Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29No description of principal activitytruetruetrue2023-03-01false22falsefalse 05664699 2023-03-01 2024-02-29 05664699 2022-03-01 2023-02-28 05664699 2024-02-29 05664699 2023-02-28 05664699 2022-03-01 05664699 2 2023-03-01 2024-02-29 05664699 2 2022-03-01 2023-02-28 05664699 d:CompanySecretary1 2023-03-01 2024-02-29 05664699 d:Director1 2023-03-01 2024-02-29 05664699 d:Director2 2023-03-01 2024-02-29 05664699 d:RegisteredOffice 2023-03-01 2024-02-29 05664699 e:CurrentFinancialInstruments 2024-02-29 05664699 e:CurrentFinancialInstruments 2023-02-28 05664699 e:Non-currentFinancialInstruments 2024-02-29 05664699 e:Non-currentFinancialInstruments 2023-02-28 05664699 e:CurrentFinancialInstruments e:WithinOneYear 2024-02-29 05664699 e:CurrentFinancialInstruments e:WithinOneYear 2023-02-28 05664699 e:Non-currentFinancialInstruments e:AfterOneYear 2024-02-29 05664699 e:Non-currentFinancialInstruments e:AfterOneYear 2023-02-28 05664699 e:ShareCapital 2023-03-01 2024-02-29 05664699 e:ShareCapital 2024-02-29 05664699 e:ShareCapital 2022-03-01 2023-02-28 05664699 e:ShareCapital 2023-02-28 05664699 e:ShareCapital 2022-03-01 05664699 e:CapitalRedemptionReserve 2023-03-01 2024-02-29 05664699 e:CapitalRedemptionReserve 2024-02-29 05664699 e:CapitalRedemptionReserve 2 2023-03-01 2024-02-29 05664699 e:CapitalRedemptionReserve 2022-03-01 2023-02-28 05664699 e:CapitalRedemptionReserve 2023-02-28 05664699 e:CapitalRedemptionReserve 2022-03-01 05664699 e:CapitalRedemptionReserve 2 2022-03-01 2023-02-28 05664699 e:OtherMiscellaneousReserve 2023-03-01 2024-02-29 05664699 e:OtherMiscellaneousReserve 2024-02-29 05664699 e:OtherMiscellaneousReserve 2 2023-03-01 2024-02-29 05664699 e:OtherMiscellaneousReserve 2022-03-01 2023-02-28 05664699 e:OtherMiscellaneousReserve 2023-02-28 05664699 e:OtherMiscellaneousReserve 2022-03-01 05664699 e:OtherMiscellaneousReserve 2 2022-03-01 2023-02-28 05664699 e:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 05664699 e:RetainedEarningsAccumulatedLosses 2024-02-29 05664699 e:RetainedEarningsAccumulatedLosses 2 2023-03-01 2024-02-29 05664699 e:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 05664699 e:RetainedEarningsAccumulatedLosses 2023-02-28 05664699 e:RetainedEarningsAccumulatedLosses 2022-03-01 05664699 e:RetainedEarningsAccumulatedLosses 2 2022-03-01 2023-02-28 05664699 d:OrdinaryShareClass1 2023-03-01 2024-02-29 05664699 d:OrdinaryShareClass1 2024-02-29 05664699 d:OrdinaryShareClass1 2023-02-28 05664699 d:OrdinaryShareClass2 2023-03-01 2024-02-29 05664699 d:OrdinaryShareClass2 2024-02-29 05664699 d:OrdinaryShareClass2 2023-02-28 05664699 d:OrdinaryShareClass3 2023-03-01 2024-02-29 05664699 d:OrdinaryShareClass3 2024-02-29 05664699 d:OrdinaryShareClass3 2023-02-28 05664699 d:FRS102 2023-03-01 2024-02-29 05664699 d:Audited 2023-03-01 2024-02-29 05664699 d:FullAccounts 2023-03-01 2024-02-29 05664699 d:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05664699 e:Subsidiary3 2023-03-01 2024-02-29 05664699 e:Subsidiary3 1 2023-03-01 2024-02-29 05664699 e:Subsidiary4 2023-03-01 2024-02-29 05664699 e:Subsidiary4 1 2023-03-01 2024-02-29 05664699 6 2023-03-01 2024-02-29 05664699 f:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 05664699







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024


AIRSEA PACKING HOLDINGS LIMITED






































img7316.png                        

 


AIRSEA PACKING HOLDINGS LIMITED
 


 
COMPANY INFORMATION


Directors
E Ahlin 
M Weston 




Company secretary
E Ahlin



Registered number
05664699



Registered office
Unit 1
Northolt Trading Estate

Belvue Road

Northolt

Middlesex

UB5 5QS




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


AIRSEA PACKING HOLDINGS LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 17


 


AIRSEA PACKING HOLDINGS LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Introduction
 
The Directors present the strategic report of Airsea Packing Holdings Limited for the year to 29 February 2024.

