REGISTERED NUMBER: 04354279 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 December 2012

for

Aerdata UK Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

K F Scanlon

P V Tol

SECRETARY:

K F Scanlon

REGISTERED OFFICE:

55B Basepoint Innovation Centre

Metcalfe Way

Crawley

West Sussex

RH11 7XX

REGISTERED NUMBER:

04354279 (England and Wales)

ACCOUNTANTS:

Incisive Accounting Limited

Cantium House

Railway Approach

Wallington

Surrey

SM6 0DZ

FIXED ASSETS

Intangible assets

2

715,824

356,456

Tangible assets

3

77,333

119,483

793,157

475,939

CURRENT ASSETS

Debtors

814,807

670,451

Cash at bank

129,506

45,757

944,313

716,208

CREDITORS

Amounts falling due within one year

968,275

564,360

NET CURRENT (LIABILITIES)/ASSETS

(23,962

)

151,848

TOTAL ASSETS LESS CURRENT LIABILITIES

769,195

627,787

CREDITORS

Amounts falling due after more than one year

-

(6,470

)

PROVISIONS FOR LIABILITIES

(16,190

)

(27,742

)

NET ASSETS

753,005

593,575

CAPITAL AND RESERVES

Called up share capital

4

3

3

Share premium

47

47

Profit and loss account

752,955

593,525

SHAREHOLDERS' FUNDS

753,005

593,575

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2012.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2012 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 8 August 2013 and were signed on its behalf by:

K F Scanlon - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Changes in accounting policies

During the year, the company changed its accounting policy with respect to the capitalisation of software

development costs. The company now capitalises such costs and recognises them as intangible assets as set out

below. Prior to this change, all such costs were charged to the profit and loss account.

The company believes the new policy is preferable as it more closely aligns the expense to the profit and loss

account with the revenues earned from the software.

The impact of this voluntary change in accounting policy is primarily to increase intangible assets by £421,619

(2011 - £373,217) with a corresponding reduction in software & licenses costs of £421,619 (2011 - £373,217) along

with an increase in depreciation costs of £37,322 (2011 - £16,761) .

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Intangible fixed assets - software development costs

Software development costs comprises the cost of internally developed software. Costs that are directly associated

with the production of identifiable and unique software products controlled by the company, and are probable of

producing future economic benefits are recognised as intangible assets. Direct costs include software development

employee and third party costs.

Amortisation is charged to the profit and loss account on a straight line basis over the estimated useful life of 10

years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2012

476,995

Additions

421,619

At 31 December 2012

898,614

AMORTISATION

At 1 January 2012

120,539

Amortisation for year

62,251

At 31 December 2012

182,790

NET BOOK VALUE

At 31 December 2012

715,824

At 31 December 2011

356,456

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2012

272,273

Additions

19,422

At 31 December 2012

291,695

DEPRECIATION

At 1 January 2012

152,790

Charge for year

61,572

At 31 December 2012

214,362

NET BOOK VALUE

At 31 December 2012

77,333

At 31 December 2011

119,483

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/12

31/12/11

value:

£

£

200

Ordinary

0.013

3

3

5.	ULTIMATE PARENT COMPANY

On 1 September 2011 the Company became a 100% subsidiary of AerData B.V., a company incorporated in

Holland.

6.	RELATED PARTY DISCLOSURES

Debtors:Amounts falling due within one year includes a loan to the AerData B.V., the Company's parent company,

which was made on normal commercial terms. The amount receivable at 31 December 2012 was £476,979 (2011 -

payable £243,548) which included interest receivable £5,519 (2011- accrued interest payable of £7,895).

At the balance sheet date the company paid management charges of £169,191 (2011- nil) to Aerdata B.V.