Company registration number 11800179 (England and Wales)
GOOSEPOOL 2019 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GOOSEPOOL 2019 LIMITED
COMPANY INFORMATION
Directors
B Raymond
(Appointed 15 December 2023)
T Bryant
J Gilhespie
K C L Willard
Secretary
Endeavour Secretary Limited
Company number
11800179
Registered office
Teesside Airport Business Suite
Teesside International Airport
Darlington
DL2 1LU
Auditor
Azets Audit Services
Wynyard Park House
Wynyard Avenue
Wynyard
United Kingdom
TS22 5TB
GOOSEPOOL 2019 LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Notes to the financial statements
15 - 32
GOOSEPOOL 2019 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Principal activities

The principal activity of the Company during the year was the continued majority ownership of Teesside International Airport (TIAL) after the acquisition of the airport in February 2019.

Review of the Business
GOOSEPOOL 2019 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties

The principal risks facing Goosepool continues to be those associated with the underlying recovery of the aviation market which impact its trading subsidiary, TIAL.

 

Passenger numbers can be affected by external factors that TIAL has limited control over. For example, severe weather or the increased price of variable costs e.g. fuel and air passenger duty, as this can drive up flight prices. The invasion of Ukraine by Russia is affecting worldwide markets and is having a significant effect on the price of energy, including aviation fuel. Passengers are also facing significant cost of living increases, which may increasingly impact their spending choices.

 

Competition from other airports both within the UK and across the world for passengers remains a risk; many passengers make marginal choices about which route to fly. Our focus remains to offer a safe, efficient and enjoyable passenger experience in order to continue to compete in the market.

 

While aviation continues to recover, the airport is well positioned to capitalise on new opportunities in the aviation market.

 

Business development

 

In terms of route development:

 

TIAL is also looking to grow its income from its land and assets:

 

TIAL continues to develop other revenue sources to reduce reliance on the passenger-related elements of scheduled and charter flying. These include ground-handling and fuelling to commercial, general aviation and military customers.

GOOSEPOOL 2019 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Future Developments

Goosepool continues to assist TIAL in working towards achieving all of the objectives in the business plan over the coming months.

 

Areas of focus:

 

Community and Environment

The Teesside Airport Foundation is now up and running. It is continuing to develop the Foundation’s long-term strategy and designing its case for support and its charitable fundraising activities. It will work to ensure people living in the region reach their potential and go on to find a successful and rewarding career in the Tees Valley.

 

Work is continuing on implementing the Net Zero strategy for the TIAL business, alongside collaborative engagement to reduce emissions from aircraft, with a view to make the airport operationally Net Zero by 2030 and offer Net Zero flights from 2035. In terms of estate developments, the airport is also developing a major solar array to provide electricity for the business and its tenants, and for supply to the national grid.

 

During the period, it was announced the airport would become home to a new permanent hydrogen refuelling station following the success of the Tees Valley Hydrogen Transport Hub trial in 2021. Element 2, which previously established a temporary refuelling facility, will set up the permanent station to provide fuel for hydrogen vehicles currently operating at the airport, plus those being trialled by local commercial fliers and authorities.

 

The subsidiary company's key financial and other performance related indicators during the full 12-month period were as follows:

 

     2024     2023 %

Passenger numbers 230,258     191,963 20%

Revenue     £14.9m     £15.6m (4%)

Regulatory Environment

Goosepool's subsidiary company TIA is subject to economic regulation by the Civil Aviation Authority ('CAA'), which is the independent aviation regulator in the UK, responsible for economic regulation, airspace policy, safety and consumer protection.

On behalf of the board

J Gilhespie
Director
5 March 2025
GOOSEPOOL 2019 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

E Dixon
(Resigned 6 November 2023)
B Raymond
(Appointed 15 December 2023)
T Bryant
J Gilhespie
K C L Willard
Financial instruments
Objectives and policies

The group finances its activities with a combination of group borrowings and cash and short term deposits. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the group's operating activities.

