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REGISTERED NUMBER:
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AIR WORLDWIDE LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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REGISTERED NUMBER:
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AIR WORLDWIDE LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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AIR WORLDWIDE LIMITED (REGISTERED NUMBER: 03008745) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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AIR WORLDWIDE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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SECRETARIES: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
44 Springfield Road |
Horsham |
West Sussex |
RH12 2PD |
AIR WORLDWIDE LIMITED (REGISTERED NUMBER: 03008745) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2016 |
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2016 | 2015 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | 9 |
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2,136,928 |
SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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AIR WORLDWIDE LIMITED (REGISTERED NUMBER: 03008745) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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AIR Worldwide Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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. |
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Turnover |
Turnover represents sales net of value added tax to the US parent company calculated on a basis to comply with |
acceptable transfer pricing policy. |
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Tangible fixed assets |
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Improvements to property | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
operating result. Foreign exchange differences are included within the Profit and Loss during the year they arise. |
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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. |
AIR WORLDWIDE LIMITED (REGISTERED NUMBER: 03008745) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
as restated |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
as restated |
£ | £ |
Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2016 | 2015 |
as restated |
£ | £ |
Within one year |
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Between one and five years |
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AIR WORLDWIDE LIMITED (REGISTERED NUMBER: 03008745) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | as restated |
£ | £ |
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Ordinary | £1 | 100 | 100 |
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9. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2016 |
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Prior year adjustment | ( |
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Profit for the year |
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At 31 December 2016 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | ULTIMATE CONTROLLING PARTY |
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The company's immediate parent undertaking is AIR Worldwide Corporation, a company incorporated in the |
United States of America. |
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The company's ultimate parent undertaking and controlling party is Verisk Analytics, Inc., a company |
incorporated in the United States of America and which trades on the Nasdaq Global Select Market under the |
ticker symbol "VRSK". It's consolidated financial statement, which include Verisk Advisory Services Ltd, are made |
publicly available. |
AIR WORLDWIDE LIMITED (REGISTERED NUMBER: 03008745) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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12. | SHARE-BASED PAYMENT TRANSACTIONS |
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Verisk Analytics, Inc., the ultimate parent company, grants equity awards to certain employees, directors and |
consultants of Verisk Analytics, Inc. The share-based awards include non-qualified stock options and Restricted |
Stock Awards (RSA). |
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The fair value of restricted stock is determined using the closing price of the Verisk Analytics, Inc.'s common |
stock on the grant date. The restricted stock is not assignable or transferable until it becomes vested. Option |
grants and restricted stock awards are generally expensed ratably over the four year vesting period. There are no |
market or non-market vesting conditions in relation to any of the equity awards issued from 2012 to 2016. |
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The following stock options have also been issued in previous years: |
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Share Options |
Date of Grant |
Number of Participants |
Stock
Options Granted (Units) |
Restricted Stock Granted (Units) |
Vesting Period |
FV per Option |
2012 |
01/04/1
2 |
2 |
2,262 |
660 |
25% 4
years |
13.70 |
2013 |
01/04/1
3 |
2 |
2,014 |
524 |
25% 4
years |
13.62 |
2014 |
01/04/1
4 |
2 |
3,707 |
736 |
25% 4
years |
11.88 |
2015 |
01/04/1
5 |
3 |
4,121 |
741 |
25% 4
years |
12.86 |
2016 |
01/04/1
6 |
3 |
4009 |
767 |
25% 4
years |
15.34 |