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REGISTERED NUMBER: 00272168 (England and Wales)












Sywell Aerodrome,Limited

Group Strategic Report,

Report of the Directors and

Audited Consolidated Financial Statements

for the Year Ended 31 March 2024






Sywell Aerodrome,Limited (Registered number: 00272168)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 20


Sywell Aerodrome,Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M H Bletsoe-Brown
Mrs M Findlay
P J Bletsoe-Brown
C B Heslop
S D Shaw
A C Hewitt
Miss A E Bletsoe-Brown
Mrs J Jones
Mrs J Conway


SECRETARY: Mrs J Jones


REGISTERED OFFICE: Hall Farm
Sywell Aerodrome
Sywell
Northampton
Northamptonshire
NN6 0BN


REGISTERED NUMBER: 00272168 (England and Wales)


AUDITORS: Kilby Fox
Statutory Auditor
4 Pavilion Court
600 Pavilion Drive
Northampton Business Park
Northampton
Northamptonshire
NN4 7SL


BANKERS: Santander Corporate Banking
Santander House
AHMG83
201 Grafton Gate East
Milton Keynes
MK9 1AN

Sywell Aerodrome,Limited (Registered number: 00272168)

Group Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The Company's commercial property remained fully let for the year, except for the new build and some small office units. Any small commercial units that have come vacant have been re-let. Lease renewals have seen increases in rent in line with the local market, which remained buoyant throughout the year due to a shortage of commercial units in the local area.

Although the COVID pandemic impacted the office rental market due to employees being reluctant to return to the office, that situation has eased and the office rental market is slowly recovering.

The arable land and eligible grassland continues to be rented out to Bletsoe-Brown Ltd. Estate staff remain engaged full time on estate maintenance and building works.

The airfield remained operational throughout the year. However, the re-staffing of the Tower to provide a CAA licensed Air/Ground Service reduced profitability of the Tower due to increased wage costs. Further, during the year the decision was taken not to continue to pursue any further the re-instatement of the GPS Approach (granted prior to COVID) due to the onerous requests from the CAA. As a result of that decision it followed there was no point in maintaining our CAA license, which was not renewed on 31/03/24 and as a consequence the Tower staff were made redundant. This has resulted in significant cost savings.

The alternative revenue streams on the airfield continue to make significant contributions to sales and profitability. The established events on the airfield continue and they have also contributed significantly towards Aviation and Hotel sales.

Brooklands Engineering had a difficult year due to the lack of engineers despite having a good workload. This resulted in reduced sales and minimal profit. The only licensed engineer at Brooklands Engineering handed in his notice to leave on 04/04/24. Despite advertising, not a single application was received for the Chief Engineer's position. This resulted in the Company being forced to close down Brooklands Engineering as the business could not continue to operate a CAA licensed facility without a licensed engineer. This had been highlighted as a risk previously.

Since the year-end the airfield has been busy with corporate events, flight experiences and many auto-experience events. However, Tower sales have reduced due to less flying by the private flyer. Since the year end Brooklands Engineering has been closed down.

The Aviator Hotel combined sales for the year increased significantly on the previous year, which resulted in a trading profit of £153,438 for the year. The Aviator Hotel sales grew steadily throughout the year. Hotel bedroom sales, conferencing and room hire increased significantly. Unfortunately, there was a fire in the bedroom block in March 2022 taking eleven bedrooms out of service. Repairs have now been finished and all bedrooms are now back in service. Overall, the Hotel has performed well. Since the year-end the hotel sales have remained at record levels.

In conclusion the Group's result for the financial year is a trading profit of £1,168,642. After taxation and dividend payments, the resulting adjustment to reserves is £183,519. Overall, the company has performed well as the business has increased sales and profit during the year.

The Group's borrowings totalled £2,674,327 at the end of the financial year, a significant reduction on the previous year. This level of debt is felt manageable given the Group's overall performance.


