Registered number |
Unaudited |
Financial Statements |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 4 | ||||||
Tangible assets | 5 | ||||||
Current assets | |||||||
Debtors | 6 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 7 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 8 | ( |
( |
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Deferred tax | 9 | ( |
( |
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Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | 10 | ||||||
Revaluation reserve | 12 | ||||||
Profit and loss account | |||||||
Shareholder's funds | |||||||
Mr D Pearce | |||||||
Director | |||||||
Approved by the board on |
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The notes on pages 2 to 8 form part of these accounts. | |||||||
Notes to the Accounts | ||||||||||||||||
for the year ended |
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1 | Accounting policies | |||||||||||||||
Basis of preparation | ||||||||||||||||
Turnover | ||||||||||||||||
Intangible fixed assets | ||||||||||||||||
Amortisation is provided at 20% straight line. | ||||||||||||||||
Tangible fixed assets | ||||||||||||||||
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method. | ||||||||||||||||
Depreciation is provided on the following basis: | ||||||||||||||||
Plant and machinery | 25% straight line | |||||||||||||||
Motor vehicles | 25% straight line | |||||||||||||||
Fixtures and fittings | 10% straight line | |||||||||||||||
Office equipment | 25% straight line | |||||||||||||||
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 the Statement of Comprehensive Income. | ||||||||||||||||
Revaluation of tangible fixed assets | ||||||||||||||||
Individual freehold and leasehold properies are carried at current year value at fair value at the date of the revalution less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of Financial Position date. | ||||||||||||||||
Fair values are determined from market based evidence by suitably qualified individuals. | ||||||||||||||||
Revaluation gains and losses are recognised in the Statement of Income and Retained Earnings unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. | ||||||||||||||||
Finance costs | ||||||||||||||||
Finance costs are charged to the Statement of Comprehensive Income 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. | ||||||||||||||||
Current and deferred taxation | ||||||||||||||||
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 Statement of Financial Position 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 |
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• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
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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. | ||||||||||||||||
Provisions for liabilities | ||||||||||||||||
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. | ||||||||||||||||
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. | ||||||||||||||||
2 | Employees | 2024 | 2023 | |||||||||||||
Number | Number | |||||||||||||||
Average number of employees, including directors, during the year | ||||||||||||||||
3 | Taxation | 2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||||
Corporation tax | ||||||||||||||||
Current tax on profits for the year | - | - | ||||||||||||||
- | - | |||||||||||||||
Deferred tax | ||||||||||||||||
Origination and reversal of timing differences | (1,000,357) | (1,924,777) | ||||||||||||||
Deferred tax movement on investment property | 1,018,591 | 1,018,591 | ||||||||||||||
Total deferred tax | 18,234 | (906,186) | ||||||||||||||
Taxation on profit/(loss) on ordinary actvities | 18,234 | (906,186) | ||||||||||||||
Factors affecting tax charge for the year | ||||||||||||||||
There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2023: 25%). | ||||||||||||||||
4 | Intangible fixed assets | £ | ||||||||||||||
Goodwill: | ||||||||||||||||
Cost | ||||||||||||||||
At 1 July 2023 | ||||||||||||||||
Additions | ||||||||||||||||
At 30 June 2024 | ||||||||||||||||
Amortisation | ||||||||||||||||
At 1 July 2023 | ||||||||||||||||
Provided during the year | ||||||||||||||||
At 30 June 2024 | ||||||||||||||||
Net book value | ||||||||||||||||
At 30 June 2024 | ||||||||||||||||
At 30 June 2023 | ||||||||||||||||
Web development is being written off in equal instalments over its estimated economic life of 5 years. | ||||||||||||||||
5 | Tangible fixed assets | |||||||||||||||
