Airport Operators Association Limited Filleted accounts for Companies House (small and micro)

AIRPORT OPERATORS ASSOCIATION LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 01041754

Airport Operators Association Limited

Company Limited by Guarantee

Filleted Unaudited Financial Statements

For the year ended

31 December 2020

Airport Operators Association Limited

Company Limited by Guarantee

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	6		2,894	6,192

Current assets

Debtors	7	882,381	1,126,936
Cash at bank and in hand		601,390	356,108
		------------	------------
		1,483,771	1,483,044

Creditors: amounts falling due within one year	8	1,032,605		1,176,496
		------------		------------
Net current assets			451,166	306,548
			---------	---------
Total assets less current liabilities			454,060	312,740
			---------	---------
Net assets			454,060	312,740
			---------	---------

Capital and reserves

Profit and loss account	454,060	312,740
	---------	---------
Members funds	454,060	312,740
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Airport Operators Association Limited

Company Limited by Guarantee

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 8 March 2021 , and are signed on behalf of the board by:

R McGregor-Smith N Barton

Director Director

Company registration number: 01041754

Airport Operators Association Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 3 Birdcage Walk, London, SW1H 9JJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

Revenue recognition

Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discount and value added tax.

Operating leases

Rentals payable under operating leases are charged against income on a straight line basis over the lease term .

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	10% straight line
Fixtures and fittings	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Company limited by guarantee

The liability of members is limited to no more than £1 per member.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2019: 9 ).

6. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2020	20,977	57,836	78,813
Additions	–	895	895
	--------	--------	--------
At 31 December 2020	20,977	58,731	79,708
	--------	--------	--------
Depreciation
At 1 January 2020	20,977	51,644	72,621
Charge for the year	–	4,193	4,193
	--------	--------	--------
At 31 December 2020	20,977	55,837	76,814
	--------	--------	--------
Carrying amount
At 31 December 2020	–	2,894	2,894
	--------	--------	--------
At 31 December 2019	–	6,192	6,192
	--------	--------	--------

7. Debtors

	2020	2019
	£	£
Trade debtors	853,859	1,042,131
Other debtors	28,522	84,805
	---------	------------
	882,381	1,126,936
	---------	------------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	46,670	9,006
Corporation tax	–	891
Social security and other taxes	127,504	157,599
Other creditors	858,431	1,009,000
	------------	------------
	1,032,605	1,176,496
	------------	------------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	79,722	80,247
Later than 1 year and not later than 5 years	4,560	87,018
	--------	---------
	84,282	167,265
	--------	---------

10. Controlling interest

The company is controlled by the company's board on behalf of the membership as governed by the articles of association, revised in March 2019.