Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28truetruetrue452022-03-01falseNo description of principal activity52truefalse 02727100 2022-03-01 2023-02-28 02727100 2021-03-01 2022-02-28 02727100 2023-02-28 02727100 2022-02-28 02727100 2021-03-01 02727100 1 2022-03-01 2023-02-28 02727100 1 2021-03-01 2022-02-28 02727100 5 2022-03-01 2023-02-28 02727100 5 2021-03-01 2022-02-28 02727100 d:CompanySecretary1 2022-03-01 2023-02-28 02727100 d:Director1 2022-03-01 2023-02-28 02727100 d:Director2 2022-03-01 2023-02-28 02727100 d:RegisteredOffice 2022-03-01 2023-02-28 02727100 e:Buildings e:ShortLeaseholdAssets 2022-03-01 2023-02-28 02727100 e:Buildings e:ShortLeaseholdAssets 2023-02-28 02727100 e:Buildings e:ShortLeaseholdAssets 2022-02-28 02727100 e:PlantMachinery 2022-03-01 2023-02-28 02727100 e:PlantMachinery 2023-02-28 02727100 e:PlantMachinery 2022-02-28 02727100 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 02727100 e:MotorVehicles 2022-03-01 2023-02-28 02727100 e:MotorVehicles 2023-02-28 02727100 e:MotorVehicles 2022-02-28 02727100 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 02727100 e:FurnitureFittings 2022-03-01 2023-02-28 02727100 e:FurnitureFittings 2023-02-28 02727100 e:FurnitureFittings 2022-02-28 02727100 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 02727100 e:OfficeEquipment 2022-03-01 2023-02-28 02727100 e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 02727100 e:CurrentFinancialInstruments 2023-02-28 02727100 e:CurrentFinancialInstruments 2022-02-28 02727100 e:Non-currentFinancialInstruments 2023-02-28 02727100 e:Non-currentFinancialInstruments 2022-02-28 02727100 e:CurrentFinancialInstruments e:WithinOneYear 2023-02-28 02727100 e:CurrentFinancialInstruments e:WithinOneYear 2022-02-28 02727100 e:Non-currentFinancialInstruments e:AfterOneYear 2023-02-28 02727100 e:Non-currentFinancialInstruments e:AfterOneYear 2022-02-28 02727100 e:ReportableOperatingSegment1 2022-03-01 2023-02-28 02727100 e:ReportableOperatingSegment1 2021-03-01 2022-02-28 02727100 f:UnitedKingdom 2022-03-01 2023-02-28 02727100 f:UnitedKingdom 2021-03-01 2022-02-28 02727100 f:RestEuropeOutsideUK 2022-03-01 2023-02-28 02727100 f:RestEuropeOutsideUK 2021-03-01 2022-02-28 02727100 f:RestWorldOutsideUK 2022-03-01 2023-02-28 02727100 f:RestWorldOutsideUK 2021-03-01 2022-02-28 02727100 e:UKTax 2022-03-01 2023-02-28 02727100 e:UKTax 2021-03-01 2022-02-28 02727100 e:ShareCapital 2022-03-01 2023-02-28 02727100 e:ShareCapital 2023-02-28 02727100 e:ShareCapital 2021-03-01 2022-02-28 02727100 e:ShareCapital 2022-02-28 02727100 e:ShareCapital 2021-03-01 02727100 e:SharePremium 2022-03-01 2023-02-28 02727100 e:SharePremium 2023-02-28 02727100 e:SharePremium 1 2022-03-01 2023-02-28 02727100 e:SharePremium 2021-03-01 2022-02-28 02727100 e:SharePremium 2022-02-28 02727100 e:SharePremium 2021-03-01 02727100 e:SharePremium 1 2021-03-01 2022-02-28 02727100 e:CapitalRedemptionReserve 