Registered Number 08174011

V1 AVIATION LIMITED

Abbreviated Accounts

31 December 2013

V1 AVIATION LIMITED Registered Number 08174011

Abbreviated Balance Sheet as at 31 December 2013

Notes 2013
£
Called up share capital not paid -
Fixed assets
Intangible assets -
Tangible assets -
Investments -
-
Current assets
Stocks -
Debtors 26,240
Investments -
Cash at bank and in hand 5,963
32,203
Prepayments and accrued income -
Creditors: amounts falling due within one year (7,801)
Net current assets (liabilities) 24,402
Total assets less current liabilities 24,402
Creditors: amounts falling due after more than one year 0
Provisions for liabilities 0
Accruals and deferred income 0
Total net assets (liabilities) 24,402
Capital and reserves
Called up share capital 100
Share premium account 0
Revaluation reserve 0
Other reserves 0
Profit and loss account 24,302
Shareholders' funds 24,402
  • For the year ending 31 December 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 22 April 2014

And signed on their behalf by:
John Broomfield, Director

V1 AVIATION LIMITED Registered Number 08174011

Notes to the Abbreviated Accounts for the period ended 31 December 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents income from private contract piloting, simulator instruction and training.

Other accounting policies
Foreign Currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. If rates do not fluctuate significantly then an average rate for the period is used. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

2Transactions with directors

Name of director receiving advance or credit: John Broomfield
Description of the transaction: Loan to director
Balance at 9 August 2012: -
Advances or credits made: £ 4,999
Advances or credits repaid: £ 0
Balance at 31 December 2013: £ 4,999

The maximum amount of the loan outstanding in the period was £4999.
At the time of signing the accounts the loan to the director is still outstanding however the director has guaranteed that the loan will be repaid in full by 30 September 2014 so S455 tax has not been provided for in the accounts.


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