Company registration number 04077453 (England and Wales)
AIRWORLD AIRLINES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
AIRWORLD AIRLINES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AIRWORLD AIRLINES LTD
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
766,625
810,681
Current assets
Debtors
4
1,322,432
1,812,171
Cash at bank and in hand
22,044
791,352
1,344,476
2,603,523
Creditors: amounts falling due within one year
5
(5,160,582)
(3,895,236)
Net current liabilities
(3,816,106)
(1,291,713)
Net liabilities
(3,049,481)
(481,032)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(3,049,581)
(481,132)
Total equity
(3,049,481)
(481,032)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 March 2024 and are signed on its behalf by:
R Meakes
Director
Company registration number 04077453 (England and Wales)
AIRWORLD AIRLINES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Airworld Airlines Ltd is a private company limited by share incorporated in England and Wales. The registered office is: Airworld House 33 High Street, Sunninghill, Berkshire, SL5 9NP, United Kingdom
1.1
Accounting convention
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.
1.2
Turnover
Turnover represents amounts receivable in respect of services performed exclusive of Value Added Tax, Income is recognised when the service is delivered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
1.33% - 20% staight line per annum
Plant and machinery
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.4
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.5
Leases
Rentals paid under operating leases are charged to profit an loss on a straight line basis over the period of the lease.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
AIRWORLD AIRLINES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
81
67
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
870,764
1,337,913
2,208,677
Depreciation and impairment
At 1 January 2022
200,764
1,197,232
1,397,996
Depreciation charged in the year
10,000
34,056
44,056
At 31 December 2022
210,764
1,231,288
1,442,052
Carrying amount
At 31 December 2022
660,000
106,625
766,625
At 31 December 2021
670,000
140,681
810,681
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
690,073
1,081,973
Other debtors
632,359
730,198
1,322,432
1,812,171
AIRWORLD AIRLINES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
14,256
64,868
Trade creditors
2,673,880
2,775,375
Amounts owed to group undertakings
1,407,697
Corporation tax
41,323
58,686
Other taxation and social security
334,372
440,902
Other creditors
689,054
555,405
5,160,582
3,895,236
6
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Roy Davis (Senior Statutory Auditor)
for and on behalf of WD Audit Limtied
8
Related party transactions
At the balance sheet date, the following are included within creditors failing due within one year:
-£1,140,000 Eurobip
-£267,697 Airworld Security Limited
-£647,309 (2021: £1,787,518) included in exceptional items relates to intercompany written off.
9
Parent company
The immediate and ultimate parent undertaking and controlling party is Airworld Handling Limited, which prepares group financial statements. Copies can be obtained from Airworld House 33 High Street, Suninghill, Ascot, Berkshire, SL5 9NP.