Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31false1511392024-01-01falseNo description of principal activityfalsefalse 01539777 2024-01-01 2024-12-31 01539777 2023-01-01 2023-12-31 01539777 2024-12-31 01539777 2023-12-31 01539777 2023-01-01 01539777 c:CompanySecretary1 2024-01-01 2024-12-31 01539777 c:Director1 2024-01-01 2024-12-31 01539777 c:Director2 2024-01-01 2024-12-31 01539777 c:Director3 2024-01-01 2024-12-31 01539777 c:Director4 2024-01-01 2024-12-31 01539777 c:Director5 2024-01-01 2024-12-31 01539777 c:RegisteredOffice 2024-01-01 2024-12-31 01539777 c:Agent1 2024-01-01 2024-12-31 01539777 d:Buildings 2024-01-01 2024-12-31 01539777 d:Buildings 2024-12-31 01539777 d:Buildings 2023-12-31 01539777 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01539777 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 01539777 d:Buildings d:ShortLeaseholdAssets 2024-12-31 01539777 d:Buildings d:ShortLeaseholdAssets 2023-12-31 01539777 d:PlantMachinery 2024-01-01 2024-12-31 01539777 d:PlantMachinery 2024-12-31 01539777 d:PlantMachinery 2023-12-31 01539777 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01539777 d:MotorVehicles 2024-01-01 2024-12-31 01539777 d:MotorVehicles 2024-12-31 01539777 d:MotorVehicles 2023-12-31 01539777 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01539777 d:OfficeEquipment 2024-01-01 2024-12-31 01539777 d:ComputerEquipment 2024-01-01 2024-12-31 01539777 d:ComputerEquipment 2024-12-31 01539777 d:ComputerEquipment 2023-12-31 01539777 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01539777 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01539777 d:Goodwill 2024-01-01 2024-12-31 01539777 d:Goodwill 2024-12-31 01539777 d:Goodwill 2023-12-31 01539777 d:CurrentFinancialInstruments 2024-12-31 01539777 d:CurrentFinancialInstruments 2023-12-31 01539777 d:Non-currentFinancialInstruments 2024-12-31 01539777 d:Non-currentFinancialInstruments 2023-12-31 01539777 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 01539777 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01539777 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 01539777 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 01539777 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-12-31 01539777 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 01539777 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 01539777 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 01539777 d:ReportableOperatingSegment3 2024-01-01 2024-12-31 01539777 d:ReportableOperatingSegment3 2023-01-01 2023-12-31 01539777 d:UKTax 2024-01-01 2024-12-31 01539777 d:UKTax 2023-01-01 2023-12-31 01539777 d:ShareCapital 2024-12-31 01539777 d:ShareCapital 2023-12-31 01539777 d:ShareCapital 2023-01-01 01539777 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01539777 d:RetainedEarningsAccumulatedLosses 2024-12-31 01539777 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01539777 d:RetainedEarningsAccumulatedLosses 2023-12-31 01539777 d:RetainedEarningsAccumulatedLosses 2023-01-01 01539777 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 01539777 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01539777 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 01539777 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 01539777 c:OrdinaryShareClass1 2024-01-01 2024-12-31 01539777 c:OrdinaryShareClass1 2024-12-31 01539777 c:OrdinaryShareClass1 2023-12-31 01539777 c:FRS102 2024-01-01 2024-12-31 01539777 c:Audited 2024-01-01 2024-12-31 01539777 c:FullAccounts 2024-01-01 2024-12-31 01539777 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01539777 d:HirePurchaseContracts d:WithinOneYear 2024-12-31 01539777 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 01539777 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-12-31 01539777 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 01539777 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 01539777 d:Goodwill d:OwnedIntangibleAssets 2024-01-01 2024-12-31 01539777 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 01539777


 

AIRPORT PARKING AND HOTELS LIMITED
 
ANNUAL REPORT
 
FOR THE YEAR ENDED 31 DECEMBER 2024

 
AIRPORT PARKING AND HOTELS LIMITED
 

CONTENTS



Page
Company information
 
1
Strategic report
 
2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 8
Profit and loss account
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 26


 
AIRPORT PARKING AND HOTELS LIMITED
 

COMPANY INFORMATION


Directors
B G Voller 
J W Voller 
C B Voller 
N J Caunter 
N S Maden 




Company secretary
N S Maden



Registered number
01539777



Registered office
Aph House Snow Hill
Copthorne

Crawley

West Sussex

RH10 3EQ




Independent auditor
Cooper Parry Group Limited
Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA




Solicitors
CooperBurnett Solicitors
Napier House

14-16 Mount Ephraim Road

Tunbridge Wells

TN1 1EE




Page 1

 
AIRPORT PARKING AND HOTELS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.
The main activities of the company during the year remained the operation of APH park and ride facilities serving Gatwick and Manchester airports and the agency sale of third party pre-booked airport parking, hotels and lounges to outbound air travellers, serving all significant UK airports.

