First Air Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04401539 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

FIRST AIR LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

DIRECTOR:

D J Woodnutt

SECRETARY:

H M Woodnutt

REGISTERED OFFICE:

Shephard's Crag

11 Y Garreg Lwyd

Llanedi

Swansea

SA4 OZL

REGISTERED NUMBER:

04401539 (England and Wales)

ACCOUNTANTS:

HJE

Elfed House

Oak Tree Court

Cardiff Gate Business Park

Cardiff

CF23 8RS

FIXED ASSETS

Tangible assets

4

107,000

99,000

CURRENT ASSETS

Debtors

5

37,881

49,897

Cash at bank

33,513

738

71,394

50,635

CREDITORS

Amounts falling due within one year

6

(970,004

)

(938,568

)

NET CURRENT LIABILITIES

(898,610

)

(887,933

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(791,610

)

(788,933

)

PROVISIONS FOR LIABILITIES

(20,031

)

-

NET LIABILITIES

(811,641

)

(788,933

)

CAPITAL AND RESERVES

Called up share capital

100

100

Non distributable reserves

7

62,000

59,000

Retained earnings

7

(873,741

)

(848,033

)

(811,641

)

(788,933

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Income statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 31 March 2022 and were signed by:

D J Woodnutt - Director

1.	STATUTORY INFORMATION

The company's functional and presentational currency in the financial statements is Sterling (£), rounded to the nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 as modified by the revaluation of certain assets.

There have been no departures from Financial Reporting Standard 102.

TURNOVER

Turnover is measured at the fair value of consideration received or receivable excluding value added tax for the hire of aircraft and provision of ancillary services.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Aircraft

-

10% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are initially measured at cost . After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. Aircraft will be included at their fair value, considered on an annual basis.

FINANCIAL INSTRUMENTS

Basic Financial Instruments are recognised at amortised cost.

TAXATION

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at 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.

GOING CONCERN

These accounts have been prepared on the going concern basis. The company is dependent upon the continuing support of the directors and the holding company, Janus Medical Reporting Limited. Both have confirmed their continuing support.

The directors are satisfied that despite the Coronavirus pandemic, it is appropriate for the company's financial statements to be prepared on a going concern basis. The pandemic has resulted in a number of uncertainties arising and the directors have taken steps to minimise the effect on the company and will continue to do so. In the circumstances they have concluded that no adjustments are required to the financial statements at this time.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Computer

Aircraft

equipment

Totals

£

£

£

COST OR VALUATION

At 1 April 2020

and 31 March 2021

107,000

1,405

108,405

DEPRECIATION

At 1 April 2020

8,000

1,405

9,405

Charge for year

2,000

-

2,000

Revaluation adjustments

(10,000

)

-

(10,000

)

At 31 March 2021

-

1,405

1,405

NET BOOK VALUE

At 31 March 2021

107,000

-

107,000

At 31 March 2020

99,000

-

99,000

Cost or valuation at 31 March 2021 is represented by:

Computer

Aircraft

equipment

Totals

£

£

£

Valuation in 2021

107,000

1,405

108,405

If the aircraft had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

238,479

238,479

Aggregate depreciation

210,979

198,479

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by group undertakings

34,804

47,300

VAT

3,077

2,597

37,881

49,897

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed to group undertakings

920,841

933,344

Other creditors

42,608

-

Directors' current accounts

3,151

3,124

Accrued expenses

3,404

2,100

970,004

938,568

7.

RESERVES

Non

Retained

distributable

earnings

reserves

Totals

£

£

£

At 1 April 2020

(848,033

)

59,000

(789,033

)

Deficit for the year

(32,708

)

(32,708

)

Revaluation

-

10,000

10,000

Depreciation on revalued assets

7,000

(7,000

)

-

At 31 March 2021

(873,741

)

62,000

(811,741

)

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions within the group.