REGISTERED NUMBER: 04140620 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LYDD AIRPORT LIMITED

PREVIOUSLY KNOWN AS

LONDON ASHFORD AIRPORT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B F M Al Athel

M F M Al Athel

T F M Al Athel

I M Winskell

Ms S M O'Dwyer

REGISTERED OFFICE:

Lydd Airport

LYDD

Kent

TN29 9QL

REGISTERED NUMBER:

04140620 (England and Wales)

AUDITORS:

McCabe Ford Williams

Chartered Accountants and Statutory Auditors

Charlton House

Dour Street

DOVER

Kent

CT16 1BL

FIXED ASSETS

Tangible assets

4

17,586,700

17,691,943

Investment property

5

-

2,750,000

17,586,700

20,441,943

CURRENT ASSETS

Stocks

6

91,214

75,977

Debtors

7

3,744,111

1,454,789

Cash at bank

68,237

32,421

3,903,562

1,563,187

CREDITORS

Amounts falling due within one year

8

13,480,486

12,369,162

NET CURRENT LIABILITIES

(9,576,924

)

(10,805,975

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,009,776

9,635,968

CAPITAL AND RESERVES

Called up share capital

10

37,384,616

37,384,616

Share premium

1,538,463

1,538,463

Retained earnings

(30,913,303

)

(29,287,111

)

SHAREHOLDERS' FUNDS

8,009,776

9,635,968

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

Ms S M O'Dwyer - Director

1.	STATUTORY INFORMATION

Lydd Airport Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The

Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Airport operations

- 10% to 15% on cost

Plant and machinery

- 10% to 33% on cost

Motor vehicles

- 15% to 25% on cost

Freehold and leasehold property includes runways, taxiways and aprons. Freehold and leasehold property are depreciated over the life of the asset or the life of the lease, whichever is the shorter. These assets are depreciated on cost over 2 to 80 years.

Land is not depreciated.

Assets under construction are not depreciated until the asset is ready for use, at which point it is transferred to the relevant asset class and is subsequently depreciated.

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2023 - 38 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

and

Assets

leasehold

Airport

under

property

operations

construction

£

£

£

COST

At 1 January 2024

13,340,647

941,344

6,739,951

Additions

49,992

-

1,103

Disposals

-

-

-

At 31 December 2024

13,390,639

941,344

6,741,054

DEPRECIATION

At 1 January 2024

2,556,687

936,483

-

Charge for year

212,995

1,006

-

Eliminated on disposal

-

-

-

At 31 December 2024

2,769,682

937,489

-

NET BOOK VALUE

At 31 December 2024

10,620,957

3,855

6,741,054

At 31 December 2023

10,783,960

4,861

6,739,951

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

939,424

228,710

22,190,076

Additions

98,419

17,250

166,764

Disposals

(9,007

)

(27,161

)

(36,168

)

At 31 December 2024

1,028,836

218,799

22,320,672

DEPRECIATION

At 1 January 2024

793,752

211,211

4,498,133

Charge for year

51,050

6,711

271,762

Eliminated on disposal

(8,762

)

(27,161

)

(35,923

)

At 31 December 2024

836,040

190,761

4,733,972

NET BOOK VALUE

At 31 December 2024

192,796

28,038

17,586,700

At 31 December 2023

145,672

17,499

17,691,943

Included in freehold and leasehold property is freehold land with an estimated value of £1,700,000 (2023 - £1,700,000) which is not depreciated.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

2,750,000

Disposals

(2,750,000

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

2,750,000

6.

STOCKS

2024

2023

£

£

Stocks

91,214

75,977

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

123,067

82,741

Amounts owed by group undertakings

1,158,488

1,177,619

Other debtors

2,319,444

74,617

Prepayments and accrued income

143,112

119,812

3,744,111

1,454,789

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

392,187

577,559

Amounts owed to group undertakings

12,785,583

11,359,254

Social security and other taxes

72,829

211,589

Other creditors

2,483

2,271

Accruals and deferred income

227,404

218,489

13,480,486

12,369,162

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

47,711

6,463

Between one and five years

71,201

13,230

118,912

19,693

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

37,384,616

Ordinary

£1

37,384,616

37,384,616

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Fullarton BSc(Hons) FCA (Senior Statutory Auditor)

for and on behalf of McCabe Ford Williams

12.	CONTINGENT LIABILITIES

In July 2023, claims were submitted to the Employment Tribunal by nine employees for non-compliance with the Trade Union and Labour Relations Act 1992. They sought an aggregate sum of £72,864 for compensation and claimant costs, of which £27,324 was provided for during 2023. An appeal has been made for the remaining balance of £63,300, and this cash outflow is possible at the year end. The earliest date the appeal will be heard is April 2026, and therefore the timing of the possible outflows is uncertain.

In December 2023, additional claims were submitted to the Employment Tribunal for non-compliance with the Employment Rights Act 1996. They sought an aggregate sum of £190,898 for compensation, of which £101,005 was possible at 31 December 2023. On 4 July 2024 this claim was dismissed and as such no present or possible obligation exists at the year end.

13.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was due an amount of £1,144,962 (2023 - £1,170,047) from Lydd Golf Club Limited, a fellow subsidiary. The loan is interest free, unsecured and payable on demand. Lydd Holdings Limited, the parent company, has guaranteed the loan.

At the balance sheet date the company owed an amount of £12,785,583 (2023 - £11,359,254) to Lydd Holdings Limited, the parent company. The loan is interest free, unsecured and payable on demand.

At the balance sheet date the company owed an amount of £12,785,583 (2023 - £11,359,254) to Lydd Holdings Limited, the parent company. The loan is interest free, unsecured and payable on demand.

14.	PARENT COMPANY

The parent company is Lydd Holdings Limited, the registered address of which is Geneva Place, Waterfront Drive, PO Box 3469, Road Town, Tortola, British Virgin Island.

During 2024 the share capital of Lydd Holdings Limited was owned by F M S Al Athel. On 30 March 2025 the full share capital of Lydd Holdings Limited was transferred from F M S Al Athel in equal amounts to B F M Al Athel, M F M Al Athel and H F M Al Athel.

15.	GOING CONCERN

The financial statements have been prepared on a going concern basis. This basis may not be appropriate because, at 31 December 2024, the current liabilities of the company exceed the current assets of the company by £9,576,924 (2023 - £10,805,975) and, during the year, the company made a loss of £1,626,192 (2023 - £977,120). Should the company be unable to continue trading, adjustments would have to be made to reduce the value of the assets to their recoverable amount, to provide any liabilities which might arise and to reclassify fixed assets and long term liabilities. The going concern basis has been applied on the basis that the company can rely on the continued financial support of the parent company and the ultimate controlling party.