Land and buildings | Plant and machinery etc | Motor vehicles | Fixtures and fittings | Office equipment | Total | |||||||||||
£ | £ | £ | £ | £ | £ | |||||||||||
Cost | ||||||||||||||||
At 1 July 2023 | 39,982 | 27,958 | ||||||||||||||
Additions | 88 | 15,655 | ||||||||||||||
At 30 June 2024 | 40,070 | 43,613 | ||||||||||||||
Depreciation | ||||||||||||||||
At 1 July 2023 | - | 39,850 | 22,350 | |||||||||||||
Charge for the year | - | 94 | 5,345 | |||||||||||||
At 30 June 2024 | - | 39,944 | 27,695 | |||||||||||||
Net book value | ||||||||||||||||
At 30 June 2024 | 126 | 15,918 | ||||||||||||||
At 30 June 2023 | 132 | 5,608 | ||||||||||||||
Land and buildings | ||||||||||||||||
Freehold land and buildings: | ||||||||||||||||
£ | ||||||||||||||||
Historical cost | 3,023,540 | |||||||||||||||
Valuation performed by the company directors on 30 June 2024 | 4,992,047 | |||||||||||||||
If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows: | ||||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Cost | 3,023,540 | 3,023,540 | ||||||||||||||
Net book value | 3,023,540 | 3,023,540 | ||||||||||||||
6 | Debtors | 2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||||
Trade debtors | ||||||||||||||||
Other debtors | ||||||||||||||||
Prepayments and accrued income | ||||||||||||||||
7 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||||
Trade creditors | ||||||||||||||||
Corporation tax | - | - | ||||||||||||||
Other taxation and social security costs | ||||||||||||||||
Other creditors | ||||||||||||||||
Accruals and deferred income | 16,987 | 23,919 | ||||||||||||||
8 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||||
Amounts owed to group undertakings | ||||||||||||||||
9 | Deferred taxation | 2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||||
At beginning of year | 1,104,857 | 2,011,043 | ||||||||||||||
Charged to profit or loss | 18,234 | (906,186) | ||||||||||||||
Charged to other comprehensive income | - | - | ||||||||||||||
At year end | 1,123,091 | 1,104,857 | ||||||||||||||
In accordance with the requirements of FRS102, the company has recognised the deferred tax in respect of its Fixed Asset Investment Property which is held at its current market value. The deferred tax will only become payable should the company dispose of the property. | ||||||||||||||||
The provision for deferred taxation is made up as follows: | ||||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Accelerated capital allowances | 104,500 | 86,266 | ||||||||||||||
Short term timing differences | - | - | ||||||||||||||
Capital gain | 1,018,591 | 1,018,591 | ||||||||||||||
1,123,091 | 1,104,857 | |||||||||||||||
10 | Share capital | 2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||||
Shares classified as equity | ||||||||||||||||
Alloted, called up and fully paid | ||||||||||||||||
1,000 Ordinary shares of £1 each | 1,000 | 1,000 | ||||||||||||||
1,000 | 1,000 | |||||||||||||||
11 | Reserves | |||||||||||||||
Revaluation reserve | ||||||||||||||||
Contains the movement in the valuation of the property. | ||||||||||||||||
Profit and loss account | ||||||||||||||||
Includes all current and prior year retained profits and losses. | ||||||||||||||||
12 | Revaluation reserve | 2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||||
At 1 July 2023 | ||||||||||||||||
Loss on revaluation of land and buildings | - | ( |
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At 30 June 2024 | ||||||||||||||||
13 | Commitments under operating leases | |||||||||||||||
At 30 June 2024 the company had future minimum lease payments under non-cancellable operating leases as follows: | ||||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Not later than 1 year | 17,000 | 17,000 | ||||||||||||||
Later than 1 year and not later than 5 years | 68,000 | 68,000 | ||||||||||||||
Later than 5 years | ||||||||||||||||
117,587 | 134,587 | |||||||||||||||
14 | Contingent liabilities | |||||||||||||||
An unlimited multilateral guarantee has been granted to Barclays Bank PLC by The Una Group Limited and Airport Business Centre Limited. | ||||||||||||||||
15 | Related party transactions | |||||||||||||||
During the year, the company paid remuneration to its directors amounting to £289,965 (2023: £263,132). | ||||||||||||||||
16 | Other information | |||||||||||||||
Airport Business Centre Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||||||||||
Airport Business Centre | ||||||||||||||||
10 Thornbury Road | ||||||||||||||||
Plymouth | ||||||||||||||||
Devon | ||||||||||||||||
PL6 7PP |