Review of business
 
The core parking business performed well throughout the year. In the last quarter the company acquired a small operator serving travellers using Cardiff Airport. 

Principal risks and uncertainties
 
The principal risk facing the company is and has always been that of any major, sustained interruption to or decline in air travel from the UK.

Financial key performance indicators
 
Pre-tax profit decreased by 16.9% to £3,978,480 from £4,784,866 in the prior year.

Other key performance indicators
 
Customer service remains the company's key focus to further enhance our reputation and build customer loyalty as outbound travel continues to recover. The company once again won the coveted British Travel Award for the best airport parking company representing the 14th win in succession.  Furthermore, the  company was awarded the Which? Recommended Provider award for airport parking, the first time that this consumers association brand had turned its attention to airport parking.

Going concern

The continued strong performance and debt reduction despite the small acquisition means that the directors are very confident in the company's going concern status.

Future developments

The company has a robust strategy and a strengthened management team to help the business grow steadily in subsequent years. The directors anticipate that the company will continue to operate with its existing service offering with the same management team and resources.

This report was approved by the board and signed on its behalf.





N J Caunter
Director

Date: 7 August 2025

Page 2

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Statement of directors' responsibilities

The directors are responsible for preparing the strategic report, the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £3,175,776 (2023: £3,522,990).

The total distribution of dividends for the year ended 31 December 2024 was £218,500 (2023: £276,000).

Directors

The directors who served during the year were:

B G Voller 
J W Voller 
C B Voller 
N J Caunter 
N S Maden 

Matters covered in the strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of discussions relating to financial and other risk management objectives and policies.

Page 3

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditor

The auditor, Cooper Parry Group Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





N J Caunter
Director

Date: 7 August 2025

Page 4

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIRPORT PARKING AND HOTELS LIMITED
 

Opinion


We have audited the financial statements of Airport Parking and Hotels Limited (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 United Kingdom, including the Financial Reporting Council'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 reportOur 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.


Page 5

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIRPORT PARKING AND HOTELS LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 3, 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.


Page 6

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIRPORT PARKING AND HOTELS LIMITED (CONTINUED)


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.

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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.
During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests include agreeing the financial statement disclosures to underlying supporting documentation.
Because of 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.


Page 7

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIRPORT PARKING AND HOTELS LIMITED (CONTINUED)


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 2006Our 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.





Robert Blundell FCA (Senior Statutory Auditor)
  
for and on behalf of
Cooper Parry Group Limited
 
Statutory Auditor
  
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

 
Date: 
12 August 2025
Page 8

 
AIRPORT PARKING AND HOTELS LIMITED
 

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
31,443,566
30,488,589

Cost of sales
  
(20,561,777)
(19,157,080)

Gross profit
  
10,881,789
11,331,509

Administrative expenses
  
(6,759,844)
(6,214,835)

Operating profit
 7 
4,121,945
5,116,674

Interest payable and similar expenses
 8 
(143,465)
(331,808)

Profit before taxation
  
3,978,480
4,784,866

Tax on profit
 9 
(802,704)
(1,261,876)

Profit for the financial year
  
3,175,776
3,522,990

There were no recognised gains and losses for 2024 or 2023 other than those included in the profit and loss account.

The notes on pages 12 to 26 form part of these financial statements.

