Cormack (Aircraft Services) Limited - Accounts to registrar (filleted) - small 18.2

Cormack (Aircraft Services) Limited - Accounts to registrar (filleted) - small 18.2

CORMACK (AIRCRAFT SERVICES) LIMITED - Company Information

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IRIS Accounts Production v22.1.4.3 SC061876 director 1.4.21 31.3.22 31.3.22 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC0618762021-03-31SC0618762022-03-31SC0618762021-04-012022-03-31SC0618762020-03-31SC0618762020-04-012021-03-31SC0618762021-03-31SC061876ns16:Scotland2021-04-012022-03-31SC061876ns15:PoundSterling2021-04-012022-03-31SC061876ns11:Director12021-04-012022-03-31SC061876ns11:PrivateLimitedCompanyLtd2021-04-012022-03-31SC061876ns11:SmallEntities2021-04-012022-03-31SC061876ns11:AuditExempt-NoAccountantsReport2021-04-012022-03-31SC061876ns11:SmallCompaniesRegimeForDirectorsReport2021-04-012022-03-31SC061876ns11:SmallCompaniesRegimeForAccounts2021-04-012022-03-31SC061876ns11:FullAccounts2021-04-012022-03-31SC061876ns11:CompanySecretary12021-04-012022-03-31SC061876ns11:RegisteredOffice2021-04-012022-03-31SC061876ns6:CurrentFinancialInstruments2022-03-31SC061876ns6:CurrentFinancialInstruments2021-03-31SC061876ns6:ShareCapital2022-03-31SC061876ns6:ShareCapital2021-03-31SC061876ns6:RetainedEarningsAccumulatedLosses2022-03-31SC061876ns6:RetainedEarningsAccumulatedLosses2021-03-31SC061876ns6:LandBuildings2021-04-012022-03-31SC061876ns6:PlantMachinery2021-04-012022-03-31SC061876ns6:LandBuildings2021-03-31SC061876ns6:PlantMachinery2021-03-31SC061876ns6:LandBuildings2022-03-31SC061876ns6:PlantMachinery2022-03-31SC061876ns6:LandBuildings2021-03-31SC061876ns6:PlantMachinery2021-03-31SC061876ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-31SC061876ns6:WithinOneYearns6:CurrentFinancialInstruments2021-03-31SC061876ns6:CurrentFinancialInstruments2021-04-012022-03-31
REGISTERED NUMBER: SC061876 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2022

for

Cormack (Aircraft Services) Limited
Clements
Chartered Accountants
39 St Vincent Place
Glasgow
G1 2ER








Cormack (Aircraft Services) Limited (Registered number: SC061876)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cormack (Aircraft Services) Limited

Company Information
for the Year Ended 31 March 2022







DIRECTOR: G Cormack



SECRETARY: Mrs A Chalmers



REGISTERED OFFICE: Cumbernauld Airport
Duncan McIntosh Road
Cumbernauld
Glasgow
Lanarkshire
G68 0HH



REGISTERED NUMBER: SC061876 (Scotland)



ACCOUNTANTS: Clements
Chartered Accountants
39 St Vincent Place
Glasgow
G1 2ER



BANKERS: Clydesdale Bank Plc
Dunn Square Branch
1 Causeyside Street
Paisley
PA1 1BH
Page 1
Cormack (Aircraft Services) Limited (Registered number: SC061876)

Balance Sheet
31 March 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 298,775 323,442

CURRENT ASSETS
Stocks 26,061 18,326
Debtors 5 106,088 69,858
Cash at bank and in hand 692,891 761,603
825,040 849,787
CREDITORS
Amounts falling due within one year 6 164,115 199,373
NET CURRENT ASSETS 660,925 650,414
TOTAL ASSETS LESS CURRENT
LIABILITIES
959,700
973,856

PROVISIONS FOR LIABILITIES 12,714 16,314
NET ASSETS 946,986 957,542

CAPITAL AND RESERVES
Called up share capital 50,002 50,002
Retained earnings 896,984 907,540
SHAREHOLDERS' FUNDS 946,986 957,542

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 notes form part of these financial statements

Page 2 continued...
Cormack (Aircraft Services) Limited (Registered number: SC061876)

Balance Sheet - continued
31 March 2022


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 director and authorised for issue on 2 December 2022 and were signed by:





G Cormack - Director


The notes form part of these financial statements

Page 3
Cormack (Aircraft Services) Limited (Registered number: SC061876)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Cormack (Aircraft Services) Limited is a private company, limited by shares , registered in Scotland. 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.

The Director believes that the company has sufficient resources to meet its obligations during the current Covid-19 pandemic and will be in a position to continue trading. On that basis the Director believes it is appropriate for the Accounts to be prepared on the going concern basis.

Turnover
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts. Revenue is recognised when the company has the right to receive it.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and selling price less costs to complete and sell.

Financial instruments
The company only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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.

Page 4 continued...
Cormack (Aircraft Services) Limited (Registered number: SC061876)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2021 285,950 174,587 460,537
Additions - 3,360 3,360
At 31 March 2022 285,950 177,947 463,897
DEPRECIATION
At 1 April 2021 48,373 88,722 137,095
Charge for year 5,718 22,309 28,027
At 31 March 2022 54,091 111,031 165,122
NET BOOK VALUE
At 31 March 2022 231,859 66,916 298,775
At 31 March 2021 237,577 85,865 323,442

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 41,353 41,351
Other debtors 64,735 28,507
106,088 69,858

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade creditors 10,558 43,764
Taxation and social security 9,296 4,313
Other creditors 144,261 151,296
164,115 199,373

Included in other creditors is the director's loan which is unsecured, interest free and repayable on demand.

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £4,000 were paid to the directors .

8. GOVERNMENT ASSISTANCE

During the year the company benefited from government assistance in the form of Business Rates Relief. This provided 100% relief for the company's qualifying property. Without this relief it is estimated that business rates of £43,625 would have been recognised within the Income Statement in the period.

Page 5 continued...
Cormack (Aircraft Services) Limited (Registered number: SC061876)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

9. GOVERNMENT GRANTS

During the year the company benefited from £5,801 (2021 - £28,733) of government grants from Coronavirus Job Retention Scheme and nil (2021 - £712) from business interruption payments. In accordance with our accounting policy these credits are included in other income within the Income Statement over the same period as the staff costs and loan interest for which they compensate.

Page 6