Business review
 
The group acts as a white glove logistics operator within the interior design sector, offering specialist handling, packing, crating and storage, large and small-scale installations of contemporary high-end furniture, artwork and home furnishings.
The year to 29 February 2024, overall year on year turnover fell slighty by around 4% on the previous year as referenced below, throughout the period we have ensured that net margins remained stable.
The group continues to target the interior design sector and for this to become a mainstay of the group activities.
At the balance sheet date, the group net assets were £2,862,100 (2023: £1,964,208). The group has undertaken a significant capital investment programme in the current year, with asset additions totaling £303,442.

Principal risks and uncertainties
 
Principle risks and uncertainties faced by the trading subsidiaries are as follows:
Competition Risk
The group operates in a competitive marketplace; our product is all about service, but we can be challenged on price to
keep to our competitors price point which can negatively affect margins.
Market Risks
The group operates mainly in the interior design sector; the company would be negatively affected by any disruption of
that market.
Liquidity Risks
The group manages its cash and borrowing requirements to minimise interest charges whilst ensuring liquidity and
available funds for our liabilities. We are would be aversely affected by limit any reduction of available borrowing or any
sharp increase in interest rates or charges.
Credit Risk
We require all new clients to go through a credit approval process and offer credit accounts to our clients with agreed
terms, we could be at risk of losses occurred should those clients. Trade debtors are monitored on an ongoing bass and
provision for doubtful debts where necessary.
Foreign Currency Risk
The group's principal financial currency exposures arise from trading with overseas companies and customers.
Company policy permits, but does not demand, that these exposures may be hedged in order to fix the cost in sterling. The
risk is to be mitigated by invoicing in sterling wherever possible.
The company remains mindful of the consequences of the outcome of Brexit and the effect it could have on the business.

Page 1

 


AIRSEA PACKING HOLDINGS LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Financial key performance indicators
 
Within the group to the year 29 February 2024, we have seen a stable gross margin of and a reduction in overhead year on year.
Turnover
Our revenue decreased by 4% from £11.6m to £11.1m.
Gross profit margin
Our gross profit margin achieved in the year has slightly increased to 54%.
Profit before tax 
Our profit before tax increased by 35.4% from £1.13m to £1.53m.
The following ratios will be assessed on a consolidated group basis;
Debt to equity ratio
The debt to equity ratio sits at 1.52, Whilst this appears low, Equity will grow along with the profitability as the company continues to trade. 
Overall the directors are pleased with the continued success shown by the business.


This report was approved by the board and signed on its behalf.


................................................
E Ahlin
Director

Date: 28 November 2024

Page 2

 


AIRSEA PACKING HOLDINGS LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £114,287 (2023 - £142,408).

Directors

The directors who served during the year were:

E Ahlin 
M Weston 

Future developments

Please refer to the strategic report. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 3

 


AIRSEA PACKING HOLDINGS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
E Ahlin
Director

Date: 28 November 2024

Page 4

 


AIRSEA PACKING HOLDINGS LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIRSEA PACKING HOLDINGS LIMITED

Opinion


We have audited the financial statements of Airsea Packing Holdings Limited (the 'Company') for the year ended 29 February 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 29 February 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 


AIRSEA PACKING HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIRSEA PACKING HOLDINGS LIMITED (CONTINUED)

Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


AIRSEA PACKING HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIRSEA PACKING HOLDINGS LIMITED (CONTINUED)

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 an Auditors' Report 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.


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:

The Company is subject to laws and regulations that directly affect the financial statements including financial   reporting legislation, and general regulations such as health and safety and general data protection regulation. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance. We corroborated our inquiries through our review of documentation.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area. 
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and 
Identifying and testing journal entries, in particular any journal entries posted within unusual account combinations. 
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: 
 
°Posting of unusual journals and complex transactions; 
°Manipulation of amounts subject to significant judgement or estimate . 
 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 7

 


AIRSEA PACKING HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIRSEA PACKING HOLDINGS LIMITED (CONTINUED)

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 2006Our 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 an Auditors' Report 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.





Andrew Galliers FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

29 November 2024
Page 8

 


AIRSEA PACKING HOLDINGS LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
£
£

  

Administrative expenses
  
(520)
-

Operating (loss)/profit
  
(520)
-

Income from shares in group undertakings
  
120,000
150,000

Interest payable and similar expenses
 5 
(5,193)
(7,592)

Profit before tax
  
114,287
142,408

Profit for the financial year
  
114,287
142,408

Other comprehensive income for the year
  

Total comprehensive income for the year
  
114,287
142,408

The notes on pages 12 to 17 form part of these financial statements.

