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REGISTERED NUMBER: 04632176 (England and Wales)

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 December 2024 |

| for |

| Starspeed Training Limited |

| Starspeed Training Limited (Registered number: 04632176) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Statement of Profit or Loss | 8 |

| Statement of Profit or Loss and Other Comprehensive Income | 9 |

| Statement of Financial Position | 10 |

| Statement of Changes in Equity | 11 |

| Statement of Cash Flows | 12 |

| Notes to the Statement of Cash Flows | 13 |

| Notes to the Financial Statements | 14 |

| Starspeed Training Limited |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | S Mitchell

| P Hansen

| N Luycx

| REGISTERED OFFICE: | Hangar 1 J Site

| Kemble Aerodrome

| Gloucestershire

| GL7 6BA

| REGISTERED NUMBER: | 04632176 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Aidan Smyth

| AUDITORS: | Peter Hodgson & Co. Ltd. (Statutory Auditor)

| Chartered Accountants

| Shadwell House

| 65 Lower Green Road

| Tunbridge Wells

| Kent

| TN4 8TW

| Starspeed Training Limited (Registered number: 04632176) |

Strategic Report

for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

ON BEHALF OF THE BOARD:

S Mitchell - Director

23 May 2025

| Starspeed Training Limited (Registered number: 04632176) |

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the Company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the Company in the year under review was that of aviation training services.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2021.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

S Mitchell

P Hansen

Other changes in directors holding office are as follows:

S Jones - resigned 31 May 2024

P Casiraghi - appointed 26 January 2024 - resigned 6 November 2024

M Casiraghi - appointed 29 January 2024 - resigned 6 November 2024

N Luycx - appointed 31 May 2024

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK-adopted international accounting standards. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

S Mitchell - Director

23 May 2025

Report of the Independent Auditors to the Members of

Starspeed Training Limited

Opinion

We have audited the financial statements of Starspeed Training Limited (the 'Company') for the year ended 31 December 2024 which comprise the Statement of Profit or Loss, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:

- | give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;

- | have been properly prepared in accordance with IFRSs as adopted by the UK; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Starspeed Training Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Starspeed Training Limited

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit in respect of fraud are to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- we obtained an understanding of the legal and regulatory requirements applicable to the company.

- we obtained an understanding of how the company complies with these requirements through discussion with management and those charged with governance.

- we assessed the risk of material misstatement in the financial statements through discussions with management and those charged with governance.

- we enquired of management and those charged with governance of any known instances of non compliance with legal and regulatory requirements.

- based on this understanding, we designed specific and appropriate audit procedures to identify instances of non compliance to include discussions and obtaining additional corroborative evidence.

As part of the audit in accordance with ISAs (UK) we exercised professional judgement and scepticism throughout the audit. In addition, we also:

- identified and assessed the risks of material misstatement of the financial statements, whether due to fraud or error, designed and performed audit procedures consistent with those risks and obtained sufficient and relevant audit evidence to support and provide a basis for our opinion. The risk of misstatement from fraud is invariably higher than one resulting from error as fraud may involve collusion or intentional omissions and misrepresentations to override the systems of internal control.

- obtained an understanding of the internal controls relevant to the audit and designed

audit procedures and tests that were appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal controls.

- evaluated the appropriateness of the accounting policies used and the reasonableness of any accounting estimates and disclosures used and made by the directors.

- assessed the appropriateness of the directors' use of the going concern basis of accounting and based on the audit evidence obtained, whether any material uncertainty existed that may have cast doubt on the company's ability to continue as a going concern.

- evaluated the overall presentation, structure and content of the financial statements including disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieved a fair presentation of the results for the period and the financial standing of the company at the period end.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

Starspeed Training Limited

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Aidan Smyth (Senior Statutory Auditor)

for and on behalf of Peter Hodgson & Co. Ltd. (Statutory Auditor)

