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Company registration number: 02727100







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


AIR-SEA PACKING GROUP LIMITED






































img5329.png                        

 


AIR-SEA PACKING GROUP LIMITED
 


 
COMPANY INFORMATION


Directors
E Ahlin 
M Weston 




Company secretary
E Ahlin



Registered number
02727100



Registered office & principal trading address
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





 


AIR-SEA PACKING GROUP 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 - 11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 26


 


AIR-SEA PACKING GROUP LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Introduction
 
The directors present their strategic report and the financial statements of the company for the year ended 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 group are as follows:
Competition Risk
The company 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 company operates mainly in the interior design sector; the company would be negatively affected by any disruption of that market.
Liquidity Risks
The company 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 company’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.

Page 1

 


AIR-SEA PACKING GROUP LIMITED
 



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

Financial key performance indicators
 
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.

Other key performance indicators
 
In the year there were zero insurance claims across the fleet in the business. Health and safety standards have been high, but have continued to improve post year-end in order to adhere to government guidelines with the increased use of PPE, social distancing and office staff working from home.
Waste is recycled wherever possible; the company use a waste disposal company which promote zero landfill. There has been an update to packaging materials, which are now created from recycled materials and are fully recyclable. The vehicles in use are Euro 6 compliant and are more environmentally friendly than older vehicles. The company aim to reduce their environmental impact where possible and have taken steps to assist.


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





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

Date: 28 November 2024

Page 2

 


AIR-SEA PACKING GROUP 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 £965,218 (2023 - £889,331).

Directors

The directors who served during the year were:

E Ahlin 
M Weston 

Future developments

Please refer to 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

 


AIR-SEA PACKING GROUP 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

 


AIR-SEA PACKING GROUP LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIR-SEA PACKING GROUP LIMITED

Opinion


We have audited the financial statements of Air-Sea Packing Group 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

 


AIR-SEA PACKING GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIR-SEA PACKING GROUP 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.


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

 


AIR-SEA PACKING GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIR-SEA PACKING GROUP 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 procedures. 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 with 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

 


AIR-SEA PACKING GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIR-SEA PACKING GROUP 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

 


AIR-SEA PACKING GROUP LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,104,220
11,560,517

Cost of sales
  
(5,173,412)
(5,764,178)

Gross profit
  
5,930,808
5,796,339

Administrative expenses
  
(4,330,186)
(4,644,019)

Other operating income
  
10,000
3,700

Operating profit
 5 
1,610,622
1,156,020

Interest payable and similar expenses
 9 
(64,603)
(25,278)

Profit before tax
  
1,546,019
1,130,742

Tax on profit
  
(580,801)
(241,411)

Profit for the financial year
  
965,218
889,331

Other comprehensive income for the year
  

Other comprehensive income
  
(1,152)
11,479

Other comprehensive income for the year
  
(1,152)
11,479

Total comprehensive income for the year
  
964,066
900,810

The notes on pages 13 to 26 form part of these financial statements.

Page 9

 


AIR-SEA PACKING GROUP LIMITED
REGISTERED NUMBER:02727100



STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
979,083
1,564,881

  
979,083
1,564,881

Current assets
  

Stocks
 13 
15,000
15,000

Debtors: amounts falling due within one year
 14 
6,800,075
5,544,783

Cash at bank and in hand
  
213,599
701,705

  
7,028,674
6,261,488

Creditors: amounts falling due within one year
 15 
(3,896,227)
(4,070,371)

Net current assets
  
 
 
3,132,447
 
 
2,191,117

Total assets less current liabilities
  
4,111,530
3,755,998

Creditors: amounts falling due after more than one year
 16 
(136,819)
(317,943)

Provisions for liabilities
  

Deferred tax
 18 
(238,591)
(332,944)

Other provisions
 19 
-
(213,057)

  
 
 
(238,591)
 
 
(546,001)

Net assets
  
3,736,120
2,892,054

Page 10

 


AIR-SEA PACKING GROUP LIMITED
REGISTERED NUMBER:02727100


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 20 
12,801
12,801

Share premium account
 21 
159,984
159,984

Capital redemption reserve
 21 
7,200
7,200

Foreign exchange reserve
 21 
(45,985)
(44,833)

Profit and loss account
 21 
3,602,120
2,756,902

  
3,736,120
2,892,054


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 13 to 26 form part of these financial statements.

