Airport Operators Association Limited Company Accounts

AIRPORT OPERATORS ASSOCIATION LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 01041754

Airport Operators Association Limited

Company Limited by Guarantee

Filleted Unaudited Financial Statements

31 December 2016

Airport Operators Association Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2016

Contents	Pages

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	4 to 7

Airport Operators Association Limited

Company Limited by Guarantee

Officers and Professional Advisers

The board of directors	E J S Anderson
	Ms D Barber
	N Barton
	Ms C M Benzie
	D S Caplan
	D Collier
	A Cornish
	G W Dewar
	N J Dunn
	T Hawkins
	G Keddie
	G Mason
	N A Milton
	Ms E A Reynolds
	R Sinclair
	D Winstanley

Registered office	3 Birdcage Walk
	London
	SW1H 9JJ

Accountants	Tiffin Green
	Chartered Accountants
	11 Queens Road
	Brentwood
	Essex
	CM14 4HE

Airport Operators Association Limited

Company Limited by Guarantee

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Airport Operators Association Limited

Year ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Airport Operators Association Limited for the year ended 31 December 2016, 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. This report is made solely to the Board of Directors of Airport Operators Association Limited, as a body, in accordance with the terms of our engagement letter dated 27 February 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Airport Operators Association Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Airport Operators Association Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Airport Operators Association Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Airport Operators Association Limited. You consider that Airport Operators Association Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Airport Operators Association Limited. 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 statutory financial statements.

Tiffin Green Chartered Accountants

11 Queens Road Brentwood Essex CM14 4HE

7 March 2017

Airport Operators Association Limited

Company Limited by Guarantee

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	6		14,418	8,981

Current assets

Debtors	7	950,371	864,497
Cash at bank and in hand		300,311	148,263
		------------	------------
		1,250,682	1,012,760

Creditors: amounts falling due within one year	8	( 1,026,538)		( 808,890)
		------------		------------
Net current assets			224,144	203,870
			---------	---------
Total assets less current liabilities			238,562	212,851

Provisions

Taxation including deferred tax	( 1,611)	746
	---------	---------
Net assets	236,951	213,597
	---------	---------

Capital and reserves

Profit and loss account	236,951	213,597
	---------	---------
Members funds	236,951	213,597
	---------	---------

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 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 2016 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 financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 7 March 2017 , and are signed on behalf of the board by:

E J S Anderson	D Collier
Director	Director

Company registration number: 01041754

Airport Operators Association Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 3 Birdcage Walk, London, SW1H 9JJ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. 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.

Revenue recognition

Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discount and value added tax.

Income tax

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.

Operating leases

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Tangible 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.

Depreciation

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

Long leasehold property	-	10% straight line
Fixtures and fittings	-	25% straight line

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Company limited by guarantee

The liability of members is limited to no more than £1 per member.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2015: 8 ).

6. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2016	20,977	39,994	60,971
Additions	–	8,664	8,664
	--------	--------	--------
At 31 December 2016	20,977	48,658	69,635
	--------	--------	--------
Depreciation
At 1 January 2016	20,977	31,013	51,990
Charge for the year	–	3,227	3,227
	--------	--------	--------
At 31 December 2016	20,977	34,240	55,217
	--------	--------	--------
Carrying amount
At 31 December 2016	–	14,418	14,418
	--------	--------	--------
At 31 December 2015	–	8,981	8,981
	--------	--------	--------

7. Debtors

	2016	2015
	£	£
Trade debtors	834,767	787,101
Other debtors	115,604	77,396
	---------	---------
	950,371	864,497
	---------	---------

8. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	166,132	57,291
Corporation tax	43	36
Social security and other taxes	129,714	117,310
Other creditors	730,649	634,253
	------------	---------
	1,026,538	808,890
	------------	---------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2016	2015
	£	£
Not later than 1 year	2,806	–
Later than 1 year and not later than 5 years	62,394	4,263
Later than 5 years	–	61,134
	--------	--------
	65,200	65,397
	--------	--------

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.

11. Controlling interest

The company is controlled by the company's board on behalf of the membership as governed by the articles of association, revised in March 2007.