Registration number:
AAG Worldwide Aviation Limited
for the Year Ended 31 August 2017
Chartered Certified Accountants
Herston Cross House
230 High Street
Swanage
Dorset
BH19 2PQ
AAG Worldwide Aviation Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
AAG Worldwide Aviation Limited
Company Information
Directors |
Mrs SM Carter Mr KM Carter |
Company secretary |
Mrs SM Carter |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
AAG Worldwide Aviation Limited
Directors' Report for the Year Ended 31 August 2017
The directors present their report and the financial statements for the year ended 31 August 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is as business and management consultants
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Mrs SM Carter
Director
Page 2 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
AAG Worldwide Aviation Limited
for the Year Ended 31 August 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AAG Worldwide Aviation Limited for the year ended 31 August 2017 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of AAG Worldwide Aviation Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of AAG Worldwide Aviation Limited and state those matters that we have agreed to state to the Board of Directors of AAG Worldwide Aviation Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AAG Worldwide Aviation Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that AAG Worldwide Aviation Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of AAG Worldwide Aviation Limited. You consider that AAG Worldwide Aviation Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of AAG Worldwide Aviation 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 accounts.
......................................
Chartered Certified Accountants
230 High Street
Swanage
Dorset
BH19 2PQ
Page 3 |
AAG Worldwide Aviation Limited
Profit and Loss Account for the Year Ended 31 August 2017
Note |
2017 |
2016 |
|
Turnover |
- |
|
|
Administrative expenses |
( |
( |
|
Operating loss |
( |
( |
|
Other interest receivable and similar income |
|
|
|
26 |
53 |
||
Loss before tax |
( |
( |
|
Taxation |
|
- |
|
Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
AAG Worldwide Aviation Limited
Statement of Comprehensive Income for the Year Ended 31 August 2017
2017 |
2016 |
|
Loss for the year |
( |
( |
Total comprehensive income for the year |
( |
( |
Page 5 |
AAG Worldwide Aviation Limited
(Registration number: 05548858)
Balance Sheet as at 31 August 2017
Note |
2017 |
2016 |
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Fixed assets |
|||
Tangible assets |
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Current assets |
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Debtors |
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|
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Cash at bank and in hand |
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|
|
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|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
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Net (liabilities)/assets |
( |
|
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Capital and reserves |
|||
Called up share capital |
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|
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Profit and loss account |
( |
|
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Total equity |
( |
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For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr KM Carter
Director
Page 6 |
AAG Worldwide Aviation Limited
Statement of Changes in Equity for the Year Ended 31 August 2017
Share capital |
Profit and loss account |
Total |
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At 1 September 2016 |
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|
|
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 August 2017 |
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( |
( |
Share capital |
Profit and loss account |
Total |
|
At 1 September 2015 |
|
|
|
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
Dividends |
- |
( |
( |
At 31 August 2016 |
|
|
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Page 7 |
AAG Worldwide Aviation Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Field House
Heathlands Road
Wokingham
Berks
RG40 3AW
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 8 |
AAG Worldwide Aviation Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% Reducing Balance Method |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Loss before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
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Depreciation expense |
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Page 9 |
AAG Worldwide Aviation Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 September 2016 |
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Disposals |
( |
( |
At 31 August 2017 |
|
|
Depreciation |
||
At 1 September 2016 |
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Charge for the year |
|
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Eliminated on disposal |
( |
( |
At 31 August 2017 |
|
|
Carrying amount |
||
At 31 August 2017 |
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At 31 August 2016 |
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Debtors |
2017 |
2016 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
||
Other creditors |
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Share capital |
Allotted, called up and fully paid shares
Page 10 |
AAG Worldwide Aviation Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Dividends |
2017 |
2016 |
|||
£ |
£ |
|||
Interim dividend of £Nil (2016 - £ |
- |
10,000 |
Page 11 |