Company Registration No. 02781066 (England and Wales)
AIRWORLD HANDLING LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
AIRWORLD HANDLING LIMITED
COMPANY INFORMATION
Directors
Mr S Borkowski
Mr R Meakes
Mrs S Powell
Secretary
Mr S Borkowski
Company number
02781066
Registered office
Airworld House
33 High Street
Sunninghill
Ascot
Berkshire
SL5 9NP
Auditors
WD Audit Limtied
111 Charterhouse Street
London
United Kingdom
EC1M 6AW
Business address
Airworld House
33 High Street
Sunninghill
Ascot
Berkshire
SL5 9NP
AIRWORLD HANDLING LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
10
Group statement of comprehensive income
12
Group balance sheet
11
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 31
AIRWORLD HANDLING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present the strategic report and financial statements for the year ended 31 December 2022.

 

 

The group’s principal activities during the year continued to involve the provision of transportation and handling airfreight, freight security, investigative services along with border post inspection facilities and services at London Heathrow airport.

Fair review of the business

 

During 2022, the group saw a decline in turnover due to market conditions which reduced operations at Heathrow.

 

Market positioning has also been difficult with competitors gaining ground in the airfreight industry, which has lead to reduced contracts across the group during the year.

 

In consideration of the current economic situation of the group, the board of directors have decided to renounce the pension award provision included in the prior year. Consequently, the provision has been reversed which has resulted in a significant increase of the reserves at the year end.

 

 

The group does not intend to expand outside of the United Kingdom.

 

2022     2021     Change

£      £

Turnover                   8,000,708         12,295,726     - 35%

Group operating profit/(loss)          (2,021,789)          (133,423)     - 1,415%

Profit before tax                  1,805,883          (72,472)     + 2,591%

Profit and loss reserves         1,859,895     382,643     + 386%

Current assets as % of current liabilities     128%         171%     - 43%

Average number of employees               96         83     + 16%

 

 

The reserves have increased by £1,477,251 to £1,859,895. This increase is due the reversal of the provision for pension, resulting in a reduction of £4,000,000 of the administrative expenses.

Key Performance Indicator

 

The Key Performance Indicators (KPI) presented below reflect the way performance of the group has been measured in 2022. Management is using three KPI: Growth in Revenue, Gross profit margin and Current accounts receivable.

 

Growth in revenue: This is a key area of strategic focus for the Board. Revenue has decreased by £4,295,018 to £8,000,708 (2021: £12,295,726).

 

Operating profit/loss: To track the underlying performance of the business and to ensure sales growth translates into increased profits or sales decrease are followed by a reduction of cost. The group suffered losses during the year as a direct result of the war in Ukraine and the loss of contracts. Consequently, the operating loss increased by £1,888,366 to £2,021,789.

 

Trade debtors: The trade debtors balance for the group decreased by £457,756 to £980,162 (2021: £1,437,918). The decrease is due to the reduction of activity.

AIRWORLD HANDLING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

Principal risks and uncertainties

 

Operating and Market Risk        

The company operates in a sector that is linked to the health of the wider economy.  A slowdown in airlines activity would have an impact on the company's profitability. 

 

The Airworld Group operates mainly in the aviation industry providing services relating to security and cargo handling and transportation. A sharp decline in global cargo and travel would impact the profitability of the group.

Principal risks and uncertainties relate to customer service performance and changes in airline strategies together with any changes in airport regulations.

 

Any changes in customs regulations are reviewed on a regular basis by operational management to ensure compliance.

 

Assets and liabilities that expose the company to financial risk consist principally of cash, trade debtors and creditors. The credit risk associated with trade debtors is managed by monitoring credit worthiness of new clients and being able to utilise it’s invoice discounting facility. The financial instruments associated with cash and trade creditors are considered minimal.

 

Product Risk    

The company's is dependent upon the continuation of existing handling and security contracts with airlines and airports.

