Registered number
05064838
Air Creative Marketing Limited
Report and unaudited Financial Statements
31 March 2018
Air Creative Marketing Limited
Registered number: 05064838
Balance sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 4 64,500 79,500
Tangible assets 5 17,052 21,093
81,552 100,593
Current assets
Debtors 6 25,014 13,749
Cash at bank and in hand 36,942 50,170
61,956 63,919
Creditors: amounts falling due within one year 7 (60,902) (46,078)
Net current assets 1,054 17,841
Total assets less current liabilities 82,606 118,434
Provisions for liabilities (2,995) (3,904)
Net assets 79,611 114,530
Capital and reserves
Called up share capital 100 100
Profit and loss account 79,511 114,430
Shareholders' funds 79,611 114,530
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the profit and loss account has been taken, under s444.
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 unaudited financial statements.
……………………………… ………………………………
Ms S C Litton Mr A H Litton
Director Director
Approved by the board on 6 December 2018
Air Creative Marketing Limited
Notes to the unaudited financial statements
for the year ended 31 March 2018
1 General Information
Air Creative Marketing Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is : Hikenield House, East Anton Court, Icknield Way, Andover, SP10 5RG.
2 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 Section 1A "Small Entities". "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
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.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.
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:
Fixture and fittings 20% reducing balance
Computer equipment 25% straight line
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 (i.e. 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.
3 Average number of employees during the year
The average number of employees, including directors, during the year was as follows:
2018 2017
Number Number
Number of employees 4 4
4 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2017 300,000
At 31 March 2018 300,000
Amortisation
At 1 April 2017 220,500
Provided during the year 15,000
At 31 March 2018 235,500
Net book value
At 31 March 2018 64,500
At 31 March 2017 79,500
5 Tangible fixed assets
Fixture and fittings Computer equipment Total
£ £ £
Cost
At 1 April 2017 36,905 50,356 87,261
Additions 995 - 995
At 31 March 2018 37,900 50,356 88,256
Depreciation
At 1 April 2017 17,045 49,123 66,168
Charge for the year 4,212 824 5,036
At 31 March 2018 21,257 49,947 71,204
Net book value
At 31 March 2018 16,643 409 17,052
At 31 March 2017 19,860 1,233 21,093
6 Debtors 2018 2017
£ £
Trade debtors 24,587 11,979
Amount due from group undertakings - 540
Prepayments and accrued income 427 1,230
25,014 13,749
7 Creditors: amounts falling due within one year 2018 2017
£ £
Trade creditors 7,926 6,914
Other taxes and social security costs 12,842 14,086
Directors' loan account 38,095 23,115
Other creditors 2,039 1,963
60,902 46,078
8 Related party transactions
2018 2017
£ £
Total remuneration paid to directors 16,320 16,104
Total dividends paid to directors 57,000 60,000
Other transactions:
Interest free loans made by the Directors to the Company 38,095 23,115
Enham Trust 2018 2017
£ £
Related party
Amount due from related party at the end of the year - 540
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