Sywell Aerodrome,Limited (Registered number: 00272168)

Group Strategic Report
for the Year Ended 31 March 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The main focus of the business is to continue to maintain full occupancy of the Company's commercial units as this represents a significant part of the Company's overall income. Rental voids represent the Company's highest financial risk.

Dilapidations when tenants vacate remains a major issue requiring robust management to ensure the vacated property is restored to its previous refurbished state at the vacating tenant's cost.

During the year construction of the Brooklands Technology Park was largely finished in April 2023. However, there were a number of issues to overcome in Building A, the one that faces the road. Those issues have been resolved and the final Art Deco features were finished in June 2024. Therefore, the build is now complete and within the original contractor's tender. Negotiations with insurers continue and a significant sum has been received to date.

The aviation business performed well during the year, in part due to the alternative revenue streams. Overall aircraft activity was reduced on the previous year. The main operators have been extremely busy with flight experiences etc. Corporate aircraft movements continue to remain spasmodic. Aircraft hangarage has reduced due to 2Excel moving their Navajo aircraft away from Sywell nearer to their new maintenance base, following the closure of Brooklands Engineering. Brooklands Engineering has been closed due to the lack of licensed engineers being available. Recruiting licensed engineers has proved very difficult, which was highlighted previously as a major risk to the business.

The Hotel has performed well during the year, however, recruiting new staff has been an ongoing problem. However, important departmental posts have been filled. Bar and restaurant trade has been good. Bedroom sales and conferencing sales have improved throughout the year. The business has returned to reasonable profit after a few difficult years. Since the year-end the business continues to trade at record levels.

The Company currently has no bank loans. Funding is via a long-term non-recallable mortgage, which is being paid down over a fifteen-year term. This arrangement reduces the financial risk to the Company in the event of another banking crisis or recession.

DEVELOPMENT AND PERFORMANCE
The Company will continue to build new commercial units and aviation hangars while demand remains strong. The Brooklands Technology Park was completed by the Company following the construction company going into administration in August 2022. The build is now finished and tenants have moved into eight of the eleven units, which is having a positive impact on the Company's profitability and when fully let will significantly improve the financial performance of the Company.

The Aviator Hotel has fully recovered after COVID and is trading at record levels. Bedroom sales have been the main driver and conferencing and functions are making a come-back.

The aviation business received approval for a GPS approach in February 2020. However, due to COVID and the closing of the Tower, the CAA demanded that the GPS Approach was relinquished. An application was lodged to re-instate the approval, however, the CAA refused to regard our application as a re-instatement. This required a new application from scratch, which took 7 years previously. Therefore, the decision was taken not to continue to pursue the GPS Approach application.

Alternative revenue streams remain very important to the Tower profitability as there has been reduced private aircraft activity during the year despite the established aviation operators on the airfield remaining very busy with flight experiences and corporate entertainment. The closure of the Blades Aerobatic Team, part of 2Excel, in June 2023 has had a detrimental impact on the financial performance of the aviation business.

The Company continues to implement its current business plan, however, these are challenging times with general consumer spending under pressure. However, corporate spending is not so limited. The business plan remains relevant at the present time, although, it will be revisited if a change in the economic climate indicates a review is appropriate.


Sywell Aerodrome,Limited (Registered number: 00272168)

Group Strategic Report
for the Year Ended 31 March 2024

FUTURE DEVELOPMENT
The immediate focus is to let the remaining units in the Brooklands Technology Park. There are plans to create a self-store container park and to build further commercial units at Bellman Gate.

The Aviator Hotel will continue to build on its current solid customer base.

The Aviation business will be looking to maintain aircraft activity and maintain the alternative revenue streams that have been so successful so far.

ON BEHALF OF THE BOARD:





M H Bletsoe-Brown - Director


12 September 2024

Sywell Aerodrome,Limited (Registered number: 00272168)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of property management of the company's commercial units, farming the arable land, aerodrome operators of the licensed airfield, aircraft engineering service providers and hoteliers operating in the provision of accommodation, meals, bars, conference and function facilities.

