REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Air Hub Property Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investment property | 6 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 | 346,800 | 346,800 |
Retained earnings | 11 | 31,867 | 53,860 |
SHAREHOLDERS' FUNDS |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements and going concern |
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 |
Fixtures and fittings | - |
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 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/12/23 | 31/12/22 |
£ | £ |
Bank loans |
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. |
for and on behalf of |
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. |