Accounts filed on 31-03-2015

Accounts filed on 31-03-2015

CAMPBELL AVIATION LIMITED - Company Information

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CAMPBELL AVIATION LIMITED

Company Registration Number:
02773923 (England and Wales)

Report of the Directors and Unaudited Financial Statements

Period of accounts

Start date: 01 April 2014

End date: 31 March 2015

CAMPBELL AVIATION LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2015

Company Information
Report of the Directors
Profit and Loss Account
Gains and Losses
Balance sheet
Notes to the Financial Statements

CAMPBELL AVIATION LIMITED

Company Information

for the Period Ended 31 March 2015




Director: N M A Pollock
D T C Pollock Snr
Secretary: D T C Pollock Jnr
Registered office: Ormond House
26/27 Boswell Street
London
WC1N 3JZ
Company Registration Number: 02773923 (England and Wales)

CAMPBELL AVIATION LIMITED

Directors' Report Period Ended 31 March 2015

The directors present their report with the financial statements of the company for the period ended 31 March 2015

Principal activities

The company's principal activity during the period was aircraft rental. Unfortunately, the company's aircraft was out of action for several months whilst it was undergoing extensive maintenance. This is reflected in the financial results.

Directors
 The directors shown below have held office during the whole of the period from
01 April 2014 to 31 March 2015
N M A Pollock
D T C Pollock Snr

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on 31 December 2015
And Signed On Behalf Of The Board By:

Name: N M A Pollock
Status: Director

CAMPBELL AVIATION LIMITED

Profit and Loss Account

for the Period Ended 31 March 2015


Notes
2015
£
2014
£
Turnover: 2 20,270 34,125
Cost of sales: ( 65,190 ) ( 43,392 )
Gross profit or (loss): ( 44,920 ) ( 9,267 )
Administrative expenses: 3 ( 400 ) ( 736 )
Operating profit or (loss): 4 ( 45,320 ) ( 10,003 )
Interest receivable and similar income: 2 6
Profit or (loss) on ordinary activities before taxation: ( 45,318 ) ( 9,997 )
Tax on profit or (loss) on ordinary activities: 0 0
Profit or (loss) for the financial year: ( 45,318 ) ( 9,997 )

The notes form part of these financial statements

CAMPBELL AVIATION LIMITED

Statement of total recognised gains and losses

The company does not have any gains and losses other than Profit and Loss for the period to report

CAMPBELL AVIATION LIMITED

Balance sheet

As at 31 March 2015


Notes
2015
£
2014
£
Fixed assets
Intangible assets: 0 0
Tangible assets: 5 341,125 325,503
Total fixed assets: 341,125 325,503
Current assets
Stocks: 0 0
Debtors: 6 14,860 1,548
Cash at bank and in hand: 18,545 3,639
Total current assets: 33,405 5,187
Creditors: amounts falling due within one year: 7 ( 576,959 ) ( 487,801 )
Net current assets (liabilities): ( 543,554 ) ( 482,614 )
Total assets less current liabilities: ( 202,429 ) ( 157,111 )
Creditors: amounts falling due after more than one year: 0 0
Total net assets (liabilities): ( 202,429 ) ( 157,111 )

The notes form part of these financial statements

CAMPBELL AVIATION LIMITED

Balance sheet continued

As at 31 March 2015


Notes
2015
£
2014
£
Capital and reserves
Called up share capital: 8 62,520 62,520
Revaluation reserve: 0 0
Profit and loss account: 9 ( 264,949 ) ( 219,631 )
Shareholders funds: ( 202,429 ) ( 157,111 )

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 31 December 2015

SIGNED ON BEHALF OF THE BOARD BY:

Name: N M A Pollock
Status: Director

The notes form part of these financial statements

CAMPBELL AVIATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 1. Accounting policies

    Basis of measurement and preparation of accounts

    The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

    Turnover policy

    Income and profit are recognised on completion of the period of hire. Where turnover is invoiced in advance, this is treated as deferred income.

    Tangible fixed assets depreciation policy

    Depreciation is provided to write off the cost less estimated residual value of fixed assets over their useful lives which are assumed to be: Aircraft frame - 20 years; Aircraft engine - 1,000 hours; Equipment - 20 years.

