Flightworx Aviation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06566156 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2019

for

Flightworx Aviation Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Wiskin

C Anderson Jones

SECRETARY:

C Anderson Jones

REGISTERED OFFICE:

4-8 Cambridge Road

Stansted

Essex

CM24 8BZ

REGISTERED NUMBER:

06566156 (England and Wales)

ACCOUNTANTS:

Steven Burton & Co Limited

Broomfield Park

Coggeshall Road

Earls Colne

Colchester

Essex

CO6 2JX

FIXED ASSETS

Tangible assets

4

84,032

87,920

Investments

5

1

1

84,033

87,921

CURRENT ASSETS

Debtors

6

1,236,217

2,015,956

Cash at bank and in hand

303,191

387,394

1,539,408

2,403,350

CREDITORS

Amounts falling due within one year

7

1,568,886

2,492,431

NET CURRENT LIABILITIES

(29,478

)

(89,081

)

TOTAL ASSETS LESS CURRENT LIABILITIES

54,555

(1,160

)

PROVISIONS FOR LIABILITIES

17,468

16,705

NET ASSETS/(LIABILITIES)

37,087

(17,865

)

CAPITAL AND RESERVES

Called up share capital

174

174

Retained earnings

36,913

(18,039

)

SHAREHOLDERS' FUNDS

37,087

(17,865

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 19 December 2019 and were signed on its behalf by:

J Wiskin - Director

C Anderson Jones - Director

1.	STATUTORY INFORMATION

Flightworx Aviation Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The company’s turnover represents the value, excluding value added tax, of goods and services supplied to

customers during the year.

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

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets

and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related

parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in

profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the

asset and settle the liability simultaneously.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance

sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of

transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2018 - 42 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 May 2018

48,896

162,498

211,394

Additions

5,034

34,480

39,514

Disposals

(20,925

)

(16,253

)

(37,178

)

At 30 April 2019

33,005

180,725

213,730

DEPRECIATION

At 1 May 2018

35,860

87,614

123,474

Charge for year

5,480

26,674

32,154

Eliminated on disposal

(14,940

)

(10,990

)

(25,930

)

At 30 April 2019

26,400

103,298

129,698

NET BOOK VALUE

At 30 April 2019

6,605

77,427

84,032

At 30 April 2018

13,036

74,884

87,920

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2018

and 30 April 2019

1

NET BOOK VALUE

At 30 April 2019

1

At 30 April 2018

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade debtors

876,361

1,542,095

Other debtors

359,856

473,861

1,236,217

2,015,956

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade creditors

1,169,414

1,923,748

Amounts owed to group undertakings

29,320

-

Taxation and social security

101,713

80,849

Other creditors

268,439

487,834

1,568,886

2,492,431

8.	PENSION COMMITMENTS

The company operates non-contributory pension schemes. They are defined contribution money purchase schemes

and contributions are charged to the Profit & Loss Account as they are made. The charge for the year amounted to

£42,521 (2018 £19,770).

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2019 and 30 April 2018:

30.4.19

30.4.18

£

£

C Anderson Jones

Balance outstanding at start of year

188,198

26,276

Amounts advanced

196,255

161,922

Amounts repaid

(228,412

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

156,041

188,198

J Wiskin

Balance outstanding at start of year

182,454

23,006

Amounts advanced

203,482

159,448

Amounts repaid

(226,537

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

159,399

182,454

Interest is charged at a commercial rate on loans to directors and are repayable on demand.