First Air Limited - Accounts to registrar (filleted) - small 18.2
First Air Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| FOR |
| FIRST AIR LIMITED |
| FIRST AIR LIMITED (REGISTERED NUMBER: 04401539) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| FIRST AIR LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 March 2018 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Elfed House |
| Oak Tree Court |
| Cardiff Gate Business Park |
| Cardiff |
| FIRST AIR LIMITED (REGISTERED NUMBER: 04401539) |
| BALANCE SHEET |
| 31 March 2018 |
| 31.3.18 | 31.3.17 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Non distributable reserves | 6 |
| Retained earnings | 6 | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director on |
| FIRST AIR LIMITED (REGISTERED NUMBER: 04401539) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2018 |
| 1. | STATUTORY INFORMATION |
| First Air Limited is a |
| company's registered number and registered office address can be found on the Company Information |
| page. |
| The company's functional and presentational currency in the financial statements is the Sterling (£), |
| rounded to the nearest pound. |
| The significant accounting policies applied in the presentation of these financial statements are set out |
| below. These policies have been consistently applied to all years presented unless otherwise stated. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| There has been no departures from Financial Reporting Standard 102. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
| rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Aircraft | - |
| Computer equipment | - |
| Taxation |
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the |
| year and is calculated using the tax rates and laws that have been enacted or substantively enacted at |
| the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
| different from those in which they are recognised in financial statements. Deferred tax is measured |
| using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
| expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
| that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| FIRST AIR LIMITED (REGISTERED NUMBER: 04401539) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2018 |
| 3. | TANGIBLE FIXED ASSETS |
| Computer |
| Aircraft | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2017 |
| and 31 March 2018 |
| DEPRECIATION |
| At 1 April 2017 |
| Charge for year |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| Cost or valuation at 31 March 2018 is represented by: |
| Computer |
| Aircraft | equipment | Totals |
| £ | £ | £ |
| Valuation in 2015 | 127,000 | - | 127,000 |
| Cost | - | 1,405 | 1,405 |
| 127,000 | 1,405 |
| If the aircraft had not been revalued they would have been included at the following historical cost: |
| 31.3.18 | 31.3.17 |
| £ | £ |
| Cost | 238,479 | 238,479 |
| Aggregate depreciation | 182,479 | 174,479 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.18 | 31.3.17 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| FIRST AIR LIMITED (REGISTERED NUMBER: 04401539) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2018 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.18 | 31.3.17 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Other creditors |
| 6. | RESERVES |
| Non |
| Retained | distributable |
| earnings | reserves | Totals |
| £ | £ | £ |
| At 1 April 2017 | ( |
) | (751,717 | ) |
| Deficit for the year | ( |
) | ( |
) |
| Depreciation on revalued assets | 4,700 | (4,700 | ) | - |
| At 31 March 2018 | ( |
) | (769,774 | ) |