|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
FOR |
|
LONDON ASHFORD AIRPORT LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
FOR |
|
LONDON ASHFORD AIRPORT LIMITED |
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
LONDON ASHFORD AIRPORT LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Chartered Accountants and Statutory Auditors |
Charlton House |
Dour Street |
DOVER |
Kent |
CT16 1BL |
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
|
BALANCE SHEET |
31 DECEMBER 2018 |
|
31.12.18 | 31.12.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks | 5 |
|
|
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 10 |
|
|
Share premium |
|
|
Retained earnings |
( |
) |
( |
) |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
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 on
by: |
|
|
|
|
|
|
|
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
1. | STATUTORY INFORMATION |
|
London Ashford Airport Limited is a
|
company's registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The company has applied the Triennial review 2017 amendments to Financial Reporting Standard 102. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
|
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
|
Airport operations | - 10% to 15% on cost |
Plant and machinery | - 10% to 33% on cost |
Motor vehicles | - 15% to 25% on cost |
|
Freehold and leasehold property includes runways, taxiways and aprons. Freehold and leasehold property are |
depreciated over the life of the asset or the life of the lease, whichever is the shorter. These assets are depreciated |
on cost over 2 to 80 years. |
|
Land is not depreciated. |
|
Assets under construction are not depreciated until the asset is ready for use, at which point it is transferred to the |
relevant asset class and is subsequently depreciated. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
|
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. |
|
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
2. | ACCOUNTING POLICIES - continued |
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. |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet 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. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
|
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. |
|
Debtors and creditors receivable/payable within one year |
Debtors and creditors that are receivable or payable on demand are recorded at transaction price. Any losses |
arising from impairment are recognised in the profit and loss account in administrative expenses. |
|
Going concern |
The financial statements have been prepared on a going concern basis. This basis may not be appropriate, as at |
31 December 2018 the current liabilities of the company exceed the current assets of the company. Should the |
company be unable to continue trading, adjustments would have to be made to reduce the value of the assets to |
their recoverable amount, to provide any liabilities which might arise and to reclassify fixed assets and long term |
liabilities. The going concern basis has been applied as a result of the fact that the company can rely on the |
financial support of the parent and ultimate parent companies. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
4. | TANGIBLE FIXED ASSETS |
Freehold |
and | Assets |
leasehold | Airport | under |
property | operations | construction |
£ | £ | £ |
COST |
At 1 January 2018 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) |
|
At 31 December 2018 |
|
|
|
DEPRECIATION |
At 1 January 2018 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) |
|
At 31 December 2018 |
|
|
|
NET BOOK VALUE |
At 31 December 2018 |
|
|
|
At 31 December 2017 |
|
|
|
|
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2018 |
|
|
|
DEPRECIATION |
At 1 January 2018 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2018 |
|
|
|
NET BOOK VALUE |
At 31 December 2018 |
|
|
|
At 31 December 2017 |
|
|
|
|
Included in cost of land and buildings is freehold land of £ 1,698,792 (2017 - £ 1,698,792 ) which is not |
depreciated. |
|
5. | STOCKS |
31.12.18 | 31.12.17 |
£ | £ |
Stocks |
|
|
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
8. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.18 | 31.12.17 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.12.18 | 31.12.17 |
£ | £ |
Bank overdrafts |
|
|
|
Bank overdrafts of £70,710 (2017 - £75,775) are secured by way of a fixed charge on the company's tangible |
fixed assets and debtors, and a floating charge over all other assets. |
|
10. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.18 | 31.12.17 |
value: | £ | £ |
|
Ordinary | £1 | 37,384,616 | 37,384,616 |
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
|
12. | RELATED PARTY DISCLOSURES |
|
At the balance sheet date the company was due an amount of £1,205,246 (2017 - £1,154,509) from Lydd Golf |
Club and Driving Range Limited, a fellow subsidiary. The loan is interest free, unsecured and payable on |
demand. FAL Holdings Arabia Co. Ltd., the ultimate parent company, has guaranteed the loan. |
|
At the balance sheet date the company was due an amount of £656,660 (2017 - £656,047) from Phoenix Aero |
Engineering Ltd, a fellow subsidiary. The loan is interest free, unsecured and payable on demand. FAL Holdings |
Arabia Co. Ltd. has guaranteed the loan. |
|
At the balance sheet date the company owed an amount of £2,224,714 (2017 - £1,469,453) to FAL Holdings |
Arabia Co. Ltd.. The loan is interest free, unsecured and payable on demand. |
|
13. | ULTIMATE CONTROLLING PARTY |
|
The parent company is Lydd Holding Limited, the registered address of which is Geneva Place, Waterfront |
Drive, PO Box 3469, Road Town, Tortola, British Virgin Island. |
|
The ultimate parent company is FAL Holdings Arabia Co. Ltd., a private company, limited by shares, registered |
in Saudi Arabia. |