Page 9

 
AIRPORT PARKING AND HOTELS LIMITED
REGISTERED NUMBER: 01539777

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
888,171
-

Tangible assets
 12 
22,443,947
21,759,166

  
23,332,118
21,759,166

Current assets
  

Debtors: amounts falling due within one year
 13 
1,662,289
1,569,704

Cash at bank and in hand
  
3,454,542
2,945,867

  
5,116,831
4,515,571

Creditors: amounts falling due within one year
 14 
(7,989,283)
(6,904,147)

Net current liabilities
  
 
 
(2,872,452)
 
 
(2,388,576)

Total assets less current liabilities
  
20,459,666
19,370,590

Creditors: amounts falling due after more than one year
 15 
(4,343,607)
(6,330,373)

Provisions for liabilities
  

Deferred taxation
 18 
(405,389)
(286,823)

Net assets
  
15,710,670
12,753,394


Capital and reserves
  

Called up share capital 
 19 
1,000
1,000

Profit and loss account
  
15,709,670
12,752,394

Shareholders' funds
  
15,710,670
12,753,394


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




N J Caunter
N S Maden
Director
Director


Date: 7 August 2025
Date:12 August 2025

The notes on pages 12 to 26 form part of these financial statements.

Page 10

 
AIRPORT PARKING AND HOTELS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
1,000
9,505,404
9,506,404



Profit for the year
-
3,522,990
3,522,990

Dividends paid
-
(276,000)
(276,000)



At 1 January 2024
1,000
12,752,394
12,753,394



Profit for the year
-
3,175,776
3,175,776

Dividends paid
-
(218,500)
(218,500)


At 31 December 2024
1,000
15,709,670
15,710,670


The notes on pages 12 to 26 form part of these financial statements.

Page 11

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


Statutory information

Airport Parking and Hotels Limited ("the company") is a private company, limited by shares, registered in England and Wales.
The address of its registered office is Aph House, Snow Hill, Copthorne, Crawley, West Sussex, United Kingdom, RH10 3EQ.
The company's principal activity in the year was the operation of APH branded airport parking facilities at Gatwick and Manchester airports, and the sale of third party pre-booked parking, hotels and lounge facilities at these and all other major UK airports.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated.
The following principal accounting policies have been applied:
Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing the financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
 

  
2.2

Preparation of consolidated financial statements

The financial statements contain information about Airport Parking and Hotels Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Crawley Down Holdings Ltd, as at 31 December 2024 and these financial statements may be obtained from the registered office: Aph House, Snow Hill, Copthorne, Crawley, West Sussex, RH10 3EQ.

Page 12

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.3

Turnover

Turnover is recognised to the extent that is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, and on the accrued basis of accounting.
Owned car parks
Turnover is recognised when the parking date commences.
Turnover received in advance of the parking dates and hotel stays is recognised in deferred income.
Third-party car parks
The company recognises the full value of a sale for a third-party car park space on the basis that the company acts as the principal for VAT purposes.
Other turnover
For hotel reservations, the company recognises the full value of a sale on the basis that the company acts as the principal for VAT purposes.
Rental and other income is recognised based on the rental period the income relates to.

 
2.4

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.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the profit and loss account during the period in which they are incurred.

Page 13

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets 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:

Freehold property
-
2% straight line
Leasehold land and buildings
-
6.67%, 10% and 20% straight line
Plant & equipment
-
10% straight line
Motor vehicles
-
20% straight line
Office furniture
-
10% straight line
Computer equipment
-
20% to 33% 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 profit and loss accounts.

Freehold property
Freehold property with a cost of £436,014 (2023: £436,014) is not depreciated because, in the opinion of the directors, it has a high residual value and long useful economic life and, as a consequence, depreciation would be immaterial either annually or in aggregate. This constitutes a departure from the general requirement of the Companies Act 2006 for all tangible assets (excluding land) to be depreciated over their useful economic lives, and is necessary to enable the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation, and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

  
2.5

Investments in subsidiaries

Investment in subsidiary undertakings are recognised at cost less accumulated impairment.

  
2.6

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments which comprise cash at bank, trade and other receivables and trade and other payables. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full.
Financial assets - classified as basic financial instruments
(i) Cash at bank and in hand
Cash at bank and in hand include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.
(ii) Trade and other receivables
Trade and other receivables are initially recognised at the transaction price, including any transaction costs. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.
 
Page 14

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

(ii) Trade and other receivables (continued)
At the end of each reporting period, the company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the profit and loss account.
Financial liabilities - classified as basic financial instruments
(iii) Trade and other payables and loans and borrowings
Trade and other payables and loan and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.8

Operating leases: the company as lessee

Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Page 15

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Operating leases: the company as lessor

Rental income from operating leases is credited to the profit and loss account on a straight-line basis over the period of the lease.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.10

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.

 
2.11

Finance costs

Finance costs are charged to the profit and loss account 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.

 
2.12

Borrowing costs

All borrowing costs are recognised in the profit and loss account in the year in which they are incurred.

