Company registration number 14792749 (England and Wales)
ART ASSET OPERATIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
ART ASSET OPERATIONS LIMITED
COMPANY INFORMATION
Directors
W Adriaanse
(Appointed 25 April 2024)
B Williams
(Appointed 11 April 2023)
Company number
14792749
Registered office
1 Bartholomew Lane
London
EC2N 2AX
United Kingdom
Auditor
Deloitte LLP
2 New Street Square
London
EC4A 3BZ
ART ASSET OPERATIONS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
ART ASSET OPERATIONS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
- 1 -

The Directors present their annual report on the affairs of ART Asset Operations Limited (the "Company"), together with the audited financial statements and auditor's report, for the period from 11 April 2023, date of incorporation, to 30 June 2024.

 

The Directors have taken the exemption from preparing a strategic report.

Principal activities

The principal activity of the company continued to be that of a general partner.

Results and dividends

The results for the period are set out on page 7.

 

The Company generated a profit of £102,822. Net assets at 30 June 2024 stood at £587,511.

During the period under review, no dividend was paid or proposed.

Directors

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

W Adriaanse
(Appointed 25 April 2024)
B Williams
(Appointed 11 April 2023)
D Gallant
(Appointed 11 April 2023 and resigned 25 April 2024)
C Lovell
(Appointed 25 April 2024 and resigned 25 April 2024)
Qualifying third party indemnity provisions

The Company has not made qualifying third party indemnity provisions for the benefit of its Directors during the year and up to the date of this report.

Political donations

The Company made no political and charitable donations during the period under review.

Post reporting date events

On 7 March 2025, the Company received an interim dividend of £27,937,826.07 on behalf of QS Airports UK LP from Heathrow Airport Holdings Limited.

 

Subsequently, on 21 March 2025, the Company distributed £27,437,826.07 on behalf of QS Airports UK LP to QS Infrastructure Pty Ltd as trustee for QS Global Infrastructure Trust No. 2 and QSuper Investment Holdings Pty Ltd as trustee for the QSuper Global Infrastructure Trust.

Auditor

Deloitte LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be appointed will be put at a General Meeting.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

ART ASSET OPERATIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
Going concern

The Company is and will be wholly reliant, for the period of 12 months from the date of approving these financial statements, on the continued financial support from QS Airports UK, LP, in order to meet its obligations as and when they fall due for the foreseeable future.

 

Whilst the letter of support is not legally binding the Board of Directors believe that the company will be provided financial support from QS Airports UK, LP, in order for the company to meet its obligations as and when they fall due until 31 May 2026. The Directors have also considered the financial position of QS Airports UK, LP, and concluded that they have sufficient financial resources with which to provide the support detailed in the letter.

 

Therefore on the basis of the above, the Directors have approved the financial statements utilising the going concern basis of preparation.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved for issue by the Board on
B Williams
Director
9 May 2025
ART ASSET OPERATIONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2024
- 3 -

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), including FRS 101 “Reduced Disclosure Framework”. 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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ART ASSET OPERATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ART ASSET OPERATIONS LIMITED
- 4 -
Opinion

In our opinion the financial statements of ART Asset Operations Limited (the ‘company’):

We have audited the financial statements which comprise:

 

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (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 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.

ART ASSET OPERATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ART ASSET OPERATIONS LIMITED (CONTINUED)
- 5 -
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 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 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 for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.

We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

ART ASSET OPERATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ART ASSET OPERATIONS LIMITED (CONTINUED)
- 6 -

In addition to the above, our procedures to respond to the risks identified included the following:

Report on other legal and regulatory requirements

 

Opinions on other matters prescribed by the Companies Act 2006

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

 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors’ report.

 

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:

 

We have nothing to report in respect of these matters.

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.

Charlotte Lord (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
9 May 2025
Statutory Auditor
2 New Street Square
London
EC4A 3BZ
ART ASSET OPERATIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024
- 7 -
Period
ended
30 June
2024
Notes
£
Turnover
3
401,574
Administrative expenses
(264,478)
Operating profit
4
137,096
Profit before taxation
137,096
Tax on profit
7
(34,274)
Profit and total comprehensive income for the financial period
102,822

There were no components of 'other comprehensive income' which are required to be separately disclosed during the current period.

