Interestingly the result on companies house are out.
The South Side development (joint venture) is still listed as a property development and management company with no physical asset being transferred. There is the note to state that the airport did invest £6m into this joint venture but that figure still forms part of the airports assets - note this was also in the previous years accounts so is nothing that wasn't already known about.
For me more interestingly about £5.6m of assets under construction have been transferred out of the airport.... it doesnt say where too but an educated guess would be the joint venture - this alone would of actually put the airport into profit 🤫
Add to this the fact that the buildings and runway are valued at over £40m but with depreciation amount to almost £40m as well due to a prudent approach to the situation in the aviation industry, we may see in the next couple of years a re valuation of those assets so the depreciation is shown differently.
Currently there is still a long way to go but reading between the lines and the sneaky accounting processes there is alot to be positive about!