Cambridge Helicopters Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03284511 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

CAMBRIDGE HELICOPTERS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

Director:

Mr D D Bickley

Registered office:

Coopers House

65a Wingletye Lane

Hornchurch

Essex

RM11 3AT

Registered number:

03284511 (England and Wales)

Accountants:

Haines Watts Essex LLP

Chartered Accountants

Coopers House

65a Wingletye Lane

Hornchurch

Essex

RM11 3AT

Fixed assets

Tangible assets

4

2,040

2,376

Current assets

Stocks

-

750

Debtors

5

4,967

21,666

Cash at bank and in hand

2,924

50,598

7,891

73,014

Creditors

Amounts falling due within one year

6

22,969

67,645

Net current (liabilities)/assets

(15,078

)

5,369

Total assets less current liabilities

(13,038

)

7,745

Provisions for liabilities

8

470

452

Net (liabilities)/assets

(13,508

)

7,293

Capital and reserves

Called up share capital

9

501

501

Retained earnings

(14,009

)

6,792

Shareholders' funds

(13,508

)

7,293

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 4 May 2020 and were signed by:

Mr D D Bickley - Director

1.	Statutory information

Cambridge Helicopters 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires

management to make estimates and judgement that affect the reported amounts of assets and liabilities as well

as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of

revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out

by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as

possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out

by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as

possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is

carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are

as accurate as possible, there remains a risk that the provisions do not match the level of debts which

ultimately prove to be uncollectable.

Turnover

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

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

-

25% on cost

Motor vehicles

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a

party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial

recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the

effective interest rate method. A provision is established when there is objective evidence that the company will

not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank

and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the

substance of the contractual arrangements entered into and the definitions of a financial liability and an equity

instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company

after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds

received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

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

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 2 (2019 - 4 ) .

4.	Tangible fixed assets

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

Cost

At 1 April 2019

23,087

2,827

25,914

Additions

-

1,350

1,350

At 31 March 2020

23,087

4,177

27,264

Depreciation

At 1 April 2019

20,711

2,827

23,538

Charge for year

1,551

135

1,686

At 31 March 2020

22,262

2,962

25,224

Net book value

At 31 March 2020

825

1,215

2,040

At 31 March 2019

2,376

-

2,376

5.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

810

17,054

Other debtors

4,157

4,612

4,967

21,666

6.

Creditors: amounts falling due within one year

2020

2019

£

£

Trade creditors

131

18,575

Taxation and social security

5,363

13,357

Other creditors

17,475

35,713

22,969

67,645

7.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

-

3,963

8.	Provisions for liabilities

2020

2019

£

£

Deferred tax

470

452

Deferred

tax

£

Balance at 1 April 2019

452

Provided during year

18

Balance at 31 March 2020

470

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

501

Ordinary

£1

501

501

10.	Directors' advances, credits and guarantees

Included in other debtors falling due within one year are amounts owed by the directors totalling £665

(Mar-2019 - £nil).