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

REGISTERED NUMBER: NI638469 (Northern Ireland)

Financial Statements for the Year Ended 31 May 2020

for

Air-Tastic Belfast 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:

NI638469 (Northern Ireland)

ACCOUNTANTS:

Farrell & Farrell

35 Main St

Hilltown

Newry

Co. Down

BT34 5UJ

FIXED ASSETS

Tangible assets

4

501,262

593,306

CURRENT ASSETS

Stocks

11,321

23,818

Debtors

5

389,141

473,378

Cash at bank and in hand

2,574

37,933

403,036

535,129

CREDITORS

Amounts falling due within one year

355,083

376,887

NET CURRENT ASSETS

47,953

158,242

TOTAL ASSETS LESS CURRENT LIABILITIES

549,215

751,548

CREDITORS

Amounts falling due after more than one year

778,251

798,985

NET LIABILITIES

(229,036

)

(47,437

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(229,136

)

(47,537

)

(229,036

)

(47,437

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 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 2020 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 and authorised for issue on 8 July 2021 and were signed on its behalf by:

Mrs A Simpson - Director

M Simpson - Director

1.	STATUTORY INFORMATION

Air-Tastic Belfast 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.

The financial statements have been prepared on a going concern basis.

COVID-19 has had a significant impact on the global economy. The directors continue to monitor this ever-changing situation and its associated risks. There has been some impact to the business and its operations however the directors believe the company will continue to operate as a viable going concern.

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 (2019 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2019

639,990

Additions

1,115

At 31 May 2020

641,105

DEPRECIATION

At 1 June 2019

46,684

Charge for year

93,159

At 31 May 2020

139,843

NET BOOK VALUE

At 31 May 2020

501,262

At 31 May 2019

593,306

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

Totals

£

COST

At 1 June 2019

and 31 May 2020

319,995

DEPRECIATION

At 1 June 2019

31,511

Charge for year

58,235

At 31 May 2020

89,746

NET BOOK VALUE

At 31 May 2020

230,249

At 31 May 2019

288,484

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Amounts owed by group undertakings

292,865

300,000

6.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

322,500

390,000

Other loans

319,543

375,899

Hire purchase contracts

215,663

264,233

857,706

1,030,132

Loans and hire purchase liabilities 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 Belfast Ltd has also cross guaranteed other inter-company loans.

7.	POST BALANCE SHEET EVENTS

The COVID-19 pandemic continues to cause disruption to the economic activity worldwide, and to many businesses and their operations after the reporting period.

The business has operated in line with government guidance since the start of the pandemic. The business has set robust cost containment measures and along with government financial support the company remains confident that it is well positioned to deal with the crisis.