Cashflow and Liquidity risk

Cashflow and liquidity risk is the risk that a group's available cash will not be sufficient to meet its financial obligations. The group actively manages its cash flow position including collection of debts and timely payment of creditors. This, coupled with funding provided by the ultimate parent, Tees Valley Combined Authority, is deemed sufficient to minimise the group's exposure to cash flow and liquidity risk.

Price risk

Price risk is the risk that changes in raw material prices have the potential to impact on the profitability of the group. The group does not consider that it is materially exposed to price risk.

Foreign Currency risk

Foreign exchange risk refers to the potential for loss from exposure to foreign exchange rate fluctuations. Group policies are aimed at minimising this risk. The group does not consider that it is materially exposed to foreign exchange risk.

Credit risk

Credit risk is the risk that one party of a financial instrument will cause a financial loss for the other party by failing to discharge its obligation. Group policies are aimed at minimising such losses and require customers to satisfy credit worthiness procedures prior to acceptance of contracts. The company does not consider that it is materially exposed to credit risk.

Future developments

See disclosures in the Strategic Report relating to future developments.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

GOOSEPOOL 2019 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Going Concern

The financial statements have been prepared on a going concern basis.

 

As at 31 March 2024 the company and group has net current liabilities of £55,832,965 and £151,598,033 respectively (2023: £51,333,914 and £122,084,610 ) and net liabilities of £22,216,860 and £67,790,273 (2023 - £17,717,809 and £54,367,217). The group meets its day to day working capital requirements through cash generated from operations and utilisation of a loan facility ultimately provided by the Tees Valley Combined Authority. The loan facility is approved for an amount of up to £64.4m which can be drawn down as required over the period to 31 March 2029. A facility for an amount of £23.6m which is to be used to fund the Southside development is in place. The total amount drawn down at the year end under both facilities was £88.7m and further draw downs are forecast to be made over the next 2-3 years in line with the company's development and expansion plans. The facility is repayable on demand and the directors have received a letter from Tees Valley Combined Authority confirming their continued support for a period of not less than 12 months from the date of signing these financial statements.

 

The directors have prepared both short term and long term forecasts which indicate that, taking into account reasonably possible downsides, the group and company will have sufficient funds, through funding from its ultimate parent, Tees Valley Combined Authority, to meet its liabilities as they fall due for that period. The directors are confident that the forecasts will be met based on the success of securing new long term arrangements with airlines as discussed in the Strategic Report.

 

Based on the factors set out above, the directors believe that there is no material uncertainty in relation to going concern and that the company has adequate financial resources to continue in operational existence for at least twelve months from the date of signing of the financial statements and therefore the directors believe It remains appropriate to prepare the financial statements on a going concern basis.

On behalf of the board
J Gilhespie
Director
5 March 2025
GOOSEPOOL 2019 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

GOOSEPOOL 2019 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GOOSEPOOL 2019 LIMITED
- 7 -
Opinion

We have audited the financial statements of Goosepool 2019 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GOOSEPOOL 2019 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOOSEPOOL 2019 LIMITED
- 8 -
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 their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

GOOSEPOOL 2019 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOOSEPOOL 2019 LIMITED
- 9 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); anti-bribery and corruption; and compliance with the UK Companies Act.

 

Owing to 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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's 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.