Chartered Accountants

Shadwell House

65 Lower Green Road

Tunbridge Wells

Kent

TN4 8TW

23 May 2025

| Starspeed Training Limited (Registered number: 04632176) |

Statement of Profit or Loss

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

CONTINUING OPERATIONS

Revenue | 3 | 1,251,478 |  | 1,454,152 |  |

Direct costs | (1,019,556 | ) | (1,130,923 | ) |

GROSS PROFIT | 231,922 |  | 323,229 |  |

Other operating income | (1,439 | ) | (1,215 | ) |

Administrative expenses | (171,711 | ) | (178,053 | ) |

Finance costs | 5 | (109,693 | ) | (16,075 | ) |

(LOSS)/PROFIT BEFORE CORPORATION TAX | 6 | (50,921 | ) | 127,886 |  |

Corporation tax | 7 | 49,680 |  | (57,768 | ) |

(LOSS)/PROFIT FOR THE YEAR | (1,241 | ) | 70,118 |  |

| Starspeed Training Limited (Registered number: 04632176) |

Statement of Profit or Loss and Other Comprehensive Income

for the Year Ended 31 December 2024

| 2024 |  | 2023

£ | £ |

(LOSS)/PROFIT FOR THE YEAR | (1,241 | ) | 70,118 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR | (1,241 | ) | 70,118 |  |

| Starspeed Training Limited (Registered number: 04632176) |

Statement of Financial Position

31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

ASSETS

NON-CURRENT ASSETS

Owned

| Property, plant and equipment | 8 | 1,906,359 |  | 1,888,543 |  |

Right-of-use assets

Trade and other receivables | 9 | 1,590,094 |  | 1,653,014 |  |

3,496,453 |  | 3,541,557 |  |

CURRENT ASSETS

Trade and other receivables | 9 | 360,035 |  | 241,485 |  |

Cash and cash equivalents | 10 | 88,944 |  | 82,063 |  |

448,979 |  | 323,548 |  |

TOTAL ASSETS | 3,945,432 |  | 3,865,105 |  |

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital | 11 | 100 |  | 100 |  |

Retained earnings | 12 | 1,404,891 |  | 1,406,132 |  |

TOTAL EQUITY | 1,404,991 |  | 1,406,232 |  |

LIABILITIES

NON-CURRENT LIABILITIES

Trade and other payables | 13 | 899,754 |  | 532,376 |  |

Financial obligations -

| Lease liabilities | 14, 15 | 10,353 |  | 53,527 |  |

Deferred tax | 16 | 162,182 |  | 205,543 |  |

1,072,289 |  | 791,446 |  |

CURRENT LIABILITIES

Trade and other payables | 13 | 1,424,956 |  | 1,623,810 |  |

Financial obligations -

| Lease liabilities | 14, 15 | 43,196 |  | 43,617 |  |

1,468,152 |  | 1,667,427 |  |

TOTAL LIABILITIES | 2,540,441 |  | 2,458,873 |  |

TOTAL EQUITY AND LIABILITIES | 3,945,432 |  | 3,865,105 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:

S Mitchell - Director

| Starspeed Training Limited (Registered number: 04632176) |

Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 100 |  | 1,336,014 |  | 1,336,114 |  |

Changes in equity

Total comprehensive income | - |  | 70,118 |  | 70,118 |  |

Balance at 31 December 2023 | 100 |  | 1,406,132 |  | 1,406,232 |  |

Changes in equity

Total comprehensive loss | - |  | (1,241 | ) | (1,241 | ) |

Balance at 31 December 2024 | 100 |  | 1,404,891 |  | 1,404,991 |  |

| Starspeed Training Limited (Registered number: 04632176) |

Statement of Cash Flows

for the Year Ended 31 December 2024

| 2024 |  | 2023

£ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (153,754 | ) | 1,454,790 |  |

Interest paid | (109,693 | ) | (16,075 | ) |

Tax paid | - |  | (37,722 | ) |

Tax refunded | 102,332 |  | - |  |

Net cash from operating activities | (161,115 | ) | 1,400,993 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (64,619 | ) | (1,780,350 | ) |

