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COMPANY REGISTRATION NUMBER: 03711047
Wittenstein Aerospace & Simulation Limited
Filleted Financial Statements
31 March 2018
Wittenstein Aerospace & Simulation Limited
Balance Sheet
31 March 2018
2018
2017
Note
£
£
Fixed assets
Intangible assets
5
90,427
48,805
Tangible assets
6
114,561
19,193
---------
--------
204,988
67,998
Current assets
Stocks
91,452
42,975
Debtors
7
608,695
380,008
Cash at bank and in hand
847,034
657,767
------------
------------
1,547,181
1,080,750
Creditors: amounts falling due within one year
8
756,627
381,125
------------
------------
Net current assets
790,554
699,625
---------
---------
Total assets less current liabilities
995,542
767,623
Creditors: amounts falling due after more than one year
9
1,015,000
1,215,000
Provisions
Taxation including deferred tax
17,186
( 53,663)
------------
------------
Net liabilities
( 36,644)
( 393,714)
------------
------------
Capital and reserves
Called up share capital
650,000
650,000
Profit and loss account
( 686,644)
( 1,043,714)
---------
------------
Shareholders deficit
( 36,644)
( 393,714)
---------
------------
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 profit and loss has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Wittenstein Aerospace & Simulation Limited
Balance Sheet (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 17 May 2018 , and are signed on behalf of the board by:
Dr D A Cowling
Director
Company registration number: 03711047
Wittenstein Aerospace & Simulation Limited
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Browns Court, Long Ashton Business Park, Yanley Lane, Long Ashton, Bristol, North Somerset, BS41 9LB. The company registration number is03711047.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
At the balance sheet date, the company's liabilities exceeded its assets. The directors have received assurance from the parent company that it will continue to give financial support to this company for twelve months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments may have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Wittenstein SE, a company incorporated in Germany. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets and amortisation of intangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods. The Director has made a judgement in the year relating to a liability in the financial statements. Any sales of OpenRTOS made 6 months prior to an announcement of an agreement with Amazon Web Services would be held on the balance sheet in anticipation of claims for refunds. The Director also decided that if any claims were not made 6 months following the announcement, then the customers would be unlikely to make a claim and the sale would be recognised.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided. In relation to ongoing contracts around the year end, deferred income is accrued on the basis of percentage of work done compared to amounts invoiced.
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 material 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.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Group transactions in foreign currencies are recorded at a standard company rate. Other non group transactions are translated at the spot rate of the invoice date. All differences are taken to profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development project
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
20% straight line
Plant and machinery
-
25 - 33% straight line
Fixtures and fittings
-
25% straight line
Equipment
-
25 - 33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2017: 11 ).
5. Intangible assets
Development costs
£
Cost
At 1 April 2017
48,805
Additions
51,857
---------
At 31 March 2018
100,662
---------
Amortisation
Charge for the year
10,235
---------
At 31 March 2018
10,235
---------
Carrying amount
At 31 March 2018
90,427
---------
At 31 March 2017
48,805
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2017
4,650
26,735
40,384
194,945
266,714
Additions
6,996
35,956
80,239
123,191
Disposals
( 1,150)
( 1,150)
-------
--------
--------
---------
---------
At 31 March 2018
4,650
33,731
76,340
274,034
388,755
-------
--------
--------
---------
---------
Depreciation
At 1 April 2017
4,650
24,333
31,045
187,493
247,521
Charge for the year
1,564
8,314
17,945
27,823
Disposals
( 1,150)
( 1,150)
-------
--------
--------
---------
---------
At 31 March 2018
4,650
25,897
39,359
204,288
274,194
-------
--------
--------
---------
---------
Carrying amount
At 31 March 2018
7,834
36,981
69,746
114,561
-------
--------
--------
---------
---------
At 31 March 2017
2,402
9,339
7,452
19,193
-------
--------
--------
---------
---------
7. Debtors
2018
2017
£
£
Trade debtors
282,361
229,811
Amounts owed by group undertakings and undertakings in which the company has a participating interest
208,584
57,699
Other debtors
117,750
92,498
---------
---------
608,695
380,008
---------
---------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
99,417
94,080
Amounts owed to group undertakings and undertakings in which the company has a participating interest
14,206
20,571
Corporation tax
14,000
Social security and other taxes
46,556
27,489
Other creditors
582,448
238,985
---------
---------
756,627
381,125
---------
---------
9. Creditors: amounts falling due after more than one year
2018
2017
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,015,000
1,215,000
------------
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2018
2017
£
£
Included in provisions
17,186
( 53,663)
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2018
2017
£
£
Accelerated capital allowances
17,186
553
Unused tax losses
( 54,216)
--------
--------
17,186
(53,663)
--------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018
2017
£
£
Later than 1 year and not later than 5 years
110,000
150,000
---------
---------
The total commitments due in 12 months is £40,000.
12. Summary audit opinion
The auditor's report for the year dated 22 May 2018 was unqualified.
The senior statutory auditor was Andrew Pountney , for and on behalf of Dean Statham .
13. Related party transactions
As a wholly owned subsidiary of Wittenstein SE, the company is exempt from the requirements of FRS102 to disclose transactions with the other members of the group headed by Wittenstein SE.
14. Controlling party
The immediate and ultimate parent undertaking is Wittenstein SE, a company incorporated in Germany, as a 100% shareholder. The Wittenstein family are the majority shareholders in the ultimate parent undertaking, Wittenstein SE.