Atlas Air Conditioning SSAS

                                Financial Statements

                          For the Year Ended 5 April 2014

	Atlas Air Conditioning SSAS

	CONTENTS OF THE ANNUAL REPORT
	FOR THE YEAR ENDED 5 APRIL 2014

	Page

	Trustees and advisers  	1	

	Report of the trustees  	2	

	Report of the accountants  	3	

	Financial statements:
	Fund account  	4	
	Net assets statement  	5	
	Notes to the financial statements  	6	

	Investment report  	9	

	Compliance statement  	10	

	Atlas Air Conditioning SSAS

	TRUSTEES AND ADVISERS
	FOR THE YEAR ENDED 5 APRIL 2014

	TRUSTEES:	S J Head
	G Bell

	SPONSORING EMPLOYER:	Atlas Air Conditioning Ltd.
	Pavilion 2
	3 Dava Street
	Glasgow
	G51 2JA

	ACCOUNTANTS:	Burgoyne Carey
	Chartered Accountants
	Pavilion 2
	3 Dava Street
	Broomloan Road
	Glasgow
	G51 2JA

	Atlas Air Conditioning SSAS

	REPORT OF THE TRUSTEES
	FOR THE YEAR ENDED 5 APRIL 2014

The trustees present their report for the year ended 5 April 2014. 

The scheme is a money purchase scheme and was formed to provide retirement benefits to employees of Atlas Air  Conditioning Limited and their dependents. Benefits are also paid when employees die before retirement age while in the company's service.

MANAGEMENT OF THE SCHEME
The trustees during the year under review were:

S J Head
G Bell

SCHEME ADVISERS
The advisers of the trustees are shown on page 1 and are appointed by the trustees.

SPONSORING EMPLOYER
The sponsoring employer of the scheme is Atlas Air Conditioning Limited.

MEMBERSHIP
Details of membership of the scheme during the year are shown below:

	At		At
	6.4.13		Increase		Decrease		5.4.14
Active members	2	-	-	2
Pensioners	-	-	-	-
Deferred pensioners	-	-	-	-
							
	2	-	-	2

INVESTMENT REPORT
Further details of investment performance are set out in the investment report included in the Annual Report. 

COMPLIANCE STATEMENT
Additional information and statutory disclosures are given in the compliance statement included in the Annual Report. 

Signed on behalf of the Trustees:

...............................................................................
S J Head

Date:   ............................................. 

	REPORT OF THE ACCOUNTANTS TO THE TRUSTEES OF
	ATLAS AIR CONDITIONING SSAS

In accordance with instructions given to us we have prepared without carrying out an audit the annexed financial statements from the accounting records of Atlas Air Conditioning SSAS and from information and explanations supplied to us. 

Burgoyne Carey
Chartered Accountants
Pavilion 2
3 Dava Street
Broomloan Road
Glasgow
G51 2JA

Date: .............................................

	Atlas Air Conditioning SSAS

	FUND ACCOUNT
	FOR THE YEAR ENDED 5 APRIL 2014

	2014		2013
				
	Notes		£		£

CONTRIBUTIONS AND BENEFITS
Contributions	-	-
Other income	2	2,086	1,932
			
	2,086	1,932

Administrative expenses	3	1,722	2,175
			
Net additions/(withdrawals) from dealings
with members	364	(243)

RETURNS ON INVESTMENTS
Investment income	4	35,000	35,000
Change in market value of
investments	5	52,671	8,366
			
Net returns on investments	87,671	43,366

NET INCREASE IN THE FUND DURING THE YEAR 	
88,035	
43,123	

NET ASSETS OF THE SCHEME
AT 6 APRIL 2013 	872,521	829,398	
			
AT 5 APRIL 2014 	960,556	872,521	

	Atlas Air Conditioning SSAS

	NET ASSETS STATEMENT
	5 APRIL 2014

	2014		2013
				
	Notes	£	£
Investment assets	5	964,306	875,771
Current liabilities	6	(3,750)	(3,250)
			
NET ASSETS OF THE SCHEME AT 5 APRIL 2014 	960,556	872,521	

The financial statements summarise the transactions of the scheme and deal with the net assets at the disposal of the trustees. They do not take account of obligations to pay pensions and benefits which fall due after the end of the scheme year. 