  
2.13

Going concern

These accounts are being prepared on a going concern basis; the directors are confident of the continuation of the steady recovery in UK aviation. The first half of 2024 has seen very strong demand at high prices for parking spaces.  The directors are now confident of a very strong first half performance and a strong full year for the company. This coupled with existing loan arrangements gives the directors comfort that the company will continue in operation for the next 12 months and beyond.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical evidence and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
The company has a Grade II* listed freehold property whose lease expires on 2198. The company is responsible for its maintenance and repair. At 31 December 2024, the company has provided for an amount of £2,464,397 (2023: £2,464,397) in these financial statements for repairs to the property's roof,
Page 16

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.Judgements in applying accounting policies (continued)

which was damaged at the balance sheet date. The company has commissioned a specialist architect to assess the repair work that is required; however, permissions is required from local authorities and historic England for investigative work to be undertaken, and this has not yet been granted at the date of approval of the financial statements. Whilst the directors are confident that a financial obligation exists at the balance sheet date and that the provision for repair work of £2,464,397 (2023: £2,464,397) is reasonable from the information available to them, the ultimate liability will only be known on completion of the investigative work.


4.


Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.


An analysis of turnover by class of business is as follows:


2024
2023
£
£

Parking, agency parking and hotel fees
30,943,881
29,921,018

Other income
499,685
567,571

31,443,566
30,488,589


All turnover arose within the United Kingdom.


5.


Employees and directors

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
5,664,857
5,316,854
5,664,857
5,316,854

Social security costs
600,231
546,297
600,231
546,297

Cost of defined contribution scheme
380,000
339,498
380,000
339,498

6,645,088
6,202,649
6,645,088
6,202,649


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Office and management
37
54



Sales and distribution
114
85

151
139

Page 17

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Directors' emoluments

2024
2023
£
£

Directors' remuneration
641,382
545,988


The highest paid director received remuneration of £516,939 (2023: £443,252).

Directors' emoluments are in respect of two directors only, as the remuneration for the other directors was paid by a fellow subsidiary, Crawley Down Group Limited, for both the current and prior accounting periods.


7.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Other operating lease rentals
274,009
271,167

Depreciation - owned assets
816,750
785,930

Profit on disposal of fixed assets
(332,176)
(398,774)

Auditor's remuneration
27,500
26,400


8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest
143,465
331,808


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
684,138
763,413

Deferred tax


Deferred tax
118,566
498,463


Tax on profit
802,704
1,261,876
Page 18

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 25%). The differences are explained below:

2024
2023
£
£


Profit before tax
3,978,480
4,784,866


Profit multiplied by standard rate of corporation tax in the UK of 25% (2023: 25%)
994,620
1,196,217

Effects of:


Fixed asset differences
4,724
-

Expenses not deductible for tax purposes
6,898
18,306

Adjustment to brought forward values
(13,452)
(44,836)

Adjustments to tax charge in respect of previous periods
(442,462)
-

Movement in deferred tax not recognised
252,376
(99,694)

Movement on deferred tax
-
498,463

Utilisation of tax losses
-
(308,966)

Short-term timing difference leading to an increase (decrease) in taxation
-
2,386

Total tax charge for the year
802,704
1,261,876


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2024
2023
£
£


Interim dividend
69,000
92,000


Final dividend
149,500
184,000

Total
218,500
276,000

Page 19

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Intangible assets




Goodwill

£



Cost


Additions
903,225



At 31 December 2024

903,225



Amortisation


Charge for the year on owned assets
15,054



At 31 December 2024

15,054



Net book value



At 31 December 2024
888,171



At 31 December 2023
-



Page 20

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Freehold property
Short-term leasehold property
Motor vehicles
Plant and machinery
Computer equipment

£
£
£
£
£



Cost


At 1 January 2024
19,588,054
32,855
3,673,672
17,290
851,724


Additions
1,215,461
-
272,995
-
245,941


Disposals
-
(32,855)
(886,523)
-
-



At 31 December 2024

20,803,515
-
3,060,144
17,290
1,097,665



Depreciation


At 1 January 2024
531,658
32,855
1,305,650
4,412
529,854


Charge for the year on owned assets
123,851
-
574,718
3,456
114,725


Disposals
-
(32,855)
(653,657)
-
-



At 31 December 2024

655,509
-
1,226,711
7,868
644,579



Net book value



At 31 December 2024
20,148,006
-
1,833,433
9,422
453,086



At 31 December 2023
19,056,396
-
2,368,022
12,878
321,870
Page 21

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           12.Tangible fixed assets (continued)


Total

£



Cost


At 1 January 2024
24,163,595


Additions
1,734,397


Disposals
(919,378)



At 31 December 2024

24,978,614



Depreciation


At 1 January 2024
2,404,429


Charge for the year on owned assets
816,750


Disposals
(686,512)



At 31 December 2024

2,534,667



Net book value



At 31 December 2024
22,443,947



At 31 December 2023
21,759,166


13.


