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Sage Accounts Production Advanced 2021 - FRS102_2021
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SC296435
2022-03-01
2023-02-28
SC296435
2023-02-28
SC296435
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2023-02-28
COMPANY REGISTRATION NUMBER:
SC296435
Aerial Services Scotland Limited |
|
Filleted Unaudited Financial Statements |
|
Aerial Services Scotland Limited |
|
Year ended 28 February 2023
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Aerial Services Scotland Limited |
|
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Aerial Services Scotland Limited |
|
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aerial Services Scotland Limited for the year ended 28 February 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Aerial Services Scotland Limited in accordance with the terms of our engagement letter dated 16 November 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Aerial Services Scotland Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aerial Services Scotland Limited and its director for our work or for this report.
It is your duty to ensure that Aerial Services Scotland Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aerial Services Scotland Limited. You consider that Aerial Services Scotland Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Aerial Services Scotland Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MARTIN AITKEN & CO LTD
Chartered Accountants
Caledonia House
89 Seaward Street
Glasgow
G41 1HJ
24 November 2023
Aerial Services Scotland Limited |
|
Statement of Financial Position |
|
28 February 2023
Fixed assets
Tangible assets |
5 |
|
58,165 |
35,698 |
|
|
|
|
|
Current assets
Debtors |
6 |
850,231 |
|
777,728 |
Cash at bank and in hand |
353,686 |
|
919,830 |
|
------------ |
|
------------ |
|
1,203,917 |
|
1,697,558 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
1,155,427 |
|
1,566,966 |
|
------------ |
|
------------ |
Net current assets |
|
48,490 |
130,592 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
106,655 |
166,290 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
6,499 |
4,716 |
|
|
--------- |
--------- |
Net assets |
|
100,156 |
161,574 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Profit and loss account |
|
100,154 |
161,572 |
|
|
--------- |
--------- |
Shareholders funds |
|
100,156 |
161,574 |
|
|
--------- |
--------- |
|
|
|
|
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 Section 1A of 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 statement of income and retained earnings has not been delivered.
For the year ending 28 February 2023 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 financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Aerial Services Scotland Limited |
|
Statement of Financial Position (continued) |
|
28 February 2023
These financial statements were approved by the
board of directors
and authorised for issue on
24 November 2023
, and are signed on behalf of the board by:
Company registration number:
SC296435
Aerial Services Scotland Limited |
|
Notes to the Financial Statements |
|
Year ended 28 February 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1 Bowerswall Place, Barrhead, Glasgow, G78 1BF.
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
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention .
Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider that there are no such significant judgements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods and services have transferred to the buyer, usually on supply of the services, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 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
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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:
|
Plant and machinery |
- |
20% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value like plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.
Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
30
(2022:
32
).
5.
Tangible assets
|
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 March 2022 |
130,200 |
19,495 |
149,695 |
Additions |
18,505 |
14,614 |
33,119 |
|
--------- |
-------- |
--------- |
At 28 February 2023 |
148,705 |
34,109 |
182,814 |
|
--------- |
-------- |
--------- |
Depreciation |
|
|
|
At 1 March 2022 |
99,773 |
14,224 |
113,997 |
Charge for the year |
7,202 |
3,450 |
10,652 |
|
--------- |
-------- |
--------- |
At 28 February 2023 |
106,975 |
17,674 |
124,649 |
|
--------- |
-------- |
--------- |
Carrying amount |
|
|
|
At 28 February 2023 |
41,730 |
16,435 |
58,165 |
|
--------- |
-------- |
--------- |
At 28 February 2022 |
30,427 |
5,271 |
35,698 |
|
--------- |
-------- |
--------- |
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
36,528 |
56,793 |
Amounts owed by parent company |
811,953 |
719,185 |
Prepayments and accrued income |
1,750 |
1,750 |
|
--------- |
--------- |
|
850,231 |
777,728 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
445,585 |
803,360 |
Accruals and deferred income |
12,663 |
13,321 |
Corporation tax |
273,995 |
247,606 |
Social security and other taxes |
320,617 |
374,746 |
Director loan accounts |
– |
97 |
Other creditors |
102,567 |
127,836 |
|
------------ |
------------ |
|
1,155,427 |
1,566,966 |
|
------------ |
------------ |
|
|
|
8.
Ultimate parent company
The company's ultimate parent undertaking is Dimo Services Limited, a company incorporated and registered in Scotland. The registered office address is 48 West George Street, Office 2/3, Glasgow, Scotland, G2 1BP.