Joanne Regan FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
6 March 2025
Chartered Accountants
Statutory Auditor
Wynyard Park House
Wynyard Avenue
Wynyard
United Kingdom
TS22 5TB
GOOSEPOOL 2019 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
14,907,440
15,575,088
Cost of sales
(11,142,885)
(14,226,132)
Gross profit
3,764,555
1,348,956
Administrative expenses
(10,969,021)
(9,658,730)
Operating loss
4
(7,204,466)
(8,309,774)
Other interest receivable and similar income
7
195,302
33,254
Interest payable and similar expenses
8
(6,731,174)
(5,291,539)
Fair value gains and losses on investment properties
12
317,282
2,703,829
Loss before taxation
(13,423,056)
(10,864,230)
Tax on loss
9
-
0
-
0
Loss for the financial year
22
(13,423,056)
(10,864,230)
Loss for the financial year is attributable to:
- Owners of the parent company
(12,694,290)
(10,374,034)
- Non-controlling interests
(728,766)
(490,196)
(13,423,056)
(10,864,230)

The group has no recognised gains or losses for the year other than the results above.

GOOSEPOOL 2019 LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
9,162,627
11,453,284
Tangible assets
11
21,264,962
17,678,664
Investment property
12
49,472,000
34,954,000
Investments
13
6,162,123
6,044,431
86,061,712
70,130,379
Current assets
Stocks
15
307,062
346,096
Debtors
16
4,049,970
3,226,773
Cash at bank and in hand
2,211,474
1,740,416
6,568,506
5,313,285
Creditors: amounts falling due within one year
17
(158,116,539)
(127,397,895)
Net current liabilities
(151,548,033)
(122,084,610)
Total assets less current liabilities
(65,486,321)
(51,954,231)
Creditors: amounts falling due after more than one year
18
(1,303,952)
(1,412,986)
Provisions for liabilities
Provisions
19
1,000,000
1,000,000
(1,000,000)
(1,000,000)
Net liabilities
(67,790,273)
(54,367,217)
Capital and reserves
Called up share capital
21
1,000
1,000
Profit and loss reserves
22
(65,467,990)
(52,773,700)
Equity attributable to owners of the parent company
(65,466,990)
(52,772,700)
Non-controlling interests
(2,323,283)
(1,594,517)
(67,790,273)
(54,367,217)
The financial statements were approved by the board of directors and authorised for issue on 5 March 2025 and are signed on its behalf by:
05 March 2025
J Gilhespie
Director
Company registration number 11800179 (England and Wales)
GOOSEPOOL 2019 LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
33,616,105
33,616,105
Current assets
Debtors
16
89,574,267
62,921,552
Creditors: amounts falling due within one year
17
(145,407,232)
(114,255,466)
Net current liabilities
(55,832,965)
(51,333,914)
Net liabilities
(22,216,860)
(17,717,809)
Capital and reserves
Called up share capital
21
1,000
1,000
Profit and loss reserves
22
(22,217,860)
(17,718,809)
Total equity
(22,216,860)
(17,717,809)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £4,499,051 (2023 - £4,174,080 loss).

The financial statements were approved by the board of directors and authorised for issue on 5 March 2025 and are signed on its behalf by:
05 March 2025
J Gilhespie
Director
Company registration number 11800179 (England and Wales)
GOOSEPOOL 2019 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
Balance at 1 April 2022
1,000
(42,399,666)
(42,398,666)
(1,104,321)
(43,502,987)
Year ended 31 March 2023:
Loss and total comprehensive income
-
(10,374,034)
(10,374,034)
(490,196)
(10,864,230)
Balance at 31 March 2023
1,000
(52,773,700)
(52,772,700)
(1,594,517)
(54,367,217)
Year ended 31 March 2024:
Loss and total comprehensive income
-
(12,694,290)
(12,694,290)
(728,766)
(13,423,056)
Balance at 31 March 2024
1,000
(65,467,990)
(65,466,990)
(2,323,283)
(67,790,273)
GOOSEPOOL 2019 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1,000
(13,544,729)
(13,543,729)
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(4,174,080)
(4,174,080)
Balance at 31 March 2023
1,000
(17,718,809)
(17,717,809)
Year ended 31 March 2024:
Profit and total comprehensive income
-
(4,499,051)
(4,499,051)
Balance at 31 March 2024
1,000
(22,217,860)
(22,216,860)
GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Goosepool 2019 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Teesside Airport Business Suite, Teesside International Aiport, Darlington, Co Durham, DL2 1NJ.

