Aerial Corporation Limited Company Accounts

AERIAL CORPORATION LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-04-01 Sage Accounts Production Advanced 2017 Update 2 - FRS xbrli:pure xbrli:shares iso4217:GBP 03739681 2016-04-01 2017-03-31 03739681 2017-03-31 03739681 2016-03-31 03739681 bus:RegisteredOffice 2016-04-01 2017-03-31 03739681 bus:LeadAgentIfApplicable 2016-04-01 2017-03-31 03739681 bus:Director3 2016-04-01 2017-03-31 03739681 core:WithinOneYear 2017-03-31 03739681 core:WithinOneYear 2016-03-31 03739681 core:ShareCapital 2017-03-31 03739681 core:ShareCapital 2016-03-31 03739681 core:RetainedEarningsAccumulatedLosses 2017-03-31 03739681 core:RetainedEarningsAccumulatedLosses 2016-03-31 03739681 bus:FRS102 2016-04-01 2017-03-31 03739681 bus:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 03739681 bus:FullAccounts 2016-04-01 2017-03-31 03739681 bus:SmallCompaniesRegimeForAccounts 2016-04-01 2017-03-31 03739681 bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31

COMPANY REGISTRATION NUMBER: 03739681

AERIAL CORPORATION LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2017

AERIAL CORPORATION LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

AERIAL CORPORATION LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Ms E Znojkiewicz

Registered office	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

AERIAL CORPORATION LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2017

	2017		2016
Note	£	£	£	£

Current assets

Debtors	4	3,854,925	3,868,645
Cash at bank and in hand		420	258
		------------	------------
		3,855,345	3,868,903

Creditors: amounts falling due within one year	5	( 3,420,324)		( 3,450,515)
		------------		------------
Net current assets			435,021		418,388
			---------		---------
Total assets less current liabilities			435,021		418,388
			---------		---------
Net assets			435,021		418,388
			---------		---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	435,019	418,386
	---------	---------
Member funds	435,021	418,388
	---------	---------

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 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 income and retained earnings has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 13 December 2017 , and are signed on behalf of the board by:

Ms E Znojkiewicz
Director

Company registration number: 03739681

AERIAL CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.

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 the 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Debtors

	2017	2016
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	2,322,697	2,241,417
Other debtors	1,532,228	1,627,228
	------------	------------
	3,854,925	3,868,645
	------------	------------

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	6,480	6,360
Amounts owed to group undertakings and undertakings in which the company has a participating interest	3,280,783	3,320,609
Corporation tax	8,482	27,307
Other creditors	124,579	96,239
	------------	------------
	3,420,324	3,450,515
	------------	------------

6. Director's advances, credits and guarantees

As at 31 March 2017, the directors owed £1,859 (2016: £59) to the company.

7. Related party transactions

As at the balance sheet date the company was owed the following balances from fellow group companies: Feathercrest Corporation Limited - £142,751 (2016: £142,751), Lance Limited - £883,843 (2016: £855,020), Balham Realty Limited - £520,367 (2016: £610,367) and Robina Realty Holdings Limited - £631,558 (2016: £631,558). During the year Balham Realty Limited has borne a proportional share of loan interest incurred by Aerial Corporation Limited of £nil (2016: £21,321) During the year the company levied management charges of £25,000 (2016: £25,000) to Canaryform Properties Limited. At the year end, the company also owed £2,396,940 (2016: £2,465,589) to group company Canaryform Properties Limited and £883,843 (2016: £855,020) to Canbury Park Properties Limited.

8. Controlling party

At the year end the director considers the immediate and ultimate parent company to be Robina Realty Holdings Limited, a company incorporated in the British Virgin Islands, and which owns 100% of the company's share capital.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.