Page 11


 
AIR-SEA PACKING GROUP LIMITED

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



Called up share capital
Share premium account
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 March 2022
12,801
159,984
7,200
(56,312)
2,017,571
2,141,244



Comprehensive income for the year


Profit for the year
-
-
-
-
889,331
889,331


Movement on foreign exchange
-
-
-
11,479
-
11,479



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(150,000)
(150,000)





At 1 March 2023
12,801
159,984
7,200
(44,833)
2,756,902
2,892,054



Comprehensive income for the year


Profit for the year
-
-
-
-
965,218
965,218


Movement on foreign exchange
-
-
-
(1,152)
-
(1,152)



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(120,000)
(120,000)



At 29 February 2024
12,801
159,984
7,200
(45,985)
3,602,120
3,736,120



The notes on pages 13 to 26 form part of these financial statements.

Page 12

 


AIR-SEA PACKING GROUP 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 FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
Air-Sea Packing Group Limited is a private company limited by shares, registered in England and Wales. The address of its registered office & principal trading address 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 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);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

 


AIR-SEA PACKING GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 


AIR-SEA PACKING GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance methods..

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the term of the lease
Plant and machinery
-
10-20% straight line
Motor vehicles
-
20% reducing balance
Fixtures and fittings
-
10-20% straight line and 25% reducing balance
Office equipment
-
10-20% straight line and 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 15

 


AIR-SEA PACKING GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

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.

 
2.13

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires the directors to make judgements and estimates that affect reported amounts of assets and liabilities during the year. These judgements and estimates are based on experience and knowledge of the detailed facts. The actual outcome may differ from those amount and any variance is reflected in the accounting records once it becomes apparent. In preparing the financial statements judgements and estimates have been necessary in the following key areas: 
Dilapidation provisions
Material estimation uncertainty arises in the calculation of dilapidation provisions values, due to uncertainty surrounding the valuation of the future liability. Management continually monitor the value of the provision against historic events and regularly utilise the services of suitably qualified professionals to mitigate the uncertainty associated with calculating the required provision. 

Page 16

 


AIR-SEA PACKING GROUP LIMITED
 


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

4.


Turnover

2024
2023
£
£

Revenue
11,104,220
11,560,517

11,104,220
11,560,517


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
5,144,845
5,167,364

Rest of Europe
677,104
1,651,549

Rest of the world
5,282,271
4,741,604

11,104,220
11,560,517



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
220,866
207,026

Exchange differences
90,338
44,922

Other operating lease rentals
836,531
850,044


6.


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
26,500
25,000

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.

Page 17

 


AIR-SEA PACKING GROUP LIMITED
 


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

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,078,349
3,181,952

Social security costs
216,657
201,577

Cost of defined contribution scheme
48,449
36,132

3,343,455
3,419,661


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


        2024
        2023
            No.
            No.







Production
33
28



Administration
17
20



Management
5
4

55
52


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
44,670
48,854

44,670
48,854



9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
3,376
2,831

Other loan interest payable
9,094
-

Finance leases and hire purchase contracts
52,133
22,447

64,603
25,278

Page 18

 


AIR-SEA PACKING GROUP LIMITED
 


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

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
482,977
42,416

Adjustments in respect of previous periods
42,416
-


525,393
42,416


Double taxation relief
(36,244)
-


489,149
42,416

Foreign tax


Foreign tax in respect of prior periods
186,005
-

186,005
-

Total current tax
675,154
42,416

Deferred tax


Origination and reversal of timing differences
(93,429)
198,995

Other short term timing differences
(924)
-

Total deferred tax
(94,353)
198,995


Tax on profit
580,801
241,411
Page 19

 


AIR-SEA PACKING GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 24.49% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,546,059
1,130,742


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.49% (2023 - 19%)
378,658
214,841

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,066
1,942

Adjustments to tax charge in respect of prior periods
42,416
-

Deferred tax at a higher rate then standard rate of corporation tax
-
47,759

Adjustments to foreign tax charge in prior years
186,005
-

Double taxation relief
(36,244)
-

Other differences leading to an increase (decrease) in the tax charge
4,900
(23,131)

Total tax charge for the year
580,801
241,411


11.


Dividends

29 February
28 February
2024
2023
£
£


Dividends paid
120,000
150,000

120,000
150,000

Page 20

 


AIR-SEA PACKING GROUP LIMITED
 


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

12.


Tangible fixed assets







Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 March 2023
1,037,767
368,707
800,206
753,359
2,960,039


Additions
162,187
21,373
66,816
53,066
303,442


Disposals
(698,365)
-
-
-
(698,365)


Exchange adjustments
(10,592)
(772)
(4,170)
(2,855)
(18,389)



At 29 February 2024

490,997
389,308
862,852
803,570
2,546,727



Depreciation


At 1 March 2023
357,315
117,764
359,024
561,056
1,395,159


Charge for the year on owned assets
33,864
27,782
96,401
58,410
216,457


Disposals
(37,333)
-
-
-
(37,333)


Exchange adjustments
(2,525)
(77)
(1,589)
(2,448)
(6,639)



At 29 February 2024

351,321
145,469
453,836
617,018
1,567,644



Net book value



At 29 February 2024
139,676
243,839
409,016
186,552
979,083



At 28 February 2023
680,452
250,943
441,183
192,303
1,564,881

Page 21

 


AIR-SEA PACKING GROUP LIMITED
 


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

           12.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


29 February
28 February
2024
2023
£
£



Motor vehicles
314,363
279,546

314,363
279,546


13.


