Airedale Springs Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00395974 (England and Wales)

Airedale Springs Limited

Unaudited Financial Statements

for the Year Ended 31 December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S R Brook

S J Hart

T M Parkinson I.Eng

M H Parkinson Bsc

M S Parkinson

SECRETARY:

M S Parkinson

REGISTERED OFFICE:

The Spring Works Bridgehouse Lane

Haworth

Keighley

West Yorkshire

BD22 8PA

REGISTERED NUMBER:

00395974 (England and Wales)

ACCOUNTANTS:

Simon Hart FCCA

Hart Wright Accounting

Chartered Certified Accountants

7 Henry St

Keighley

West Yorkshire

BD21 3DR

FIXED ASSETS

Tangible assets

4

2,734,784

2,925,373

Investments

5

291,290

331,110

3,026,074

3,256,483

CURRENT ASSETS

Stocks

155,974

141,477

Debtors

6

285,415

788,086

Cash at bank and in hand

1,005,896

865,845

1,447,285

1,795,408

CREDITORS

Amounts falling due within one year

7

(238,919

)

(233,693

)

NET CURRENT ASSETS

1,208,366

1,561,715

TOTAL ASSETS LESS CURRENT LIABILITIES

4,234,440

4,818,198

CAPITAL AND RESERVES

Called up share capital

51,845

73,504

Revaluation reserve

8

71,130

71,130

Capital redemption reserve

(628,341

)

-

Retained earnings

4,739,806

4,673,564

4,234,440

4,818,198

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 and authorised for issue on 1 June 2020 and were signed on its behalf by:

T M Parkinson I.Eng - Director

1.	STATUTORY INFORMATION

Airedale Springs Limited is a private company, limited by shares , registered in England and Wales. 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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions

that affect the amounts reported. These estimates and judgements are continually reviewed and are based on

experience and other factors, including expectations of future events that are believed to be reasonable under the

circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and

services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have

transferred to the buyer (usually on despatch of the goods); 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.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation

and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date

of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive

income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset

previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is

recognised in other comprehensive income to the extent of any previously recognised revaluation increase

accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation

gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised

until there is reasonable assurance that the company will comply with the conditions attaching to them and the

grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the

periods in which the company recognises the related costs for which the grant is intended to compensate. Grants

that are receivable as compensation for expenses or losses already incurred or for the purpose of giving

immediate financial support to the entity with no future related costs are recognised in income in the period in

which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from

the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance­ related conditions

on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant

does impose specified future performance-related conditions on the recipient, it is recognised in income only

when the performance-related conditions have been met. Where grants received are prior to satisfying the

revenue recognition criteria, they are recognised as a liability.

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

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.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost

less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially

recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes

in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair

value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to

whether the distributions are from accumulated profits of the joint venture arising before or after the date of

acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being

estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is

impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an

individual asset, an estimate is made of the recoverable amount of the cash­ generating unit to which the asset

belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates

cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition

date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the

combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2018 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2019

1,442,060

2,374,778

3,816,838

Disposals

-

(88,070

)

(88,070

)

At 31 December 2019

1,442,060

2,286,708

3,728,768

DEPRECIATION

At 1 January 2019

-

891,465

891,465

Charge for year

-

149,816

149,816

Eliminated on disposal

-

(47,297

)

(47,297

)

At 31 December 2019

-

993,984

993,984

NET BOOK VALUE

At 31 December 2019

1,442,060

1,292,724

2,734,784

At 31 December 2018

1,442,060

1,483,313

2,925,373

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position

as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease

payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to

the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability

using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate

of interest on the remaining balance of the liability

5.	FIXED ASSET INVESTMENTS

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated

impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

255,619

302,737

Other debtors

29,796

485,349

285,415

788,086

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Liabilities under hire purchase agreements are secured on the assets to which they relate

8.

RESERVES

Revaluation

reserve

£

At 1 January 2019

and 31 December 2019

71,130

9.	RELATED PARTY DISCLOSURES

During the year, the company paid £111,600 (2018: £111,732) to The Airedale Springs Partnership LLP, an

entity under the common control of T M and M S Parkinson, for services rendered, and charged £65,000 (2018

£65,000) for management charges. The company is a member of the LLP as part of an ongoing fair values

exercise.

No other transactions with related parties were undertaken such as are required to be disclosed FRS102.

The company was under the control of the Parkinson family throughout the current and previous year. Mr T M

Parkinson is the Chairman and Mr M H Parkinson OBE is the major shareholder.