 

Revenue and operating profit are all derived from continuing operations.

The notes on pages 10 to 17 form part of these financial statements.

ART ASSET OPERATIONS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 8 -
2024
Notes
£
£
Current assets
Debtors
8
485,129
Cash at bank and in hand
209,406
694,535
Creditors: amounts falling due within one year
9
(107,024)
Net current assets
587,511
Net assets
587,511
Capital and reserves
Called up share capital
10
10
Capital contribution reserve
484,679
Profit and loss reserves
102,822
Total equity
587,511

The notes on pages 10 to 17 form part of these financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
B Williams
Director
Company registration number 14792749 (England and Wales)
ART ASSET OPERATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
- 9 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 11 April 2023
-
-
-
-
Period ended 30 June 2024:
Profit and total comprehensive income
-
-
102,822
102,822
Issue of share capital
10
10
-
-
10
Capital contribution
-
484,679
-
0
484,679
Balance at 30 June 2024
10
484,679
102,822
587,511

The notes on pages 10 to 17 form part of these financial statements.

ART ASSET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 10 -
1
Accounting policies
Company information

ART Asset Operations Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bartholomew Lane, London, EC2N 2AX, United Kingdom. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Reporting period

The Company's financial year starts 1 July and ends 30 June except for this reporting period. The current reporting period is from the date of incorporation i.e. 11 April 2023 until 30 June 2024.

1.2
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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 £.

 

The financial statements have been prepared under the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for the goods and services.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- paragraph 79(a)(iv) of IAS 1;

- paragraph 73(e) of IAS 16 Property, Plant and Equipment;

ART ASSET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -
1.3
Going concern

The Company is and will be wholly reliant, for the period of 12 months from the date of approving these financial statements, on the continued financial support from trueQS Airports UK, LP, in order to meet its obligations as and when they fall due for the foreseeable future.

 

Whilst the letter of support is not legally binding the Board of Directors believe that the company will be provided financial support from QS Airports UK, LP, in order for the company to meet its obligations as and when they fall due until 31 May 2026. The Directors have also considered the financial position of QS Airports UK, LP, and concluded that they have sufficient financial resources with which to provide the support detailed in the letter.

 

Therefore on the basis of the above, the Directors have approved the financial statements utilising the going concern basis of preparation.

1.4
Turnover

Turnover is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

The company recognises revenue from the following major source:

1.5
Cash at bank and in hand

Cash and cash equivalents 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.

1.6
Financial assets

Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

Classification and measurement

 

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them. The Company initially measures a financial asset at its fair value plus, transaction costs.

 

Financial assets are classified in different measurement categories in accordance with their characteristics as follows:

ART ASSET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial assets

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Company’s statement of financial position) when:

 

 

When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass‐through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

Trade and other receivables

Trade receivables are recorded initially at fair value and thereafter at net realisable value after deducting an allowance for impairment.

 

Trade receivable balances are written off when the Company determines that it is unlikely that future remittances will be received.

1.7
Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as trade payables and other current liabilities as appropriate.

 

All financial liabilities are recognised initially at fair value.

                                            

The Company’s financial liabilities include trade payables and other current liabilities.

 

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Derecognition of financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.

ART ASSET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

 

Trade and other payables

Payables are financial liabilities with fixed or determinable values that are not quoted in an active market. They arise when the Company either receives services from another entity or purchases any security the settlement of which remains outstanding as at the financial position date. Payables are recognised initially at fair value less transaction costs, if any. These are subsequently measured at amortised cost using the effective interest method. Given the nature of payables, however, and the short length of time involved between their origination and settlement, their amortised cost is the same as their fair value at the date of origination.

1.8
Equity instruments

Share capital

Share capital consists of ordinary shares which are classified as equity when there is no obligation to transfer cash or other assets.

1.9
Taxation
Current tax

Current income tax assets and liabilities are measured at the reporting date at the amount expected to be recovered from or paid to taxation authorities using the tax rates and laws that have been enacted or substantively enacted by the date of the statement of financial position.

Deferred tax

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date, whereas the deferred tax assets will be recognised to the extent that they do not exceed the deferred tax liability.

