Air-Tastic Bangor Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI637454 (Northern Ireland)

Financial Statements for the Year Ended 31 May 2019

for

Air-Tastic Bangor Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs A Simpson

M Simpson

H Moore

REGISTERED OFFICE:

9 Castlewellan Road

Rathfriland

Co. Down

BT34 5LY

REGISTERED NUMBER:

NI637454 (Northern Ireland)

ACCOUNTANTS:

Farrell & Farrell

35 Main St

Hilltown

Newry

Co. Down

BT34 5UJ

FIXED ASSETS

Tangible assets

4

440,017

519,177

CURRENT ASSETS

Stocks

9,029

17,563

Debtors

165,847

108,139

Cash at bank and in hand

1,150

15,801

176,026

141,503

CREDITORS

Amounts falling due within one year

418,004

354,726

NET CURRENT LIABILITIES

(241,978

)

(213,223

)

TOTAL ASSETS LESS CURRENT LIABILITIES

198,039

305,954

CREDITORS

Amounts falling due after more than one year

(174,454

)

(218,001

)

PROVISIONS FOR LIABILITIES

(14,543

)

(16,141

)

NET ASSETS

9,042

71,812

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

8,942

71,712

9,042

71,812

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 February 2020 and were signed on its behalf by:

Mrs A Simpson - Director

M Simpson - Director

1.	STATUTORY INFORMATION

Air-Tastic Bangor Ltd is a private company, limited by shares , registered in Northern Ireland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2018 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2018

652,538

Additions

2,397

At 31 May 2019

654,935

DEPRECIATION

At 1 June 2018

133,361

Charge for year

81,557

At 31 May 2019

214,918

NET BOOK VALUE

At 31 May 2019

440,017

At 31 May 2018

519,177

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 June 2018

and 31 May 2019

289,750

DEPRECIATION

At 1 June 2018

78,654

Charge for year

42,952

At 31 May 2019

121,606

NET BOOK VALUE

At 31 May 2019

168,144

At 31 May 2018

211,096

5.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Other loans

173,558

261,721

Loans are secured by: a fixed and floating charge over the company; an inter-company cross guarantee; and

personal guarantees provided by the directors.

Air-Tastic Bangor Ltd has also cross guaranteed other inter-company loans.

6.	OPERATING LEASE COMMITMENTS

The company has total future operating lease commitments of £630,000.