DIVIDENDS
Based on the profits for the year ended 31 March 2023 the following dividends per share were paid:
£2.20 - 28 April 2023
£2.75 - 27 October 2023
This results in a total distribution of £401,192.55. In order to comply with current UK GAAP this has been shown as an interim dividend for the year ended 31 March 2024.

FUTURE DEVELOPMENTS
The immediate focus is to let all the units in the Brooklands Technology Park.

The Aviator Hotel will continue to build on its current solid customer base.

The Aviation business will be looking to maintain aircraft activity and develop the alternative revenue streams that have been so successful so far.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

M H Bletsoe-Brown
Mrs M Findlay
P J Bletsoe-Brown
C B Heslop
S D Shaw
A C Hewitt
Miss A E Bletsoe-Brown
Mrs J Jones
Mrs J Conway

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Sywell Aerodrome,Limited (Registered number: 00272168)

Report of the Directors
for the Year Ended 31 March 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Kilby Fox, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M H Bletsoe-Brown - Director


12 September 2024

Report of the Independent Auditors to the Members of
Sywell Aerodrome,Limited

Opinion
We have audited the financial statements of Sywell Aerodrome,Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Sywell Aerodrome,Limited


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Sywell Aerodrome,Limited


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Audit response to risks identified

As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

Report of the Independent Auditors to the Members of
Sywell Aerodrome,Limited


- reading minutes of meetings of those charged with governance
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditors responsibilities. This description forms part of our Report of the Auditors.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Frances Tebbutt ACA FCCA FMAAT (Senior Statutory Auditor)
for and on behalf of Kilby Fox
Statutory Auditor
4 Pavilion Court
600 Pavilion Drive
Northampton Business Park
Northampton
Northamptonshire
NN4 7SL

26 September 2024

Sywell Aerodrome,Limited (Registered number: 00272168)

Consolidated
Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3 5,537,754 5,045,246

Cost of sales 2,242,930 2,441,122
GROSS PROFIT 3,294,824 2,604,124

Administrative expenses 1,980,958 1,591,827
1,313,866 1,012,297

Other operating income 26,955 33,097
OPERATING PROFIT 5 1,340,821 1,045,394

Profit/loss on disposal of investment
property

6

-

480,000
1,340,821 1,525,394

Interest receivable and similar income 7 4,754 1,260
1,345,575 1,526,654

Interest payable and similar expenses 8 176,933 147,947
PROFIT BEFORE TAXATION 1,168,642 1,378,707

Tax on profit 9 985,123 80,818
PROFIT FOR THE FINANCIAL YEAR 183,519 1,297,889
Profit attributable to:
Owners of the parent 183,519 1,297,889

Sywell Aerodrome,Limited (Registered number: 00272168)

Consolidated
Other Comprehensive Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 183,519 1,297,889


OTHER COMPREHENSIVE INCOME
Revaluation of investment property 5,174,618 -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

5,174,618

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

5,358,137

1,297,889

Total comprehensive income attributable to:
Owners of the parent 5,358,137 1,297,889

Sywell Aerodrome,Limited (Registered number: 00272168)

Consolidated Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 225,313 632,289
Investments 13 - -
Investment property 14 25,135,000 20,095,221
25,360,313 20,727,510

CURRENT ASSETS
Stocks 15 148,955 154,058
Debtors 16 853,323 677,850
Cash at bank and in hand 1,583,058 760,238
2,585,336 1,592,146
CREDITORS
Amounts falling due within one year 17 2,931,237 2,121,998
NET CURRENT LIABILITIES (345,901 ) (529,852 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,014,412

20,197,658

CREDITORS
Amounts falling due after more than one
year

18

(2,327,792

)

(2,979,903

)

