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Registered number: 14170368









AIRSPACE LHR LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
AIRSPACE LHR LTD
REGISTERED NUMBER: 14170368

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
81,669
36,242

Cash at bank and in hand
 5 
22,076
-

  
103,745
36,242

Creditors: amounts falling due within one year
 6 
(64,112)
(25,725)

Net current assets
  
 
 
39,633
 
 
10,517

Net assets
  
39,633
10,517


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
39,632
10,516

  
39,633
10,517


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
B Kennedy
Director

Date: 25 March 2025

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
AIRSPACE LHR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Airspace LHR Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act.
The Company is a private company limited by shares and is registered in England and Wales under the Companies Act. The registered office is Suite 4, 7th Floor 50 Broadway, London, United Kingdom, SW1H 0DB.
The Company was incorporated on 14 June 2022, and begun trading on that date. The prior year end was aligned with that of the parent company and thus the comparative to these financial statements reports the period from incorporation to 31 December 2022.
The principal activity of the Company is to provide sales and marketing services to its parent company,  Airspace B.V.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have received a guarantee of continued financial support from the Company's immediate parent company, Airspace B.V. The directors believe that such financial support will continue to be available for the foreseeable future. As a result they have continued to adopt the going concern basis of accounting. 

 
2.3

Revenue

Revenue represents amounts charged to the Company's parent company under an intercompany agreement at cost plus 5%. Revenue is recognised when chargeable costs are incurred.

 
2.4

Pensions

Defined contribution pension plan

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

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

Page 2

 
AIRSPACE LHR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 balance sheet 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 balance sheet date.


 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
AIRSPACE LHR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Page 4

 
AIRSPACE LHR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 7).


4.


Debtors

As restated
2023
2022
£
£


Amounts owed by group undertakings
71,114
36,242

Prepayments and accrued income
10,555
-

81,669
36,242



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
22,076
-



6.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
8,541
-

Corporation tax
11,313
3,200

Other taxation and social security
16,663
20,327

Other creditors
8,442
2,198

Accruals and deferred income
19,153
-

64,112
25,725


Page 5

 
AIRSPACE LHR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Prior year adjustment

During the audit for the year ended 31 December 2023 it was identified that certain liabilities relating to payroll creditors were not correctly disclosed in the financial statements. As such this has been reflected as a prior year adjustment.
 
The net impact of the adjustment for the period ended 31 December 2022 was:
 
Increase in amounts owed by group undertakings £22,525
Increase in other taxation and social security £20,327
Increase in other creditors £2,198
 
There was no impact on the profit for the period ended 31 December 2022 or reserves as previously reported.


8.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £20,046 (2022: £3,996). Contributions totaling £8,442 (2022: £2,198 as restated) were payable to the fund at the balance sheet date and are included in other creditors.


9.


Controlling party

Airspace B.V., is a company incorporated in the Netherlands and is regarded by the directors as being the Company's parent company. Airspace Technologies, Inc., is the Company's ultimate parent company and controlling party.
The largest and smallest group of undertakings for which group accounts are drawn up and which includes the Company is Airspace Technologies, Inc. The registered office for Airspace Technologies, Inc., is 5909 Sea Otter Place, Suite 200, Carlsbad, CA, 92010.


10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 25 March 2025 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 6