2022-03-01 2023-02-28 02727100 e:CapitalRedemptionReserve 2023-02-28 02727100 e:CapitalRedemptionReserve 1 2022-03-01 2023-02-28 02727100 e:CapitalRedemptionReserve 2021-03-01 2022-02-28 02727100 e:CapitalRedemptionReserve 2022-02-28 02727100 e:CapitalRedemptionReserve 2021-03-01 02727100 e:RevaluationReserve 1 2021-03-01 2022-02-28 02727100 e:ForeignCurrencyTranslationReserve 2022-03-01 2023-02-28 02727100 e:ForeignCurrencyTranslationReserve 2023-02-28 02727100 e:ForeignCurrencyTranslationReserve 1 2022-03-01 2023-02-28 02727100 e:ForeignCurrencyTranslationReserve 2021-03-01 2022-02-28 02727100 e:ForeignCurrencyTranslationReserve 2022-02-28 02727100 e:ForeignCurrencyTranslationReserve 2021-03-01 02727100 e:ForeignCurrencyTranslationReserve 1 2021-03-01 2022-02-28 02727100 e:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 02727100 e:RetainedEarningsAccumulatedLosses 2023-02-28 02727100 e:RetainedEarningsAccumulatedLosses 1 2022-03-01 2023-02-28 02727100 e:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 02727100 e:RetainedEarningsAccumulatedLosses 2022-02-28 02727100 e:RetainedEarningsAccumulatedLosses 2021-03-01 02727100 e:RetainedEarningsAccumulatedLosses 1 2021-03-01 2022-02-28 02727100 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-03-01 2023-02-28 02727100 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-02-28 02727100 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-02-28 02727100 d:OrdinaryShareClass1 2022-03-01 2023-02-28 02727100 d:OrdinaryShareClass1 2023-02-28 02727100 d:OrdinaryShareClass1 2022-02-28 02727100 d:OrdinaryShareClass2 2022-03-01 2023-02-28 02727100 d:OrdinaryShareClass2 2023-02-28 02727100 d:OrdinaryShareClass2 2022-02-28 02727100 d:FRS102 2022-03-01 2023-02-28 02727100 d:Audited 2022-03-01 2023-02-28 02727100 d:FullAccounts 2022-03-01 2023-02-28 02727100 d:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 02727100 e:WithinOneYear 2023-02-28 02727100 e:WithinOneYear 2022-02-28 02727100 e:BetweenOneFiveYears 2023-02-28 02727100 e:BetweenOneFiveYears 2022-02-28 02727100 e:MoreThanFiveYears 2023-02-28 02727100 e:MoreThanFiveYears 2022-02-28 02727100 e:HirePurchaseContracts e:WithinOneYear 2023-02-28 02727100 e:HirePurchaseContracts e:WithinOneYear 2022-02-28 02727100 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-02-28 02727100 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-02-28 02727100 e:AcceleratedTaxDepreciationDeferredTax 2023-02-28 02727100 e:AcceleratedTaxDepreciationDeferredTax 2022-02-28 02727100 e:RetirementBenefitObligationsDeferredTax 2023-02-28 02727100 e:RetirementBenefitObligationsDeferredTax 2022-02-28 02727100 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-02-28 02727100 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-02-28 02727100 e:LeasedAssetsHeldAsLessee 2023-02-28 02727100 e:LeasedAssetsHeldAsLessee 2022-02-28 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 02727100