 

Price risk

The Company has no exposure to equity securities price risk, as it holds no listed or other equity investments other than investments in subsidiary companies.

 

The directors are of the view that the group is not exposed to any significant interest rate or inflation rate risks and does not have any exposure to any equity securities price risk as it does not hold any listed or any other equity investments other than investments in subsidiary companies.

 

Ukraine war

Since the beginning of the war in Ukraine, the airline industry has faced issues flying over Russia due to international sanctions, this has resulted in a significant reduction of operation.

 

Event after balance sheet date

 

Airworld GSE was dissolved the 25 July 2023

Future developments

 

The directors expect a significant improvement in the profit of the group in 2023. As per latest projections, in the year 2023 the turnover increased to the level pre Ukraine war.

Mrs S Powell
Director
13 March 2024
AIRWORLD HANDLING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2022.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S Borkowski
Mr R Meakes
Mrs S Powell
Results and dividends

No ordinary dividends were paid. The directors do not recommend payment of a final dividend for the year (2021: £nil).

Financial risk management
Airworld Handling Limited operates in the airport industry providing services relating to security and airfreight.
Principal risks and uncertainties relate to changes in the Airlines and Airport regulations.
The company has adopted risk management policies that seek to mitigate the financial risks as follows:
Financial assets and liabilities that expose the company to financial risk consist principally of cash, trade debtors and trade creditors. The credit risk associated with trade debtors is managed by monitoring credit worthiness of the company's clients.
The carrying amounts of bank balances, trade debtors and payables approximates their respective fair value due to the relatively short term maturing of these financial instruments.
The company does not have interest rate derivatives.

Credit risk

 

Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

 

Liquidity risk

 

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long-term and short-term debt finance.

 

Further details regarding liquidity risk can be found in the statement of accounting policies in the financial statements.

Research and development
The group is not involved in any reasearch and development activity.
AIRWORLD HANDLING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Post reporting date events and future developments
Post reporting date events and future developments are detailed in the Strategic report.
Auditor
WD Audit Limited were appointed as auditors to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mrs S Powell
Director
13 March 2024
AIRWORLD HANDLING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

AIRWORLD HANDLING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AIRWORLD HANDLING LIMITED
- 6 -
Opinion

We have audited the financial statements of Airworld Handling Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's and parent 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 auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

AIRWORLD HANDLING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AIRWORLD HANDLING LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

 

 

 

 

AIRWORLD HANDLING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AIRWORLD HANDLING LIMITED
- 8 -

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

 

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors.

 

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to employment laws and regulations. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these laws and regulations and inspected correspondence with regulatory authorities.

 

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.

 

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

 

AIRWORLD HANDLING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AIRWORLD HANDLING LIMITED
- 9 -

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 2006. Our 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 auditor's 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.

Roy Davis (Senior Statutory Auditor)
For and on behalf of WD Audit Limited
14 March 2024
Chartered Accountants
Statutory Auditor
111 Charterhouse Street
London
United Kingdom
EC1M 6AW
AIRWORLD HANDLING LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
2022
2021
Notes
£
£
Turnover
3
8,000,708
12,295,726
Cost of sales
(8,199,000)
(10,456,691)
Gross (loss)/profit
(198,292)
1,839,035
Administrative expenses
(1,823,497)
(2,029,972)
Other operating income
-
57,514
Operating loss
5
(2,021,789)
(133,423)
Interest receivable and similar income
9
28,214
68,547
Interest payable and similar expenses
8
(17,958)
(7,596)
Exceptional items
23
3,817,416
-
Profit/(loss) before taxation
1,805,883
(72,472)
Tax on profit/(loss)
10
(328,632)
-
0
Profit/(loss) for the financial year
20
1,477,251
(72,472)
Profit/(loss) for the financial year is all attributable to equity shareholders of the company

The profit and loss account has been prepared on the basis that all operations are continuing operations.

