Company Registration No. 04118485 (England and Wales)
WEST WALES AIRPORT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
WEST WALES AIRPORT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
WEST WALES AIRPORT LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,674,504
3,638,247
Current assets
Stocks
5
16,739
12,895
Debtors
6
319,056
360,282
Cash at bank and in hand
604,723
405,718
940,518
778,895
Creditors: amounts falling due within one year
7
(586,122)
(607,163)
Net current assets
354,396
171,732
Total assets less current liabilities
4,028,900
3,809,979
Creditors: amounts falling due after more than one year
8
(341,931)
(371,809)
Provisions for liabilities
(158,269)
(159,687)
Net assets
3,528,700
3,278,483
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
3,528,699
3,278,482
Total equity
3,528,700
3,278,483

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mrs L E Mann
Director
Company Registration No. 04118485
WEST WALES AIRPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

West Wales Airport Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fishpool Farm, St Weonards, Hereford, HR2 8NY.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements are prepared on a going concern basis. The basis of assessment is derived form forecasts prepared by the directors assuming that activities will continue in the the future as they have in the past, contracts are secured for a fixed term and overheads are relatively constant. However, following the death of the director Mr R Mann, the company is in the process of being sold the current directors will have no future involvement in the operation of the business and cannot be certain that their forecast will align with that of the new owners. There is therefore an inherent uncertainty that going concern is appropriate.

1.3
Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of services provided to date based on the proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

 

Landing fees and ancilliary services represents sale of such services net of VAT. Turnover is recognised when the services are physically supplied to the customer.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

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:

Freehold land and buildings
0% and 2% respectively, straight line
Leasehold property
10% straight line
Plant and machinery
25% and 10% straight line
Fixtures, fittings & office equipment
25% straight line
Motor vehicles
25% reducing balance
Asset under construction
No depreciation

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

WEST WALES AIRPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
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.

1.8
Financial instruments

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

 

Financial assets and liabilities are offset, with 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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies, 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

WEST WALES AIRPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.10
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 company’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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
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 leases asset are consumed.

1.14
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. Capital based grants are released to income over the useful life of the asset financed by the same.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Employees

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

2024
2023
Number
Number
Total
16
15
WEST WALES AIRPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Leasehold property
Assets under construction
Plant and machinery
Fixtures, fittings & office equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 July 2023
2,878,270
559,554
584,760
1,329,283
33,885
40,124
5,425,876
Additions
99,565
-
0
159,932
38,966
5,446
-
0
303,909
Disposals
(67,997)
-
0
-
0
(6,000)
-
0
-
0
(73,997)
Transfers
744,692
-
0
(744,692)
-
0
-
0
-
0
-
0
At 30 June 2024
3,654,530
559,554
-
0
1,362,249
39,331
40,124
5,655,788
Depreciation and impairment
At 1 July 2023
339,634
516,240
-
0
872,068
22,924
36,763
1,787,629
Depreciation charged in the year
48,252
16,868
-
0
125,489
8,206
840
199,655
Eliminated in respect of disposals
-
0
-
0
-
0
(6,000)
-
0
-
0
(6,000)
At 30 June 2024
387,886
533,108
-
0
991,557
31,130
37,603
1,981,284
Carrying amount
At 30 June 2024
3,266,644
26,446
-
0
370,692
8,201
2,521
3,674,504
At 30 June 2023
2,538,636
43,314
584,760
457,215
10,961
3,361
3,638,247
WEST WALES AIRPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Stocks
2024
2023
£
£
Stocks
16,739
12,895
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
213,570
336,823
Other debtors
105,486
23,459
319,056
360,282
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-
0
105,593
Amount due to parent undertaking
250,000
250,000
Trade creditors
59,481
50,581
Corporation tax
167,069
118,376
Other taxation and social security
81,570
47,329
Other creditors
4,618
1,517
Accruals and deferred income
23,384
33,767
586,122
607,163
WEST WALES AIRPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
20,635
Government grants
341,931
351,174
341,931
371,809

The bank loans and overdraft from Barclays Bank PLC are secured by a cross guarantee and debenture between the company and The Mann Organisation Limited consisting of fixed and floating charges over the business and all property and assets held, legal charges over the freehold property at Aberporth Airfield, and a guarantee from the director Mr R Mann limited to £350,000 supported by second charges over his assets.

 

The bank loan relates to a loan that was drawn down in 2019 over a 43 month term that carries interest at 2.5% per annum above Barclays Bank PLC base rate.

In 2009 year the company received a property development grant from the Welsh Assembly Government for £600,000 to assist with the costs of constructing an extension to the runway at West Wales Airport. The grant has been split between the amount relating to the capitalised costs of building the runway extension, deemed to be £485,129, and the amount relating to uncapitalised related costs of legal and professional fees and bank charges incurred, amounting to £114,871. The capital element is to be deferred and released in line with the depreciation rate charged on the assets for which assistance was received of nil% on freehold land and 2% straight line on freehold buildings.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Mark Ashworth BA FCA.
The auditor was Kendall Wadley LLP.
10
Operating lease commitments
Lessee

The following commitments relate to the rental of buildings on the site. Lease terms run for periods varying from 3 to 6 years.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
71,250
75,000
Between two and five years
140,833
226,879
212,083
301,879
WEST WALES AIRPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
11
Capital commitments
2024
2023
£
£
Acquisition of tangible fixed assets
-
100,000

 

12
Financial commitments, guarantees and contingent liabilities

The company and its parent The Mann Organisation Limited form a VAT group, as such the company is jointly and severally liable for amounts due to HM Revenue & Customs under the group arrangement.

 

13
Related party transactions
Transactions with related parties

The company paid consultancy fees of £37,245 (2023; £nil) to Isle Enterprise Limited, a company under the control of Mr A Fellows. At the year end the balance due to the company was £6,001 (2023: £nil).

 

The company paid in to pension fund of £20,333 (2023: £20,000) via CBRE as rental payments.

 

14
Directors' transactions

During year ended 30 June 2024, the company made advances of £170,000 and received repayments of £100,000. At the balance sheet date, the Director owed the company £70,000 (2023: £nil). This loan is unsecured and repayable on demand. Interest is not being charged.

15
Parent company

The entity is a wholly owned subsidiary of The Mann Organisation Limited, a company incorporated in England & Wales.

 

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