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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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AIRPORT PARKING AND HOTELS LIMITED
CONTENTS
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AIRPORT PARKING AND HOTELS LIMITED
COMPANY INFORMATION
Page 1
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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.
The core parking business performed well throughout the year. In the last quarter the company acquired a small operator serving travellers using Cardiff Airport.
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.
Pre-tax profit decreased by 16.9% to £3,978,480 from £4,784,866 in the prior year.
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.
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.
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.
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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.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
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 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.
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).
The directors who served during the year were:
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.
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AIRPORT PARKING AND HOTELS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditor, Cooper Parry Group Limited, will 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.
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AIRPORT PARKING AND HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIRPORT PARKING AND HOTELS LIMITED
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 policies. The 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).
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.
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.
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.
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AIRPORT PARKING AND HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIRPORT PARKING AND HOTELS LIMITED (CONTINUED)
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.
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.
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AIRPORT PARKING AND HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIRPORT PARKING AND HOTELS LIMITED (CONTINUED)
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.
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AIRPORT PARKING AND HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIRPORT PARKING AND HOTELS LIMITED (CONTINUED)
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.
for and on behalf of
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA
Date:
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AIRPORT PARKING AND HOTELS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 9
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AIRPORT PARKING AND HOTELS LIMITED
REGISTERED NUMBER: 01539777
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 26 form part of these financial statements.
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AIRPORT PARKING AND HOTELS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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AIRPORT PARKING AND HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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":
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.
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AIRPORT PARKING AND HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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.
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AIRPORT PARKING AND HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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:
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.
Investment in subsidiary undertakings are recognised at cost less accumulated impairment.
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.
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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.
Goodwill
Other intangible assets
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:
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AIRPORT PARKING AND HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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,
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AIRPORT PARKING AND HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Judgements in applying accounting policies (continued)
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AIRPORT PARKING AND HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AIRPORT PARKING AND HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Taxation (continued)
There were no factors that may affect future tax charges.
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AIRPORT PARKING AND HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 20
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AIRPORT PARKING AND HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 21
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AIRPORT PARKING AND HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Tangible fixed assets (continued)
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AIRPORT PARKING AND HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 23
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AIRPORT PARKING AND HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AIRPORT PARKING AND HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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AIRPORT PARKING AND HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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