Company Registration No. 07831491 (England and Wales)
AIRINC RESEARCH UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
AIRINC RESEARCH UK LIMITED
COMPANY INFORMATION
Directors
Mr S R Brink
Mrs K Hall
Company number
07831491
Registered office
2 White Lion Court
Cornhill
London
EC3V 3NP
Auditor
Alwyns LLP
Crown House
151 High Road
Loughton
Essex
IG10 4LG
AIRINC RESEARCH UK LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
AIRINC RESEARCH UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
2,920
5,267
Current assets
Trade and other receivables
4
306,816
1,330,194
Cash and cash equivalents
318,597
269,839
625,413
1,600,033
Current liabilities
5
(334,467)
(450,762)
Net current assets
290,946
1,149,271
Total assets less current liabilities
293,866
1,154,538
Equity
Called up share capital
1
1
Other reserves
6
72,405
72,405
Retained earnings
221,460
1,082,132
Total equity
293,866
1,154,538
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 23 April 2018 and are signed on its behalf by:
Mr S R Brink
Director
Company Registration No. 07831491
AIRINC RESEARCH UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
Share capital
Other reserves
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2016
1
35,634
231,029
266,664
Year ended 31 December 2016:
Profit and total comprehensive income for the year
-
-
851,103
851,103
Other movements
-
36,771
-
36,771
Balance at 31 December 2016
1
72,405
1,082,132
1,154,538
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
-
145,528
145,528
Dividends
-
-
(1,006,200)
(1,006,200)
Balance at 31 December 2017
1
72,405
221,460
293,866
AIRINC RESEARCH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Airinc Research UK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2 White Lion Court, Cornhill, London, EC3V 3NP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
25% on cost
Fixtures and fittings
25% on cost
Computer equipment
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks.
AIRINC RESEARCH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the
current
and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
AIRINC RESEARCH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2016 - 9).
3
Property, plant and equipment
Leasehold improvements
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2017 and 31 December 2017
29,456
13,028
1,744
44,228
Depreciation and impairment
At 1 January 2017
29,456
8,026
1,479
38,961
Depreciation charged in the year
-
2,100
247
2,347
At 31 December 2017
29,456
10,126
1,726
41,308
Carrying amount
At 31 December 2017
-
2,902
18
2,920
At 31 December 2016
-
5,002
265
5,267
AIRINC RESEARCH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
4
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Trade receivables
161,206
155,399
Amounts owed by group undertakings
52,822
1,093,145
Other receivables
92,788
81,650
306,816
1,330,194
5
Current liabilities
2017
2016
£
£
Trade payables
3,044
5,476
Amounts due to group undertakings
9,615
-
Corporation tax
32,000
152,767
Other taxation and social security
61,517
48,566
Other payables
228,291
243,953
334,467
450,762
6
Other reserves
Other reserves represents initial costs of £35,634 that were paid by the parent undertaking which are not being repaid together with £36,771 representing equity settled share based remuneration.
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
25,098
85,334
8
Related party transactions
The company has taken advantage of the exemption not to disclose transactions entered into between members of the same group provided that any subsidiary which is party to the transaction is wholly owned.
9
Parent company
The company's ultimate controlling party is Relo Group, inc. a company incorporated in Japan. This company prepares consolidated accounts and is the smallest group into which the entity is consolidated.
AIRINC RESEARCH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was David Stanley.
The auditor was Alwyns LLP.
2017-12-31
2017-01-01
false
CCH Software
CCH Accounts Production 2018.100
No description of principal activity
25 April 2018
This audit opinion is unqualified
Mr S R Brink
Mrs K Hall
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