Air-Tastic Craigavon Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: NI650233 (Northern Ireland)

Financial Statements for the Year Ended 31 May 2022

for

Air-Tastic Craigavon Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Simpson

Mrs A Simpson

H Moore

REGISTERED OFFICE:

9 Castlewellan Road

Rathfriland

Co. Down

BT34 5LY

REGISTERED NUMBER:

NI650233 (Northern Ireland)

AUDITORS:

Farrell & Farrell

35 Main St

Hilltown

Newry

Co. Down

BT34 5UJ

FIXED ASSETS

Tangible assets

4

303,731

338,942

CURRENT ASSETS

Stocks

21,484

12,921

Debtors

337,420

361,217

Cash at bank and in hand

112,069

81,438

470,973

455,576

CREDITORS

Amounts falling due within one year

494,541

452,403

NET CURRENT (LIABILITIES)/ASSETS

(23,568

)

3,173

TOTAL ASSETS LESS CURRENT LIABILITIES

280,163

342,115

CREDITORS

Amounts falling due after more than one year

(175,535

)

(257,080

)

PROVISIONS FOR LIABILITIES

(21,789

)

(17,446

)

NET ASSETS

82,839

67,589

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

7

82,739

67,489

SHAREHOLDERS' FUNDS

82,839

67,589

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 2022 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 22 November 2023 and were signed on its behalf by:

Mrs A Simpson - Director

M Simpson - Director

1.	STATUTORY INFORMATION

Air-Tastic Craigavon 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.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and Straight line over 15 years

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2021 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2021

521,537

Additions

16,191

At 31 May 2022

537,728

DEPRECIATION

At 1 June 2021

182,595

Charge for year

51,402

At 31 May 2022

233,997

NET BOOK VALUE

At 31 May 2022

303,731

At 31 May 2021

338,942

5.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

-

280,919

Other loans

125,127

202,276

125,127

483,195

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 Craigavon Ltd has also cross guaranteed other inter-company loans.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

7.

RESERVES

Retained

earnings

£

At 1 June 2021

67,489

Profit for the year

265,250

Dividends

(250,000

)

At 31 May 2022

82,739

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jayme Farrell (Senior Statutory Auditor)

for and on behalf of Farrell & Farrell

9.	OPERATING LEASE COMMITMENTS

The company has total future operating lease commitments of £1,885,833

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Air-Tastic Ltd.

The ultimate controlling party is Funky Monkeys Playcentres Ltd.