Company registration number 11254539 (England and Wales)
AIRE GLOBAL GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
1,205,615
1,200,076
Current assets
Debtors
5
30,636
1,000
Creditors: amounts falling due within one year
6
(31,800)
(31,800)
Net current liabilities
(1,164)
(30,800)
Net assets
1,204,451
1,169,276
Capital and reserves
Called up share capital
7
1,765
1,287
Share premium account
24,856
Capital redemption reserve
713
Other reserves
1,174,539
1,169,000
Profit and loss reserves
3,291
(1,724)
Total equity
1,204,451
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 2023 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 13 February 2024 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 2023
- 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
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.
1.3
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.
1.4
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.
Basic financial assets
Basic financial assets, which include debtors, 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.
AIRE GLOBAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies, 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.
1.5
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:
2023
2022
Number
Number
Total
3
3
3
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
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
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,205,615
1,200,076
AIRE GLOBAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
1,200,076
Equity contribution
5,539
At 31 December 2023
1,205,615
Carrying amount
At 31 December 2023
1,205,615
At 31 December 2022
1,200,076
The company's subsidiary is the employing entity for a number of employees who have received share options in this company, For the equity-settled share options granted, the difference between exercise price and current unrestricted market value is so substantial that no option pricing model has been used to measure the equity-settled share-based payment at fair value on the grounds that the use of such model would approximate to this difference. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. The associated credit entry is recognised in the share-based payment reserve of this company.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
29,636
Other debtors
1,000
1,000
30,636
1,000
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
31,800
31,800
AIRE GLOBAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of 10p each
7,130
713
478
713
B Ordinary Shares of 10p each
-
-
235
-
C Ordinary Shares of 10p each
1,180
118
118
118
D Ordinary Shares of 10p each
3,530
353
353
353
E Ordinary Shares of 10p each
1,030
103
103
103
B1 Ordinary Shares of 10p each
1,870
-
187
-
B2 Ordinary Shares of 10p each
1,380
-
138
-
B3 Ordinary Shares of 10p each
1,530
-
153
-
17,650
1,287
1,765
1,287
On 17 March 2023 the following transactions took place:
1. 235 B Ordinary shares held in treasury were cancelled.
2. All of the shares were redesignated into £0.10 Ordinary shares.
3. The B Ordinary shares currently within treasury were redesignated into B1, B2 and B3 Ordinary shares.
4. The directors immediately exercised options over the B1, B2 and B3 Ordinary shares.
5. An EMI option scheme was set up, upon exercise the holders will be designated F Ordinary shares.