Registered number
04867727
Airport Business Centre Limited
Unaudited
Financial Statements
Information for Filing with the Registrar
30 June 2024
Airport Business Centre Limited
Registered number: 04867727
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 4 23,035 3,804
Tangible assets 5 8,116,255 8,058,907
8,139,290 8,062,711
Current assets
Debtors 6 402,653 212,472
Cash at bank and in hand 87,253 98,939
489,906 311,411
Creditors: amounts falling due within one year 7 (373,664) (306,244)
Net current assets 116,242 5,167
Total assets less current liabilities 8,255,532 8,067,878
Creditors: amounts falling due after more than one year 8 (549,253) (446,689)
Deferred tax 9 (1,123,091) (1,104,857)
Net assets 6,583,188 6,516,332
Capital and reserves
Called up share capital 10 1,000 1,000
Revaluation reserve 12 3,086,293 3,086,293
Profit and loss account 3,495,895 3,429,039
Shareholder's funds 6,583,188 6,516,332
The directors are 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 directors acknowledge their 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 D Pearce
Director
Approved by the board on 24 March 2025
The notes on pages 2 to 8 form part of these accounts.
Airport Business Centre Limited
Notes to the Accounts
for the year ended 30 June 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Amortisation is provided at 20% straight line.
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 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 tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 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
•        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.
Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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 15 17
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 4,150
Additions 21,885
At 30 June 2024 26,035
Amortisation
At 1 July 2023 346
Provided during the year 2,654
At 30 June 2024 3,000
Net book value
At 30 June 2024 23,035
At 30 June 2023 3,804
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 8,000,000 375,485 18,390 39,982 27,958 8,461,815
Additions 15,587 11,648 62,780 88 15,655 105,758
At 30 June 2024 8,015,587 387,133 81,170 40,070 43,613 8,567,573
Depreciation
At 1 July 2023 - 332,262 8,446 39,850 22,350 402,908
Charge for the year - 25,294 17,677 94 5,345 48,410
At 30 June 2024 - 357,556 26,123 39,944 27,695 451,318
Net book value
At 30 June 2024 8,015,587 29,577 55,047 126 15,918 8,116,255
At 30 June 2023 8,000,000 43,223 9,944 132 5,608 8,058,907
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
8,015,587
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 147,054 101,312
Other debtors 29,320 13,119
Prepayments and accrued income 226,279 98,041
402,653 212,472
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 202,039 160,640
Corporation tax - -
Other taxation and social security costs 64,368 77,435
Other creditors 90,270 44,250
Accruals and deferred income 16,987 23,919
373,664 306,244
8 Creditors: amounts falling due after one year 2024 2023
£ £
Amounts owed to group undertakings 549,253 446,689
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 3,086,293 6,723,293
Loss on revaluation of land and buildings - (3,637,000)
At 30 June 2024 3,086,293 3,086,293
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 32,587 49,587
117,587 134,587
14 Contingent liabilities
A fixed and floating charge covering the property or undertaking of the company has been granted by Airport Business Centre in favour of Barclays Bank PLC.
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
In accordance with FRS102 1A, the company has not disclosed any transactions with its 100% parent company or transactions with wholly owned subsidiaries.
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
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