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REGISTERED NUMBER: 11835436 (England and Wales)















Financial Statements

for the Year Ended 31 December 2023

for

Air Hub Property Ltd

Air Hub Property Ltd (Registered number: 11835436)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Air Hub Property Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: H L Bosman
S W N Bruwer
A G De Clerk
J Morgan





REGISTERED OFFICE: Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA





REGISTERED NUMBER: 11835436 (England and Wales)





AUDITORS: The Barnbrook Sinclair Partnership LLP
Chartered Accountants
Statutory Auditor
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Air Hub Property Ltd (Registered number: 11835436)

Statement of Financial Position
31 December 2023

31/12/23 31/12/22
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 333 733
Investment property 6 2,450,000 2,450,000
2,450,333 2,450,733

CURRENT ASSETS
Cash at bank 30,256 3,423

CREDITORS
Amounts falling due within one year 7 (1,949,973 ) (384,258 )
NET CURRENT LIABILITIES (1,919,717 ) (380,835 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

530,616

2,069,898

CREDITORS
Amounts falling due after more than one
year

8

-

(1,517,289

)

PROVISIONS FOR LIABILITIES 10 (151,849 ) (151,849 )
NET ASSETS 378,767 400,760

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 346,800 346,800
Retained earnings 11 31,867 53,860
SHAREHOLDERS' FUNDS 378,767 400,760

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





H L Bosman - Director


Air Hub Property Ltd (Registered number: 11835436)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Air Hub Property Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes the company will be able to continue its operations for the foreseeable future. The validity of this assumption depends on the company continuing to meet its bank loan commitments through rental income.

The company's creditors include loans from a group company. The company has obtained confirmation from that group company that no requests for repayment would be made which put the company in a position not to be able to meet its other liabilities as they fall due for payment and to provide additional loan funding as necessary. On the above basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue represents rents receivable by the company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost and 20% on cost

Investment property
Investment property is initially measured at cost less impairment and subsequently measured at fair value whilst a reliable measure of fair value is available without undue cost or effort. Changes in fair value are recognised in profit or loss.

Financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102, in full, to all of its financial instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

The company is part of a tax group for certain aspects of tax legislation. One of these aspects relates to group relief whereby current tax liabilities can be offset by current tax losses arising in other companies within the same tax group.

Air Hub Property Ltd (Registered number: 11835436)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4. EMPLOYEES AND DIRECTORS

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

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
Cost
At 1 January 2023
and 31 December 2023 7,500
Depreciation
At 1 January 2023 6,767
Charge for year 400
At 31 December 2023 7,167
Net book value
At 31 December 2023 333
At 31 December 2022 733

6. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 January 2023
and 31 December 2023 2,450,000
Net book value
At 31 December 2023 2,450,000
At 31 December 2022 2,450,000

The company's investment property comprises freehold investment property in England, shown at the directors' estimate of fair value at the period end. If the investment property had not been revalued, it would have been shown at its original purchase price of £1,987,600.

Air Hub Property Ltd (Registered number: 11835436)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans and overdrafts - 97,297
Trade creditors 4,388 -
Amounts owed to group undertakings 1,935,172 277,031
Taxation and social security 6,413 6,680
Other creditors 4,000 3,250
1,949,973 384,258

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Bank loans - 1,517,289

9. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Bank loans - 1,614,586

The company's bankers hold a fixed charge over the investment property in respect of any amounts due under the terms of the commercial loan.

The bank loan was fully repaid on 28th November 2023.

10. PROVISIONS FOR LIABILITIES

Provisions for liabilities comprises a deferred tax liability of £151,849 (Dec 2022: £151,849), which has arisen on fair value adjustments of the company's investment property representing the full potential liability/(asset) for deferred tax payable on its sale and also accelerated capital allowances due to capital allowance claims in excess of qualifying depreciation.

Air Hub Property Ltd (Registered number: 11835436)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 53,860 346,800 400,660
Deficit for the year (21,993 ) (21,993 )
At 31 December 2023 31,867 346,800 378,667

Reserves of the company represent the following:

Retained earnings
The cumulative profit and loss net of distributions to owners.

Fair value reserve
The cumulative fair value gains and losses in respect of investment property revaluations recognised in and transferred from profit and loss including full provision for deferred tax payable on the sale of the investment.

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

The Report of the Auditors was unqualified.

Stuart Wright (Senior Statutory Auditor)
for and on behalf of The Barnbrook Sinclair Partnership LLP

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the period, the company had received a loan from its parent company Bataleur Investments Limited. The balance due in relation to this loan at 31 December 2023 was £1,912,236 and is included in Amounts owed to group undertakings. The loan is unsecured and interest of £30,883 was charged during the period and is included in this balance.

14. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Bataleur Investments Limited, incorporated in Guernsey. The company's business address is Oak House, Hirzel Street, St Peter Port, Guernsey. There is no ultimate controlling party.