Airstream Leisure Limited Filleted accounts for Companies House (small and micro)

AIRSTREAM LEISURE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03889978

Airstream Leisure Limited

Filleted Unaudited Financial Statements

For the period ended

31 December 2017

Airstream Leisure Limited

Financial Statements

Period from 1 October 2016 to 31 December 2017

Contents	Page

Officers and professional advisers	1

Chartered accountant's 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	5

Airstream Leisure Limited

Officers and Professional Advisers

The board of directors	Mr R Ennis
	Mr M S Bucholtz

Company secretary	Mrs J Briggs Bucholtz

Registered office	4 Bryn Hir
	Old Narbeth Road
	Tenby
	SA70 8TT

Accountants	Clay Shaw Thomas Ltd
	Chartered accountant
	2 Oldfield Road
	Bocam Park
	Bridgend
	CF35 5LJ

Bankers	Barclays Bank plc
	Llanelli Business Centre
	PO Box 25
	Llanelli
	SA15 1XJ

Airstream Leisure Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Airstream Leisure Limited

Period from 1 October 2016 to 31 December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Airstream Leisure Limited for the period ended 31 December 2017, 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. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

Clay Shaw Thomas Ltd Chartered accountant

2 Oldfield Road Bocam Park Bridgend CF35 5LJ

28 September 2018

Airstream Leisure Limited

Statement of Financial Position

31 December 2017

	31 Dec 17		30 Sep 16
Note	£	£	£

Fixed assets

Tangible assets	6	983,268	1,194,754
Investments	7	45,101	1,474,823
		------------	------------
		1,028,369	2,669,577

Current assets

Stocks	8	543,192	183,459
Debtors	9	1,001,574	830,315
Cash at bank and in hand		358,799	400,211
		------------	------------
		1,903,565	1,413,985

Creditors: amounts falling due within one year	10	1,064,348		2,389,349
		------------		------------
Net current assets/(liabilities)			839,217	( 975,364)
			------------	------------
Total assets less current liabilities			1,867,586	1,694,213

Creditors: amounts falling due after more than one year	11		367,256	429,930

Provisions

Taxation including deferred tax	12	7,247	( 4,250)
		------------	------------
Net assets		1,493,083	1,268,533
		------------	------------

Airstream Leisure Limited

Statement of Financial Position (continued)

31 December 2017

	31 Dec 17		30 Sep 16
Note	£	£	£

Capital and reserves

Called up share capital	14	2	2
Profit and loss account	15	1,493,081	1,268,531
		------------	------------
Shareholders funds		1,493,083	1,268,533
		------------	------------

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 comprehensive income has not been delivered.

For the period ending 31 December 2017 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 period 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 28 September 2018 , and are signed on behalf of the board by:

Mr R Ennis

Director

Company registration number: 03889978

Airstream Leisure Limited

Notes to the Financial Statements

Period from 1 October 2016 to 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Bryn Hir, Old Narbeth Road, Tenby, SA70 8TT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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 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 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 18.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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.

Amortisation

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

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

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

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

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

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

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.

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. Employee numbers

The average number of persons employed by the company during the period amounted to 10 (2016: 8 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 October 2016 and 31 December 2017	200,000
	---------
Amortisation
At 1 October 2016 and 31 December 2017	200,000
	---------
Carrying amount
At 31 December 2017	–
	---------
At 30 September 2016	–
	---------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 October 2016	1,291,902	15,036	20,786	39,936	1,367,660
Additions	–	35,937	4,176	–	40,113
Disposals	( 253,695)	–	–	( 2,500)	( 256,195)
	------------	--------	--------	--------	------------
At 31 December 2017	1,038,207	50,973	24,962	37,436	1,151,578
	------------	--------	--------	--------	------------
Depreciation
At 1 October 2016	146,237	4,313	13,756	8,600	172,906
Charge for the period	17,285	5,790	1,490	9,550	34,115
Disposals	( 36,986)	–	–	( 1,725)	( 38,711)
	------------	--------	--------	--------	------------
At 31 December 2017	126,536	10,103	15,246	16,425	168,310
	------------	--------	--------	--------	------------
Carrying amount
At 31 December 2017	911,671	40,870	9,716	21,011	983,268
	------------	--------	--------	--------	------------
At 30 September 2016	1,145,665	10,723	7,030	31,336	1,194,754
	------------	--------	--------	--------	------------

Included in the cost of land and buildings is freehold land of £663,251 (2016: £916,946) which is not depreciated.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 December 2017	20,067	20,416	40,483
	--------	--------	--------
At 30 September 2016	–	29,697	29,697
	--------	--------	--------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 October 2016	1,474,823
Fair value adjustment	( 1,429,722)
	------------
At 31 December 2017	45,101
	------------
Impairment
At 1 October 2016 and 31 December 2017	–
	------------

