Registered number
01695968
Acro Aeronautical Services Limited
Filleted Accounts
31 January 2018
Acro Aeronautical Services Limited
Registered number: 01695968
Balance Sheet
as at 31 January 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 1,851 2,468
Current assets
Debtors 4 44,057 55,738
Investments held as current assets 5 712,531 -
Cash at bank and in hand 514,498 1,205,523
1,271,086 1,261,261
Creditors: amounts falling due within one year 6 (51,454) (56,121)
Net current assets 1,219,632 1,205,140
Total assets less current liabilities 1,221,483 1,207,608
Provisions for liabilities (352) (494)
Net assets 1,221,131 1,207,114
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,221,031 1,207,014
Shareholders' funds 1,221,131 1,207,114
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr David Starkey
Director
Approved by the board on 27 July 2018
Acro Aeronautical Services Limited
Notes to the Accounts
for the year ended 31 January 2018
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Tangible fixed assets
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:
Computer equipment 3 years straight line
Plant, machinery & motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Computer equipment Plant machinery & motor vehicles Total
£ £ £
Cost
At 1 February 2017 12,999 21,964 34,963
At 31 January 2018 12,999 21,964 34,963
Depreciation
At 1 February 2017 12,999 19,496 32,495
Charge for the year - 617 617
At 31 January 2018 12,999 20,113 33,112
Net book value
At 31 January 2018 - 1,851 1,851
At 31 January 2017 - 2,468 2,468
4 Debtors 2018 2017
£ £
Trade debtors 44,057 50,738
Other debtors - 5,000
44,057 55,738
5 Investments held as current assets 2018 2017
£ £
Fair value
Listed investments 712,531 -
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments 6,607 -
6 Creditors: amounts falling due within one year 2018 2017
£ £
Trade creditors 10,121 17,308
Taxation and social security costs 2,566 (670)
Other creditors 38,767 39,483
51,454 56,121
7 Related party transactions
During the year the director Mrs Karen Starkey received salary of £1,405 (2017 £1,464). The company paid no dividends in the year.
8 Controlling party
The controlling party is Mr David Starkey by virtue of his directorship and shareholding
9 Other information
Acro Aeronautical Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Touchwood
West Lane
Bledlow
Princes Risborough
HP27 9PF
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