1 November 2018 |
23,331 |
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Charge for the year |
3,333 |
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At 31 October 2019 |
26,664 |
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Net book value |
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At 31 October 2019 |
23,336 |
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At 31 October 2018 |
26,669 |
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3 |
Creditors: amounts falling due within one year |
2019 |
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2018 |
£ |
£ |
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Other creditors |
61,891 |
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61,891 |
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4 |
Related party transactions |
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Other creditors include amounts due to the directors of £51,578 (2018 - £51,578). Other creditors also include a loan of £10,000 from H A Properties (Malvern) Limited, a company of which J L Holder is a director.
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5 |
Other information |
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Dizy Aviation Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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C/o Cotswold Aero Club |
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Aviation House |
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Gloucestershire Airport |
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Staverton |
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Glos. |
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GL51 6SP |