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REGISTERED NUMBER: NI637454 (Northern Ireland)















Financial Statements for the Year Ended 31 May 2022

for

Air-Tastic Bangor Ltd

Air-Tastic Bangor Ltd (Registered number: NI637454)






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 Bangor 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: NI637454 (Northern Ireland)





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

Air-Tastic Bangor Ltd (Registered number: NI637454)

Abridged Balance Sheet
31 May 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 450,794 551,796

CURRENT ASSETS
Stocks 5,388 6,591
Debtors 94,815 44,211
Cash at bank and in hand 126,402 58,311
226,605 109,113
CREDITORS
Amounts falling due within one year 509,773 554,607
NET CURRENT LIABILITIES (283,168 ) (445,494 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

167,626

106,302

CREDITORS
Amounts falling due after more than one
year

(71,006

)

(151,689

)

PROVISIONS FOR LIABILITIES (58,943 ) (7,763 )
NET ASSETS/(LIABILITIES) 37,677 (53,150 )

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings 7 37,577 (53,250 )
SHAREHOLDERS' FUNDS 37,677 (53,150 )

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 Bangor Ltd (Registered number: NI637454)

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

1. STATUTORY INFORMATION

Air-Tastic Bangor 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.

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, 20% on reducing balance and 10% on cost

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.

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.

Air-Tastic Bangor Ltd (Registered number: NI637454)

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

2. ACCOUNTING POLICIES - continued

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 18 (2021 - 14 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2021 966,745
Additions 5,055
Disposals (5,880 )
At 31 May 2022 965,920
DEPRECIATION
At 1 June 2021 414,949
Charge for year 100,945
Eliminated on disposal (768 )
At 31 May 2022 515,126
NET BOOK VALUE
At 31 May 2022 450,794
At 31 May 2021 551,796

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 100,140
DEPRECIATION
At 1 June 2021 36,050
Charge for year 12,818
At 31 May 2022 48,868
NET BOOK VALUE
At 31 May 2022 51,272
At 31 May 2021 64,090

Air-Tastic Bangor Ltd (Registered number: NI637454)

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

5. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans - 50,000
Other loans 72,726 117,566
72,726 167,566

Loans 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 Bangor Ltd has also cross guaranteed other inter-company loans.

6. CALLED UP SHARE CAPITAL


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

7. RESERVES
Retained
earnings
£   

At 1 June 2021 (53,250 )
Profit for the year 115,827
Dividends (25,000 )
At 31 May 2022 37,577

8. 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

9. OPERATING LEASE COMMITMENTS

The company has total future operating lease commitments of £412,500.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Air-Tastic Ltd.

The ultimate controlling party is Funky Monkeys Playcentres Ltd.