PROVISIONS FOR LIABILITIES 21 (1,360,057 ) (848,136 )
NET ASSETS 21,326,563 16,369,619

CAPITAL AND RESERVES
Called up share capital 22 81,049 81,049
Share premium 23 358,396 358,396
Revaluation reserve 23 8,601,422 3,426,804
Retained earnings 23 12,285,696 12,503,370
SHAREHOLDERS' FUNDS 21,326,563 16,369,619

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:




A C Hewitt - Director M H Bletsoe-Brown - Director




Mrs J Jones - Director


Sywell Aerodrome,Limited (Registered number: 00272168)

Company Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 119,465 535,504
Investments 13 26,252 26,252
Investment property 14 25,135,000 20,095,221
25,280,717 20,656,977

CURRENT ASSETS
Debtors 16 473,139 340,074
Cash at bank and in hand 1,453,704 199,750
1,926,843 539,824
CREDITORS
Amounts falling due within one year 17 4,402,133 2,887,939
NET CURRENT LIABILITIES (2,475,290 ) (2,348,115 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,805,427

18,308,862

CREDITORS
Amounts falling due after more than one
year

18

(2,327,792

)

(2,979,903

)

PROVISIONS FOR LIABILITIES 21 (1,319,243 ) (809,657 )
NET ASSETS 19,158,392 14,519,302

CAPITAL AND RESERVES
Called up share capital 22 81,049 81,049
Share premium 23 358,396 358,396
Revaluation reserve 23 8,601,422 3,426,804
Retained earnings 23 10,117,525 10,653,053
SHAREHOLDERS' FUNDS 19,158,392 14,519,302

Company's (loss)/profit for the financial year (134,335 ) 1,082,597

Sywell Aerodrome,Limited (Registered number: 00272168)

Company Balance Sheet - continued
31 March 2024


The financial statements have been prepared 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 12 September 2024 and were signed on its behalf by:




A C Hewitt - Director M H Bletsoe-Brown - Director




Mrs J Jones - Director


Sywell Aerodrome,Limited (Registered number: 00272168)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 81,049 11,205,481 358,396 3,426,804 15,071,730

Changes in equity
Total comprehensive income - 1,297,889 - - 1,297,889
Balance at 31 March 2023 81,049 12,503,370 358,396 3,426,804 16,369,619

Changes in equity
Dividends - (401,193 ) - - (401,193 )
Total comprehensive income - 183,519 - 5,174,618 5,358,137
Balance at 31 March 2024 81,049 12,285,696 358,396 8,601,422 21,326,563

Sywell Aerodrome,Limited (Registered number: 00272168)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 81,049 9,570,456 358,396 3,426,804 13,436,705

Changes in equity
Total comprehensive income - 1,082,597 - - 1,082,597
Balance at 31 March 2023 81,049 10,653,053 358,396 3,426,804 14,519,302

Changes in equity
Dividends - (401,193 ) - - (401,193 )
Total comprehensive income - (134,335 ) - 5,174,618 5,040,283
Balance at 31 March 2024 81,049 10,117,525 358,396 8,601,422 19,158,392

Sywell Aerodrome,Limited (Registered number: 00272168)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,216,539 1,597,777
Interest paid (176,933 ) (147,847 )
Interest element of hire purchase or finance
lease rental payments paid

-

(100

)
Tax paid (178,085 ) (239,843 )
Net cash from operating activities 1,861,521 1,209,987

Cash flows from investing activities
Purchase of tangible fixed assets (68,676 ) (48,763 )
Purchase of investment property (264,294 ) (4,254,526 )
Sale of tangible fixed assets 379,850 220,129
Sale of investment property - 480,000
Interest received 4,754 1,260
Net cash from investing activities 51,634 (3,601,900 )

Cash flows from financing activities
New loans in year - 1,187,940
Loan repayments in year (689,085 ) (479,479 )
Capital repayments in year - (13,315 )
Amount withdrawn by directors (57 ) -
Equity dividends paid (401,193 ) -
Net cash from financing activities (1,090,335 ) 695,146

Increase/(decrease) in cash and cash equivalents 822,820 (1,696,767 )
Cash and cash equivalents at beginning of
year

