REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
A.I.R EDEL ASSOCIATES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
A.I.R EDEL ASSOCIATES LIMITED |
A.I.R EDEL ASSOCIATES LIMITED (REGISTERED NUMBER: 00980284) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
A.I.R EDEL ASSOCIATES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Room 73 |
Wrest House |
Wrest Park |
Silsoe |
Bedfordshire |
MK45 4HR |
A.I.R EDEL ASSOCIATES LIMITED (REGISTERED NUMBER: 00980284) |
BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Revaluation reserve | 12 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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 |
A.I.R EDEL ASSOCIATES LIMITED (REGISTERED NUMBER: 00980284) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
A.I.R Edel Associates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention other than intangible assets which are stated at open market value in the opinion of the directors. |
After making enquiries, the directors have a reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax. |
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. |
Tangible fixed assets |
Leasehold improvements | - |
Fixtures, fittings and equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
In the opinion of the directors, the company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts. |
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. |
A.I.R EDEL ASSOCIATES LIMITED (REGISTERED NUMBER: 00980284) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
3. | 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. |
Copyrights |
Master costs are initially recognised at cost and are not amortised. The open market value of intangible assets is reviewed at the balance sheet date and adjusted by the directors if materially different from the carrying value in the financial statements. |
Although this accounting policy is in accordance with the financial reporting standards, it is a departure from the general requirement of the Companies Act 2006 for all intangible assets to be amortised. In the opinion of the directors, compliance with the standard is necessary to give a true and fair view. |
Bounce back loan scheme |
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak. The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there are no fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5%per annum. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
Cost or valuation |
At 1 July 2022 |
and 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
The intangible assets were last valued on an open market basis by external valuers on 15 February 2019. The directors are of the opinion that there has been no material change in valuation since the external valuation. No amortisation is provided in respect of these figures. |
On a historical cost basis these assets would have been included at an original cost of £261,372. |
Cost or valuation at 30 June 2023 is represented by: |
Other |
intangible |
assets |
£ |
Valuation in 2013 | 1,094,628 |
Valuation in 2018 | 30,000 |
Cost | 261,372 |
1,386,000 |
A.I.R EDEL ASSOCIATES LIMITED (REGISTERED NUMBER: 00980284) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
6. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
Leasehold | and |
improvements | equipment | Totals |
£ | £ | £ |
Cost |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
Depreciation |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 July 2022 |
and 30 June 2023 |
Provisions |
At 1 July 2022 |
and 30 June 2023 | 4,999 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
The company owns 100% of the issued share capital in A.I.R-Edel Recording Studios Limited, a company in |
registered in England and Wales, whose principal activity is the provision of recording studio services. As at 30 June 2023, A.I.R-Edel Recording Studios Limited made a profit after tax of £63,997 (2022: loss of £16,825) and had net reserves of £256,456 (2022: £192,459). |
The company owns 100% of the issued common stock of Air-Edel US, LLC, a company incorporated and registered in Delaware, United States of America, whose principal activity is the operation of a US based office representation service. The company made a loss in the year of $66,059 (2022: $9,652) and had a deficiency in reserves of $593,724 (2022: $537,316) as at 30 June 2023. |
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The |
company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts, and hence the accounts present information about the company as an individual undertaking and not about the group as a whole. |
A.I.R EDEL ASSOCIATES LIMITED (REGISTERED NUMBER: 00980284) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation Tax |
Social security and other taxes |
VAT | 16,629 | 53,389 |
Accruals and deferred income |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 8,234 | 1,489 |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Capital allowances in excess |
of depreciation | 6,745 |
Balance at 30 June 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £.50 | 9,001 | 9,001 |
Ordinary A | £0.50 | 1,000 | 1,000 |
10,001 | 10,001 |
All share classes rank pari passu is an all respects. |
12. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2022 |
and 30 June 2023 |
A.I.R EDEL ASSOCIATES LIMITED (REGISTERED NUMBER: 00980284) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclosure related party transactions with wholly owned subsidiaries within the group. |