Aviation, Power & Marine Limited - Accounts to registrar (filleted) - small 18.2

AVIATION, POWER & MARINE LIMITED

Financial Statements for the Year Ended 31st December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Fraioli

G P Young

SECRETARY:

A Fraioli

REGISTERED OFFICE:

1 Exchange Crescent

Conference Square

Edinburgh

EH3 8UL

BUSINESS ADDRESS:

Suite 12

2 Cockburn Place

Irvine

KA11 5DA

REGISTERED NUMBER:

SC517762 (Scotland)

INDEPENDENT AUDITORS:

Fiander Tovell Limited

Chartered Accountants

Statutory Auditor

Stag Gates House

63/64 The Avenue

Southampton

SO17 1XS

FIXED ASSETS

Tangible assets

4

44

576

CURRENT ASSETS

Stocks

2,518

-

Debtors

5

43,699

131,286

Cash in hand

33,913

15,270

80,130

146,556

CREDITORS

Amounts falling due within one year

6

102,722

189,695

NET CURRENT LIABILITIES

(22,592

)

(43,139

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(22,548

)

(42,563

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(22,549

)

(42,564

)

SHAREHOLDERS' FUNDS

(22,548

)

(42,563

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25th March 2020 and were signed on its behalf by:

A Fraioli - Director

1.	STATUTORY INFORMATION

Aviation, Power & Marine Limited is a private company, limited by shares, registered in Scotland.

The company's registered number, registered office and business addresses can be found on the

company Information page.

2.	ACCOUNTING POLICIES

Basis of preparation of financial statements

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the

Company and the revenue can be reliably measured. Revenue is measured as the fair value of the

consideration received or receivable, excluding discounts, rebates, value added tax and other sales

taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

. the Company has transferred the significant risks and rewards of ownership to the buyer;

. the Company retains neither continuing managerial involvement to the degree usually

associated with ownership nor effective control over the goods sold;

. the amount of revenue can be measured reliably;

. it is probable that the Company will receive the consideration due under the transaction; and

. the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Commissions

Sales commission income is recognised in the period in which the related sale is invoiced by the

principal to the transaction.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation

and any accumulated impairment losses. Historical cost includes expenditure that is directly

attributable to bringing the asset to the location and condition necessary for it to be capable of

operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their

estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment - 25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted

prospectively if appropriate, or if there is an indication of a significant change since the last reporting

date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount

and are recognised in the Statement of Income and Retained Earnings.

Stocks

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

obsolete and slow moving items.

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, except that a charge attributable to an item of income and expense

recognised as other comprehensive income or to an item recognised directly in equity is also

recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted

or substantively enacted by the balance sheet date in the countries where the Company operates and

generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not

reversed by the Balance Sheet date, except that:

. The recognition of deferred tax assets is limited to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits; and

. Any deferred tax balances are reversed if and when all conditions for retaining associated tax

allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of

business combinations, when deferred tax is recognised on the differences between the fair values of

assets acquired and the future tax deductions available for them and the differences between the fair

values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined

using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

the balance sheet 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.

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates

at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate.

Non-monetary items measured at historical cost are translated using the exchange rate at the date of

the transaction and non-monetary items measured at fair value are measured using the exchange rate

when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are

presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All

other foreign exchange gains and losses are presented in the Statement of Income and Retained

Earnings within 'other operating income'.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are

measured initially at transaction price, net of transaction costs, and are measured subsequently at

amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank

loans, are measured initially at transaction price, net of transaction costs, and are measured

subsequently at amortised cost using the effective interest method.

Provision for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive

obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate

can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year

that the Company becomes aware of the obligation, and are measured at the best estimate at the

Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant

risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Financial instruments

The Company only enters into basic financial instrument 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2019

and 31st December 2019

2,128

DEPRECIATION

At 1st January 2019

1,552

Charge for year

532

At 31st December 2019

2,084

NET BOOK VALUE

At 31st December 2019

44

At 31st December 2018

576

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

72,185

Other debtors

-

13,662

Deferred taxation

4,984

8,462

VAT

842

-

Prepayments

37,873

36,977

43,699

131,286

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

3,732

27,553

Amounts owed to group undertakings

87,126

131,660

Tax

8

-

Social security and other taxes

3,328

3,522

Other creditors

413

247

Accruals and deferred income

8,115

26,713

102,722

189,695

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Jay FCCA, ACA (Senior Statutory Auditor)

for and on behalf of Fiander Tovell Limited

8.	COMMITMENTS UNDER OPERATING LEASES

At 31 December 2019 the company had future minimum lease payments under non-cancellable

operating leases as follows:

2019

2018

£

£

Not later than 1 year

2,300

2,300

9.	RELATED PARTY TRANSACTIONS

No further transactions with related parties were undertaken such as are required to be disclosed

under Section 1AC.35 of FRS 102.

10.	CONTROLLING PARTY