 

The group consists of Goosepool 2019 Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Goosepool 2019 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern

The financial statements have been prepared on a going concern basis.

 

As at 31 March 2024 the company and group has net current liabilities of £55,832,965 and £151,598,033 respectively (2023: £51,333,914 and £122,084,610 ) and net liabilities of £22,216,860 and £67,790,273 (2023 - £17,717,809 and £54,367,217). The group meets its day to day working capital requirements through cash generated from operations and utilisation of a loan facility ultimately provided by the Tees Valley Combined Authority. The loan facility is approved for an amount of up to £64.4m which can be drawn down as required over the period to 31 March 2029. A facility for an amount of £23.6m which is to be used to fund the Southside development is in place. The total amount drawn down at the year end under both facilities was £88.7m and further draw downs are forecast to be made over the next 2-3 years in line with the company's development and expansion plans. The facility is repayable on demand and the directors have received a letter from Tees Valley Combined Authority confirming their continued support for a period of not less than 12 months from the date of signing these financial statements.

 

The directors have prepared both short term and long term forecasts which indicate that, taking into account reasonably possible downsides, the group and company will have sufficient funds, through funding from its ultimate parent, Tees Valley Combined Authority, to meet its liabilities as they fall due for that period. The directors are confident that the forecasts will be met based on the success of securing new long term arrangements with airlines as discussed in the Strategic Report.

 

Based on the factors set out above, the directors believe that there is no material uncertainty in relation to going concern and that the company has adequate financial resources to continue in operational existence for at least twelve months from the date of signing of the financial statements and therefore the directors believe It remains appropriate to prepare the financial statements on a going concern basis.

1.5
Turnover

Turnover comprising airport charges, rental and other income represents amounts achievable by the group in respect of facilities and service provided during the year and is recognised as the services are provided. Turnover is shown net of value added tax.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Runways, lighting & car parks
5 to 100 years
Plant & Machinery
5 to 20 years
Fixture and Fittings
3 to 30 years
Office equipment
2 to 20 years
Motor Vehicles
4 to 20 years

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Investment property

Investment property is measured at fair value. The fair value is based on valuations performed by independent qualified professional valuers and application of their methodologies which have been adopted by the directors. Changes in fair values are recognised in profit or loss.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for obsolete, slow moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

 

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution plans are recognised as a prepayment.

1.18

Defined benefit pension obligation

Teesside International Airport Limited made enhanced defined benefit obligations to 4 retiring employees whilst it was a contributing employer to the local authority pension scheme. The obligation is an unfunded liability and the annual contributions payable by the group are calculated by the scheme actuary. The group contributions should be sufficient to cover the future obligation. Any movements in excess of the contributions will be accounted in line with FRS 102.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Goodwill

The group has recognised goodwill on the acquisition of 89% of Durham Tees Valley Airport Limited. The fair values of the net assets acquired were estimated by the directors on acquisition and the resulting goodwill has been estimated by the directors to be amortised over a period of 10 years. The directors consider that the goodwill is supported by the future cash flows to be generated by the acquired company.

GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of Investment properties

Investment properties are carried at fair value based on valuations performed by independent qualified professional valuers and application of their methodologies which have been adopted by the directors. The values are based on a combination of the rental yields on the properties and the estimated resale value of land for commercial development purposes. The assumptions applied are inherently subjective and so are subject to a degree of uncertainty. The carrying amount is £49,472,000 (2023 - £34,954,000).