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2023


AIR-SEA PACKING GROUP LIMITED






































img47b0.png                        

 


AIR-SEA PACKING GROUP LIMITED
 


 
COMPANY INFORMATION


Directors
E Ahlin 
M Weston 




Company secretary
E Ahlin



Registered number
02727100



Registered office & principal trading address
Unit 1 Northolt Trading Estate
Belvue Road

Northolt

Middlesex

UB5 5QS




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000A Parkway

Whiteley

Hampshire

PO15 7FX





 


AIR-SEA PACKING GROUP LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10 - 11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 26

 


AIR-SEA PACKING GROUP LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023

Introduction
 
The directors present their strategic report and the financial statements of the company for the year ended 28 February 2023.

Business review
 
The company acts as a white glove logistics operator within the interior design sector, offering specialist handling, packing, crating and storage, large and small-scale installations of contemporary high-end furniture, artwork and home furnishings.
The year to 28 February 2023 overall year on year turnover was up over 26% on the previous year as referenced below, throughout the period we have ensured that net margins remained stable also.  The company has moved to their Oxford facility at the beginning of the financial year, so their overheads were increased due to associated expenses, but the profitability of the business easily coped with this increase.
The group continues to target the interior design sector and for this to become a mainstay of group activity.  The company have also increased their sales into the Luxury Hotel market completing a 160 bedrooms project in Central London this year. 
As at the balance sheet date, total net assets of the company were £2,892,054 (2022: £2,141,244). The company has undertaken a significant capital investment programme in the current year, with asset additions totalling £1,146,714. 

Principal risks and uncertainties
 
Principle risks and uncertainties faced by the group are as follows:
Competition Risk
The company operates in a competitive marketplace; our product is all about service, but we can be challenged on price to keep to our competitors price point which can negatively affect margins.
Market Risks 
The company operates mainly in the interior design sector; the company would be negatively affected by any disruption of that market.
Liquidity Risks
The company manages its cash and borrowing requirements to minimise interest charges whilst ensuring liquidity and available funds for our liabilities. We are would be aversely affected by limit any reduction of available borrowing or any sharp increase in interest rates or charges. 
Credit Risk 
We require all new clients to go through a credit approval process and offer credit accounts to our clients with agreed terms, we could be at risk of losses occurred should those clients. Trade debtors are monitored on an ongoing bass and provision for doubtful debts where necessary. 
Foreign Currency Risk
The company’s principal financial currency exposures arise from trading with overseas companies and customers. Company policy permits, but does not demand, that these exposures may be hedged in order to fix the cost in sterling. The risk is to be mitigated by invoicing in sterling wherever possible.

Page 1

 


AIR-SEA PACKING GROUP LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023

Financial key performance indicators
 
To the year 28 February 2023, we have seen a stable gross margin of and a reduction in overhead year on year.  
Turnover
Our revenue increased by 26% from £9.17m to £11.6m.
Gross profit margin
Our gross profit margin achieved in the year has slightly reduced to 50%.
Profit before tax 
Our profit before tax reduced by 22% from £1.56m to £1.47m.
The following ratios will be assessed on a consolidated group basis;
Debt to equity ratio
The debt to equity ratio sits at 2.9, Whilst this appears low, Equity will grow along with the profitability as the company continues to trade. 
Overall the directors are pleased with the continued success shown by the business.


This report was approved by the board and signed on its behalf.





................................................
E Ahlin
Director

Date: 29 November 2023
Page 2

 


AIR-SEA PACKING GROUP LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023

The directors present their report and the financial statements for the year ended 28 February 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £889,331 (2022 - £1,170,517).

Directors

The directors who served during the year were:

E Ahlin 
M Weston 

Future developments

Please refer to strategic report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 3

 


AIR-SEA PACKING GROUP LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
E Ahlin
Director

Date: 29 November 2023
Page 4

 


AIR-SEA PACKING GROUP LIMITED
 

img7a38.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIR-SEA PACKING GROUP LIMITED

Opinion


We have audited the financial statements of Air-Sea Packing Group Limited (the 'Company') for the year ended 28 February 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 28 February 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


AIR-SEA PACKING GROUP LIMITED


img7e32.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIR-SEA PACKING GROUP LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

 
Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


AIR-SEA PACKING GROUP LIMITED


img42ff.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIR-SEA PACKING GROUP LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety and general data protection regulation. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures. We corroborated our inquiries through our review of documentation.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area. 
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 
    Identifying and assessing the design effectiveness of controls management has in place to prevent and detect  
     fraud;
    Understanding how those charged with governance considered and addressed the potential for override of controls                or other inappropriate influence over the financial reporting process;
    Challenging assumptions and judgement made by management in its significant accounting estimates; and
    Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
°Posting of unusual journals and complex transactions;
°Missappropriation of funds through fraudulent supplier ledger activity; and 
°Manipulation of amounts subject to significant judgement or estimate. 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 


