Cormack (Aircraft Services) Limited - Accounts to registrar - small 17.2
Cormack (Aircraft Services) Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 March 2017 |
| for |
| Cormack (Aircraft Services) Limited |
| Cormack (Aircraft Services) Limited (Registered number: SC061876) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Cormack (Aircraft Services) Limited |
| Company Information |
| for the Year Ended 31 March 2017 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| 39 St Vincent Place |
| Glasgow |
| G1 2ER |
| BANKERS: |
| Dunn Square Branch |
| 1 Causeyside Street |
| Paisley |
| PA1 1BH |
| Cormack (Aircraft Services) Limited (Registered number: SC061876) |
| Balance Sheet |
| 31 March 2017 |
| 31.3.17 | 31.3.16 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | 7 |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| Cormack (Aircraft Services) Limited (Registered number: SC061876) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2017 |
| 1. | STATUTORY INFORMATION |
| Cormack (Aircraft Services) Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements for the year ended 31 March 2017 are the first financial statements that comply with |
| FRS 102 Section 1A "Small Entities". The date of transition is 1 April 2015. |
| The transition to FRS 102 Section 1A "Small Entities" has resulted in no requirement to restate prior year |
| figures. |
| Turnover |
| The turnover shown in the profit and loss account represents revenue recognised by the company in respect of |
| goods and services supplied during the period, exclusive of Value Added Tax and trade discounts. |
| Tangible fixed assets |
| Cumbernauld Airport | - |
| Equipment | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. |
| The company's liability for current tax is calculated using tax rates that have been enacted or substantively |
| enacted by the end of the reporting period. |
| Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the |
| financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying |
| amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is |
| no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
| Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which |
| the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or |
| substantively enacted by the end of the reporting period. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
| the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Cormack (Aircraft Services) Limited (Registered number: SC061876) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 4. | TANGIBLE FIXED ASSETS |
| Cumbernauld | Motor |
| Airport | Equipment | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Trade debtors |
| Amount owed by related parties |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT |
| Directors' loan accounts |
| Accruals and deferred income |
| The director's loan is interest free and repayable on demand. |
| Cormack (Aircraft Services) Limited (Registered number: SC061876) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 7. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 April 2016 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 March 2017 |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2017 and |
| 31 March 2016: |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| 10. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns |
| to the tax authorities and assist with the preparation of the financial statements. |