AIRWORLD HANDLING LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 11 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
11
782,658
854,819
Current assets
Debtors
13
7,095,378
7,200,331
Cash at bank and in hand
478,877
3,571,832
7,574,255
10,772,163
Creditors: amounts falling due within one year
14
(5,792,381)
(6,266,963)
Net current assets
1,781,874
4,505,200
Total assets less current liabilities
2,564,532
5,360,019
Creditors: amounts falling due after more than one year
15
(704,537)
(977,276)
Provisions for liabilities
Provisions
17
-
0
4,000,000
-
(4,000,000)
Net assets
1,859,995
382,743
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
20
1,859,895
382,643
Total equity
1,859,995
382,743
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:
13 March 2024
Mrs S Powell
Director
Company registration number 02781066 (England and Wales)
AIRWORLD HANDLING LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
2022
2021
£
£
Profit/(loss) for the year
1,477,251
(72,472)
Other comprehensive income
-
-
Total comprehensive income for the year
1,477,251
(72,472)
Total comprehensive income for the year is all attributable to the equity shareholders of the company
AIRWORLD HANDLING LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 13 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
12
200,500
200,500
Current assets
Debtors
13
6,539,999
4,857,120
Cash at bank and in hand
17,719
1,503,596
6,557,718
6,360,716
Creditors: amounts falling due within one year
14
(1,690,081)
(2,117,407)
Net current assets
4,867,637
4,243,309
Total assets less current liabilities
5,068,137
4,443,809
Creditors: amounts falling due after more than one year
15
(704,537)
(977,276)
Provisions for liabilities
17
-
0
(4,000,000)
Net assets/(liabilities)
4,363,600
(533,467)
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
20
4,363,500
(533,567)
Total equity
4,363,600
(533,467)

As permitted by S408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £4,897,067 (2021 - £4,970,436 loss).

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:
13 March 2024
Mrs S Powell
Director
Company Registration No. 02781066
AIRWORLD HANDLING LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
100
455,112
455,212
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(72,472)
(72,472)
Other movements
-
3
3
Balance at 31 December 2021
100
382,643
382,643
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
1,477,251
1,477,251
Other movements
-
1
1
Balance at 31 December 2022
100
1,859,895
1,859,995
AIRWORLD HANDLING LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
100
4,436,869
4,436,969
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(4,970,436)
(4,970,436)
Balance at 31 December 2021
100
(533,567)
(533,467)
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
4,897,067
4,897,067
Balance at 31 December 2022
100
4,363,500
4,363,600
AIRWORLD HANDLING LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 16 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(2,406,008)
940,364
Interest paid
(17,958)
(7,596)
Net cash (outflow)/inflow from operating activities
(2,423,966)
932,768
Investing activities
Purchase of tangible fixed assets
-
(344,677)
Proceeds from disposal of tangible fixed assets
35,000
-
Repayment of loans
(424,256)
(648,705)
Interest received
28,215
68,547
Net cash used in investing activities
(361,041)
(924,835)
Financing activities
Repayment of bank loans
(264,788)
(277,566)
Net cash used in financing activities
(264,788)
(277,566)
Net decrease in cash and cash equivalents
(3,049,795)
(269,633)
Cash and cash equivalents at beginning of year
3,528,672
3,798,305
Cash and cash equivalents at end of year
478,877
3,528,672
Relating to:
Cash at bank and in hand
478,877
3,571,832
Bank overdrafts included in creditors payable within one year
-
(43,160)
AIRWORLD HANDLING LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 17 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(1,718,512)
457,638
Income taxes (paid)/refunded
(610,936)
96,189
Net cash (outflow)/inflow from operating activities
(2,329,448)
553,827
Investing activities
Proceeds from other investments and loans
(426,820)
(367,124)
Interest received
27,727
68,050
Dividends received
1,500,000
-
0
Net cash generated from/(used in) investing activities
1,100,907
(299,074)
Financing activities
Repayment of bank loans
(257,336)
(265,254)
Net cash used in financing activities
(257,336)
(265,254)
Net decrease in cash and cash equivalents
(1,485,877)
(10,501)
Cash and cash equivalents at beginning of year
1,503,596
1,514,097
Cash and cash equivalents at end of year
17,719
1,503,596
AIRWORLD HANDLING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 18 -
1
Accounting policies
Company information

Airworld Handling Limited is a limited company incorporated in England and Wales. The registered office is Airworld House, 33 High Street, Sunninghill, Ascot, Berkshire. SL5 9NP.