Page 9

 


AIRSEA PACKING HOLDINGS LIMITED
REGISTERED NUMBER:05664699



STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investments
 7 
599,236
599,236

  
599,236
599,236

Current assets
  

Debtors: amounts falling due within one year
 8 
18,868
18,868

  
18,868
18,868

Creditors: amounts falling due within one year
 9 
(639,541)
(641,493)

Net current liabilities
  
 
 
(620,673)
 
 
(622,625)

Total assets less current liabilities
  
(21,437)
(23,389)

Creditors: amounts falling due after more than one year
 10 
(51,907)
(101,147)

  

Net liabilities
  
(73,344)
(124,536)


Capital and reserves
  

Called up share capital 
  
6,036
6,253

Capital redemption reserve
 12 
5,987
5,770

Other reserves
 12 
(96,045)
(142,757)

Profit and loss account
 12 
10,678
6,198

  
(73,344)
(124,536)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
E Ahlin
Director

Date: 28 November 2024

The notes on pages 12 to 17 form part of these financial statements.

Page 10

 


AIRSEA PACKING HOLDINGS LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 March 2022
6,470
5,553
(187,070)
403
(174,644)


Comprehensive income for the year

Profit for the year
-
-
-
142,408
142,408
Total comprehensive income for the year
-
-
-
142,408
142,408


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(92,300)
(92,300)

Purchase of own shares
(217)
217
44,313
(44,313)
-


Total transactions with owners
(217)
217
44,313
(136,613)
(92,300)



At 1 March 2023
6,253
5,770
(142,757)
6,198
(124,536)


Comprehensive income for the year

Profit for the year
-
-
-
114,287
114,287
Total comprehensive income for the year
-
-
-
114,287
114,287


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(63,095)
(63,095)

Purchase of own shares
(217)
217
46,712
(46,712)
-


Total transactions with owners
(217)
217
46,712
(109,807)
(63,095)


At 29 February 2024
6,036
5,987
(96,045)
10,678
(73,344)


The notes on pages 12 to 17 form part of these financial statements.

Page 11

 


AIRSEA PACKING HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
Airsea Packing Holdings Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of DEWA AWED Limited as at 29 February 2024 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

At the year end date the company's liabilities exceeded its assets. As a result the company is reliant on the continued support of its fellow group companies.
Those companies have confirmed that they will continue to support the company and will not recall any loans owing to them until the company is in a position to do so.
As a result the directors consider that the company has adequate resources for the foreseeable future and therefore deems it appropriate to prepare the accounts on a going concern basis.  

Page 12

 


AIRSEA PACKING HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 13

 


AIRSEA PACKING HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
3,675
3,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2


5.


Interest payable and similar expenses

2024
2023
£
£


Unwinding discount on share buy backs
5,193
7,592

5,193
7,592


6.


Dividends

29 February
28 February
2024
2023
£
£


Dividends on ordinary shares
10,000
60,000


Dividends on preference shares
53,095
32,300

63,095
92,300

Page 14

 


AIRSEA PACKING HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
599,236



At 29 February 2024
599,236





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Air-Sea Packing Group Limited
Ordinary
100%
Air-Sea Transports SARL
Ordinary
100%

The registered offices of the above are;
Air-Sea Packing Group Limited
Unit 1, Northolt Trading Estate, Belvue Road, Northolt, Middlesex, United Kingdom, UB5 5QA.
Air-Sea Transports SARL
14 Rue Berthelot, 95500 Gonesse, France.


8.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
18,868
18,868

18,868
18,868


Page 15

 


AIRSEA PACKING HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Amounts owed to group undertakings
528,373
563,087

Other creditors
109,435
78,406

Accruals and deferred income
1,733
-

639,541
641,493


The company has provided security, by the way of a fixed and floating charge over all freehold and leasehold property, all intellectual rights and plant, machinery, computers, vehicles, office or other equipment, in each case owned by the company now or in the future. This is in relation to the loan held by a related company.


10.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Other creditors
51,907
101,147

51,907
101,147



11.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



1,201 (2023 - 1,201) Ordinary shares of £1.00 each
1,201
1,201
1,200 (2023 - 1,200) Ordinary A shares of £1.00 each
1,200
1,200
3,635 (2023 - 3,852) Preference shares of £1.00 each
3,635
3,852

6,036

6,253


Page 16

 


AIRSEA PACKING HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Reserves

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Other reserves

This reserve represents the equity element of a share buy back.

Profit and loss account

This reserve records retained earnings and accumulated losses.


13.


Related party transactions

There are no transactions occurring which require disclosure under Financial Reporting Standard 102 section 33.


14.


Controlling party

In the opinion of the directors there is no ultimate controlling party.
The company is a wholly owned subsidiary of DEWA AWED Limited, whose registered office is Unit 1, Northolt Trading Estate, Belvue Road, Northolt, Middlesex, United Kingdom, UB5 5QA.
The largest and smallest company which prepares consolidated accounts in which these figures are included is DEWA AWED Limited, incorporated in England and Wales. Copies of  the consolidated financial statements are from Companies House.
A bank loan held in a company under common control, 35 RRW Witney Limited is secured by a fixed and floating charge over the assets of the Company. 

 
Page 17