DAEDALUS_AVIATION_(SERVIC - Accounts

DAEDALUS AVIATION (SERVICES) LIMITED - Company Information

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Company Registration No. 06967292 (England and Wales)

DAEDALUS AVIATION (SERVICES) LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

DAEDALUS AVIATION (SERVICES) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

DAEDALUS AVIATION (SERVICES) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

413,647

83,087

Current assets

Debtors

2,040

1,861

Cash at bank and in hand

8,784

12,435

10,824

14,296

Creditors: amounts falling due within one year

(452,480)

(136,645)

Net current liabilities

(441,656)

(122,349)

Total assets less current liabilities

(28,009)

(39,262)

Capital and reserves

Called up share capital

Profit and loss account

(28,019)

(39,272)

Shareholders' funds

(28,009)

(39,262)

For the financial year ended 31 December 2015 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 24 May 2016

Mr C Young

Director

Company Registration No. 06967292

DAEDALUS AVIATION (SERVICES) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The accounts have been prepared on a going concern basis due to the reliance on input from the director.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

15% Reducing Balance

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Fixed assets

Tangible assets

Cost

At 1 January 2015

115,000

Additions

486,644

Disposals

(115,000)

At 31 December 2015

486,644

Depreciation

At 1 January 2015

31,913

On disposals

(31,913)

Charge for the year

72,997

At 31 December 2015

72,997

Net book value

At 31 December 2015

413,647

At 31 December 2014

83,087

DAEDALUS AVIATION (SERVICES) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

Share capital

2015

2014

Allotted, called up and fully paid

10 Ordinary of £1 each

Control

The ultimate controlling party is the director, Mr C Young, by virtue of his shareholding

Related party transactions

Included in other creditors is £150,000 (2014: £110,000) owed to DAN Europe Services Limited of which Mr C Young is a director and shareholder

Included in other creditors is £nil (2014: £17,786) owed to the director Mr C Young, this amount is interest free and repayable on demand