Company registration number: 02727100
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
The directors present their strategic report and the financial statements of the company for the year ended 28 February 2025.
Where the company sits as an intermediate holding company within the DEWA AWED Group and has no trade, thestrategic report below is presented on the basis of how the Group in its entirety operates.
Where the company sits as an intermediate holding company within the DEWA AWED Group and has no trade, thestrategic report below is presented on the basis of how the Group in its entirety operates.
The group acts as a white glove logistics operator within the interior design sector, offering specialist handling, packing, crating and storage, large and small-scale installations of contemporary high-end furniture, artwork and home furnishings.
The year to 28 February 2025, overall year on year turnover fell slighty by around 11.6% on the previous year as referenced below, throughout the period we have ensured that net margins remained stable.
The group continues to target the interior design sector and for this to become a mainstay of the group activities.
At the balance sheet date, the group net assets were £2,546,592 (2024: £1,930,838). The group has undertaken a significant capital investment programme in the current year, with asset additions totaling £393,715.
The year to 28 February 2025, overall year on year turnover fell slighty by around 11.6% on the previous year as referenced below, throughout the period we have ensured that net margins remained stable.
The group continues to target the interior design sector and for this to become a mainstay of the group activities.
At the balance sheet date, the group net assets were £2,546,592 (2024: £1,930,838). The group has undertaken a significant capital investment programme in the current year, with asset additions totaling £393,715.
Principle risks and uncertainties faced by the group are as follows:
Competition Risk
The company operates in a competitive marketplace; our product is all about service, but we can be challenged on price tokeep to our competitors price point which can negatively affect margins.
Market Risks
The company operates mainly in the interior design sector; the company would be negatively affected by any disruption of that market.
Liquidity Risks
The company manages its cash and borrowing requirements to minimise interest charges whilst ensuring liquidity and available funds for our liabilities. We are would be aversely affected by limit any reduction of available borrowing or any sharp increase in interest rates or charges.
Credit Risk
We require all new clients to go through a credit approval process and offer credit accounts to our clients with agreed terms, we could be at risk of losses occurred should those clients. Trade debtors are monitored on an ongoing bass and provision for doubtful debts where necessary.
Foreign Currency Risk
The company’s principal financial currency exposures arise from trading with overseas companies and customers.Company policy permits, but does not demand, that these exposures may be hedged in order to fix the cost in sterling. Therisk is to be mitigated by invoicing in sterling wherever possible.
Competition Risk
The company operates in a competitive marketplace; our product is all about service, but we can be challenged on price tokeep to our competitors price point which can negatively affect margins.
Market Risks
The company operates mainly in the interior design sector; the company would be negatively affected by any disruption of that market.
Liquidity Risks
The company manages its cash and borrowing requirements to minimise interest charges whilst ensuring liquidity and available funds for our liabilities. We are would be aversely affected by limit any reduction of available borrowing or any sharp increase in interest rates or charges.
Credit Risk
We require all new clients to go through a credit approval process and offer credit accounts to our clients with agreed terms, we could be at risk of losses occurred should those clients. Trade debtors are monitored on an ongoing bass and provision for doubtful debts where necessary.
Foreign Currency Risk
The company’s principal financial currency exposures arise from trading with overseas companies and customers.Company policy permits, but does not demand, that these exposures may be hedged in order to fix the cost in sterling. Therisk is to be mitigated by invoicing in sterling wherever possible.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
To the year 28 February 2025, we have seen a stable gross margin of and a reduction in overhead year on year.
Turnover
Our revenue decreased by 11.6% from £11.1m to £9.8m.
Gross profit margin
Our gross profit margin achieved in the year has slightly decreased to 52% from 53%.
Profit before tax
Our profit before tax decreased by 37% from £1.55m to £0.98m.
The following ratios will be assessed on a consolidated group basis;
Debt to equity ratio
The debt to equity ratio sits at 2.29, Whilst this appears low, Equity will grow along with the profitability as the company continues to trade.
Overall the directors are pleased with the continued success shown by the business.
Turnover
Our revenue decreased by 11.6% from £11.1m to £9.8m.
Gross profit margin
Our gross profit margin achieved in the year has slightly decreased to 52% from 53%.
Profit before tax
Our profit before tax decreased by 37% from £1.55m to £0.98m.
The following ratios will be assessed on a consolidated group basis;
Debt to equity ratio
The debt to equity ratio sits at 2.29, Whilst this appears low, Equity will grow along with the profitability as the company continues to trade.
Overall the directors are pleased with the continued success shown by the business.
In the year there were zero insurance claims across the fleet in the business.
The group has improved sustainability by switching to recycled foams, recycled content in all of the packaging, and have eliminated the use of polystyrene in all crates.
The commercial fleet consists of 100% electric last mile logistic vehicles and Euro 6 compliant HGV's.
The group continues to reduce enviornmental impact where possible.
The group has improved sustainability by switching to recycled foams, recycled content in all of the packaging, and have eliminated the use of polystyrene in all crates.
The commercial fleet consists of 100% electric last mile logistic vehicles and Euro 6 compliant HGV's.
The group continues to reduce enviornmental impact where possible.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
The directors present their report and the financial statements for the year ended 28 February 2025.
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;
∙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 £685,572 (2024 - £965,218).
The directors who served during the year were:
Please refer to strategic report.
There have been no significant events affecting the Company since the year end.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIR-SEA PACKING GROUP LIMITED
We have audited the financial statements of Air-Sea Packing Group Limited (the 'Company') for the year ended 28 February 2025, which comprise the Statement of comprehensive income, the Statement of financial position, 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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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIR-SEA PACKING GROUP 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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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIR-SEA PACKING GROUP 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:
∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety and general data protection regulation. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures. We corroborated our inquiries through our review of documentation.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgements made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions;
°Manipulation of amounts subject to significant judgement or estimate
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.
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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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIR-SEA PACKING GROUP 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
Chartered Accountants
Statutory Auditor
3000a Parkway
Hampshire
PO15 7FX
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2025
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STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2025
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 27 form part of these financial statements.
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