AIR-SEA PACKING GROUP LIMITED


img581c.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIR-SEA PACKING GROUP LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Galliers FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000A Parkway
Whiteley
Hampshire
PO15 7FX

29 November 2023
Page 8

 


AIR-SEA PACKING GROUP LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023
2022
Note
£
£

  

Turnover
 4 
11,560,517
9,172,737

Cost of sales
  
(5,764,178)
(4,164,641)

Gross profit
  
5,796,339
5,008,096

Administrative expenses
  
(4,644,019)
(3,566,101)

Other operating income
  
3,700
31,001

Operating profit
 5 
1,156,020
1,472,996

Interest payable and similar expenses
  
(25,278)
(23,200)

Profit before tax
  
1,130,742
1,449,796

Tax on profit
 9 
(241,411)
(279,279)

Profit for the financial year
  
889,331
1,170,517

Other comprehensive income for the year
  

Unrealised foreign exchange gain/(loss) on re-translation at year end
  
11,479
(4,694)

Other comprehensive income for the year
  
11,479
(4,694)

  

Total comprehensive income for the year
  
900,810
1,165,823

The notes on pages 13 to 26 form part of these financial statements.
Page 9

 


AIR-SEA PACKING GROUP LIMITED
REGISTERED NUMBER:02727100



STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
1,564,881
624,784

  
1,564,881
624,784

Current assets
  

Stocks
 12 
15,000
15,000

Debtors: amounts falling due within one year
 13 
5,544,783
4,192,026

Cash at bank and in hand
  
701,705
829,767

  
6,261,488
5,036,793

Creditors: amounts falling due within one year
 14 
(4,070,371)
(2,639,558)

Net current assets
  
 
 
2,191,117
 
 
2,397,235

Total assets less current liabilities
  
3,755,998
3,022,019

Creditors: amounts falling due after more than one year
 15 
(317,943)
(97,931)

Provisions for liabilities
  

Deferred tax
 17 
(332,944)
(133,949)

Other provisions
 18 
(213,057)
(648,895)

  
 
 
(546,001)
 
 
(782,844)

Net assets
  
2,892,054
2,141,244

Page 10

 


AIR-SEA PACKING GROUP LIMITED
REGISTERED NUMBER:02727100


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 19 
12,801
12,801

Share premium account
 20 
159,984
159,984

Capital redemption reserve
 20 
7,200
7,200

Foreign exchange reserve
 20 
(44,833)
(56,312)

Profit and loss account
 20 
2,756,902
2,017,571

  
2,892,054
2,141,244


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
E Ahlin
Director
Date: 29 November 2023

The notes on pages 13 to 26 form part of these financial statements.
Page 11


 
AIR-SEA PACKING GROUP LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023



Called up share capital
Share premium account
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 March 2021
12,801
159,984
7,200
(51,618)
1,042,054
1,170,421



Comprehensive income for the year


Profit for the year

-
-
-
-
1,170,517
1,170,517


Movement on foreign exchange
-
-
-
(4,694)
-
(4,694)

Total comprehensive income for the year
-
-
-
(4,694)
1,170,517
1,165,823



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(195,000)
(195,000)





At 1 March 2022
12,801
159,984
7,200
(56,312)
2,017,571
2,141,244



Comprehensive income for the year


Profit for the year

-
-
-
-
889,331
889,331


Movement on foreign exchange
-
-
-
11,479
-
11,479

Total comprehensive income for the year
-
-
-
11,479
889,331
900,810



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(150,000)
(150,000)



At 28 February 2023
12,801
159,984
7,200
(44,833)
2,756,902
2,892,054



The notes on pages 13 to 26 form part of these financial statements.
Page 12

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

These financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
Air-Sea Packing Group Limited is a private company limited by shares, registered in England and Wales. The address of its registered office & principal trading address is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of DEWA AWED Limited as at 28 February 2023 and these financial statements may be obtained from Companies House.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance methods..

