Registration number:
Rate 1 Aero Limited
for the Period from 13 February 2017 to 28 February 2018
DeVine House
1299-1301 London Road
Leigh-on-Sea
Essex
SS9 2AD
Rate 1 Aero Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Rate 1 Aero Limited
Company Information
Director |
Mr G L W John |
Company secretary |
Mr G L W John |
Registered office |
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Accountants |
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Page 1 |
Rate 1 Aero Limited
(Registration number: 10617244)
Balance Sheet as at 28 February 2018
Note |
2018 |
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Fixed assets |
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Tangible assets |
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Creditors: Amounts falling due within one year |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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( |
For the financial period ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Company secretary and director
Page 2 |
Rate 1 Aero Limited
Notes to the Financial Statements for the Period from 13 February 2017 to 28 February 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis due to the oingoing financial support of the director.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery -aircraft |
10% reducing balance |
Plant & machinery -other |
15% reducing balance |
Page 3 |
Rate 1 Aero Limited
Notes to the Financial Statements for the Period from 13 February 2017 to 28 February 2018
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Tangible assets |
Other tangible assets |
Total |
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Cost or valuation |
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Additions |
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At 28 February 2018 |
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Depreciation |
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Charge for the period |
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At 28 February 2018 |
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Net book value |
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At 28 February 2018 |
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Creditors |
Creditors: amounts falling due within one year
2018 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Page 4 |
Rate 1 Aero Limited
Notes to the Financial Statements for the Period from 13 February 2017 to 28 February 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
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No. |
£ |
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100 |
Page 5 |