AEROSPACE TRAVEL AGENTS LTD
Registered number: 06812706
Balance Sheet
as at 28 February 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 746 878
Current assets
Debtors 4 73,030 87,128
Cash at bank and in hand 94,283 92,832
167,313 179,960
Creditors: amounts falling due within one year 5 (40,700) (24,043)
Net current assets 126,613 155,917
Total assets less current liabilities 127,359 156,795
Creditors: amounts falling due after more than one year 6 (59,085) (89,042)
Net assets 68,274 67,753
Capital and reserves
Called up share capital 40,000 40,000
Profit and loss account 28,274 27,753
Shareholder's funds 68,274 67,753
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A K M Yahya
Director
Approved by the board on 28 August 2022
AEROSPACE TRAVEL AGENTS LTD
Notes to the Accounts
for the year ended 28 February 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% on reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 3 -
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2021 3,884
At 28 February 2022 3,884
Depreciation
At 1 March 2021 3,006
Charge for the year 132
At 28 February 2022 3,138
Net book value
At 28 February 2022 746
At 28 February 2021 878
4 Debtors 2022 2021
£ £
Trade debtors 72,719 87,113
Other debtors 311 15
73,030 87,128
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 26,855 13,352
Corporation tax 273 146
Other taxes and social security costs 101 -
Other creditors 13,471 10,545
40,700 24,043
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 49,001 50,000
Directors account 10,084 39,042
59,085 89,042
7 Other information
AEROSPACE TRAVEL AGENTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
63-65 Princelet Street
London
E1 5LP
8 Controlling interest
Mr A K M Yahya has control of the company by virtue of 100% shareholding.
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