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the term of the lease
Plant and machinery
-
10-20% straight line
Motor vehicles
-
20% reducing balance
Fixtures and fittings
-
10-20% straight line and 25% reducing balance
Office equipment
-
10-20% straight line and 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 15

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires the directors to make judgements and estimates that affect reported amounts of assets and liabilities during the year. These judgements and estimates are based on experience and knowledge of the detailed facts. The actual outcome may differ from those amount and any variance is reflected in the accounting records once it becomes apparent. In preparing the financial statements judgements and estimates have been necessary in the following key areas: 
Dilapidation provisions
Material estimation uncertainty arises in the calculation of dilapidation provisions values, due to uncertainty surrounding the valuation of the future liability. Management continually monitor the value of the provision against historic events and regularly utilise the services of suitably qualified professionals to mitigate the uncertainty associated with calculating the required provision. 

Page 16

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Turnover

2023
2022
£
£

Revenue
11,560,517
9,172,737

11,560,517
9,172,737


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
5,167,364
5,301,637

Rest of Europe
1,651,549
1,302,847

Rest of the world
4,741,604
2,568,253

11,560,517
9,172,737



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
207,026
152,009

Exchange differences
44,922
(95,306)

Other operating lease rentals
850,044
809,682


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
25,000
22,755

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 17

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Employees

2023
2022
£
£

Wages and salaries
3,181,952
2,046,828

Social security costs
201,577
119,124

Cost of defined contribution scheme
36,132
28,049

3,419,661
2,194,001


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Production
28
22



Administration
20
19



Management
4
4

52
45


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
48,854
44,173

48,854
44,173


Page 18

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
42,416
213,581


42,416
213,581


Total current tax
42,416
213,581

Deferred tax


Origination and reversal of timing differences
198,995
64,166

Adjustments in repsect of previous periods
-
1,532

Total deferred tax
198,995
65,698


Taxation on profit on ordinary activities
241,411
279,279

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,130,742
1,449,796


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
214,841
275,461

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,942
3,874

Deferred tax at a higher rate than standard rate of corporation tax
47,759
-

Adjustments to tax charge in respect of prior periods
-
1,532

Other differences leading to an increase (decrease) in the tax charge
(23,131)
-

Group relief
-
(1,588)

Total tax charge for the year
241,411
279,279

Page 19

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
 
9.Taxation (continued)


Factors that may affect future tax charges

A change in the main UK corporation tax rate, announced in the budget on 3 March 2021, was substantively enacted
on 24 May 2021 to increase the main corporation tax rate from 19% to 25% on profits over £250,000 from 1 April
2023. In addition the rate for small profits under £50,000 was to remain at 19%, and where the company's profits fall
between £50,000 and £250,000, the lower and upper limits marginal relief rules were due to apply. The deferred
taxation balances have been measured using the rates expected to apply in the reporting periods when the timing
differences reverse. 


10.


Dividends

2023
2022
£
£


Dividends paid
150,000
195,000

150,000
195,000

Page 20

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

11.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 March 2022
370,054
239,959
632,954
616,875
1,859,842


Additions
674,399
174,150
162,158
136,007
1,146,714


Disposals
(16,938)
(45,754)
-
-
(62,692)


Exchange adjustments
10,252
352
5,094
474
16,172



At 28 February 2023

1,037,767
368,707
800,206
753,356
2,960,036



Depreciation


At 1 March 2022
319,595
135,565
272,763
507,135
1,235,058


Charge for the year on owned assets
54,209
23,284
79,234
50,299
207,026


Disposals
(13,452)
(41,345)
-
-
(54,797)


Exchange adjustments
(3,037)
260
7,027
3,618
7,868



At 28 February 2023

357,315
117,764
359,024
561,052
1,395,155



Net book value



At 28 February 2023
680,452
250,943
441,182
192,304
1,564,881



At 28 February 2022
50,459
104,394
360,191
109,740
624,784

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
279,546
218,126

279,546
218,126

Page 21

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

12.


Stocks

2023
2022
£
£

Packing materials
15,000
15,000

15,000
15,000



13.


