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REGISTERED NUMBER: 02107961 (England and Wales)














SOUTH EAST AIRPORTS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023






SOUTH EAST AIRPORTS LIMITED (REGISTERED NUMBER: 02107961)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


SOUTH EAST AIRPORTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: JM Gordon
Mrs A W Gordon





REGISTERED OFFICE: 82 High Street
Tenterden
Kent
TN30 6JG





REGISTERED NUMBER: 02107961 (England and Wales)





AUDITORS: GMP Audit Limited, Statutory Auditor
82 High Street
Tenterden
Kent
TN30 6JG

SOUTH EAST AIRPORTS LIMITED (REGISTERED NUMBER: 02107961)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 612,617 612,617

CURRENT ASSETS
Debtors 5 1,239,969 1,239,969
Cash at bank 790,497 796,977
2,030,466 2,036,946
CREDITORS
Amounts falling due within one year 6 2,237 2,410
NET CURRENT ASSETS 2,028,229 2,034,536
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,640,846

2,647,153

CREDITORS
Amounts falling due after more than
one year

7

322,208

320,228
NET ASSETS 2,318,638 2,326,925

CAPITAL AND RESERVES
Called up share capital 8 513,583 513,583
Retained earnings 1,805,055 1,813,342
SHAREHOLDERS' FUNDS 2,318,638 2,326,925

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 21st December 2023 and were signed on its behalf by:





JM Gordon - Director


SOUTH EAST AIRPORTS LIMITED (REGISTERED NUMBER: 02107961)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023


1. STATUTORY INFORMATION

South East Airports Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Whilst the company has a net asset position at the year end, the company is dependent upon the trading activity of its fellow group companies and vice versa. The directors of the company are of the opinion that the financial statements should be prepared on a going concern basis as they have reviewed the activities and position of the group as a whole and the companies will continue to provide such financial support to each other as is necessary.

Preparation of consolidated financial statements
The financial statements contain information about South East Airports Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any impairment for permanent diminution in value.

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.

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.

Investments
Investment in shares of unlisted companies is stated at cost, less amounts written off for permanent diminution in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

SOUTH EAST AIRPORTS LIMITED (REGISTERED NUMBER: 02107961)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


4. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1st April 2022
and 31st March 2023 228,001 384,616 612,617
NET BOOK VALUE
At 31st March 2023 228,001 384,616 612,617
At 31st March 2022 228,001 384,616 612,617

5. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed by group undertakings 1,239,969 1,239,969

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 2,237 2,410

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 322,208 320,228

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
513,583 Ordinary £1 513,583 513,583

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Samantha Whiting FCA (Senior Statutory Auditor)
for and on behalf of GMP Audit Limited, Statutory Auditor

SOUTH EAST AIRPORTS LIMITED (REGISTERED NUMBER: 02107961)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


10. RELATED PARTY DISCLOSURES

South East Airports Limited is part of a group in which the ultimate parent company is Atlantic Bridge Aviation Limited, a company registered in the UK. At the end of the year Atlantic Bridge Aviation Limited owed £1,239,969 (2022: £1,239,969) to the company. No interest is charged on this or the other group intercompany balances.

At the year end LyddAir Limited, a subsidiary of the company, was owed £322,208 (2022: £320,228) from the company.

The company has claimed exemption from disclosing detailed related party transactions as all the above companies are all wholly owned subsidiaries in the group.

11. OTHER FINANCIAL COMMITMENTS

The company has given a fixed and floating charge over the assets of the company.

The company has provided a composite company multilateral guarantee for all the companies within the group.

The company has issued a mortgage on its unlisted investment.

The company has agreed to provide financial assistance to its fellow group companies.