2

760,238

2,457,005

Cash and cash equivalents at end of year 2 1,583,058 760,238

Sywell Aerodrome,Limited (Registered number: 00272168)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 1,168,642 1,378,707
Depreciation charges 505,858 388,177
Profit on disposal of fixed assets (10,922 ) (610,776 )
Finance costs 176,933 147,947
Finance income (4,754 ) (1,260 )
1,835,757 1,302,795
Decrease in stocks 5,103 14,359
Increase in trade and other debtors (175,473 ) (28,326 )
Increase in trade and other creditors 551,152 308,949
Cash generated from operations 2,216,539 1,597,777

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,583,058 760,238
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 760,238 2,457,005


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 760,238 822,820 1,583,058
760,238 822,820 1,583,058
Debt
Debts falling due within 1 year (383,508 ) 36,973 (346,535 )
Debts falling due after 1 year (2,979,903 ) 652,111 (2,327,792 )
(3,363,411 ) 689,084 (2,674,327 )
Total (2,603,173 ) 1,511,904 (1,091,269 )

Sywell Aerodrome,Limited (Registered number: 00272168)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Sywell Aerodrome,Limited 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The group financial statements consolidate the accounts of Sywell Aerodrome Limited and all its subsidiary undertakings made up to 31 March each year;

Turnover and profits arising on trade between group companies are excluded

Goodwill arising on consolidation is written off in full against reserves

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 25% on reducing balance and 2% on cost
Plant and machinery - 25% on reducing balance and 4% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


Sywell Aerodrome,Limited (Registered number: 00272168)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Rent 2,483,293 2,066,919
Hotel 1,699,426 1,426,361
Farming 30,613 31,320
Aviation 1,324,422 1,520,646
5,537,754 5,045,246

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,309,048 1,239,812
Social security costs 109,086 104,590
Other pension costs 41,599 37,079
1,459,733 1,381,481

The average number of employees during the year was as follows:
2024 2023

Hotel 47 43
Estate maintenance 2 2
Aviation 9 7
Aerodrome administration 6 5
64 57

2024 2023
£    £   
Directors' remuneration 406,216 369,070

Sywell Aerodrome,Limited (Registered number: 00272168)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 231,945 209,600

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 505,857 388,178
Profit on disposal of fixed assets (10,922 ) (130,776 )
Auditors' remuneration 17,066 14,989

6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Profit/loss on disposal of investment property - 480,000

The exceptional item of £nil (2023 : £480,000) represents the profit on disposal of the Yusen building that was destroyed by fire in May 2019. It has been calculated based on the insurance proceeds received less the cost of the original building that was destroyed.

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 4,754 1,260

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 176,933 147,847
Hire purchase interest - 100
176,933 147,947

Sywell Aerodrome,Limited (Registered number: 00272168)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 474,890 129,771
Interest (1,688 ) -
Total current tax 473,202 129,771

Deferred tax 511,921 (48,953 )
Tax on profit 985,123 80,818

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,168,642 1,378,707
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

292,161

261,954

Effects of:
Expenses not deductible for tax purposes 1,003 4,123
Capital allowances in excess of depreciation - (63,626 )
Depreciation in excess of capital allowances 91,170 -

Profit on disposal of fixed assets (2,731 ) (116,047 )
Balancing charge 93,287 43,367
Movement in deferred tax provision 511,921 (48,953 )
Interest (1,688 ) -
Total tax charge 985,123 80,818

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation of investment property 5,174,618 - 5,174,618

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Sywell Aerodrome,Limited (Registered number: 00272168)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

11. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 401,193 -

12. TANGIBLE FIXED ASSETS

Group
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 April 2023 13,500 2,934,883 2,948,383
Additions - 68,676 68,676
Disposals - (496,596 ) (496,596 )
At 31 March 2024 13,500 2,506,963 2,520,463
DEPRECIATION
At 1 April 2023 13,331 2,302,763 2,316,094
Charge for year 42 106,682 106,724
Eliminated on disposal - (127,668 ) (127,668 )
At 31 March 2024 13,373 2,281,777 2,295,150
NET BOOK VALUE
At 31 March 2024 127 225,186 225,313
At 31 March 2023 169 632,120 632,289

