ABC Flights Limited
Registered number: 04370076
Balance Sheet
as at 28 February 2017
Notes 2017 2016
£ £
Current assets
Debtors 2 64,655 63,755
Cash at bank and in hand 1,626 -
66,281 63,755
Creditors: amounts falling due within one year 3 (849) (350)
Net current assets 65,432 63,405
Net assets 65,432 63,405
Capital and reserves
Called up share capital 60,000 60,000
Profit and loss account 5,432 3,405
Shareholder's funds 65,432 63,405
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 member has 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.
N J Langley
Director
Approved by the board on 26 June 2017
ABC Flights Limited
Notes to the Accounts
for the year ended 28 February 2017
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).

Date of transition is 1 March 2015

The transition to FRS 102 (Section 1A) has resulted in no material changes in accounting policies to those used previously.
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.
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.
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.
2 Debtors 2017 2016
£ £
Trade debtors 900 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest 63,755 63,755
64,655 63,755
3 Creditors: amounts falling due within one year 2017 2016
£ £
Corporation tax 498 -
Other creditors 351 350
849 350
4 Related party transactions
Airship and Balloon Company Limited - Subsidiary
The company is a 100% subsidiary of Airship and Balloon Company Limited.
N J Langley - Director
At the year end the company owed the director £350. This loan is interest free and there is no set time period in which it is repayable.
5 Controlling party
The company is owned by Airship and Balloon Company Limited of 82 Henbury Road, Bristol, BS10 7AA. It is controlled by N J Langley.
6 Other information
ABC Flights Limited is a private company limited by shares and incorporated in England. Its registered office is:
82 Henbury Road
Henbury
Bristol
BS10 7AA
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