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Dragonfly Aviation Services Limited |
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Financial Statements for the Year Ended 31 October 2016 |
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Dragonfly Aviation Services Limited |
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Financial Statements for the Year Ended 31 October 2016 |
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Dragonfly Aviation Services Limited |
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Company Information |
for the Year Ended 31 October 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Radnor House |
Greenwood Close |
Cardiff Gate Business Park |
Cardiff |
CF23 8AA |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Dragonfly Aviation Services Limited |
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The following reproduces the text of the report prepared for the directors and members in |
respect of the company's annual unaudited financial statements. In accordance with the |
Companies Act 2006, the company is only required to file a Balance Sheet. Readers are |
cautioned that the Income Statement and certain other primary statements and the Report |
of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for |
your approval the financial statements of Dragonfly Aviation Services Limited for the year ended |
31 October 2016 which comprise the Profit & Loss Account, Balance Sheet and the related notes |
from the company's accounting records and from information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Dragonfly Aviation Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Dragonfly Aviation Services Limited and state those matters that we have agreed to state to the Board of Directors of Dragonfly Aviation Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dragonfly Aviation Services Limited Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Dragonfly Aviation Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Dragonfly Aviation Services Limited. You consider that Dragonfly Aviation Services Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Dragonfly Aviation Services Limited. 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 financial statements. |
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Chartered Accountants |
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Dragonfly Aviation Services Limited (Registered number: 07948303) |
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Balance Sheet |
31 October 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
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Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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Dragonfly Aviation Services Limited (Registered number: 07948303) |
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Balance Sheet - continued |
31 October 2016 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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Dragonfly Aviation Services Limited (Registered number: 07948303) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2016 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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During the year the company's trading position has strengthened considerably. Augmented |
by a new contract, and by the management and charter of a new aircraft. |
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The trading performance in the current year to October 2017 has again strengthened |
considerably due to the continued effect of these factors and a much improved performance |
is expected again. |
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The Directors consider that the prospects moving forward continue to be positive and that |
the company will continue to substantially improve its financial performance. Further to this |
they fully support the company and accordingly consider it appropriate to adopt the going |
concern basis in preparing the financial statements. |
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Turnover |
Turnover is the amount derived from the provision of aircraft chartering services, net of value |
added tax, and falls within the company's ordinary activities. Revenue is recognised in the |
period in which the services are provided. All turnover arises in the United Kingdom. |
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Goodwill |
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Licences |
The licence held will be amortised on a straight line basis for 10 years, starting in 2016. |
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Tangible fixed assets |
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Aircraft | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Office equipment | - |
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A substantial element of the value of an aircraft is related to the life remaining of its engines, |
before overhaul or replacement is required. The time remaining before overhaul is known, |
and the proportion of the value of the aircraft attributable to the remaining life of its engines |
is amortised over this known period of time. Other costs incurred which provide |
enhancement of the aircrafts' value are capitalised and amortised over the length of time for |
which the benefit of the enhancement subsists. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Dragonfly Aviation Services Limited (Registered number: 07948303) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2016 |
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1. | ACCOUNTING POLICIES - continued |
Deferred tax |
Full provision is made for deferred taxation resulting from material timing differences |
between the recognition of gains and losses in the accounts and their recognition for tax |
purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which |
are expected to apply in the periods when the timing differences will reverse. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of |
exchange ruling at the balance sheet date. Transactions in foreign currencies are translated |
into sterling at the rate of exchange ruling at the date of transaction. Exchange differences |
are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets held under finance leases and hire purchase contracts, which are those where |
substantially all the risks and rewards of ownership of the asset have passed to the |
company, are capitalised in the balance sheet and depreciated over their useful lives. |
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The interest element of the rental obligations is charged to the profit and loss account over |
the period of the lease and represents a constant proportion of the balance of capital |
repayments outstanding. |
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Rentals paid under operating leases are charged to income on a straight line basis over the |
lease term. |
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2. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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3. | INTANGIBLE FIXED ASSETS |
Goodwill | Licences | Totals |
£ | £ | £ |
COST |
At 1 November 2015 |
and 31 October 2016 |
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AMORTISATION |
At 1 November 2015 |
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Amortisation for year |
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At 31 October 2016 |
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NET BOOK VALUE |
At 31 October 2016 |
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At 31 October 2015 |
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Dragonfly Aviation Services Limited (Registered number: 07948303) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2016 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Office |
Aircraft | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2015 |
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Additions |
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At 31 October 2016 |
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DEPRECIATION |
At 1 November 2015 |
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Charge for year |
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At 31 October 2016 |
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NET BOOK VALUE |
At 31 October 2016 |
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At 31 October 2015 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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VAT |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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VAT |
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Other creditors |
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Directors' loan accounts |
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Accruals and deferred income |
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Dragonfly Aviation Services Limited (Registered number: 07948303) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2016 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2016 | 2015 |
£ | £ |
Other loans |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
Bank overdrafts |
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Other loans |
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9. | FIRST YEAR ADOPTION - FRS 102 1A |
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This is the first year that the company has presented its results under FRS 102 Section 1A. |
The last financial statements under previous UK GAAP were for the period ended 31 |
October 2015 and the date of transition to FRS 102 Section 1A was 1 November 2014. |
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The changes in accounting policies, between UK GAAP and FRS 102 Section 1A, have |
affected the profit and loss account brought forward at 1 November 2015 by £7,004. The |
profit and loss account was re-stated with negative reserves of £583,838 as opposed to |
£576,834. This was as a result of amortisation being applied to the licence held on the |
balance sheet. |