Company
Plant and
machinery
£   
COST
At 1 April 2023 2,148,911
Additions 19,206
Disposals (490,897 )
At 31 March 2024 1,677,220
DEPRECIATION
At 1 April 2023 1,613,407
Charge for year 66,620
Eliminated on disposal (122,272 )
At 31 March 2024 1,557,755
NET BOOK VALUE
At 31 March 2024 119,465
At 31 March 2023 535,504

Sywell Aerodrome,Limited (Registered number: 00272168)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 26,252
NET BOOK VALUE
At 31 March 2024 26,252
At 31 March 2023 26,252

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

The Aviator Hotel Limited
Registered office: United Kingdom
Nature of business: Hoteliers
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,189,744 1,022,996
Profit for the year 166,748 66,724

Sywell Aviation Limited
Registered office: United Kingdom
Nature of business: Operators of Sywell Aerodrome
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,062,106 912,391
Profit for the year 149,715 148,569


Sywell Aerodrome,Limited (Registered number: 00272168)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

14. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2023 24,776,132
Additions 264,294
Revaluations 5,174,618
At 31 March 2024 30,215,044
DEPRECIATION
At 1 April 2023 4,680,911
Charge for year 399,133
At 31 March 2024 5,080,044
NET BOOK VALUE
At 31 March 2024 25,135,000
At 31 March 2023 20,095,221

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2016 5,062,931
Valuation in 2024 5,174,618
Cost 19,977,495
30,215,044

Company
Total
£   
FAIR VALUE
At 1 April 2023 24,776,132
Additions 264,294
Revaluations 5,174,618
At 31 March 2024 30,215,044
DEPRECIATION
At 1 April 2023 4,680,911
Charge for year 399,133
At 31 March 2024 5,080,044
NET BOOK VALUE
At 31 March 2024 25,135,000
At 31 March 2023 20,095,221

Included in fair value of investment property is freehold land of £ 1,900,000 (2023 - £ 1,900,000 ) which is not depreciated.

Sywell Aerodrome,Limited (Registered number: 00272168)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

14. INVESTMENT PROPERTY - continued

Company

Included in net book value of £25,135,000 (2023 : £20,095,221) are the Airfield at £85,000, the Hotel at £1,600,000, the Sywell Trading Estate at £21,550,000 and agricultural land of £1,900,000.

In May 2019 a fire destroyed one of the industrial units on Sywell industrial estate. During the year ended 31 March 2023 the company received £500,000 (2022 : £5,246,410 and 2021 : £450,000) insurance proceeds towards rebuilding this site. The company expects to receive further insurance proceeds however it is not possible to quantify this value at present. The disposal cost has been calculated based on the proportion of the square footage of the unit destroyed as a percentage of the total area of industrial units leased. The resulting gain is shown as an exceptional item.

The directors are of the opinion that the value of £25,135,000 is a fair value of investment property as at 31 March 2024.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2016 5,062,931
Valuation in 2024 5,174,618
Cost 19,977,495
30,215,044

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 19,977,495 19,713,201
Aggregate depreciation (4,436,596 ) (4,099,109 )

The company's property was valued on fair value basis on 31 March 2024 by CBRE .

