Airside Andy Limited Company Accounts

AIRSIDE ANDY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06891031

Airside Andy Limited

Filleted Unaudited Financial Statements

31 December 2016

Airside Andy Limited

Financial Statements

Year ended 31 December 2016

Contents	Page

Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Accounting policies	4

Notes to the financial statements	7

Airside Andy Limited

Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Airside Andy Limited

Year ended 31 December 2016

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2016, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us. BODDINGTON & COMPANY LIMITEDChartered Certified Accountants

3 Churchmeadows Bulford Road Shipton Bellinger Tidworth Hampshire SP9 7RL

29 September 2017

Airside Andy Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	5		660,682	453

Current assets

Stocks		27,211	432,192
Debtors	6	3,422	13,147
Cash at bank and in hand		18,686	72,231
		--------	---------
		49,319	517,570

Creditors: amounts falling due within one year	7	595,842		139,796
		---------		---------
Net current (liabilities)/assets			( 546,523)	377,774
			---------	---------
Total assets less current liabilities			114,159	378,227

Creditors: amounts falling due after more than one year	8	1,290,394	1,380,654
		------------	------------
Net liabilities		( 1,176,235)	( 1,002,427)
		------------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 1,176,236)	( 1,002,428)
	------------	------------
Members deficit	( 1,176,235)	( 1,002,427)
	------------	------------

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 .

Airside Andy Limited

Statement of Financial Position (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 28 September 2017 , and are signed on behalf of the board by:

Mr P. Le Masurier

Director

Company registration number: 06891031

Airside Andy Limited

Accounting Policies

Year ended 31 December 2016

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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:

Equipment	-	20 - 33.3% straight line on cost
Digital game	-	10 - 20% straight line on cost

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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.

Airside Andy Limited

Notes to the Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sandown Sports Park, More Lane, Esher, Surrey, KT10 8AN, England.

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. Going concern

The financial statements have been prepared on a going concern basis although at 31 December 2016 the company had a deficiency of assets of £1,176,235 (2015: £1,002,427). The company is dependent upon the continuing financial support of its major creditors who have indicated that the necessary support will continue to be provided and consequently the directors consider it appropriate to prepare the financial statements on the going concern basis and therefore the accounts do not include any adjustments that would result if the support was withdrawn

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2015: 2 ).

5. Tangible assets

	Equipment	Digital game	Total
	£	£	£
Cost
At 1 January 2016	1,357	–	1,357
Additions	10,299	719,369	729,668
	--------	---------	---------
At 31 December 2016	11,656	719,369	731,025
	--------	---------	---------
Depreciation
At 1 January 2016	904	–	904
Charge for the year	2,086	67,353	69,439
	--------	---------	---------
At 31 December 2016	2,990	67,353	70,343
	--------	---------	---------
Carrying amount
At 31 December 2016	8,666	652,016	660,682
	--------	---------	---------
At 31 December 2015	453	–	453
	--------	---------	---------

6. Debtors

	2016	2015
	£	£
Trade debtors	2,524	–
Other debtors	898	13,147
	-------	--------
	3,422	13,147
	-------	--------

7. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	8,558	65,436
Social security and other taxes	23	–
Other creditors	587,261	74,360
	---------	---------
	595,842	139,796
	---------	---------

8. Creditors: amounts falling due after more than one year

	2016	2015
	£	£
Other creditors	1,290,394	1,380,654
	------------	------------

9. Related party transactions

The company's immediate and ultimate parent company is Airside Andy Holdings Limited which is incorporated in the United Kingdom and whose registered office is Sandown Sports Park, More Lane, Esher, Surrey, KT10 8AN.

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.