Company registration number 11254539 (England and Wales)
AIRE GLOBAL GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
AIRE GLOBAL GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AIRE GLOBAL GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Investments
3
1,200,076
1,200,076
Current assets
Debtors
5
1,000
1,000
Creditors: amounts falling due within one year
6
(31,800)
(31,800)
Net current liabilities
(30,800)
(30,800)
Net assets
1,169,276
1,169,276
Capital and reserves
Called up share capital
7
1,287
1,287
Capital redemption reserve
713
713
Other reserves
1,169,000
1,169,000
Profit and loss reserves
(1,724)
(1,724)
Total equity
1,169,276
1,169,276
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
Mr J Milner
Director
Company Registration No. 11254539
AIRE GLOBAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Aire Global Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Fold, 28 Dock Street, Leeds, England, LS10 1JF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
AIRE GLOBAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
3
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1,200,076
1,200,076
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
AIRE GLOBAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
4
Subsidiaries
(Continued)
- 4 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Aire Global Limited (1)
England
Ordinary
100
-
Aire Pro Limited (1)
England
Ordinary
100
-
Daena Global Limited (1)
England
Ordinary
75
-
Aire Global Inc (2)
United States of America
Ordinary
100
-
Aire Global APAC PTE. Ltd (3)
Singapore
Ordinary
-
100
Registered office addresses (all UK unless otherwise indicated):
1 - The Fold, 28 Dock Street, Leeds, England, LS10 1JF
2 - C/O C T Corporation System 111 Eighth Avenue New York, NY 10011
3 - 2 Venture Drive #24-01 Vision Exchange Singapore 608526
5
Debtors
2022
2021
Amounts falling due within one year:
as restated
£
£
Other debtors
1,000
1,000
6
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
31,800
31,800
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
713
713
713
713
C Ordinary Shares of £1 each
118
118
118
118
D Ordinary Shares of £1 each
353
353
353
353
E Ordinary Shares of £1 each
103
103
103
103
1,287
1,287
1,287
1,287
AIRE GLOBAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
8
Events after the reporting date
EMI Scheme
During the financial year ending 31 December 2022 the Directors approved, subject only to admission, the establishment of an EMI Scheme. As at the reporting date, this had not been approved by HMRC.
The EMI Options were approved post reporting date. The EMI Options have since been granted to the EMI Options holders before the approval of the financial statements.
The EMI Options represent Class F Ordinary shares and if exercised in full, would represent 2.00 per cent. of the Ordinary Share Capital in Aire Global Group Limited.
Share Capital
Post reporting date the directors approved the cancellation of 235 £1 Ordinary B shares which were held in treasury at the reporting date. A total of 478 £1 Ordinary B shares remained held in treasury.
On further restructuring the nominal value of each share was changed to 10 pence per share. After which the total of 478 £1 Ordinary B shares held in treasury were subdivided into B1, B2 and B3 Ordinary shares and distributed to existing shareholders.
The shareholders of B2 and B3 Ordinary shares acquired the additional shares via an EMI Scheme. The shareholder of B1 Ordinary shares acquired these at nominal value.
9
Prior period adjustment
Debtors
In the prior financial year ending 31 December 2021 Aire Global Group Limited reported a £1,000 cash in hand transaction. On review of this transaction, it has been subsequently restated to 'other debtors' as the directors consider this to show a true reflection of the transaction.
Equity
In the prior financial year ending 31 December 2021 Aire Global Group Limited undertook a business restructure. On review of this restructure, it has been noted that the accounting transactions applied contradicts the requirements of company law s621 CA06. As a result, a prior period adjustment has been made to restate the share premium on the restructure to the merger reserve, defined as 'other reserves' in the financial accounts.
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
1 January
31 December
2021
2021
£
£
Adjustments to prior year
Analysis of the effect upon equity
Share premium
(335,426)
(335,426)
Other reserves
335,426
335,426
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