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REGISTERED NUMBER: NI635973 (Northern Ireland)















Financial Statements for the Year Ended 31 May 2022

for

Air-Tastic Ltd

Air-Tastic Ltd (Registered number: NI635973)






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 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: NI635973 (Northern Ireland)





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

Air-Tastic Ltd (Registered number: NI635973)

Abridged Balance Sheet
31 May 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,216 2,734
Tangible assets 5 51,703 29,052
Investments 6 574 574
54,493 32,360

CURRENT ASSETS
Debtors 7 1,716,122 1,288,633
Cash at bank 48,039 4,539
1,764,161 1,293,172
CREDITORS
Amounts falling due within one year 1,136,910 794,895
NET CURRENT ASSETS 627,251 498,277
TOTAL ASSETS LESS CURRENT
LIABILITIES

681,744

530,637

CREDITORS
Amounts falling due after more than one
year

342,179

568,334
NET ASSETS/(LIABILITIES) 339,565 (37,697 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 339,465 (37,797 )
SHAREHOLDERS' FUNDS 339,565 (37,697 )

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 24 November 2023 and were signed on its behalf by:




M Simpson - Director



Mrs A Simpson - Director


Air-Tastic Ltd (Registered number: NI635973)

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

1. STATUTORY INFORMATION

Air-Tastic 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.

Preparation of consolidated financial statements
The financial statements contain information about Air-Tastic Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Funky Monkeys Playcentres Ltd, 9 Castlewellan Road, Rathfriland, Co Down, BT34 5LY.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

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

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.


Air-Tastic Ltd (Registered number: NI635973)

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

2. ACCOUNTING POLICIES - continued
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.

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 7 (2021 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2021
and 31 May 2022 5,179
AMORTISATION
At 1 June 2021 2,445
Amortisation for year 518
At 31 May 2022 2,963
NET BOOK VALUE

At 31 May 2022 2,216
At 31 May 2021 2,734

Air-Tastic Ltd (Registered number: NI635973)

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

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2021 60,515
Additions 39,359
Disposals (10,600 )
At 31 May 2022 89,274
DEPRECIATION
At 1 June 2021 31,463
Charge for year 12,863
Eliminated on disposal (6,755 )
At 31 May 2022 37,571
NET BOOK VALUE
At 31 May 2022 51,703
At 31 May 2021 29,052

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

Totals
£   
COST
At 1 June 2021 9,200
Additions 14,000
At 31 May 2022 23,200
DEPRECIATION
At 1 June 2021 3,312
Charge for year 3,272
At 31 May 2022 6,584
NET BOOK VALUE
At 31 May 2022 16,616
At 31 May 2021 5,888

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 June 2021
and 31 May 2022 574
NET BOOK VALUE
At 31 May 2022 574
At 31 May 2021 574

Air-Tastic Ltd (Registered number: NI635973)

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

6. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Air Tastic Bangor Limited
Registered office: 9 Castlewellan Road, Rathfriland, Newry, Co. Down, Northern Ireland, BT34 5LY
Nature of business: Indoor leisure
%
Class of shares: holding
Ordinary £1 share 100.00

Air-Tastic Limited owns 100.0% of the ordinary share capital in Air-Tastic Bangor Limited.

Air Tastic Cork Limited
Registered office: Unit 5 Eastgate Retail Park, Little Island, Co Cork.
Nature of business: Indoor leisure
%
Class of shares: holding
Ordinary €1 share 100.00

Air-Tastic Limited owns 100.0% of the ordinary share capital in Air-Tastic Cork Limited.

Air Tastic Craigavon Limited
Registered office: 9 Castlewellan Road, Rathfriland, Newry, Co. Down, Northern Ireland, BT34 5LY
Nature of business: Indoor leisure
%
Class of shares: holding
Ordinary £1 share 100.00

Air-Tastic Limited owns 100.0% of the ordinary share capital in Air-Tastic Craigavon Limited.

Air Tastic Belfast Limited
Registered office: 9 Castlewellan Road, Rathfriland, Newry, Co. Down, Northern Ireland, BT34 5LY
Nature of business: Indoor leisure
%
Class of shares: holding
Ordinary £1 share 100.00

Air-Tastic Limited owns 100.0% of the ordinary share capital in Air-Tastic Belfast Limited.

Air Tastic Newtownabbey Limited
Registered office: 9 Castlewellan Road, Rathfriland, Newry, Co. Down, Northern Ireland, BT34 5LY
Nature of business: Indoor leisure
%
Class of shares: holding
Ordinary £1 share 100.00

Air-Tastic Limited owns 100.0% of the ordinary share capital in Air-Tastic Newtownabbey Limited.

Air Tastic Celbridge Limited
Registered office: Unit 5 Eastgate Retail Park, Little Island, Co Cork.
Nature of business: Indoor leisure
%
Class of shares: holding
Ordinary €1 share 100.00

Air-Tastic Limited owns 100.0% of the ordinary share capital in Air-Tastic Celbridge Limited.

Air-Tastic Ltd (Registered number: NI635973)

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

7. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Amounts owed by group undertakings 334,793 568,071

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Other loans 568,071 763,244

Loans are secured by: fixed and floating charges over the company; an inter-company cross guarantee; and personal guarantees provided by the directors.

Air-Tastic Ltd has also cross guaranteed other inter-company loans.

9. CALLED UP SHARE CAPITAL


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

10. RESERVES
Retained
earnings
£   

At 1 June 2021 (37,797 )
Profit for the year 802,262
Dividends (425,000 )
At 31 May 2022 339,465

11. 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

12. ULTIMATE CONTROLLING PARTY

The controlling party is Funky Monkeys Playcentres Limited.