Company Registration No. 08303822 (England and Wales)
AIROWLITE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
AIROWLITE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
AIROWLITE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Current assets
Debtors
19,624
90,181
Cash at bank and in hand
33
-
19,657
90,181
Creditors: amounts falling due within one year
(14,404)
(86,520)
Total assets less current liabilities
5,253
3,661
Capital and reserves
Called up share capital
2
3
3
Profit and loss account
5,250
3,658
Shareholder's funds
5,253
3,661
For the financial year ended 30 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 3 June 2016
Mr R Wilkinson
Director
Company Registration No. 08303822
AIROWLITE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
2
Share capital
2016
2015
£
£
Allotted, called up and fully paid
3 Ordinary shares of £1 each
3
3
3
Related party relationships and transactions
Related party trading transactions
During the year, sales of £180,887 (2015 - £140,922) were made to Airowtech Electrical Distributors Limited. The sales were on an arm's length basis and normal credit terms applied and the amount was paid within those terms.
At the year end Airowlite Limited was owed £18,274 (2015 - £88,489) for goods and services by Airowtech Electrical Distributors Limited, included in trade debtors.
During the year, purchases of £ - (2015 - £78,169) were made from Airowtech Electrical Distributors Limited. The purchases were on an arm's length basis and normal credit terms applied and the amount was paid within those terms.
Management fees were paid to Airowtech Electrical Distributors Limited amounting to £12,000 (2015 - £9,000) during the year, for managerial and administrative assistance with the operation of the company.
Airowtech Electrical Distributors Limited is a related party by virtue of Mr R Wilkinson being a director and shareholder of both companies.