South East Airports Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02107961 (England and Wales)

SOUTH EAST AIRPORTS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

JM Gordon

RD Gordon

Mrs A W Gordon

SECRETARY:

RD Gordon

REGISTERED OFFICE:

82 High Street

Tenterden

Kent

TN30 6JG

REGISTERED NUMBER:

02107961 (England and Wales)

AUDITORS:

Gibbons Mannington & Phipps LLP

Chartered Accountants

& Statutory Auditor

82 High Street

Tenterden

Kent

TN30 6JG

FIXED ASSETS

Investments

4

612,617

612,617

CURRENT ASSETS

Debtors

5

1,342,291

1,343,297

Cash at bank

828,006

837,901

2,170,297

2,181,198

CREDITORS

Amounts falling due within one year

6

2,999

1,775

NET CURRENT ASSETS

2,167,298

2,179,423

TOTAL ASSETS LESS CURRENT LIABILITIES

2,779,915

2,792,040

CREDITORS

Amounts falling due after more than one year

7

207,525

169,895

NET ASSETS

2,572,390

2,622,145

CAPITAL AND RESERVES

Called up share capital

513,583

513,583

Retained earnings

2,058,807

2,108,562

SHAREHOLDERS' FUNDS

2,572,390

2,622,145

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 18 December 2017 and were signed on its behalf by:

JM Gordon - Director

1.	STATUTORY INFORMATION

South East Airports 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year-ended 31 March 2017 are the first financial statements of

South East Airports Limited that comply with FRS 102, The Financial Reporting Standard applicable

in the UK and Republic of Ireland. The date of transition is 1 April 2015. There are no changes in

accounting policies compared to those used previously.

Accounting convention

Whilst the company has a net asset position at the year end, the company is dependent upon the

trading activity of its fellow group companies. The directors of the company are of the opinion that

the financial statements should be prepared on a going concern basis as they have reviewed the

activities of the group companies and received confirmation from the other group companies to

provide such financial support as is necessary.

Preparation of consolidated financial statements

The financial statements contain information about South East Airports Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The

company has taken the option under Section 398 of the Companies Act 2006 not to prepare

consolidated financial statements.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Investments

Investment in shares of unlisted companies is stated at cost, less amounts written off for

permanent diminution in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 April 2016

and 31 March 2017

228,001

384,616

612,617

NET BOOK VALUE

At 31 March 2017

228,001

384,616

612,617

At 31 March 2016

228,001

384,616

612,617

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Amounts owed by group undertakings

1,342,291

1,343,297

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other creditors

2,999

1,775

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Amounts owed to group undertakings

207,525

169,895

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

The Report of the Auditors was unqualified.

Emphasis of matter

Without qualifying our opinion, we draw attention to note 2 to the financial statements -

accounting convention. The company has obtained confirmation from its group companies to

provide continued support. The directors have reviewed the company's plans, and with the

support of the group companies, believe it is appropriate to prepare the accounts on the going

concern basis.

Neil Cunliffe BSc FCA (Senior Statutory Auditor)

for and on behalf of Gibbons Mannington & Phipps LLP

9.	RELATED PARTY DISCLOSURES

South East Airports Limited is part of a group in which the ultimate parent company is Atlantic

Bridge Aviation Limited, a company registered in the UK. During the year Atlantic Bridge Aviation

Limited paid expenses on behalf of the company totalling £1,595 (2016: £1,595). The company

paid expenses on behalf of Atlantic Bridge Aviation Limited totalling £588 (2016: £2,095). At the

end of the year Atlantic Bridge Aviation Limited owed £1,240,669 (2016: £1,241,675) to the

company. No interest is charged on this or the other group intercompany balances.

Cranworth Limited, which is the immediate parent company, owed £98,514 (2016: £98,514) to the

company.

During the year, LyddAir Limited, a subsidiary of the company, paid expenses on its behalf

totalling £40,632 (2016: £39,041). The company paid expenses on behalf of LyddAir Limited

totalling £3,003 (2016: £nil). At the year end LyddAir Limited was owed £207,525 (2016:

£169,895) from the company.

10.	OTHER FINANCIAL COMMITMENTS

The company has given a fixed and floating charge over the assets of the company.

The company has provided a composite company multilateral guarantee for all the companies

within the group.

The company has issued a mortgage on its unlisted investment.

The company has agreed to provide financial assistance to its fellow group companies.

11.	FIRST YEAR ADOPTION

Reconciliation of equity

There are no adjustments to equity on transition to FRS 102.

Reconciliation of profit or loss for the year

There are no adjustments to profit or loss in the year of transition to FRS 102.