Robin Hood Airport Developments Limited - Accounts to registrar (filleted) - small 18.2
Robin Hood Airport Developments Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Audited Financial Statements for the Year Ended 30 June 2021 |
| for |
| Robin Hood Airport Developments Limited |
| Robin Hood Airport Developments Limited (Registered number: 09851261) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Robin Hood Airport Developments Limited |
| Company Information |
| for the Year Ended 30 June 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| Statutory Auditor |
| 68 Queen Street |
| Sheffield |
| South Yorkshire |
| S1 1WR |
| BANKERS: |
| 28 The Square |
| Retford |
| Nottinghamshire |
| DN22 6DQ |
| SOLICTORS: |
| Mowbray House |
| Castle Meadow Road |
| Nottingham |
| NG2 1BJ |
| Robin Hood Airport Developments Limited (Registered number: 09851261) |
| Balance Sheet |
| 30 June 2021 |
| 30/6/21 | 30/6/20 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 |
| Robin Hood Airport Developments Limited (Registered number: 09851261) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2021 |
| 1. | STATUTORY INFORMATION |
| Robin Hood Airport Developments Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| 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. |
| Significant judgements and estimates |
| Investment property is a significant balance on the company's balance sheet and the property is held at its fair value. The fair value adjustment has a material effect on the company's reporting position and performance. |
| Critical accounting judgements and key sources of estimation uncertainty |
| Power, Plant and Equipment - included within Power, Plant and Equipment are capacity market contracts with a net book value of £3,565,715 (2020 - £nil). This is a new market to the United Kingdom and the forecasting models are based on a number of market conditions over the next 15 years. The plant has only been running for a short period of time and the capacity market payments commence in October 2023. The current performance is not representative of the expected future performance of the contracts. Based on the future performance a selling price of £60 - £65 per mwh over the next 15 years for the projects would not give rise to an impairment. |
| Valuation of investment properties - due to the nature of the investment properties, management have to make several judgements in the determination of their fair valuation. Management form their valuations through regular observation of the commercial property market after making due allowance for the difference in condition and location between the observed properties and that of the group's properties. |
| 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 |
| Plant and machinery etc | - |
| Investment property |
| Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. |
| Robin Hood Airport Developments Limited (Registered number: 09851261) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| 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. |
| Going concern |
| The company continues to make a profit from its investment property and the company continues to have the support of its parent company Walker & Son (Hauliers) Limited which is the main creditor of the company. At the year end Robin Hood Airport Developments Limited owed Walker & Son (Hauliers) Limited £6,053,124 (2020 - £1,646,133). |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Robin Hood Airport Developments Limited (Registered number: 09851261) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2021 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| Additions |
| At 30 June 2021 |
| DEPRECIATION |
| Charge for year |
| At 30 June 2021 |
| NET BOOK VALUE |
| At 30 June 2021 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 July 2020 |
| Revaluations | 140,000 |
| At 30 June 2021 |
| NET BOOK VALUE |
| At 30 June 2021 |
| At 30 June 2020 |
| Included within the cost of investment property is capitalised finance costs which total £81,249 (2020 - £81,249). |
| Fair value at 30 June 2021 is represented by: |
| £ |
| Valuation in 2020 | (665,754 | ) |
| Valuation in 2021 | 140,000 |
| Cost | 4,045,754 |
| 3,520,000 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30/6/21 | 30/6/20 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Robin Hood Airport Developments Limited (Registered number: 09851261) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2021 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30/6/21 | 30/6/20 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30/6/21 | 30/6/20 |
| value: | £ | £ |
| Ordinary | £1 | 400 | 400 |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | RELATED PARTY DISCLOSURES |
| The Walker Homes Tuxford Limited Partnership |
| Robin Hood Airport Developments Limited is the general partner in the Limited Partnership. The Limited Partner is an Employee Benefit Trust which was created by Walker & Son (Hauliers) Limited which is the parent company of Robin Hood Airport Developments Limited. |
| During the year Robin Hood Airport Developments Limited share of losses were £14,885 (2020 - profit £2,762) from The Walker Homes Tuxford Limited Partnership. |
| During the year Walker & Son (Hauliers) Limited invoiced The Walker Homes Tuxford Limited Partnership £2,500,000 (2020 - £3,500,000) as the contractor on the development. At the year end £781,385 (2020 - £3,790,000) was due to Walker & Son (Hauliers) Limited and charged interest on the balance of £55,445 (2020 - £155,455). |
| At the year end Robin Hood Airport Developments owed the Limited Partnership £2,177,811 (2020 - £1,458,314). |
| 11. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Walker & Son (Hauliers) Limited. |
| The ultimate controlling party is |
| The most senior parent entity producing publicly available financial statements is Walker & Son (Hauliers) Limited. These financial statements are available upon request from Ollerton Road, Tuxford, Notts, NG22 OPQ. |