ASEC Aerospace LimitedLiquidiert

ASEC Aerospace Limited

Großaitingen

Jahresabschluss zum Geschäftsjahr vom 01.01.2012 bis zum 31.12.2012

AEROSPACE LIMITED, BIRMIGHAM

ABBREVIATED ACOUNTS FOR THE YEAR ENDED 12/31/2012

NOTES TO THE ABBREVIATED ACCOUNTS

For the year ended 31.12.2012

1. ACCOUNTING POLICIES

1.1. Basis of preparation of financial statement

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convetion and in accordance with the GERMAN tax law.

1.2. Cash flow

The financial statemnets do not included a cash flow statment because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective June 2002).

1.3. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, exclusive of Value Added Tax.

1.4. Foreign Currencies

All figures are reported in Euro

1.5. Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives in the following bases:

2. TANGIBLE FIXED ASSETS

3. SHARE CAPITAL