Abbreviated Company Accounts - THE CLASSIC AIRCRAFT TRUST LTD

THE CLASSIC AIRCRAFT TRUST LTD - Company Information

Registered Number 07902964

THE CLASSIC AIRCRAFT TRUST LTD

Abbreviated Accounts

31 December 2013

THE CLASSIC AIRCRAFT TRUST LTD Registered Number 07902964

Abbreviated Balance Sheet as at 31 December 2013

	Notes	2013	2012
		£	£
Fixed assets
Tangible assets	3	250,081	52,919
		250,081	52,919
Current assets
Stocks		147,400	133,272
Debtors		62,989	87,779
Cash at bank and in hand		5,674	32,968
		216,063	254,019
Creditors: amounts falling due within one year		(191,868)	(57,953)
Net current assets (liabilities)		24,195	196,066
Total assets less current liabilities		274,276	248,985
Creditors: amounts falling due after more than one year		(1,379,619)	(861,671)
Total net assets (liabilities)		(1,105,343)	(612,686)
Reserves
Income and expenditure account		(1,105,343)	(612,686)
Members' funds		(1,105,343)	(612,686)

For the year ending 31 December 2013 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.

Approved by the Board on 23 December 2014

And signed on their behalf by:
T J H Skeet, Director

THE CLASSIC AIRCRAFT TRUST LTD Registered Number 07902964

Notes to the Abbreviated Accounts for the period ended 31 December 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which the trustees believe to be appropriate on the basis this venture is in its early stages and has a reliable source of funding to allow the Trust to establish its future income streams.

At this time the Trust is reliant on the support given by Air Atlantique Ltd. At the date of the approval of these financial statements the trustees have no reason to believe that this support will not continue for the foreseeable future.

The accounts have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice, Accounting and Reporting by Charities’,iIssued in March 2005 and the Companies Act 2006

Intangible assets amortisation policy
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:
Leasehold property Over the life of the asset
Aircraft 2.5% reducing balance method
Fixtures, fittings & equipment 25% straight line

2Company limited by guarantee
Company is limited by guarantee and consequently does not have share capital.

3Tangible fixed assets

	£
Cost
At 1 January 2013	52,919
Additions	229,338
Disposals	-
Revaluations	-
Transfers	-
At 31 December 2013	282,257
Depreciation
At 1 January 2013	-
Charge for the year	32,176
On disposals	-
At 31 December 2013	32,176
Net book values
At 31 December 2013	250,081
At 31 December 2012	52,919