NATS-Annual-Report-2015
NATS-Annual-Report-2015
NATS-Annual-Report-2015
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<strong>Annual</strong> <strong>Report</strong> and Accounts <strong>2015</strong> | <strong>NATS</strong> Holdings Limited<br />
Financial Statements 146<br />
Notes forming part of the<br />
consolidated accounts<br />
(continued)<br />
29. Related party transactions<br />
The <strong>NATS</strong> group has four shareholders - the Crown, The Airline Group Limited (AG), LHR Airports Limited and the <strong>NATS</strong> Employee Sharetrust<br />
Limited. During the year transactions with the Crown have taken place with the Meteorological Office, the Department for Transport (DfT)<br />
and the Ministry of Defence (MOD). In addition there have been transactions with LHR Airports Limited and AG.<br />
AG is a consortium of British Airways plc, Deutsche Lufthansa AG, easyJet Airline Company Limited, Monarch Airlines Retirement Benefit<br />
Plan Limited, Thomas Cook Airline Limited, Thomson Airways Limited, Virgin Atlantic Airways Limited and USS Sherwood Limited. AG has a<br />
42% stake in <strong>NATS</strong> Holdings Limited. The directors of <strong>NATS</strong> Holdings Limited are satisfied that the eight members of AG have not exercised<br />
undue influence on the group either acting individually or in concert and therefore the individual transactions with each member of AG have<br />
not been disclosed in this set of accounts.<br />
Contractual arrangements existed during the year between LHR Airports Limited and <strong>NATS</strong> Services in relation to air navigation services<br />
provided at Aberdeen, Glasgow, Heathrow and Southampton airports. Aberdeen, Glasgow and Southampton airports were sold by LHR<br />
Airports Limited to AGS Airports Limited in December 2014.<br />
Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and<br />
are not disclosed in this note. Transactions between the company and its subsidiaries are disclosed in the subsidiary companies’<br />
financial statements.<br />
Trading transactions<br />
During the year, group companies entered into the following transactions with related parties who are not members of the group:<br />
Year<br />
ended<br />
31 March<br />
<strong>2015</strong><br />
Sales<br />
Year<br />
ended<br />
31 March<br />
2014<br />
Year<br />
ended<br />
31 March<br />
<strong>2015</strong><br />
Purchases<br />
Year<br />
ended<br />
31 March<br />
2014<br />
Amounts owed by<br />
related parties<br />
Year<br />
ended<br />
31 March<br />
<strong>2015</strong><br />
Year<br />
ended<br />
31 March<br />
2014<br />
Amounts owed to<br />
related parties<br />
Year<br />
ended<br />
31 March<br />
<strong>2015</strong><br />
Year<br />
ended<br />
31 March<br />
2014<br />
£m £m £m £m £m £m £m £m<br />
LHR Airports Limited 80.2 89.3 8.1 9.9 6.0 7.6 - -<br />
Ministry of Defence (MOD) 51.0 50.1 4.1 3.2 5.9 5.5 28.4 19.5<br />
The Airline Group - - 0.2 0.2 - - - -<br />
Department for Transport (DfT) 0.6 0.5 - - - - - -<br />
Meteorological Office 0.3 0.7 0.6 0.6 - - 0.1 -<br />
Sales are made to related parties at the group’s usual rates and purchases at market prices. The amounts outstanding are unsecured and<br />
will be settled in cash. No guarantees have been received. No provisions (2014: £nil) have been made for doubtful debts in respect of<br />
amounts owed by related parties.<br />
Financial<br />
Statements
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