Registered number:
07566864
FAYAIR (STANSTED) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2019
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FAYAIR (STANSTED) LIMITED
COMPANY INFORMATION
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FAYAIR (STANSTED) LIMITED
CONTENTS
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Notes to the Financial Statements
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FAYAIR (STANSTED) LIMITED
REGISTERED NUMBER:
07566864
BALANCE SHEET
AS AT
31 DECEMBER 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
26 November 2020
.
The notes on pages 2 to 7 form part of these financial statements.
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FAYAIR (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
1.
ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis, notwithstanding the company’s loss for the year of £648,892 (2018: £372,669) and net current liabilities of £596,116 (2018: £354,253), which the directors believe to be appropriate for the following reason.
The directors, after taking account of appropriate cost minimisation measures that have been put in place and the levels of government support available, have prepared forecasts that set out the Company’s funding requirement from the parent company, taking into account the impact COVID-19 is having and is expected to continue to have on trading. Based on this review the Company is reliant for its working capital on funds provided by the Company’s ultimate parent undertaking, which has provided the company with an undertaking that it will, for at least 12 months from the date of approval of these financial statements, continue to make available such funds as are needed by the company, as set out in the forecasts, and in particular will not seek repayment of the amounts currently available.
This should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do so.
These financial statements do not include any adjustments that would be necessary if the going concern basis was not appropriate.
Sales of one-off services are recognised when the goods or services supplied have been completed. Amounts due under annually-renewable contracts for a package of services are recognised in equal monthly instalments.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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FAYAIR (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
1.
ACCOUNTING POLICIES (CONTINUED)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
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Long-term leasehold property
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Over life of lease (51 years from inception)
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Between 3 years and end life of lease
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and Loss Account within 'other operating income'.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.
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FAYAIR (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
1.
ACCOUNTING POLICIES (CONTINUED)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
The amount owing to the plan at the year end was £13,493 (2018: £13,493).
A provision is recognised in the Balance Sheet when the company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.
Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Fayair (Stansted) Limited is a company limited by shares and incorporated and domiciled in the U.K. The address of the registered office is Ninth Avenue, London Stansted Airport, Stansted, Essex, CM24 1AN. The company is part of a group.
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FAYAIR (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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The average monthly number of employees, including the directors, during the year was as follows:
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Management and administration
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Long-term leasehold property
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FAYAIR (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Prepayments and accrued income
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CREDITORS: Amounts falling due within one year
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Amounts owed to parent undertaking
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Other taxation and social security
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Accruals and deferred income
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COMMITMENTS UNDER OPERATING LEASES
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At 31 December 2019 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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FAYAIR (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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RELATED PARTY TRANSACTIONS
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Transactions with related parties were undertaken such as are required to be disclosed for the year were as follows:
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Balance owing (to)by related party 31.12.19
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Balance owing (to)by related party 31.12.18
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Services provided to Fayair (Stansted) Ltd
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Hyde Park Residence Ltd - management charges
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Services provided by Fayair (Stansted) Ltd
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Fayair (Jersey) Co Ltd - Handling services
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RECONCILIATION OF SHAREHOLDERS' FUNDS
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Balance at the start of the year
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Balance at the end of the year
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The company is a subsidiary undertaking of Stanfay Limited. The registered office of Stanfay Limited is 3076 Francis Drake's Highway, P.O. Box 3463, VG 1110, Road Town, Tortola, British Virgin Islands. The ultimate controlling party is the Al Fayed family trust.
The company's financial statements for the year ended 31 December 2019 have been subject to audit and the audit report was unqualified.
There were no matters to which the auditor drew attention by way of emphasis.
The audit report was signed by
Andrew Turner
, as Senior Statutory Auditor, for and on behalf of
Mercer & Hole
, 21 Lombard Street, London, EC3V 9AH on
01 December 2020
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