AIRPORT MOTORS (LONDON) LIMITED
Registered number: 01572741
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 5 1,322,185 1,815,461
Current assets
Stocks 39,500 39,500
Debtors 6 1,154,725 1,195,052
Cash at bank and in hand 289,146 19,847
1,483,371 1,254,399
Creditors: amounts falling due within one year 7 (195,640) (568,495)
Net current assets 1,287,731 685,904
Total assets less current liabilities 2,609,916 2,501,365
Creditors: amounts falling due after more than one year 8 (805,606) (853,077)
Provisions for liabilities (12,788) (6,781)
Net assets 1,791,522 1,641,507
Capital and reserves
Called up share capital 4 4
Profit and loss account 1,791,518 1,641,503
Shareholder's funds 1,791,522 1,641,507
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr L Paesano
Director
Approved by the board on 26 November 2024
AIRPORT MOTORS (LONDON) LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold properties not depreciated
Plant and machinery 15% on cost
Motor vehicles 25% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recog
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2024 2023
£ £
Profit on disposal of freehold property & equipment 215,262 -
215,262 -
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 13
4 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 76,000
At 31 March 2024 76,000
Amortisation
At 1 April 2023 76,000
At 31 March 2024 76,000
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 4 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 1,757,752 403,542 132,396 2,293,690
Additions 26,000 10,385 24,750 61,135
Disposals (534,738) - (10,500) (545,238)
At 31 March 2024 1,249,014 413,927 146,646 1,809,587
Depreciation
At 1 April 2023 - 376,421 101,808 478,229
Charge for the year - 8,418 11,255 19,673
On disposals - - (10,500) (10,500)
At 31 March 2024 - 384,839 102,563 487,402
Net book value
At 31 March 2024 1,249,014 29,088 44,083 1,322,185
At 31 March 2023 1,757,752 27,121 30,588 1,815,461
6 Debtors 2024 2023
£ £
Trade debtors 52,042 48,162
Other debtors 1,102,683 1,146,890
1,154,725 1,195,052
Amounts due after more than one year included above 904,864 1,144,780
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 62,726 71,708
Trade creditors 45,349 42,311
Corporation tax 66,883 4,732
Other taxes and social security costs 14,293 18,337
Other creditors 6,389 431,407
195,640 568,495
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 805,606 853,077
9 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 511,241 654,104
Secured bank loans 868,332 924,785
The bank loans are secured by a charge over the company's property, over a property of Colnbrook Lodge Ltd, by debentures given by Airport Motors (London) Ltd and Colnbrook Lodge Ltd and a company guarantee given by Colnbrook Lodge Ltd in favour of Airport Motors (London) Ltd for £1,050,000.
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr L Paesano
Overdrawn director's account - 196,059 - 196,059
Interest charged on the day to day overdrawn balance at the rate of 2.25% and included above is £1,298. The loan was repaid in full on 19/07/2024.
- 196,059 - 196,059
11 Related party transactions 2024 2023
£ £
Colnbrook Lodge Ltd
Mr Paesano is the director and shareholder of the above company.
Colnbrook Lodge Ltd rents properties from Airport Motors (London) Ltd. The rent receivable for the year was £16,100.
The company obtained a bank loan in August 2019 the proceeds of which were lent to Colnbrook Lodge Ltd in order to finance the purchase of an investment property. The loan is secured by a fixed charge over the said property and on the company's property. Colnbrook Lodge Ltd has given a company guarantee in favour of Airport Motors (London) Ltd for £1,050,000. Interest is charged on the inter-company balance at the same rate as the rate of the bank loan. The total interest charged for the year is £58,876.
Amount due from (to) the related party 904,864 1,144,780
12 Other information
AIRPORT MOTORS (LONDON) LIMITED is a private company limited by shares and incorporated in England and Wales. Its registered office is at:
11 Dove Lane
Potters Bar
Hertfordshire
EN6 2SG
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