Carrying amount
At 31 December 2017	45,101
	------------
At 30 September 2016	1,474,823
	------------

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

Zed Ten Caravans & Transport Limited

Sandy Beaches Caravan Site Limited

Lindell Beach Holiday Resort Limited

8. Stocks

	31 Dec 17	30 Sep 16
	£	£
Development costs	137,486	24,804
Finished goods and goods for resale	405,706	158,655
	---------	---------
	543,192	183,459
	---------	---------

9. Debtors

	31 Dec 17	30 Sep 16
	£	£
Trade debtors	31,530	141,162
Amounts owed by group undertakings and undertakings in which the company has a participating interest	794,135	579,822
Other debtors	175,909	109,331
	------------	---------
	1,001,574	830,315
	------------	---------

The debtors above include the following amounts falling due after more than one year:

	31 Dec 17	30 Sep 16
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	579,029	575,452
	---------	---------

10. Creditors: amounts falling due within one year

	31 Dec 17	30 Sep 16
	£	£
Bank loans and overdrafts	–	1,199,047
Trade creditors	62,780	27,657
Amounts owed to group undertakings	694,707	922,619
Accruals and deferred income	60,554	62,428
Corporation tax	81,989	110,172
Social security and other taxes	82,004	15,631
Obligations under finance leases and hire purchase contracts	22,091	4,891
Petty Cash	1,361	–
Other creditors	58,862	46,904
	------------	------------
	1,064,348	2,389,349
	------------	------------

Hire purchase liabilities are secured on the assets to which they relate.

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

	31 Dec 17	30 Sep 16
	£	£
Bank loans and overdrafts	348,885	405,445
Obligations under finance leases and hire purchase contracts	18,371	24,485
	---------	---------
	367,256	429,930
	---------	---------

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 freehold property at Azure Sea Caravan Park, the Street, Lowestoft, Suffolk.

A guarantee and debenture dated March 2007 for the 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.

Hire purchase liabilities are secured on the assets to which they relate.

12. Provisions

	Deferred tax (note 13)
	£
At 1 October 2016	( 4,250)
Additions	11,497
	--------
At 31 December 2017	7,247
	--------

13. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	31 Dec 17	30 Sep 16
	£	£
Included in provisions (note 12)	7,247	( 4,250)
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	31 Dec 17	30 Sep 16
	£	£
Accelerated capital allowances	7,247	( 4,250)
	-------	-------

14. Called up share capital

Issued, called up and fully paid

	31 Dec 17		30 Sep 16
	No.	£	No.	£
Ordinary 'A' shares of £ 1 each	2	2	2	2
	----	----	----	----

15. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

16. Directors' advances, credits and guarantees

Included in debtors are amounts owed from the following directors:

	Mr R Ennis	Mr M Bucholtz
	£	£
Balance owed by director at 1 October 2016	37,939	31,845
Dividends	(40,000)	(40,000)
Withdrawals	78,377	75,449
Intercompany transfer	11,731	–
	--------	--------
Balance owed by director at 31 December 2017	88,046	67,294
	--------	--------

17. Related party transactions

Airstream Leisure Limited owns 100% of the issued share capital in Zed Ten Caravans & Transport Limited, Sandy Beaches Caravan Site Limited and Lindell Beach Holiday Resort Limited. The company has taken advantage of the exemption stated in FRS102 which does not require the disclosure of transactions between group companies if at least 100% of the voting rights are controlled within the group. The directors, Mr R Ennis and Mr M Bucholtz have given personal guarantee to the company's bankers to the extent of £100,000. The company has entered into a cross guarantee with the company's bankers in connection with balances owed to/from the bank by Sandy Beaches Caravan Site Limited. Sandy Beaches has no bank borrowings at 31 December 2017. Mrs S Ennis who is the wife of Mr R Ennis, is the ultimate controlling party in Tenby Tourers Limited and Tenby Tourers Caravan and Camping Limited As at the period end, Airstream Leisure Limited were owed £370 (2016: £370) from Tenby Tourers Limited and £14,385 (2016: £4,000) from Tenby Tourers Caravan and Camping Limited.

18. Transition to FRS 102

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

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

19. Change of accounting reference date

The company has changed its period end from September to December. The accounts are therefore for a 15 month period while the comparative figures are for a 12 month period.

20. Ultimate controlling party

In the opinion of the directors, there is no ultimate controlling party.