 

The Group consists of Airworld Handling Limited and all of its subsidiaries.

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.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Airworld Handling Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 December 2022.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.4
Turnover

Turnover comprises the invoiced services sold during the year, excluding value added tax, and net of trade discounts. The company’s policy is to recognise a sale when substantively all the risks and rewards in connection with the service have been passed to the buyer.

Dividend income from investments is recognised when the shareholders’ rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably).

Interest income is recognised when it is probable that the economic benefits will flow to the group and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.

AIRWORLD HANDLING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 19 -
1.5
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
£10,000 per year
Plant and equipment
20 - 25% straight line
Fixtures and fittings
20 - 33% straight line
Computers
20 - 33% straight line
Motor vehicles
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 recognised in the profit and loss account.

1.6
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.

1.7
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.

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 group 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.

AIRWORLD HANDLING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 20 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation taking into account the risks and uncertainties surrounding the obligations.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

 

The obligations for contributions to defined contribution scheme are recognised as an expense in the period they are incurred. The assets of the scheme are held separately from those of the company in an independently administrated fund.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

AIRWORLD HANDLING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 21 -
1.12
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.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
Taxation

The group establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Management estimation is required to determine the amount of deferred tax assets that can be recognised based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in note 10.

Depreciation

The difference between the purchase price or production cost (or revalued amount) and estimated residual value of a fixed asset which has a limited useful economic life should be allocated on a systematic basis to each accounting period during the useful life of the asset. The depreciation charge for each period should be recognised as an expense in the profit and loss account unless it is permitted to be included in the carrying amount of another asset.

Provision for pension

The group established a provision based on reasonable estimates based on employee awards attributed to directors during the board meeting.

AIRWORLD HANDLING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 22 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2022
2021
£
£
Turnover
Investigation and security services
5,817,973
9,709,266
Freight and Handling services
2,053,738
2,202,873
Manufacturing ground support equipment
128,997
283,487
8,000,708
12,295,726
Other significant revenue
Interest income
28,214
68,547
Grants received
-
57,514
Turnover analysed by geographical market
2022
2021
£
£
United Kingdom sales
8,000,708
12,295,726
4
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
16,000
16,000
Audit of the financial statements of the company's subsidiaries
20,000
34,000
36,000
50,000
5
Operating loss
2022
2021
£
£
Operating loss for the year is stated after charging/(crediting):
Government grants
-
(57,514)
Depreciation of owned tangible fixed assets
72,161
302,158
Profit on disposal of tangible fixed assets
(35,000)
-
AIRWORLD HANDLING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 23 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
96
83
11
14

