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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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LONDON ASHFORD AIRPORT LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FOR |
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LONDON ASHFORD AIRPORT LIMITED |
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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LONDON ASHFORD AIRPORT LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
Charlton House |
Dour Street |
DOVER |
Kent |
CT16 1BL |
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium |
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Retained earnings |
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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 and authorised for issue on
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LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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London Ashford Airport Limited is a
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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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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Airport operations | - 10% to 15% on cost |
Plant and machinery | - 10% to 33% on cost |
Motor vehicles | - 15% to 25% on cost |
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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. |
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Land is not depreciated. |
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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. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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 balance sheet date. |
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LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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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. |
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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 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. |
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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. |
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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. |
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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. |
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Going concern |
The financial statements have been prepared on a going concern basis. This basis may not be appropriate, as at 31 December 2019 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. |
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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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LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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4. | TANGIBLE FIXED ASSETS |
Freehold |
and | Assets |
leasehold | Airport | under |
property | operations | construction |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals | ( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals | ( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Included in freehold and leasehold property is freehold land of £1,698,792 (2018 - £1,698,792) which is not depreciated. |
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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5. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank overdrafts |
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Bank overdrafts of £110,337 (2018 - £70,710) 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. |
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 37,384,616 | 37,384,616 |
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11. | 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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12. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the company was due an amount of £1,247,383 (2018 - £1,205,246) 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. |
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At the balance sheet date the company was due an amount of £nil (2018 - £656,660) from Phoenix Aero Engineering Ltd, a fellow subsidiary. A balance of £656,113 was written off to the profit and loss account in the year as the loan is considered to be irrecoverable. |
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At the balance sheet date the company owed an amount of £3,063,280 (2018 - £2,224,714) to FAL Holdings Arabia Co. Ltd.. The loan is interest free, unsecured and payable on demand. |
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13. | POST BALANCE SHEET EVENTS |
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COVID-19 has been classified as a non-adjusting post balance sheet event as of 31 December 2019. |
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The airport was closed as the country went into the first lockdown on 24 March 2020 and re-opened in July 2020. On 5 November 2020 the country went into a second lock down which was lifted on the 2 December 2020 when Kent was then placed into tier 3 restrictions, during this period the airport has remained open but operations have been restricted. COVID-19 has impacted sales but the company did receive some support from some of the government's schemes. The directors do not believe that any adjustments are necessary in respect of the year to 31 December 2019. |
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The directors believe that the company remains a going concern as support from the ultimate parent company and other group companies will continue. |
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14. | ULTIMATE CONTROLLING PARTY |
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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. |
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The ultimate parent company is FAL Holdings Arabia Co. Ltd., a private company, limited by shares, registered in Saudi Arabia. |