Brighton City Airport Ltd
Brighton City Airport Ltd
Registered number: 08556136
Unaudited Financial Statements
For The Year Ended
31 December 2021
Brighton City Airport Ltd
Unaudited Financial Statements
For The Year Ended
31 December 2021
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Brighton City Airport Ltd
Balance Sheet
As at
31 December 2021
Balance Sheet
Registered number:
08556136
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 31 December 2021 | 31 December 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Share premium account |
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| Revaluation reserve | 10 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 429,451 | 388,183 | |||
Brighton City Airport Ltd
Balance Sheet (continued)
As at
31 December 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Brighton City Airport Ltd
Notes to the Financial Statements
For The Year Ended
31 December 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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| Leasehold |
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| Plant & Machinery |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 31 December 2021 | 31 December 2020 | ||
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| Office and administration |
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Brighton City Airport Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
3.
Intangible Assets
| Other | |||
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| Amortisation | |||
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| Net Book Value | |||
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4.
Tangible Assets
| Land & Buildings | Plant & Machinery etc. | Total | |
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| Cost or Valuation | |||
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| Additions |
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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5.
Stocks
| 31 December 2021 | 31 December 2020 | ||
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| Stock |
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Brighton City Airport Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
6.
Debtors
| 31 December 2021 | 31 December 2020 | ||
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| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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7.
Creditors: Amounts Falling Due Within One Year
| 31 December 2021 | 31 December 2020 | ||
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| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| Accruals and deferred income |
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8.
Creditors: Amounts Falling Due After More Than One Year
| 31 December 2021 | 31 December 2020 | ||
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| Bank loans |
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| Directors loan account |
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| Amounts owed to group undertakings |
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Brighton City Airport Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
10.
Reserves
| Revaluation Reserve | |
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| As at
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| As at
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During the year the directors undertook a comprehensive valuation of the fixed assets and revised the fixed assets to a current market value.
11.
Related Party Transactions
The directors have made loans to the company as follows Mr R Cooke (£40,000) , Mr B Hawkins (£40,000) and Cyruus Holdings Ltd (£20,000).
12.
Ultimate Controlling Party
The company's ultimate controlling party is The 1911 Airport Company Ltd by virtue of its ownership of 100% of the issued share capital in the company.
13.
Impact of Coronavirus
Recovery from the Impact of Coronavirus
Generally, during 2021, the aviation industry continued to make steady but controlled progress in its recovery from the impact of the Pandemic and the General Aviation segment (when freed from Government restrictions) made an encouraging return. Over the 12-month period, Brighton City Airport Limited was fortunate to see a return to a much-improved annual movement rate; but analysis suggests that this was mainly due to the benign weather conditions at the latter part of the year which enabled pilots to recover lost flying hours. Movements by corporate and business aircraft were appreciably lower than the annual norm.
The Airport Company continued to use the Government 'Furlough Scheme' prudently in the first half of the year. Commercial property rental continued to be supressed. On balance, the finances in 2021 have been marginally better than anticipated and there is cautious optimism that the slow recovery in aviation could be sustained during 2022 as the aviation community and the general public become more confident with flying and travelling in the presence of COVID-19. It is anticipated that staff numbers might increase in 2022 if the financial indicators remain satisfactory.
In comparing company performance in 2021 with 2020 it is also important to note that the 2020 accounting period covered a 16-month period whilst the reporting period was aligned with the calendar year.
14.
General Information
Brighton City Airport Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
08556136
. The registered office is Main Terminal Building Brighton City Airport, Cecil Pashley Way, Shoreham by Sea, West Sussex, BN43 5FF.