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
4,672,780
5,306,166
976,900
1,173,540
Social security costs
473,053
457,722
128,921
144,081
Pension costs
158,083
166,688
67,109
86,187
5,303,916
5,930,576
1,172,930
1,403,808
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
753,609
664,471
Company pension contributions to defined contribution schemes
52,904
46,969
806,513
711,440
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2021 - 3).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
446,911
441,888
Company pension contributions to defined contribution schemes
31,307
31,150
AIRWORLD HANDLING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 24 -
8
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
9,912
3,025
Other finance costs:
Other interest
8,046
4,571
Total finance costs
17,958
7,596
9
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
487
497
Other interest income
27,727
68,050
Total income
28,214
111,181
10
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current year
338,158
-
0
Adjustments in respect of prior periods
(9,526)
-
0
Total current tax
328,632
-
0
AIRWORLD HANDLING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Profit/(loss) before taxation
1,805,883
(72,472)
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
343,116
-
Tax effect of entertainment expenses that are not deductible in determining taxable profit
9,528
8,063
Tax effect of Legal and professional expenses that are not deductible in determining taxable profit
157
7,869
Tax effect on profit and loss on disposal of tangible fixed assets that are not deductible in determining taxable profit
(6,650)
-
Tax effect on bad and doubtful debt that are not deductible in determining taxable profit
34,691
Other tax effect on consolidation
-
(17,042)
Adjustments in respect of prior years
(9,525)
-
Loss brought forward
(50,887)
-
Permanent capital allowances in excess of depreciation
(5,509)
(13,355)
Depreciation on assets not qualifying for tax allowances
13,711
14,465
Tax expense for the year
328,632
-
AIRWORLD HANDLING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2022
870,764
523,538
135,355
3,322
1,214,447
2,747,426
Disposals
-
0
(245,467)
(3,370)
-
0
-
0
(248,837)
At 31 December 2022
870,764
278,071
131,985
3,322
1,214,447
2,498,589
Depreciation and impairment
At 1 January 2022
200,764
350,406
135,355
3,322
1,202,760
1,892,607
Depreciation charged in the year
10,000
55,494
-
0
-
0
6,667
72,161
Eliminated in respect of disposals
-
0
(245,467)
(3,370)
-
0
-
0
(248,837)
At 31 December 2022
210,764
160,433
131,985
3,322
1,209,427
1,715,931
Carrying amount
At 31 December 2022
660,000
117,638
-
0
-
0
5,020
782,658
At 31 December 2021
670,000
173,132
-
0
-
0
11,687
854,819
The company had no tangible fixed assets at 31 December 2022 or 31 December 2021.
12
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
24
-
0
-
200,500
200,500
13
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
980,162
1,437,918
-
0
-
0
Corporation tax recoverable
1,305,388
1,130,072
1,305,388
1,130,072
Amounts owed by group undertakings
-
-
1,191,675
-
Other debtors
4,224,320
3,942,811
4,023,736
3,725,024
Prepayments and accrued income
585,508
689,530
19,200
2,024
7,095,378
7,200,331
6,539,999
4,857,120
AIRWORLD HANDLING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 27 -
14
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
16
287,129
322,338
272,873
257,470
Trade creditors
2,865,022
3,002,359
50,905
47,480
Corporation tax payable
1,291,113
1,453,212
1,066,158
1,346,239
Other taxation and social security
585,483
806,212
240,156
354,061
Other creditors
247,734
108,894
-
0
-
0
Accruals and deferred income
515,900
573,948
59,989
112,157
5,792,381
6,266,963
1,690,081
2,117,407
15
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
16
704,537
977,276
704,537
977,276
16
Loans and overdrafts
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
991,666
1,256,454
977,410
1,234,746
Bank overdrafts
-
0
43,160
-
0
-
0
991,666
1,299,614
977,410
1,234,746
Payable within one year
287,129
322,338
272,873
257,470
Payable after one year
704,537
977,276
704,537
977,276

 

 

17
Provisions for liabilities
Group
Company
2022
2021
2022
2021
£
£
£
£
Employee award provision
-
4,000,000
-
4,000,000
AIRWORLD HANDLING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
17
Provisions for liabilities
(Continued)
- 28 -
Movements on provisions:
Employee compensation provision
Group
£
At 1 January 2021
4,000,000
Reversal of provision
(4,000,000)
At 31 December 2022
-
Employee award provision
Company
£
At 1 January 2021
4,000,000
Reversal of provision
(4,000,000)
At 31 December 2022
-
In view of the economic condition of the company and the group, the directors took the decision to reverse the provision for pension award allocated to the directors.
The provision balance brought forward represented the pension award allocated in 2019 and would become payable when the directors would reach the age of retirement.
18
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
158,083
166,688

