Airstream Leisure Limited Filleted accounts for Companies House (small and micro)

AIRSTREAM LEISURE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03889978

Airstream Leisure Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2021

Airstream Leisure Limited

Financial Statements

Year ended 31 December 2021

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Airstream Leisure Limited

Officers and Professional Advisers

Director	Mr M S Bucholtz

Registered office	Riverside Caravan Centre
	Shirpney Road
	Bognor Regis
	West Sussex
	P022 9NE

Accountants	Clay Shaw Thomas Ltd
	Chartered accountants
	2 Oldfield Road
	Bocam Park
	Bridgend
	CF35 5LJ

Bankers	Barclays Bank plc
	Llanelli Business Centre
	PO Box 25
	Llanelli
	SA15 1XJ

Airstream Leisure Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Airstream Leisure Limited

Year ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Airstream Leisure Limited for the year ended 31 December 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

Clay Shaw Thomas Ltd Chartered accountants

2 Oldfield Road Bocam Park Bridgend CF35 5LJ

22 December 2022

Airstream Leisure Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Investments	5		1	1

Current assets

Debtors	6	1,011,768	859,467
Cash at bank and in hand		55,299	–
		------------	---------
		1,067,067	859,467

Creditors: amounts falling due within one year	7	84,700		57,779
		------------		---------
Net current assets			982,367	801,688
			---------	---------
Total assets less current liabilities			982,368	801,689
			---------	---------
Net assets			982,368	801,689
			---------	---------

Capital and reserves

Called up share capital	8	1	1
Capital redemption reserve	9	1	1
Profit and loss account	9	982,366	801,687
		---------	---------
Shareholders funds		982,368	801,689
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Airstream Leisure Limited

Statement of Financial Position (continued)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 22 December 2022 , and are signed on behalf of the board by:

Mr M S Bucholtz
Director

Company registration number: 03889978

Airstream Leisure Limited

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Riverside Caravan Centre, Shirpney Road, Bognor Regis, West Sussex, P022 9NE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The director has assessed whether there are any material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the director has taken in to account all available information about the future, and conclude that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Revenue in the current year represents amounts management fee and commission income, stated net of value added tax. Management fee and commission income is recognised by reference to the stage of completion of the service. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Investments

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

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.

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. 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2020: 4 ).

5. Investments

	Shares in group
	£
Cost
At 1 January 2021 and 31 December 2021	1
	----
Impairment
At 1 January 2021 and 31 December 2021	–
	----

Carrying amount
At 31 December 2021	1
	----
At 31 December 2020	1
	----

6. Debtors

	2021	2020
	£	£
Trade debtors	97,257	–
Amounts owed by group undertakings and undertakings	765,637	760,567
Other debtors	148,874	98,900
	------------	---------
	1,011,768	859,467
	------------	---------

The debtors above include the following amounts falling due after more than one year:

	2021	2020
	£	£
Amounts owed by group undertakings and undertakings	765,637	760,567
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	–	30,997
Accruals and deferred income	1,751	1,649
Social security and other taxes	82,949	25,133
	--------	--------
	84,700	57,779
	--------	--------

8. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary 'A' shares of £ 1 each	1	1	1	1
	----	----	----	----

9. Reserves

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

10. Director's advances, credits and guarantees

Included in debtors are amounts owed from the following director:

		Mr M Bucholtz
		£
	Balance owed by the director at 1 January 2021	82,627
	Advanced	45,244
		---------
	Balance owed by the director at 31 December 2021	127,871
		---------

There are no fixed terms of repayment or interest charged on this amount.

11. Ultimate controlling party

The ultimate controlling party is Mr M S Bucholtz who owns 100% of the issued share capital.