Debtors

2024
2023
£
£


Trade debtors
612,113
619,934

Amounts owed by group undertakings
212,850
178,212

Other debtors
186,772
47,816

Prepayments and accrued income
650,554
723,742

1,662,289
1,569,704


Page 22

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
330,325
330,325

Other loans
551,155
327,560

Trade creditors
1,453,894
1,438,808

Amounts owed to group undertakings
-
59,182

Corporation tax
197,551
763,413

Other taxation and social security
105,500
92,417

Accruals and deferred income
5,350,858
3,892,442

7,989,283
6,904,147


During 2022 the company entered into a loan totalling £6,117,175 with interest charged at 2.25% above base rate. From March 2023 quarterly capital repayments totalled £82,581 with the loan being repaid in full in December 2027.
The new and existing bank loans are secured on the company's properties, and also by way of a composite guarantee from group companies. The aggregate amount of secured debt at the year-end is £2,206,527 (2023: £3,786,851).
During 2023 the company entered into a loan with Lombard totalling £982,680 with interest charged at 2.25% above base rate. From April 2023 quarterly capital repayments totalled £27,297 with the loan being repaid in full in March 2026. 
During 2024, the company borrowed £1,000,000 with interest charged at 7.2% from a connected party which is secured against the property owned by the company. This loan is included within other loans. 


15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,876,202
3,456,526

Other loans
1,003,008
409,450

Accruals
1,464,397
2,464,397

4,343,607
6,330,373


Page 23

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
330,325
330,325

Other loans
551,155
327,560


881,480
657,885

Amounts falling due 1-2 years

Bank loans
330,324
330,324

Other loans
318,246
327,560


648,570
657,884

Amounts falling due 2-5 years

Bank loans
1,545,878
3,126,202

Other loans
684,762
81,890


2,230,640
3,208,092


3,760,690
4,523,861



17.


Leasing agreements


2024
2023
£
£


Within one year
208,291
181,708

Between 1-5 years
194,617
376,239

402,908
557,947

Page 24

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Deferred taxation




2024


£






At beginning of year
(286,823)


Charged to profit or loss
(118,566)



At end of year
(405,389)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(423,105)
(286,823)

Short term timing differences
17,716
-

(405,389)
(286,823)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023: 1,000) Ordinary shares of £1 each
1,000
1,000



20.


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 £380,000 (2023: £339,498). Contributions of £Nil (2023: £Nil) were payable to the fund at the balance sheet date.


21.


Contingent liabilities

National Westminster Bank plc holds fixed and floating cross-guarantees in respect of all accounts held in the names of the companies within the group, and has the right to the set-off of debit and credit balances on all accounts. This company has similarly jointly guaranteed the overdrafts of the group companies. The amounts owed by other group companies under this guarantee at 31 December 2024 amounted to £Nil  (2023: £Nil) in respect of overdrafts and £Nil (2023: £Nil) in respect of loans.

Page 25

 
AIRPORT PARKING AND HOTELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
All staff who have authority and responsibility for planning, directing and controlling the activities of the group are considered to be key management personnel, irrespective of which group company provides their remuneration. Total remuneration in respect of these individuals is £655,056 (2023: £564,991).
During 2024, the company borrowed £1,000,000 with interest charged at 7.2% from a connected party which is secured against the property owned by the company. This loan is included within other loans. 


23.


Ultimate controlling party

The company's parent company and ultimate controlling party is Crawley Down Holdings Limited, a company registered in England and Wales. The parent company's address of principal place of business is: Aph House, Snow Hill, Copthorne, Crawley, West Sussex, RH10 3EQ.
Copies of the consolidated financial statements of Crawley Down Holdings Limited are available from the registered office: Aph House, Snow Hill, Copthorne, Crawley, West Sussex, RH10 3EQ.
The company is controlled by the board of directors of Crawley Down Holdings Limited.


Page 26