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2022
2021
Ordinary share capital
£
£
Issued and fully paid
1 Ordinary share of £100 each
100
100
AIRWORLD HANDLING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 29 -
20
Profit and loss reserves
Group
Company
2022
2021
2022
2021
£
£
£
£
At the beginning of the year
382,643
455,112
(533,567)
4,436,869
Profit/(loss) for the year
1,477,251
(72,472)
4,897,067
(4,970,436)
Other movements
1
3
-
-
At the end of the year
1,859,895
382,643
4,363,500
(533,567)

 

21
Controlling party

Since the 17 February 2022 the ultimate controlling party is Airworld Handling Group Limited company number 13740254, registered at Airworld House, 33 High Street, Sunninghill, Ascot, United Kingdom, SL5 9NF, by virtue of its ownership of 100% of the issued share capital of the company.

22
Related party transactions

No guarantees have been given or received.

 

Other related parties

 

At the year end, included in other debtors, is the overdrawn directors loan account of £3,903,960 (2021: £3,479,704).

 

The overdrawn directors loan is repayable on demand and subject to a mandatory interest rate of 2.0% per annum.

23
Exeptional items

Within exceptional items: £3,817,416

 

£-182,584 represents the balance written off with the related company West Green Place Equestrian Ltd.

 

£4,000,000 relates to the brought forward provision for pension award which was reversed as the directors in view of the economic situation of the company and the group decided that the probability of settlement of the provision was unlikely.

 

 

 

 

 

 

 

 

 

 

 

 

AIRWORLD HANDLING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 30 -
24
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Nature of business
Country of incorporation (or residence)
Proportion ownership interest
Proportion of voting power held
Airworld Airlines Ltd
Cargo transit shed operator
UK
100
100
Airworld GSE Ltd
Airlines support equipment
UK
100
100
Cargosec Limited
X-ray security function
UK
100
100
Airworld Security Ltd
Cargot security check
UK
100
100
Jax Design Ltd
Equipment design
UK
100
100
Eurobip Limited
Border inspection
UK
100
100
Airworld Aviation Support LTD
Dormant
UK
100
100
Airworld Contracts Ltd
Dormant
UK
100
100
25
Cash (absorbed by)/generated from group operations
2022
2021
£
£
Profit/(loss) for the year after tax
1,477,251
(72,472)
Adjustments for:
Taxation charged
328,632
-
0
Finance costs
17,958
7,596
Investment income
(28,214)
(68,547)
Gain on disposal of tangible fixed assets
(35,000)
-
Depreciation and impairment of tangible fixed assets
72,161
302,158
Decrease in provisions
(4,000,000)
-
Movements in working capital:
(Increase)/decrease in debtors
(104,953)
1,678,098
Decrease in creditors
(133,843)
(906,469)
Cash (absorbed by)/generated from operations
(2,406,008)
940,364
26
Analysis of changes in net funds/(debt) - group
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
3,571,832
(3,092,955)
478,877
Bank overdrafts
(43,160)
43,160
-
0
3,528,672
(3,049,795)
478,877
Borrowings excluding overdrafts
(1,256,454)
264,788
(991,666)
2,272,218
(2,785,007)
(512,789)
AIRWORLD HANDLING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 31 -
27
Analysis of changes in net funds/(debt) - company
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
1,503,596
(1,485,877)
17,719
Borrowings excluding overdrafts
(1,234,746)
257,336
(977,410)
268,850
(1,228,541)
(959,691)
28
Cash (absorbed by)/generated from operations - company
2022
2021
£
£
Profit/(loss) for the year after tax
4,897,067
(4,970,436)
Adjustments for:
Taxation charged
155,539
-
0
Investment income
(1,527,727)
(68,050)
Decrease in provisions
(4,000,000)
-
Movements in working capital:
(Increase)/decrease in debtors
(1,080,743)
5,542,309
Decrease in creditors
(162,648)
(46,185)
Cash (absorbed by)/generated from operations
(1,718,512)
457,638
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