ENERWAY_LIMITED - Accounts

ENERWAY LIMITED - Company Information

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Company Registration No. 05377888 (England and Wales)

ENERWAY LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2016

Tavistock House South

Tavistock Square

Rayner Essex LLP

London

Chartered Accountants

WC1H 9LG

ENERWAY LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

ENERWAY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

28 FEBRUARY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

1,782,210

2,138,085

Current assets

Debtors

107,845

38,985

Cash at bank and in hand

104,070

263,192

211,915

302,177

Creditors: amounts falling due within one year

(437,441)

(505,306)

Net current liabilities

(225,526)

(203,129)

Total assets less current liabilities

1,556,684

1,934,956

Creditors: amounts falling due after more than one year

3,458,519

3,500,000

Capital and reserves

Called up share capital

100

Profit and loss account

(1,901,935)

(1,565,144)

Shareholders' funds

(1,901,835)

(1,565,044)

1,556,684

1,934,956

For the financial year ended 28 February 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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 in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the Board for issue on 14 November 2016

Mr J Green

Director

Company Registration No. 05377888

ENERWAY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2016

- 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 financial statements have been prepared on a going concern basis as the creditors due after more than one year have provided undertakings that they will not withdraw funds that would prevent the company being able to meet it's liabilities in the 12 months subsequent to the date of the approval of these accounts.

1.2

Turnover

Turnover represents amounts receivable for aircraft charter net of VAT and trade discounts.

1.3

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:

Aircraft

9 - 15 years on straight line basis

Equipment

25% reducing balance basis

An element of the cost of acquired aircraft is attributed on acquisition to its major components and to the prepaid maintenance of its engines and airframes and is depreciated over the period until the next maintenance event. Subsequent costs incurred which lend enhancement to future periods, such as long term scheduled maintenance and major overhaul of aircraft and engines are capitalised and depreciated over the length of period benefiting from the enhancements. The underlying value of the aircraft is depreciated to the expected residual value of the aircraft being 15 years from original build date of the aircraft. Where the aircraft is subject to specific life extension expenditure, the cost of such work is depreciated over the remaining life and the underlying value of the aircraft is depreciated to this same date. All other maintenance costs are expensed to the profit and loss account as incurred.

1.4

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

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.

ENERWAY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 March 2015 & at 28 February 2016

4,643,878

Depreciation

At 1 March 2015

2,505,793

Charge for the year

355,875

At 28 February 2016

2,861,668

Net book value

At 28 February 2016

1,782,210

At 28 February 2015

2,138,085

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total not repayable by instalments and due in more than five years

3,458,519

3,500,000

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary of £1 each

100