These financial statements were approved by the Trustees on ............................................. 

Signed on behalf of the Trustees:

...............................................................................
S J Head

	Atlas Air Conditioning SSAS

	NOTES TO THE FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 5 APRIL 2014

1.	ACCOUNTING POLICIES

	BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the guidelines set out in the Statement of Recommended Practice, Financial Reports of Pension Schemes (revised May 2007). 

	VALUATION OF INVESTMENTS
Investment properties are valued at cost. All other investments are valued at actual market value.

	CONTRIBUTION INCOME
Contributions relating to wages and salaries earned up to 5 April 2014 have been included in the financial statements. 

	TRANSFER PAYMENTS
The transfer payments relate to those early leavers whose transfers have been completed and paid by the trustees during the year. 

	INVESTMENT INCOME
Interest and dividends, together with imputed tax credits (where applicable) are accounted for on an accruals basis. 

Rents receivable are also accounted for on an accruals basis and are shown net of property outgoings other than management costs. 

2.	OTHER INCOME
	2014		2013
	£	£
	Bank interest received	42	26
	Loan interest received	2,044	1,906
			
	2,086	1,932

3.	ADMINISTRATIVE EXPENSES
	2014		2013
	£	£
	Administration and processing	1,140	1,140
	Accountancy fee	500	1,000
	Bank charges	82	35
			
	1,722	2,175

4.	INVESTMENT INCOME
	2014		2013
	£	£
	Net rents from properties	35,000	35,000

	Atlas Air Conditioning SSAS

	NOTES TO THE FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 5 APRIL 2014

5.	INVESTMENTS

Investments purchased by the scheme are allocated to provide benefits to the individuals on whose behalf the corresponding contributions were paid. Accordingly, any assets identified as designated to members in the net assets statement do not form a common pool of assets available for members generally.  Members receive an annual statement confirming the contributions paid on their behalf and the value of their money purchase rights. 

	The movements in investments during the year were:

	2014	2013
	£	£
	Market value at 6 April	875,772	834,082
	Purchases at cost	35,863	33,323
	Change in market value	52,671	8,366
			
	Market value at 5 April	964,306	875,771

The change in market value of investments during the year comprises all increases and decreases in the market value of investments held at any time during the year, including profits and losses realised on sales of investments during the year. 

	POOLED INVESTMENT VEHICLES
	2014	2013
	£	£
	Unit trusts
	UK	442,457	389,786

	PROPERTY
	2014	2013
	£	£
	   UK	340,744	340,744

	LOANS
	2014	2013
	£	£
	   Atlas Air Conditioning Limited	108,647	65,438

	CASH DEPOSITS AND CASH IN HAND
	2014	2013
	£	£
	   High interest account	62,433	69,641
	   Current account	10,025	10,162
			
	72,458	79,803

	Atlas Air Conditioning SSAS

	NOTES TO THE FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 5 APRIL 2014

6.	CURRENT LIABILITIES
	2014	2013
	£	£
	Accrued expenses	2,000	1,500
	VAT	1,750	1,750
			
	3,750	3,250

	Atlas Air Conditioning SSAS

	INVESTMENT REPORT
	FOR THE YEAR ENDED 5 APRIL 2014

INVESTMENT PRINCIPLES
The trustees have produced a statement of investment principles as required by Section 35 of the Pensions Act 1995, a copy of which is available on request. 

	Atlas Air Conditioning SSAS

	COMPLIANCE STATEMENT
	FOR THE YEAR ENDED 5 APRIL 2014

CHANGES TO THE SCHEME
There have been no changes to the scheme's rules during the period.

TAX STATUS OF THE SCHEME
The scheme has been approved by the Inland Revenue as an exempt approved scheme. The trustees are not aware of any matters which might prejudice the tax status of the scheme.