Rochester Airport Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03815653 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

FOR

ROCHESTER AIRPORT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr K I Carr

Prof R S Tedder

Mr I S Kingsley Smith

REGISTERED OFFICE:

Rochester Airport, Maidstone Road

Rochester

Kent

ME5 9SD

REGISTERED NUMBER:

03815653 (England and Wales)

ACCOUNTANTS:

Stephen Hill Partnership Limited

139-141 Watling Street

Gillingham

Kent

ME7 2YY

FIXED ASSETS

Tangible assets

4

187,077

187,988

Investments

5

2

2

187,079

187,990

CURRENT ASSETS

Stocks

53,597

36,284

Debtors

6

152,150

103,931

Cash at bank and in hand

17,496

58,849

223,243

199,064

CREDITORS

Amounts falling due within one year

7

219,527

156,004

NET CURRENT ASSETS

3,716

43,060

TOTAL ASSETS LESS CURRENT LIABILITIES

190,795

231,050

CREDITORS

Amounts falling due after more than one year

8

33,272

50,000

NET ASSETS

157,523

181,050

CAPITAL AND RESERVES

Called up share capital

336,550

290,000

Share premium

10,000

10,000

Retained earnings

(189,027

)

(118,950

)

SHAREHOLDERS' FUNDS

157,523

181,050

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 31st October 2022 and were signed on its behalf by:

Mr K I Carr - Director

1.	STATUTORY INFORMATION

Rochester 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

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

Land and buildings

-

Straight line over 25 years

Plant and machinery

-

20% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

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 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 value amount and are recognised in the Statement of Comprehensive Income.

Consignment stocks

Fuel consignment stock and the corresponding creditor are recognised on the balance sheet as the fuel is in substance an asset of the company. This is based on the company's assessment that it bears the risks and rewards of ownership, and in particular is liable for any loss or leakage.

Stocks are valued at the lower of cost and net realiseable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from banks and other third parties.

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. 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 the Statement of Comprehensive income 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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2021 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Land and

Plant and

and

buildings

machinery

fittings

£

£

£

COST

At 1st April 2021

and 31st March 2022

189,596

38,676

18,506

DEPRECIATION

At 1st April 2021

2,394

38,207

18,299

Charge for year

338

310

207

At 31st March 2022

2,732

38,517

18,506

NET BOOK VALUE

At 31st March 2022

186,864

159

-

At 31st March 2021

187,202

469

207

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st April 2021

and 31st March 2022

13,095

17,578

277,451

DEPRECIATION

At 1st April 2021

13,095

17,468

89,463

Charge for year

-

56

911

At 31st March 2022

13,095

17,524

90,374

NET BOOK VALUE

At 31st March 2022

-

54

187,077

At 31st March 2021

-

110

187,988

Land and buildings include planning and architects costs of £181,147 (2020 £181,147) for the airport development that remains in the planning phase as at 31 March 2022. As such these costs have not been depreciated and depreciation will commence once the development is complete.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st April 2021

and 31st March 2022

2

NET BOOK VALUE

At 31st March 2022

2

At 31st March 2021

2

Investment in subsidiaries are measured at cost less accumulated impairment.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

112,369

81,421

Other debtors

39,781

22,510

152,150

103,931

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

9,618

-

Consignment stock

53,597

36,284

Trade creditors

97,009

6,221

Taxation and social security

1,306

18,486

Other creditors

57,997

95,013

219,527

156,004

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

33,272

50,000

9.	LEASING AGREEMENTS

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the lease term.