SC Aero Limited 31/07/2021 iXBRL

SC Aero Limited 31/07/2021 iXBRL

SC AERO LIMITED - Company Information

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Company registration number: 08628710
SC Aero Limited
Unaudited filleted financial statements
31 July 2021
SC Aero Limited
Contents
Directors and other information
Director's report
Statement of financial position
Notes to the financial statements
SC Aero Limited
Directors and other information
Director S C Appleby
Company number 08628710
Registered office 11 Heathfield Place
Low Fell
Gateshead
Tyne And Wear
NE9 5AS
SC Aero Limited
Director's report
Year ended 31 July 2021
The director presents this report and the unaudited financial statements of the company for the year ended 31 July 2021.
Director
The director who served the company during the year was as follows:
S C Appleby
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 April 2022 and signed on behalf of the board by:
S C Appleby
Director
SC Aero Limited
Statement of financial position
31 July 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 4 - 3,000
_______ _______
- 3,000
Current assets
Stocks 24,621 24,621
Debtors 5 2,025 1,080
Cash at bank and in hand 1,169 15,896
_______ _______
27,815 41,597
Creditors: amounts falling due
within one year 6 ( 46,700) ( 46,700)
_______ _______
Net current liabilities ( 18,885) ( 5,103)
_______ _______
Total assets less current liabilities ( 18,885) ( 2,103)
Creditors: amounts falling due
after more than one year 7 ( 82,849) ( 84,820)
_______ _______
Net liabilities ( 101,734) ( 86,923)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 101,735) ( 86,924)
_______ _______
Shareholders deficit ( 101,734) ( 86,923)
_______ _______
For the year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 April 2022 , and are signed on behalf of the board by:
S C Appleby
Director
Company registration number: 08628710
SC Aero Limited
Notes to the financial statements
Year ended 31 July 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Heathfield Place, Low Fell, Gateshead, Tyne And Wear, NE9 5AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 August 2020 and 31 July 2021 15,000 15,000
_______ _______
Depreciation
At 1 August 2020 12,000 12,000
Charge for the year 3,000 3,000
_______ _______
At 31 July 2021 15,000 15,000
_______ _______
Carrying amount
At 31 July 2021 - -
_______ _______
At 31 July 2020 3,000 3,000
_______ _______
5. Debtors
2021 2020
£ £
Other debtors 2,025 1,080
_______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Other creditors 46,700 46,700
_______ _______
7. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 82,849 84,820
_______ _______