REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st December 2023 |
for |
The Air Group Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st December 2023 |
for |
The Air Group Limited |
The Air Group Limited (Registered number: 01536863) |
Contents of the Financial Statements |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The Air Group Limited |
Company Information |
for the Year Ended 31st December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2 West Street |
Henley On Thames |
Oxfordshire |
RG9 2DU |
The Air Group Limited (Registered number: 01536863) |
Abridged Balance Sheet |
31st December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors: amounts falling due within one year |
Debtors: amounts falling due after more than one year |
6 |
Investments |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium | 9 |
Revaluation reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The Air Group Limited (Registered number: 01536863) |
Abridged Balance Sheet - continued |
31st December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Air Group Limited (Registered number: 01536863) |
Notes to the Financial Statements |
for the Year Ended 31st December 2023 |
1. | STATUTORY INFORMATION |
The Air Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Changes in accounting policies |
The measurement basis of investments in subsidiaries has been changed from cost less impairment to fair value through the profit and loss. |
The directors believe that this provides more reliable and relevant information, as the carrying amount reflects market movements. |
This change in accounting policy has been applied retrospectively and the relevant figures re-instated. |
A summary of the impact of the changes is as follows: |
Year To 31 December 2022 | Year To 31 December 2022 | Year To 31 December 2021 |
Profit and Loss Account Items: |
Revaluation gain/ (loss) on subsidiaries and other participating interests | -£10,951 | +£8,721 | +680,402 |
Profit before taxation | -£10,951 | +£8,721 | +680,402 |
Profit for the financial year | -£10,951 | +£8,721 | +680,402 |
Balance Sheet Items: |
Investments | -£10,951 | +£8,721 | +680,402 |
Revaluation reserve | -£10,951 | +£8,721 | +680,402 |
Turnover |
Turnover represents amounts receivable for goods and services net of VAT |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the costs of each asset over its expected useful life, as follows: |
Land & Buildings (Leasehold ) 20% straight line |
Computer equipment 33% straight line |
Fixtures & fittings 33% straight line |
Motor Vehicles 33% straight line |
Work in progress |
Work in progress is valued on the basis of direct costs plus attributable overheads. Appropriate provision is made for any foreseeable losses. No element of profit is included in the valuation of work in progress. |
The Air Group Limited (Registered number: 01536863) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
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 balance sheet date. |
Investments |
Fixed asset investments are stated at their quoted market value. Where a quoted valuation does not exist, the investments are valued at the lower of cost and the directors' opinion of market value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
The Air Group Limited (Registered number: 01536863) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1st January 2023 | 6,868,120 |
Additions | 1,025,482 |
Disposals | (687,739 | ) |
At 31st December 2023 | 7,205,863 |
PROVISIONS |
At 1st January 2023 | (869,981 | ) |
Charge for year | 11,950 |
At 31st December 2023 | (858,031 | ) |
NET BOOK VALUE |
At 31st December 2023 | 8,063,894 |
At 31st December 2022 | 7,738,101 |
6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed by AGRL |
7. | SECURED DEBTS |
Bank overdraft facility with Lloyds Bank PLC. There is a fixed and floating charge over the assets of the company to secure this liability. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary Shares | £1 | 300,000 | 300,000 |
Preference | £1 | 2,175,000 | 2,175,000 |
2,475,000 | 2,475,000 |
9. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1st January 2023 | 7,093,407 |
Deficit for the year | ( |
) | ( |
) |
Movement in Investments | - | - | (10,951 | ) | (10,951 | ) |
At 31st December 2023 | 7,003,058 |
The Air Group Limited (Registered number: 01536863) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
10. | RELATED PARTY DISCLOSURES |
At the year end, the company owed Mr NJS Randall £4,393,912 (2022 - £3,419,516.15) in respect of his directors loan account. The full amount has been included in long term creditors. |
At the year end, the company owed £7,482,501 (2022 - £7,482,501) to its parent company, Roman Rentals 012 Limited. The full amount has been included in long term creditors. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is N J S Randall. |