The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Airdri Limited is a private company limited by shares incorporated in England and Wales. The registered office is Technology House, Oakfield Estate, Eynsham, Oxfordshire, United Kingdom, OX29 4AQ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Revenue from the sales of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the previously agreed upon payment. These criteria are considered to be met when the goods are delivered to the buyer. Revenue is measured at the fair value of the consideration received excluding discount, rebates, VAT and other sales and tax duties.

Expenditure on research and development is written off in the year in which it is incurred.

Tangible assets are stated in the balance sheet at cost, less any subsequent depreciation and subsequent accumulated impairment losses.

The cost of tangible assets included directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the costs of assets, other than land and properties under construction over their estimated lives, as follows:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Costs include materials, direct labour and production overheads appropriate to the relevant stage production. Net realisable value is based on estimated selling price less further costs to completion and relevant selling and distribution costs.

Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

The tax expense for the period comprises current tax and deferred tax. Tax is recognised in profit or loss, except that a charge is attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of timing differences.

The directors measure a provision at the best estimate of the amount required to settle the obligation at the reporting date. They will recognise a provision only when:

a) the entity has an obligation at the reporting date as a result of a past event,

b) it is probable (i.e. more likely than not) that the entity will be required to transfer economic benefits in settlement, and

c) the amount of the obligation can be estimated reliably.

A defined contribution plan is a pension plan under which fixed contributions are paid to a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Foreign currency transactions are translated into the group entity's functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit or loss account.

Trade debtors

Trade debtors are amounts due from customer activities performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised initially at the transaction price. Other financial liabilities are measured at fair value, net of transaction costs, and are measured subsequently amortised cost using the effective interest method.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

The significant judgements and sources of key accounting accounting estimates that have been applied in the preparation of these financial statements are set out below. These have been deemed appropriate and consistently applied to all the year's presented.

Judgements

Provisions - in regard to a potential shortening of the functional life of certain products in the company's portfolio, an assessment has been made for the future costs that could be attributable to the issue.

The average monthly number of persons (including directors) employed by the company during the year was:

Subsidiary undertakings

Formula Systems Limited

The principal activity of Formula Systems Limited is being dormant.

Formula Systems North America Inc

The principal activity of Formula Systems Limited North America Inc is the sale of electrical and electronic products.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

During the year the company entered into the following transactions with related parties:

The company's immediate parent is APP Holdco Limited, incorporated in England and Wales. The registered office is Technology House, Oakfields Estate, Eynsham, Oxfordshire, OX29 4AQ.

The ultimate controlling party are the shareholders of APP Holdco Limited, who are also the Directors, T C C Philipps, B J J Philipps and D E Philipps.