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Post by kirmingtonuser on Mar 23, 2024 11:22:13 GMT
Note that the financial year end has been changed, so these accounts only cover a nine month period.
Humberside International Airport Limited 9 months ended 31st December 2022
£'000s
Turnover Airline 1,988 Commercial and property 4,258 Total 6,246 Cost of sales (6,378) Gross loss (132) Loss on fair value of investment property (230) Operating loss (362) Interest payable (26) Tax on loss 76 Loss for the period after tax (312)
Tangible assets 5,210 Investment property 8,440 Stocks 194 Debtors 1,583 Cash at bank 1,022 Creditors (1,782) Creditors re capital-based grants (2,124) Deferred tax (667) Total net assets 11,876
Share capital 8,650 Share premium account 81 Investment property revaluation reserve 6,080 Profit and loss account (2,935) Total capital and reserves 11,876
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Post by Humberside on Mar 23, 2024 19:14:23 GMT
On the balance sheet, does that mean that accumulated annual losses have been funded from the property revaluation reserve?
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Post by kirmingtonuser on Mar 23, 2024 21:42:46 GMT
Yes, it does and it highlights the importance of maximising all the income streams which can be harnessed from the airport site.
The property side of the enterprise seems to be a useful income generator to offset the losses which have occurred in the core airport business during very difficult times.
In addition to the potential for capital gains, the annual rental income seems to be growing well. The turnover figure has only been analysed in the last two sets of accounts. These show growth (for Commercial and Property income) from £3,446,000 (12 months) to £4,258,000 (9 months). That is an annualised increase of 64%. This number includes car parking, which would have been recovering after Covid 19.
In view of the fact that these accounts cover a period still affected by Covid 19, the management have done well to keep the losses down to mananageable proportions.
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