Stocks

29 February
28 February
2024
2023
£
£

Packing materials
15,000
15,000

15,000
15,000



14.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
1,318,689
1,717,119

Amounts owed by group undertakings
517,883
507,630

Other debtors
4,517,790
2,928,572

Prepayments and accrued income
445,713
391,462

6,800,075
5,544,783


Page 22

 


AIR-SEA PACKING GROUP LIMITED
 


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

15.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank overdrafts
151,969
71,948

Trade creditors
788,062
986,838

Corporation tax
446,733
42,416

Other taxation and social security
47,424
93,446

Obligations under finance lease and hire purchase contracts
222,393
276,532

Other creditors
1,842,422
2,134,002

Accruals and deferred income
397,224
465,189

3,896,227
4,070,371


Bank overdrafts of £151,969 (2023 - £71,948) are secured by way of a fixed and floating charge over the company's assets.
The company has provided security, by way of a fixed and floating charge over all freehold and leasehold property,  all intellectual property 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. 


16.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
136,819
317,943

136,819
317,943



17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

29 February
28 February
2024
2023
£
£


Within one year
222,393
276,532

Between 1-5 years
136,819
317,943

359,212
594,475

Page 23

 


AIR-SEA PACKING GROUP LIMITED
 


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

18.


Deferred taxation






2024


£






At beginning of year
332,944


Charged to profit or loss
(94,353)



At end of year
238,591

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
239,515
332,944

Short term timing differences
(924)
-

238,591
332,944


19.


Provisions






Dilapidations

£





At 1 March 2023
213,057


Charged to profit or loss
(213,057)



At 29 February 2024
-

The company's rent agreement ended within the prior year. As part of the agreement there was a requirement to undertake works to the vacated property.
Works have been completed during the current year and as such at the balance sheet date, there is no requirement for further provision meaning that the full amount brought forward has been released in the period.

Page 24

 


AIR-SEA PACKING GROUP LIMITED
 


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

20.


Share capital

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



12,800 (2023 - 12,800) Ordinary shares of £1.00 each
12,800
12,800
1 (2023 - 1) Ordinary A share of £1.00
1
1

12,801

12,801

Each ordinary share has equal voting and dividend rights.



21.


Reserves

Share premium account

This reserve records the amount received for shares in excess of the nominal value.

Capital redemption reserve

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

Foreign exchange reserve

This reserve records balance sheet movement caused by foreign exchange rate changes.

Profit and loss account

This reserve records retained earnings and accumulated losses.


22.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £48,449 (2023 - £36,132). Contributions totalling £nil (2023 - £nil) were payable to the fund at the reporting date and are included in creditors.

Page 25

 


AIR-SEA PACKING GROUP LIMITED
 


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

23.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
554,362
640,564

Later than 1 year and not later than 5 years
1,535,266
1,674,523

Later than 5 years
2,889,519
3,237,500

4,979,147
5,552,587

The total lease payments relating to operating leases recognised as an expense in the financial year amounts to £859,408 (2023: £850,044).


24.


Related party transactions

The company entered into transactions with Airsea Packing Inc, a company operating in the United States of America and under common control as follows:
      - Airsea Packing Inc paid expenses on behalf of the Company totalling £253,808 (2023: £253,808)
      - Sales of services to Airsea Packing Inc totalled £3,671,202 (2023: £3,671,202)
At the year end the Company owed £10,433 (2023: £272,842) to Airsea Packing Inc.
The Company entered into property rental & financing transactions with DEWA Northolt Unit 1 Limited, a UK company under common control as follows:
      - The Company accrued rent expenses of £231,862 (2023: £231,862)
At the year end the Company owed £1,690,308 (2023: £1,690,308) to DEWA Northolt Unit 1 Limited.
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.
The Company has taken advantage of the exemption provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions between wholly owned members of the same group.


25.


Ultimate parent undertaking and controlling party

In the opinion of the directors there is no ultimate controlling party.
The company is a subsidiary undertaking of Airsea Packing Holdings Limited, a company incorporated in England and Wales. 
The ultimate parent company is DEWA AWED Limited, a company that is incorporated in England and Wales.
The largest and smallest group in which the results of the company are consolidated is that headed by 
DEWA AWED Limited, whose registered office is Unit 1 Northolt Trading Estate, Belvue Road, Northolt, Middlesex, UB5 5QS.

 
Page 26