15. STOCKS

Group
2024 2023
£    £   
Stocks 148,955 154,058

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 364,700 340,246 250,677 168,412
Other debtors 18,134 24,043 18,134 24,043
Prepayments & accrued income 470,489 288,605 204,328 67,184
VAT - 24,956 - 80,435
853,323 677,850 473,139 340,074

Sywell Aerodrome,Limited (Registered number: 00272168)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 19) 346,535 383,508 346,535 383,508
Trade creditors 568,911 613,316 300,623 294,067
Amounts owed to group undertakings - - 2,085,880 1,324,966
Corporation tax 374,889 79,772 271,284 5,416
Social security and other taxes 35,936 31,166 13,757 13,249
Wages control account 17,799 2,083 2,966 2,083
VAT 198,811 - 129,827 -
Other creditors 51,159 28,168 8,250 2,286
Accruals & deferred income 1,158,582 761,796 1,075,644 649,740
Deposits 178,615 222,132 167,367 212,567
Directors' current accounts - 57 - 57
2,931,237 2,121,998 4,402,133 2,887,939

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 19) 2,327,792 2,979,903 2,327,792 2,979,903

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 346,535 383,508 346,535 383,508
Amounts falling due between one and two years:
Bank loans - 1-2 years 346,535 383,508 346,535 383,508
Amounts falling due between two and five years:
Bank loans - 2-5 years 462,047 511,344 462,047 511,344
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more than 5 yrs by instalments 1,519,210 2,085,051 1,519,210 2,085,051

Sywell Aerodrome,Limited (Registered number: 00272168)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 2,674,327 3,363,411 2,674,327 3,363,411

During the year ended 31st March 2017, the Sywell group of companies entered into a new agreement with The Agricultural Mortgage Company plc.

A first legal mortgage from Sywell Aerodrome Limited over the freehold property known as Lancaster Hangar, Aerodrome and Land, Wellington Hangar site, and the site of Brooklands Gate, Sywell Aerodrome, Wellingborough Road, Sywell, Northampton, and the Land to the west of Hardwick Lodge, Hardwick, Wellingborough, Northamptonshire.

A composite guarantee with the other group companies in respect of the obligations to The Agricultural Mortgage Corporation plc.

21. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 1,360,057 848,136 1,319,243 809,657

Group
Deferred
tax
£   
Balance at 1 April 2023 848,136
Provided during year 511,921
Balance at 31 March 2024 1,360,057

Company
Deferred
tax
£   
Balance at 1 April 2023 809,657
Charge to Income Statement during year 509,586
Balance at 31 March 2024 1,319,243

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
81,049 Ordinary £1 81,049 81,049

Sywell Aerodrome,Limited (Registered number: 00272168)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

23. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 12,503,370 358,396 3,426,804 16,288,570
Profit for the year 183,519 183,519
Dividends (401,193 ) (401,193 )
Revaluation of investment property - - 5,174,618 5,174,618
At 31 March 2024 12,285,696 358,396 8,601,422 21,245,514

Company
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 10,653,053 358,396 3,426,804 14,438,253
Deficit for the year (134,335 ) (134,335 )
Dividends (401,193 ) (401,193 )
Revaluation of investment property - - 5,174,618 5,174,618
At 31 March 2024 10,117,525 358,396 8,601,422 19,077,343


24. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme of £41,599 (2023 : £37,079) are charged to the profit and loss account in the period to which they relate.

25. ULTIMATE PARENT COMPANY

No one person has ultimate control over the group

26. RELATED PARTY DISCLOSURES

Sywell Aviation Limited and The Aviator Hotel Limited are 100% subsidiaries of Sywell Aerodrome Limited.

Included within Company Creditors due within one year is £1,440,754 (2023 : £1,051,578) payable from Sywell Aerodrome Limited to Sywell Aviation Limited.

Also included within Company Creditors due within one year is £645,126 (2023 : £273,388) payable from Sywell Aerodrome Limited to The Aviator Hotel Limited.

The company is claiming the exemption under paragraph 33.1A of FRS102 from disclosing transactions with other wholly owned subsidiaries.

Michael Bletsoe-Brown and Philip Bletsoe-Brown directors of Sywell Aerodrome Limited are also directors and shareholders of Bletsoe-Brown Limited. Included within sales is £30,613 (2023 : £31,320) to Bletsoe-Brown Limited and included within purchases is £132 (2023 : £3,432) from Bletsoe-Brown Limited.