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Airport operations and provision of associated facilities and services
14,907,440
15,575,088
2024
2023
£
£
Turnover analysed by geographical market
UK
14,907,440
15,575,088
2024
2023
£
£
Other revenue
Interest income
195,302
33,254
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging:
Depreciation of owned tangible fixed assets
1,081,747
816,375
Amortisation of intangible assets
2,290,657
2,242,844
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
16,500
16,000
Audit of the financial statements of the company's subsidiaries
41,500
37,000
58,000
53,000
GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Auditor's remuneration
(Continued)
- 23 -
For other services
Taxation compliance services
6,100
5,250
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
43
51
-
-
Airport Operations
110
73
-
-
Total
153
124
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,366,914
4,341,184
-
0
-
0
Social security costs
489,001
416,682
-
-
Pension costs
210,714
188,933
-
0
-
0
6,066,629
4,946,799
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
195,302
33,254
Disclosed on the income statement as follows:
Other interest receivable and similar income
195,302
33,254
8
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
6,731,174
5,291,539
GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(80,214)
-
0
Write down or reversal of write down of deferred tax asset
80,214
-
0
Total deferred tax
-
0
-
0

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(13,423,056)
(10,864,230)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(3,355,764)
(2,064,204)
Tax effect of expenses that are not deductible in determining taxable profit
572,664
423,711
Tax effect of income not taxable in determining taxable profit
(91,821)
(40,493)
Change in unrecognised deferred tax assets
2,795,600
1,680,986
79,321
-
0
Taxation charge
-
-
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
25,435,718
Amortisation and impairment
At 1 April 2023
13,982,434
Amortisation charged for the year
2,290,657
At 31 March 2024
16,273,091
Carrying amount
At 31 March 2024
9,162,627
At 31 March 2023
11,453,284
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Intangible fixed assets
(Continued)
- 25 -

Impairments

 

Goodwill

Goosepool 2019 Limited acquired 89% of the issued share capital of Teesside International Airport Limited ("TIA") in 2019 for £40,200,000. Initial goodwill of £24,767,562 arose on this transaction however following a review in 2020 of the fair value of the assets and liabilities acquired the initial goodwill was revised to £25,435,718. At the current period end the directors performed an impairment review on the carrying value of goodwill in light of the performance of TIA. The directors considered the future cash flows to be generated by TIA under a number of circumstances and concluded that the value in use as a continuing operational airport with commercial land development opportunities was the most appropriate basis to consider the cash flows.

 

The directors have prepared long term cash flow forecasts for TIA. These forecasts include the airport securing a number of low cost carrier airlines and are based on known secured contracts or those which are currently being negotiated. The securing of these contracts is in line with, and in some cases, ahead of the long term business plan set out when TIA was acquired. A discount rate of 3.5% was applied to the forecasts, being the local government agreed investment appraisal discount rate.

 

The key elements to the forecasts are based on TIA securing contracts and routes with low cost carrier airlines. As noted above the directors have clear visibility of such contracts and have included only those contacts secured or in advanced negotiations in their forecasts. The directors considered flexing of the discount rate as well as a number of downward sensitivities on the forecasts. These included reductions in ticket revenues, cargo income, income from car park revenue and commercial profit per departing passenger. The forecasts show that it would take significant reductions, without applying any corrective measures, of which the directors consider there are many, to result in an impairment. In addition the airport has the capacity for a number of other routes to be established with low cost carriers in future years - none of which have been factored into the forecast by the directors on the grounds of prudence.

 

Overall the directors are satisfied that the forecasts are robust and reflect real contracts which are either secured or are in the process of being negotiated and are therefore comfortable that the forecasts will be achieved. Accordingly they do not believe that an impairment charge is required in 2024.

GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
11
Tangible fixed assets
Group
Freehold land and buildings
Runways, lighting & car parks
Assets under construction
Plant & Machinery
Fixture and Fittings
Office equipment
Motor Vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 April 2023
19,838,926
22,790,791
5,897,936
6,642,277
6,914,557
875,218
5,105,558
68,065,263
Additions
-
0
-
0
8,251,385
20,000
191,809
72,157
-
0
8,535,351
Disposals
-
0
-
0
-
0
-
0
-
0
-
0
(4,341,131)
(4,341,131)
Transfers
-
0
-
0
(4,246,923)
372,000
147,027
(139,410)
-
0
(3,867,306)
At 31 March 2024
19,838,926
22,790,791
9,902,398
7,034,277
7,253,393
807,965
764,427
68,392,177
Depreciation and impairment
At 1 April 2023
19,838,926
22,561,905
-
0
2,342,617
419,589
273,824
4,949,738
50,386,599
Depreciation charged in the year
-
0
116,052
-
0
386,841
488,840
76,904
13,110
1,081,747
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
-
0
(4,341,131)
(4,341,131)
At 31 March 2024
19,838,926
22,677,957
-
0
2,729,458
908,429
350,728
621,717
47,127,215
Carrying amount
At 31 March 2024
-
0
112,834
9,902,398
4,304,819
6,344,964
457,237
142,710
21,264,962
At 31 March 2023
-
0
228,886
5,897,936
4,299,660
6,494,968
601,394
155,820
17,678,664
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Tangible fixed assets
(Continued)
- 27 -

Impairment

The runway and terminal assets were fully impaired in previous years due to the company incurring large losses. Given the ongoing uncertain recovery from the Covid-19 pandemic and the Russia - Ukraine crisis there remains significant uncertainty over the impact on travel and airports, therefore the directors believe that it would be prudent to consider any reversal of impairments at this stage. Amounts capitalised in the current year relate to new assets and developments which the directors consider will create economic benefit going forward.

12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023 and 31 March 2024
34,954,000
-
Additions through external acquisition
10,333,413
-
Transfers to held for sale
3,867,305
-
Net gains or losses through fair value adjustments
317,282
-
At 31 March 2024
49,472,000
-

Investment properties have been valued at fair value based on valuations performed by independent qualified professional valuers and adoption of their methodologies by the directors. Changes in fair values are recognised in profit or loss.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
33,616,105
33,616,105
Investments in joint ventures
2
2
-
0
-
0
Other investments
6,162,121
6,044,429
-
0
-
0
6,162,123
6,044,431
33,616,105
33,616,105
GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Group
Shares in joint ventures
Other
Total
£
£
£
Cost or valuation
At 1 April 2023
6,583,897
6,044,429
12,628,326
-
117,692
117,692
At 31 March 2024
6,583,897
6,162,121
12,746,018
Impairment
At 1 April 2023 and 31 March 2024
6,583,895
-
6,583,895
Carrying amount
At 31 March 2024
2
6,162,121
6,162,123
At 31 March 2023
2
6,044,429
6,044,431

In a prior year cash was paid into a designated bank account in order that the group could comply with its obligations under an agreement to develop land on the Southside of the airport. In the event certain conditions are not met this sum is payable to other parties to the agreement. The movement during the year of £117,692 (2023 - £43,480) relates to interest earned on the total sum. This interest is due to Tees Valley Combined Authority.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
40,200,000
Impairment
At 1 April 2023 and 31 March 2024
6,583,895
Carrying amount
At 31 March 2024
33,616,105
At 31 March 2023
33,616,105

In February 2019 the company acquired 89% of Teesside International Airport Limited ("TIA") at a cost of £40,200,000. At each period end the directors consider the carrying value of the investment. No impairment was considered necessary in the current or prior period.