Net cash from investing activities | (64,619 | ) | (1,780,350 | ) |

Cash flows from financing activities

Bank loan received | 346,130 |  | 346,693 |  |

Payment of lease liabilities | (43,595 | ) | (43,849 | ) |

Related party loans repaid | (69,920 | ) | (38,981 | ) |

Group loans received | - |  | 185,683 |  |

Net cash from financing activities | 232,615 |  | 449,546 |  |

Increase in cash and cash equivalents | 6,881 |  | 70,189 |  |

Cash and cash equivalents at beginning of year | 2 | 82,063 |  | 11,874 |  |

Cash and cash equivalents at end of year | 2 | 88,944 |  | 82,063 |  |

| Starspeed Training Limited (Registered number: 04632176) |

Notes to the Statement of Cash Flows

for the Year Ended 31 December 2024

1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE CORPORATION TAX TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| (Loss)/profit before corporation tax | (50,921 | ) | 127,886 |  |

| Depreciation charges | 46,803 |  | 46,897 |  |

| Finance costs | 109,693 |  | 16,075 |  |

105,575 |  | 190,858 |  |

| (Increase)/decrease in trade and other receivables | (151,644 | ) | 5,823 |  |

| (Decrease)/increase in trade and other payables | (107,685 | ) | 1,258,109 |  |

| Cash generated from operations | (153,754 | ) | 1,454,790 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 88,944 |  | 82,063 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 82,063 |  | 11,874 |  |

| Starspeed Training Limited (Registered number: 04632176) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Starspeed Training 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 preparation

| These financial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

| The accounts are prerpared under the historical cost convention and presented in £ sterling.

| Critical accounting judgements and key sources of estimation uncertainty

| There are no critical accounting judgements or key sources of estimation uncertainty pertaining to these financial statements or matters that need to be brought to the attention of users of these accounts which have not already been disclosed.

| Changes in accounting policies

| There were no changes to the accounting policies adopted by the company in the current or prior accounting years.

| Revenue recognition

| All income is derived from contracts with customers.

| All contracts are regarded as point in time contracts under IFRS 15 and revenue is recognised on that basis.

| Revenue is measured at fair value or receivable and represents the consideration received or receivable and represents the amounts receivable for goods and services provided in the normal course of the company's business, net of discounts, rebates and sales related taxes.

| Revenue is recognised when the goods are delivered and the significant risks and rewards of ownership have passed to the customer.

| Revenue is recognised with reference to the stage of completion provided that the amount of revenue and its related costs can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the company.

| Interest income is recognised, in profit or loss, using the effective interest rate method.

| Cash and cash equivalents

| Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

| In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

| Starspeed Training Limited (Registered number: 04632176) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Depreciation

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Right of use assets | - | at varying rates on cost

| Plant and machinery | - | 25% on reducing balance

| Computer equipment | - | 25% on reducing balance

| Property, plant and equipment are tangible assets that:

| - are held for use in the production or supply of goods or services, for rental to others for administrative purposes; and

| - are expected to be used for more than one period.

| Items of property, plant and equipment are initially recognised at cost. Costs include all costs incurred to bring the asset to the condition necessary for it to be capable of operating in the manner intended by management.

| Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

| Leases where the company has right of use and control of identifiable assets are treated as fixed assets and the obligation to pay the rentals under the lease are treated as leases payable as required by IFRS 16.

| Rentals paid under leases where the company does not have control over the use of the underlying asset are charged through the income statement.

| Financial instruments

| Initial Measurement

| Financial instruments are initially measured at the transaction price (this includes transaction cost except in the initial measurement of financial assets and liabilities that will be measured at fair value through profit or loss). If however the arrangement constitutes a financing transaction it is then measured at the present value of the future payments, discounted at a market related interest rate.

| Trade and other receivables

| Most sales are made on the basis of normal credit terms, and the receivables do not bear interest. Where credit is extended beyond normal credit terms, receivables are measured at amortised cost using the effective interest method. At the end of each reporting period, the carrying amounts of trade and other receivables are reviewed to determine whether there is any objective evidence that the amounts are not recoverable. If so, an impairment loss is recognised immediately in profit or loss.

| Trade payables

| Trade payables are obligations on the basis of normal credit terms and do not bear interest. Trade payables denominated in a foreign currency are translated into (currency) using the exchange rate at the reporting date. Foreign exchange gains or losses are included in other income or other expenses.

| Bank loans and overdrafts

| Interest expense is recognised on the basis of the effective interest method and is included in finance costs.

| Starspeed Training Limited (Registered number: 04632176) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Taxation

| Current tax for current and prior periods is, to the extent unpaid, recognised as a liability. If the amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess is recognised as an asset, limited to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised.

| Deferred Tax

| Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases (known as temporary differences). Deferred tax liabilities are recognised for all temporary differences that are expected to increase taxable profit in the future. Deferred tax assets are recognised for all temporary differences that are expected to reduce taxable profit in the future, and any unused tax losses or unused tax credits, limited to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised.

