REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
FOR |
|
LONDON ASHFORD AIRPORT LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
FOR |
|
LONDON ASHFORD AIRPORT LIMITED |
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
|
|
|
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 2021 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
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 2021 |
|
31.12.21 | 31.12.20 |
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 | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 9 |
|
|
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 and authorised for issue on
|
|
|
|
|
|
|
|
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
1. | STATUTORY INFORMATION |
|
London Ashford Airport Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
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 2021 |
|
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. |
|
Government grants |
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. |
|
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 2021 |
|
4. | TANGIBLE FIXED ASSETS |
Freehold |
and | Assets |
leasehold | Airport | under |
property | operations | construction |
£ | £ | £ |
COST |
At 1 January 2021 |
|
|
|
Additions |
|
|
|
Disposals |
|
|
|
At 31 December 2021 |
|
|
|
DEPRECIATION |
At 1 January 2021 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
|
At 31 December 2021 |
|
|
|
NET BOOK VALUE |
At 31 December 2021 |
|
|
|
At 31 December 2020 |
|
|
|
|
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2021 |
|
|
|
DEPRECIATION |
At 1 January 2021 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2021 |
|
|
|
NET BOOK VALUE |
At 31 December 2021 |
|
|
|
At 31 December 2020 |
|
|
|
|
Included in freehold and leasehold property is freehold land of £1,698,792 (2020 - £1,698,792) which is not depreciated. |
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
5. | STOCKS |
31.12.21 | 31.12.20 |
£ | £ |
Stocks |
|
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Directors' current accounts | 6,641,381 | 4,058,858 |
Accruals and deferred income |
|
|
|
|
|
8. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.21 | 31.12.20 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
9. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.12.20 |
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 2021 |
|
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
|
11. | CAPITAL COMMITMENTS |
|
The company contracted to the development of a new twin hangar. The total project costs are £2,555,000 and 10% had been invoiced at the end of the year, this leaves a capital commitment in respect of the project of £2,299,500 that has not been provided for in the financial statements. |
|
12. | RELATED PARTY DISCLOSURES |
|
At the balance sheet date the company was due an amount of £1,243,295 (2020 - £1,285,602) from Lydd Golf Club and Driving Range Limited, a fellow subsidiary. The loan is interest free, unsecured and payable on demand. F M S Al Athel, the ultimate controlling party, has personally guaranteed the loan. |
|
At the balance sheet date the company owed an amount of £6,641,381 (2020 - £4,058,858) to F M S Al Athel. The loan is interest free, unsecured and payable on demand. |
|
13. | PARENT COMPANY |
|
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 share capital of Lydd Holding Limited is owned by F M S Al Athel. |
|
14. | GOVERNMENT GRANTS |
|
During the year the company has received government grants due to the Covid-19 pandemic. The company received the Coronavirus Job Retention Scheme grant, a revenue based grant, which has been credited to the profit and loss account to match the related employment costs. The sum of £124,681 (2020 - £180,420) was receivable in the year. |
|
15. | COVID-19 |
|
The airport has continued to be impacted throughout the year by COVID-19. |
|
COVID-19 has impacted sales but the company did receive some support from the government's Coronavirus Job Retention Scheme. |
|
16. | GOING CONCERN |
|
The financial statements have been prepared on a going concern basis. This basis may not be appropriate because, at 31 December 2021, the current liabilities of the company exceed the current assets of the company by £3,644,292 (2020 - £2,657,711) and, during the year, the company made a loss of £836,036 (2020 - £763,982). 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 continued financial support of the parent company and the ultimate controlling party. |