REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
LONDON ASHFORD AIRPORT LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
LONDON ASHFORD AIRPORT LIMITED |
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
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 2022 |
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 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
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 and authorised for issue on |
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
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 |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value. |
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. |
Investment property |
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
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 2022 |
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 2022 |
4. | TANGIBLE FIXED ASSETS |
Freehold |
and | Assets |
leasehold | Airport | under |
property | operations | construction |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Reclassification/transfer |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Included in freehold and leasehold property is freehold land of £1,698,792 (2021 - £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 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
Impairments | (452,355 | ) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
The investment property was valued by the directors using open market conditions at the year end. |
Following an impairment review of the open market value of investment property by the directors at the year end, an adjustment of £452,355 has been made. The directors note the stated impairment reflecting the revaluation of an investment property purchased during the year so as to exclude indirect purchase costs and expenses (including principally SDLT) in accordance with the requirements of Section 16 of FRS 102. It is further noted that without this impairment the company's loss for the financial year would have been reduced to £709,831. |
6. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 37,384,616 | 37,384,616 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | CAPITAL COMMITMENTS |
The company was contracted to the development of a new twin hangar. Capital commitments of £38,149 (2021 £2,299,500) were outstanding at the year end. |
13. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company was due an amount of £1,256,205 (2021 - £1,243,295) from Lydd Golf Club and Driving Range Limited, a fellow subsidiary. The loan is interest free, unsecured and payable on demand. Lydd Holdings Limited, the parent company, has guaranteed the loan. |
At the balance sheet date the company owed an amount of £10,036,039 (2021 - £6,641,381) to Lydd Holdings Limited, the parent company. The loan is interest free, unsecured and payable on demand. |
At the balance sheet date the company owed an amount of £11,274 (2021 - £21,686) to FAL Aviation UK Ltd, a fellow subsidiary. The loan is interest free, unsecured and payable on demand. |
14. | PARENT COMPANY |
The parent company is Lydd Holdings 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 Holdings Limited is owned by F M S Al Athel. |
15. | GOVERNMENT GRANTS |
During the previous year the company received government grants due to the Covid-19 pandemic. The company received £124,681 under the Coronavirus Job Retention Scheme grant, a revenue based grant, which was credited to the profit and loss account in 2021 to match the related employment costs. |
LONDON ASHFORD AIRPORT LIMITED (REGISTERED NUMBER: 04140620) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
16. | GOING CONCERN |
The financial statements have been prepared on a going concern basis. This basis may not be appropriate because, at 31 December 2022, the current liabilities of the company exceed the current assets of the company by £10,043,203 (2021 - £3,644,292) and, during the year, the company made a loss of £1,162,186 (2021 - £836,036). 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. |