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REGISTERED NUMBER: NI638469 (Northern Ireland)















Financial Statements for the Year Ended 31 May 2022

for

Air-Tastic Belfast Ltd

Air-Tastic Belfast Ltd (Registered number: NI638469)






Contents of the Financial Statements
for the Year Ended 31 May 2022




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


Air-Tastic Belfast Ltd

Company Information
for the Year Ended 31 May 2022







DIRECTORS: Mrs A Simpson
M Simpson
H Moore





REGISTERED OFFICE: 9 Castlewellan Road
Rathfriland
Co. Down
BT34 5LY





REGISTERED NUMBER: NI638469 (Northern Ireland)





AUDITORS: Farrell & Farrell
35 Main St
Hilltown
Newry
Co. Down
BT34 5UJ

Air-Tastic Belfast Ltd (Registered number: NI638469)

Abridged Balance Sheet
31 May 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 146,732 183,795

CURRENT ASSETS
Stocks - 8,123
Debtors 5 297,984 582,124
Cash at bank 20,156 82,781
318,140 673,028
CREDITORS
Amounts falling due within one year 654,662 653,697
NET CURRENT (LIABILITIES)/ASSETS (336,522 ) 19,331
TOTAL ASSETS LESS CURRENT
LIABILITIES

(189,790

)

203,126

CREDITORS
Amounts falling due after more than one
year

86,105

471,910
NET LIABILITIES (275,895 ) (268,784 )

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 8 (275,995 ) (268,884 )
SHAREHOLDERS' FUNDS (275,895 ) (268,784 )

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


Air-Tastic Belfast Ltd (Registered number: NI638469)

Notes to the Financial Statements
for the Year Ended 31 May 2022

1. STATUTORY INFORMATION

Air-Tastic Belfast 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.

The company reports net liabilities on the balance sheet as at the year end however the directors confirm their commitment to the company and continued support from the shareholder and group to safeguard the operational future of the company for a period of at least 12 months from the date of signing these financial statements.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

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.

Air-Tastic Belfast Ltd (Registered number: NI638469)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 1 (2021 - 16 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2021
and 31 May 2022 319,995
DEPRECIATION
At 1 June 2021 136,200
Charge for year 37,063
At 31 May 2022 173,263
NET BOOK VALUE
At 31 May 2022 146,732
At 31 May 2021 183,795

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 June 2021
and 31 May 2022 319,995
DEPRECIATION
At 1 June 2021 136,200
Charge for year 37,063
At 31 May 2022 173,263
NET BOOK VALUE
At 31 May 2022 146,732
At 31 May 2021 183,795

Air-Tastic Belfast Ltd (Registered number: NI638469)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

5. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Amounts owed by group undertakings - 167,351

6. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans - 292,865
Other loans 209,530 338,720
Hire purchase contracts 95,021 170,398
304,551 801,983

Loans and hire purchase liabilities 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 Belfast Ltd has also cross guaranteed other inter-company loans.

7. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

8. RESERVES
Retained
earnings
£   

At 1 June 2021 (268,884 )
Deficit for the year (7,111 )
At 31 May 2022 (275,995 )

9. 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

10. OPERATING LEASE COMMITMENTS

The company has future operating lease commitments of £Nil. The company surrendered the lease at Westwood Retail Park in July 2021.

Air-Tastic Belfast Ltd (Registered number: NI638469)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

11. ULTIMATE CONTROLLING PARTY

The controlling party is Air-Tastic Ltd.

The ultimate controlling party is Funky Monkeys Playcentres Ltd.