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Registration number: 10617244

Rate 1 Aero Limited

Annual Report and Unaudited Financial Statements

for the Period from 13 February 2017 to 28 February 2018

DeVines Accountants Limited
DeVine House
1299-1301 London Road
Leigh-on-Sea
Essex
SS9 2AD

 

Rate 1 Aero Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 5

 

Rate 1 Aero Limited

Company Information

Director

Mr G L W John

Company secretary

Mr G L W John

Registered office

DeVine House
1299-1301 London Road
Leigh-on-Sea
Essex
SS9 2AD

Accountants

DeVines Accountants Limited
DeVine House
1299-1301 London Road
Leigh-on-Sea
Essex
SS9 2AD

 

Rate 1 Aero Limited

(Registration number: 10617244)
Balance Sheet as at 28 February 2018

Note

2018
£

Fixed assets

 

Tangible assets

3

14,795

Creditors: Amounts falling due within one year

4

(26,579)

Net liabilities

 

(11,784)

Capital and reserves

 

Called up share capital

5

100

Profit and loss account

(11,884)

 

(11,784)

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:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 director on 12 November 2018
 

.........................................

Mr G L W John
Company secretary and director

 

Rate 1 Aero Limited

Notes to the Financial Statements for the Period from 13 February 2017 to 28 February 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
DeVine House
1299-1301 London Road
Leigh-on-Sea
Essex
SS9 2AD
England

These financial statements were authorised for issue by the director on 12 November 2018.

2

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

 

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.

3

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

16,568

16,568

At 28 February 2018

16,568

16,568

Depreciation

Charge for the period

1,773

1,773

At 28 February 2018

1,773

1,773

Net book value

At 28 February 2018

14,795

14,795

4

Creditors

Creditors: amounts falling due within one year

2018
£

Due within one year

Accruals and deferred income

720

Other creditors

25,859

26,579

 

Rate 1 Aero Limited

Notes to the Financial Statements for the Period from 13 February 2017 to 28 February 2018

5

Share capital

Allotted, called up and fully paid shares

 

2018

 

No.

£

Ordinary shares of £1 each

100

100