Aerial Corporation Limited Filleted accounts for Companies House (small and micro)

Aerial Corporation Limited Filleted accounts for Companies House (small and micro)

AERIAL CORPORATION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03739681
AERIAL CORPORATION LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2020
AERIAL CORPORATION LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2020
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
AERIAL CORPORATION LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
Ms E Znojkiewicz
Registered office
Lynton House
7 - 12 Tavistock Square
London
WC1H 9BQ
Accountants
BSG Valentine (UK) LLP
Chartered Accountants
Lynton House
7 - 12 Tavistock Square
London
WC1H 9BQ
AERIAL CORPORATION LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2020
2020
2019
Note
£
£
£
£
CURRENT ASSETS
Debtors
5
3,843,569
3,841,569
Cash at bank and in hand
13,883
1,080
------------
------------
3,857,452
3,842,649
CREDITORS: Amounts falling due within one year
6
( 3,250,774)
( 3,325,897)
------------
------------
NET CURRENT ASSETS
606,678
516,752
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
606,678
516,752
---------
---------
NET ASSETS
606,678
516,752
---------
---------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
606,676
516,750
---------
---------
SHAREHOLDER FUNDS
606,678
516,752
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 March 2021 , and are signed on behalf of the board by:
Ms E Znojkiewicz
Director
Company registration number: 03739681
AERIAL CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2020
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents net rental income due for the year exclusive of VAT.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employees
The average number of persons employed by the company during the year, including directors, amounted to 1 (2019: 1).
5. Debtors
2020
2019
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,502,191
2,440,191
Other debtors
1,341,378
1,401,378
------------
------------
3,843,569
3,841,569
------------
------------
6. Creditors: Amounts falling due within one year
2020
2019
£
£
Trade creditors
5,907
3,193
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,123,159
3,218,108
Corporation tax
25,255
3,943
Other creditors
96,453
100,653
------------
------------
3,250,774
3,325,897
------------
------------