 

Deferred tax liabilities are recognised for all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

 

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised.

 

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re‐assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

 

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

ART ASSET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.10
Foreign exchange

Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the date of the statement of financial position are translated at the foreign exchange rate ruling at that date. Foreign exchange differences are recognised in the statement of comprehensive income within ‘Finance income’ or ‘Finance costs’.

 

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

1.11

Administrative expenses

Expenses are recognised in the statement of comprehensive income in the period in which they are incurred and include administration expenses such as professional fees, legal fees, management fees, advisory fees and other operating expenses.

1.12

Capital management

For the purpose of the Company's capital management, capital includes issued share capital and retained earnings attributable to the Company's shareholder. The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to provide returns for the shareholder.

 

The shareholder will invest additional monies into the Company in order to ensure that the Company can meet its ongoing financial obligations. These shall be provided at such times as the Company may require for working capital purposes or for meeting any obligation of the Company. The Company is not subject to any external capital requirements.

2
Critical accounting estimates and judgements

In the application of the company’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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

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

 

It is the view of the directors that there are no critical judgements in applying the Company's accounting policies or key sources of estimation uncertainty.

3
Turnover
2024
£
Turnover analysed by class of business
Directorship income
401,574

All revenue generated by the company during the financial period is attributable to transactions within the United Kingdom.

ART ASSET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 15 -
4
Operating profit
Operating profit for the year is stated after charging:
2024
£
Professional subscriptions
191,141
Accountancy
72,750
Bank charges
587
264,478
5
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the company
30,000
6
Employees

The Company has no employees and services required are contracted from third parties. The directors received no remuneration from the Company in respect of qualifying services rendered during the year under review.

 

The Directors' remuneration for the current year was borne by other affiliated companies. No recharge was made to the Company for the services of the directors in the current year as it is not possible to make an accurate apportionment of emoluments in respect of services to the Company.

7
Taxation
2024
£
Current tax
UK corporation tax on profits for the current period
34,274

The charge for the period can be reconciled to the profit per the profit and loss account as follows:

2024
£
Profit before taxation
137,096
Expected tax charge based on a corporation tax rate of 25.00%
34,274
Tax charged in the financial statements
34,274
ART ASSET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
7
Taxation
(Continued)
- 16 -

The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom has increased from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.

8
Debtors
2024
£
Trade debtors
120,000
VAT recoverable
705
Amounts owed by fellow group undertakings
364,424
485,129

Amounts owed by fellow group undertakings are unsecured, interest free and repayable on demand.

9
Creditors
2024
£
Accrued expenses
107,024
10
Share capital
2024
2024
Ordinary share capital
Number
£
Authorised
Ordinary shares of £1 each
10
10
Issued and fully paid
Ordinary shares of £1 each
10
10

On incorporation on 11 April 2023, the company allotted 10 ordinary shares of £1 each. As at 30 June 2024, the total allotted, called-up and fully paid share capital was 10 ordinary shares of £1 each.

 

The shares have attached to them full voting, dividend and capital distributions rights.

11
Events after the reporting date

On 7 March 2025, the Company received an interim dividend of £27,937,826.07 on behalf of QS Airports UK LP from Heathrow Airport Holdings Limited.

 

Subsequently, on 21 March 2025, the Company distributed £27,437,826.07 on behalf of QS Airports UK LP to QS Infrastructure Pty Ltd as trustee for QS Global Infrastructure Trust No. 2 and QSuper Investment Holdings Pty Ltd as trustee for the QSuper Global Infrastructure Trust.

12
Related party transactions
ART ASSET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
12
Related party transactions
(Continued)
- 17 -

All related party transactions during the year were with the 100% owned group company and as such, are exempt from disclosure under FRS 101: Reduced Disclosure Framework, as they are eliminated on consolidation.

13
Controlling party

The Company's ultimate controlling party is Australian Retirement Trust Pty Ltd (ART), a company established under the laws of Australia. Its principal place of business and registered office is at Level 28, 266 George Street, Brisbane City, 4000, Australia.

 

This is the largest and smallest group into which the results of the Company are consolidated in ART's financial statements. Copies of the consolidated financial statements of Australian Retirement Trust can be found at https://www.australianretirementtrust.com.au/about/annual-reports.

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