14
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Subsidiaries
(Continued)
- 29 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Teesside International Airport Limited
Teesside International Airport Limited,Darlington,Durham,DL2 1LU, England and Wales
Ordinary Shares
89.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
307,062
346,096
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,084,223
1,530,208
-
0
-
0
Amounts owed by group undertakings
612,122
34,245
89,573,267
62,920,552
Other debtors
593,478
542,521
1,000
1,000
Prepayments and accrued income
760,147
1,119,799
-
0
-
0
4,049,970
3,226,773
89,574,267
62,921,552
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
2,281,564
2,792,404
-
0
-
0
Amounts owed to group undertakings
151,782,887
121,091,890
145,407,232
114,255,466
Other taxation and social security
123,881
126,415
-
-
Other creditors
215,074
163,854
-
0
-
0
Accruals and deferred income
3,713,133
3,223,332
-
0
-
0
158,116,539
127,397,895
145,407,232
114,255,466

Amounts owed to group undertakings consist of loans granted by the immediate parent, Tees Valley Combined Authority. Interest on this facility is charged at 5.09%. All amounts are repayable on demand. The loans are secured by a fixed and floating charge over land and buildings owed by Teesside International Airport Limited.

GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Deferred income
1,303,952
1,412,986
-
0
-
0
19
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Other provisions
1,000,000
1,000,000
-
-

Other provisions relate to contractual obligations between Teesside International Airport Limited and Network Rail to maintain a rail halt. The estimated costs of repair are £1,000,000.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
210,714
188,933

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £210,714 (2023 - £188,933).

 

Contributions totalling £43,883 (2023 - £37,537) were payable to the scheme at the end of the year and are included in creditors.

 

Teesside International Airport Limited participated as an admitted body in a Local Government Pension Scheme, Teesside Pension Fund, which is administered by Middlesbrough Borough Council.

 

On 30th November 2017 the Company's participation in the Local Government Pension Scheme (LGPS) ceased and all past service liabilities of the Company's employees transferred back to the Local Authorities who were both original majority shareholders of the Company and also participants of the particular pension fund (the Teesside Pension Fund") within the LGPS.

 

The company made enhanced defined benefit obligations to 4 retiring employees whilst the company was a contributing employer to the local authority pension scheme. This obligation is a unfunded liability and the annual contributions payable by the company are calculated by the scheme actuary. The company contributions should be sufficient to cover the future obligation.

 

As at 31 March 2024 the actuarial valuation calculated the unfunded liability as £60,000 (2023 - £65,000). This has been included in other creditors at the year end.

 

The date of the most recent comprehensive actuarial valuation was 31 March 2022. The latest actuarial valuation of the scheme assets and the present value of the defined benefit obligation were carried out at 31 March 2024 was prepared by Hymans Robertson LLP for Middlesbrough Borough Council in accordance with IAS 19 and FRS 102.

GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
75,000
75,000
750
750
B Ordinary Shares of 1p each
25,000
25,000
250
250
100,000
100,000
1,000
1,000

Rights, preferences and restrictions

 

A Ordinary have the following rights, preferences and restrictions: The A Ordinary shares carry a right to one vote per share and a right to participate in a distribution, whether by way of income or capital distribution. The A Ordinary shares are not redeemable.

 

B Ordinary have the following rights, preferences and restrictions: The B Ordinary shares carry a right to one vote per share and a right to participate in a distribution, whether by way of income or capital distribution. The B Ordinary shares are not redeemable.

22
Profit and loss reserves

This reserve records retained earnings and accumulated profits or losses.

23
Financial commitments, guarantees and contingent liabilities

Group

 

The ultimate parent undertaking, Tees Valley Combined Authority, holds a fixed and floating charge over the over land and buildings belonging to Teesside International Airport Limited in relation to borrowings of Goosepool 2019 Limited.

24
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
6,148,039
8,780,246
-
-

 

25
Related party transactions

The group has taken advantage of the exemptions contained in s33.11 of FRS 102 and has not disclosed details of transactions and balances with Tees Valley Combined Authority and other entities under its control.

GOOSEPOOL 2019 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
26
Controlling party

The company's immediate parent is Tees Valley Combined Authority.

 

The most senior parent entity producing publicly available financial statements is Tees Valley Combined Authority. These financial statements are available upon request from Teesside Airport Business Suite, Teesside International Airport, Darlington, DL2 1NJ.

 

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