CAMPBELL AVIATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 2. Turnover

    Turnover represents amounts derived from the provision of goods and services which fall within the company's ordinary activities after deduction of value added tax. The turnover and pre-tax loss, all of which arose in the United Kingdom, are attributable to one activity, aircraft rental.

CAMPBELL AVIATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 3. Directors' remuneration


    2015
    £
    2014
    £
    TOTAL: 0 0

    None of the directors received any emoluments (2014 - £nil).

CAMPBELL AVIATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 4. Operating profit or (loss)

    Operating profit or (loss) before tax as stated after charging the following.


    2015
    £
    2014
    £
    Depreciation - owned assets: 19,257 19,249

CAMPBELL AVIATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 5. Tangible assets

    Land and buildings Plant and Machinery Fixtures and fittings Office Equipment Motor vehicles Total
    Cost £ £ £ £ £ £
    01 April 2014: - 634,992 - - - 634,992
    Additions: - 34,879 - - - 34,879
    Disposals: - - - - - 0
    Revaluations: - - - - - 0
    Transfers: - - - - - 0
    31 March 2015: - 669,871 - - - 669,871
    Depreciation
    01 April 2014: - 309,489 - - - 309,489
    Charge for year: - 19,257 - - - 19,257
    On disposals: - - - - - 0
    Other adjustments: - - - - - 0
    31 March 2015: - 328,746 - - - 328,746
    Net book value
    31 March 2015: - 341,125 - - - 341,125
    31 March 2014: - 325,503 - - - 325,503

CAMPBELL AVIATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 6. Debtors


    2015
    £
    2014
    £
    Prepayments and accrued income: 883 1,548
    Other debtors: 13,977
    Total: 14,860 1,548

CAMPBELL AVIATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 7. Creditors: amounts falling due within one year


    2015
    £
    2014
    £
    Trade creditors: 41,659 863
    Taxation and social security: 0 3,403
    Accruals and deferred income: 5,030 5,300
    Other creditors: 530,270 478,235
    Total: 576,959 487,801

CAMPBELL AVIATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 8. Called up share capital

    Allotted, called up and paid

    Previous period
    2014
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 20 1.00 20
    Preference shares: 62,500 1.00 62,500
    Total share capital (£): 62,520
    Current period
    2015
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 20 1.00 20
    Preference shares: 62,500 1.00 62,500
    Total share capital (£): 62,520

    The redeemable preference shares are owned by Echelon Support Services Ltd (formerly PSBS Ventures Ltd), a company in which Mr D T C Pollock (Company Secretary and husband of N M A Pollock, director) is a minority shareholder and director.

CAMPBELL AVIATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 9. Profit and loss account


    2015
    £
    2014
    £
    Opening balance: ( 219,631 ) ( 209,634 )
    Profit or (loss) for the period: ( 45,318 ) ( 9,997 )
    Equity dividends paid: 0 0
    Retained profit: ( 264,949 ) ( 219,631 )

CAMPBELL AVIATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 10. Related party disclosures

    Name of the ultimate controlling party during the period: N M A Pollock
    Name of related party: D T C Pollock Jnr
    Relationship: Husband of N M A Pollock
    Description of the transaction Interest-free loan to company repayable on demand
    Balance at 01 April 2014 478,235
    Balance at 31 March 2015 530,270

    Additional information

    The company's turnover includes revenue derived from the use of the company's aircraft by Mr D T C Pollock Jnr, Company Secretary. All use of the aircraft is covered by standard terms and conditions which are intended to be similar to those which would be applied by unconnected commercial entities.

CAMPBELL AVIATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 11. Capital commitments

    At the year end the company had contracted for the replacement of avionics at an estimated cost of £25,000.

CAMPBELL AVIATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 12. Post balance sheet events

    Shortly after the company's aircraft was brought back into service following its avionics upgrade, in August 2015 it suffered a structural failure on landing which has necessitated replacement of the engine mount at an estimated cost of £20,000 and a further extensive period out of service.