Debtors

2023
2022
£
£


Trade debtors
1,717,119
1,148,293

Amounts owed by group undertakings
507,630
663,361

Other debtors
2,928,572
2,148,171

Prepayments and accrued income
391,462
232,201

5,544,783
4,192,026



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
71,948
-

Trade creditors
986,838
697,163

Amounts owed to group undertakings
-
195,000

Corporation tax
42,416
213,581

Other taxation and social security
93,446
34,034

Obligations under finance lease and hire purchase contracts
276,532
81,513

Other creditors
2,134,002
1,299,375

Accruals and deferred income
465,189
118,892

4,070,371
2,639,558


Bank overdrafts of £71,948 (2022 - £Nil) are secured by way of a fixed and floating charge over the company's assets.
The company has provided security, by way of a fixed and floating charge over all freehold and leasehold property,  all intellectual property rights and plant, machinery, computers, vehicles, office or other equipment, in each case owned by the company now or in the future. This is in relation to the loan held by a related company. 

Page 22

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
317,943
97,931

317,943
97,931



16.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
276,532
81,513

Between 1-5 years
317,943
97,931

594,475
179,444


17.


Deferred taxation




2023


£






At beginning of year
(133,949)


Charged to profit or loss
(198,995)



At end of year
(332,944)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
332,944
134,577

Pension surplus
-
(628)

332,944
133,949

Page 23

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

18.


Provisions




Dilapidations

£





At 1 March 2022
648,895


Charged to profit or loss
(435,838)



At 28 February 2023
213,057

he company's rent agreement for ended within the current year, and as part of the agreement there is a requirement to complete works to the property. Previously the company obtained quotes which estimated this work would cost
£648,895, as such the above provision was made. Works have been carried out during the period and therefore the Directors have reviewed the provision during the current period and believe the provision should be reduced by £435,838.


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



12,800 (2022 - 12,800) Ordinary shares of £1.00 each
12,800
12,800
1 (2022 - 1) Ordinary A share of £1.00
1
1

12,801

12,801

Each ordinary share has equal voting and dividend rights.



20.


Reserves

Share premium account

This reserve records the amount received for shares in excess of the nominal value.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Foreign exchange reserve

This reserve records balance sheet movement caused by foreign exchange rate changes.

Profit and loss account

This reserve records retained earnings and accumulated losses.

Page 24

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

21.


Capital commitments


At 28 February 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
55,683

-
55,683


22.


Commitments under operating leases

At 28 February 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
640,564
329,149

Later than 1 year and not later than 5 years
1,674,523
231,674

Later than 5 years
3,237,500
-

5,552,587
560,823

The total lease payments relating to operating leases recognised as an expense in the financial year amounts to £850,044 (2022: £809,682).


23.


Related party transactions

The company entered into transactions with Airsea Packing Inc, a company operating in the United States of America and under common control as follows:
      - Airsea Packing Inc paid expenses on behalf of the Company totalling £253,808 (2022: £124,820)
      - Sales of services to Airsea Packing Inc totalled £3,671,202 (2022: £2,587,636)
At the year end the Company was owed £272,842 (2022: £128,318) by Airsea Packing Inc.
The Company entered into property rental & financing transactions with DEWA Northolt Unit 1 Limited, a UK company under common control as follows:
      - The Company accrued rent expenses of £231,862 (2022: £152,500)
At the year end the Company owed £1,690,308 (2022: £1,283,317) to DEWA Northolt Unit 1 Limited.
A bank loan held in a company under common control, 35 RRW Witney Limited is secured by a fixed and floating charge over the assets of the Company.
The Company has taken advantage of the exemption provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions between wholly owned members of the same group.

Page 25

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

24.


Ultimate parent undertaking and controlling party

In the opinion of the directors there is no ultimate controlling party.
The company is a subsidiary undertaking of Airsea Packing Holdings Limited, a company incorporated in England and Wales. 
The ultimate parent company is DEWA AWED Limited, a company that is incorporated in England and Wales.
The largest and smallest group in which the results of the company are consolidated is that headed by 
DEWA AWED Limited, whose registered office is Unit 1 Northolt Trading Estate, Belvue Road, Northolt, Middlesex, UB5 5QS.

 
Page 26