| The net carrying amount of deferred tax assets is reviewed at each reporting date and is adjusted to reflect the current assessment of future taxable profits. Any adjustments are recognised in profit or loss. Deferred tax is calculated at the tax rates that are expected to apply to the taxable profit (tax loss) of the periods in which it expects the deferred tax asset to be realised or the deferred tax liability to be settled, on the basis of tax rates that have been enacted or substantively enacted by the end of the reporting period.

| Tax Expense

| Tax expense represents the sum of the tax currently payable and deferred tax movement for the current period. The tax currently payable is based on taxable profit for the year.

| Impairment of assets

| At each reporting date, the company assesses whether there is any indication that any asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any affected asset (or group of related assets) is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

| If an impairment loss subsequently reverses, the carrying amount of the asset (or group of related assets) is

| increased to the revised estimate of its recoverable amount but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset (group of related assets) in prior years.

| A reversal of an impairment loss is recognised immediately in profit or loss, this does not apply to impairment losses allocated to goodwill, the reversal of which is prohibited by the standard.

| Foreign currencies

| Transactions in foreign currencies are translated to the functional currency of the company at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the end of the reporting period.

| Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined.

| Foreign currency differences arising in retranslation are recognised in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

| Employee benefit costs

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

| Starspeed Training Limited (Registered number: 04632176) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Going concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

| The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

| Functional currency

| The functional currencies used by the company are £ Stg, € Euro and $ USD.

| The presentation currency for accounts purposes is £ Stg.

| Provisions and contingencies

| Provisions are recognised when the company has an obligation at the reporting date as a result of a past event; it is probable that the company will be required to transfer economic benefits in settlement; and the amount of the obligation can be estimated reliably.

| Provisions are measured at the present value of the amount expected to be required to settle the obligation using a pre-tax rate that reflects the current market assessments of the time value of money and the risks to a specific obligation. The increase in the provision due to the passage of time is recognised as interest expense.

| Provisions are not recognised for future operating losses.

| Contingent assets and contingent liabilities are not recognised.

3. | REVENUE

| Segmental reporting

| All the company's turnover was derived from aviation training activities and were earned wholly in the UK.

| Revenue from contracts with customers

| All income in the current and previous accounting period was from carrying out aviation training activities for clients under contract.

| All contracts are regarded as point in time contracts under IFRS 15 and revenue is recognised on that basis.

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 223,113 |  | 254,940 |  |

| Social security costs | 26,092 |  | 31,683 |  |

| Other pension costs | 12,710 |  | 12,372 |  |

261,915 |  | 298,995 |  |

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Operations & administration | 2 |  | 3 |  |

| The company paid 5% employer pension contributions for all eligible employees into the company workplace pension scheme.

| Starspeed Training Limited (Registered number: 04632176) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

4. | EMPLOYEES AND DIRECTORS - continued

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | - |  | - |  |

5. | NET FINANCE COSTS

| 2024 |  | 2023

£ | £ |

| Finance costs:

| Bank loan interest | 86,560 |  | - |  |

| Interest on corporation tax | 1,053 |  | 4,628 |  |

| Interest on group loan | 22,080 |  | 11,447 |  |

109,693 |  | 16,075 |  |

6. | (LOSS)/PROFIT BEFORE CORPORATION TAX

| The loss before corporation tax (2023 - profit before corporation tax) is stated after charging:

| 2024 |  | 2023

£ | £ |

| Depreciation - owned assets | 46,803 |  | 46,896 |  |

| Auditors' remuneration | 3,100 |  | 2,900 |  |

| Foreign exchange differences | 1,439 |  | 1,215 |  |

| Direct training costs | 1,019,556 |  | 1,130,923 |  |

7. | CORPORATION TAX

| Analysis of tax (income)/expense

| 2024 |  | 2023

£ | £ |

| Current tax:

| Corporation tax | (6,319 | ) | (145,068 | ) |

| Deferred tax | (43,361 | ) | 202,836 |  |

| Total tax (income)/expense in statement of profit or loss | (49,680 | ) | 57,768 |  |

| Starspeed Training Limited (Registered number: 04632176) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

