Company Registration No. 03592116 (England and Wales)
AAI FAR EAST LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2016
AAI FAR EAST LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
AAI FAR EAST LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
613
817
Current assets
Debtors
494,169
552,958
Cash at bank and in hand
222,927
309,188
717,096
862,146
Creditors: amounts falling due within one year
(544,599)
(708,856)
Net current assets
172,497
153,290
Total assets less current liabilities
173,110
154,107
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
173,010
154,007
Shareholders' funds
173,110
154,107
For the financial year ended 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their 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 27 April 2017
P A Tuck
K Goldsmith
Director
Director
Company Registration No. 03592116
AAI FAR EAST LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 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 April 2008).
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.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% Reducing balance
1.5
Revenue recognition
Revenue from Freight Carrying is recognised on the delivery of the freight.
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 August 2015 & at 31 July 2016
20,252
Depreciation
At 1 August 2015
19,435
Charge for the year
204
At 31 July 2016
19,639
Net book value
At 31 July 2016
613
At 31 July 2015
817
AAI FAR EAST LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100