Airstream Leisure Limited Small abbreviated accounts

AIRSTREAM LEISURE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 03889978

AIRSTREAM LEISURE LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED

30 September 2015

AIRSTREAM LEISURE LIMITED

ACCOUNTANTS' REPORT TO THE DIRECTORS OF AIRSTREAM LEISURE LIMITED

YEAR ENDED 30 SEPTEMBER 2015

In accordance with our terms of engagement, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company which comprise the Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the Company's Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England and Wales and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the balance sheet as at 30 September 2015 your duty to ensure that the company has kept adequate accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

CLAY SHAW THOMAS LIMITED Chartered Accountants

2 Oldfield Road Bocam Park Bridgend CF35 5LJ

30 June 2016

AIRSTREAM LEISURE LIMITED

ABBREVIATED BALANCE SHEET

30 September 2015

	2015	2014
Note	£	£	£

FIXED ASSETS	2
Intangible assets		-	-
Tangible assets		1,118,480	1,125,618
Investments		1,474,823	1,474,823
		------------	------------
		2,593,303	2,600,441
		------------	------------

CURRENT ASSETS

Stocks	149,088		138,150
Debtors	3	737,622		763,999
Cash at bank and in hand	248,114		173,523
	------------		------------
	1,134,824		1,075,672
CREDITORS: Amounts falling due within one year	4	2,402,795		2,395,941
		------------		------------

NET CURRENT LIABILITIES		( 1,267,971)	( 1,320,269)

	------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES	1,325,332	1,280,172

CREDITORS: Amounts falling due after more than one year	5		410,499	448,499

PROVISIONS FOR LIABILITIES		1,959	1,844

		------------	------------
		912,874	829,829
		------------	------------

CAPITAL AND RESERVES

Called up equity share capital	7		2	2
Profit and loss account		912,872	829,827

	---------	---------
SHAREHOLDERS' FUNDS	912,874	829,829
	---------	---------

For the year ended 30 September 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 29 June 2016 , and are signed on their behalf by:

Mr R Ennis Director

Company Registration Number: 03889978

AIRSTREAM LEISURE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 30 SEPTEMBER 2015

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Consolidation

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax, in line with the principal activities of the company which was that of caravan sales and that of a holding company.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill-20% straight line

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold Property-20% reducing balance and 2% straight line

Plant & Machinery-20% reducing balance

Fixtures & Fittings-15% reducing balance

Motor Vehicles-25% reducing balance

Land is not depreciated

Stocks

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

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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.

2. FIXED ASSETS

Intangible Assets	Tangible Assets	Investments	Total
£	£	£	£

COST

At 1 October 2014	200,000	1,294,174	1,474,823	2,968,997
Additions	–	3,487	–	3,487
	---------	------------	------------	------------
At 30 September 2015	200,000	1,297,661	1,474,823	2,972,484
	---------	------------	------------	------------

DEPRECIATION

At 1 October 2014	200,000	168,556	–	368,556
Charge for year	–	10,625	–	10,625
	---------	---------	----	---------
At 30 September 2015	200,000	179,181	–	379,181
	---------	---------	----	---------

NET BOOK VALUE

At 30 September 2015	–	1,118,480	1,474,823	2,593,303
	----	------------	------------	------------

At 30 September 2014	–	1,125,618	1,474,823	2,600,441
	----	------------	------------	------------

Included in the cost of land and buildings is freehold land of £916,946 (2014: £916,946) which is not depreciated.

The company owns 100% of the issued share capital of the companies listed below:

		2015	2014
		£	£

Aggregate capital and reserves

Zed Ten Caravans & Transport Limited	709,336	735,758
Sandy Beaches Caravan Site Limited	657,867	571,565
Lindell Beach Holiday Resort Limited	–	–

Profit and (loss) for the year

Zed Ten Caravans & Transport Limited	(26,522)	4,991
Sandy Beaches Caravan Site Limited	86,302	66,147
Lindell Beach Holiday Resort Limited	–	–

3. DEBTORS

Debtors include amounts of £574,449 (2014 - £574,449) falling due after more than one year.

4. CREDITORS: Amounts falling due within one year

The following liabilities disclosed under creditors falling due within one year are secured by the company:

	2015	2014
	£	£
Bank loans and overdrafts	1,318,437	1,429,161
	------------	------------

5. CREDITORS: Amounts falling due after more than one year

The following liabilities disclosed under creditors falling due after more than one year are secured by the company:

	2015	2014
	£	£
Bank loans and overdrafts	410,499	448,499
	---------	---------

The company has the following securities:

A debenture dated January 2005 and a guarantee and debenture dated March 2007 with Barclays Bank PLC for fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

A legal charge created January 2005 for the freehod property at Azure Sea Caravan Park, the Street, Lowestoft, Suffolk.

6. TRANSACTIONS WITH THE DIRECTORS

Included in debtors are amounts owed from the following directors: Mr R Ennis £ Balance owed by director at 1 October 2014 (34,149) Withdrawals (1,507) Dividends 59,700 Intercompany transfer (43,635) Balance owed by director at 30 September 2015 (19,591) Mr M Bucholtz £ Balance owed by director at 1 October 2014 (44,735) Withdrawals (40,086) Dividends 59,700 Balance owed by director at 30 September 2015 (25,121) The loans are interest free and were cleared by dividends voted after the year end.

7. SHARE CAPITAL

Allotted, called up and fully paid:

2015	2014
No.	£	No.	£
Ordinary 'A' shares of £ 1 each	2	2	2	2
	----	----	----	----