7. | CORPORATION TAX - continued

| Factors affecting the tax expense

| The tax assessed for the year is lower (2023 - higher) than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| (Loss)/profit before income tax | (50,921 | ) | 127,886 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19% (2023 - 19%) | (9,675 | ) | 24,298 |  |

| Effects of:

| Tax losses | 70,550 |  | 145,069 |  |

| Depreciation & capital allowances | (102,267 | ) | (103,366 | ) |

| Right of use assets | (8,288 | ) | (8,233 | ) |

| Tax (income)/expense | (49,680 | ) | 57,768 |  |

8. | PROPERTY, PLANT AND EQUIPMENT

| Right of |  | Improvements |

| use |  | to |  | Plant and |  | Computer |

| assets |  | property |  | machinery |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 216,681 |  | 17,904 |  | 1,792,350 |  | 66,375 |  | 2,093,310 |  |

| Additions | - |  | - |  | 61,422 |  | 3,197 |  | 64,619 |  |

| At 31 December 2024 | 216,681 |  | 17,904 |  | 1,853,772 |  | 69,572 |  | 2,157,929 |  |

| DEPRECIATION

| At 1 January 2024 | 119,174 |  | 17,904 |  | 8,203 |  | 59,486 |  | 204,767 |  |

| Charge for year | 43,332 |  | - |  | 949 |  | 2,522 |  | 46,803 |  |

| At 31 December 2024 | 162,506 |  | 17,904 |  | 9,152 |  | 62,008 |  | 251,570 |  |

| NET BOOK VALUE

| At 31 December 2024 | 54,175 |  | - |  | 1,844,620 |  | 7,564 |  | 1,906,359 |  |

| Starspeed Training Limited (Registered number: 04632176) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

8. | PROPERTY, PLANT AND EQUIPMENT - continued

| Right of |  | Improvements |

| use |  | to |  | Plant and |  | Computer |

| assets |  | property |  | machinery |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2023 | 216,681 |  | 17,904 |  | 12,000 |  | 66,375 |  | 312,960 |  |

| Additions | - |  | - |  | 1,780,350 |  | - |  | 1,780,350 |  |

| At 31 December 2023 | 216,681 |  | 17,904 |  | 1,792,350 |  | 66,375 |  | 2,093,310 |  |

| DEPRECIATION

| At 1 January 2023 | 75,838 |  | 17,904 |  | 6,938 |  | 57,191 |  | 157,871 |  |

| Charge for year | 43,336 |  | - |  | 1,265 |  | 2,295 |  | 46,896 |  |

| At 31 December 2023 | 119,174 |  | 17,904 |  | 8,203 |  | 59,486 |  | 204,767 |  |

| NET BOOK VALUE

| At 31 December 2023 | 97,507 |  | - |  | 1,784,147 |  | 6,889 |  | 1,888,543 |  |

| Right of use assets comprise assets which are held under leases where the company has right of use and control of identifiable assets. Such assets are treated as fixed assets and the obligation to pay the rentals under the lease are treated as leases payable as required by IFRS 16.

| The net book value of right of use assets at 31 December 2024 comprise:

| £54,175 - leased premises

| The additions to plant and machinery in 2024 comprise additions & upgrades to the new flight training simulator supplied by RS Flight Systems which will be operational in mid 2025.

9. | TRADE AND OTHER RECEIVABLES

2024 | 2023 |

£ | £ |

| Current:

| Trade debtors | 337,971 |  | 175,271 |  |

| Tax recoverable | - |  | 33,094 |  |

| Other debtors & prepayments | 22,064 |  | 33,120 |  |

360,035 |  | 241,485 |  |

| Non-current:

| Due from related parties | 1,590,094 |  | 1,653,014 |  |

| Aggregate amounts | 1,950,129 |  | 1,894,499 |  |

10. | CASH AND CASH EQUIVALENTS

2024 | 2023 |

£ | £ |

| Bank accounts | 88,944 |  | 82,063 |  |

| Starspeed Training Limited (Registered number: 04632176) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 100 | Ordinary | 1 | 100 |  | 100 |  |

12. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2024 | 1,406,132 |  |

| Deficit for the year | (1,241 | ) |

| At 31 December 2024 | 1,404,891 |  |

13. | TRADE AND OTHER PAYABLES

2024 | 2023 |

£ | £ |

| Current:

| Trade creditors | 1,158,799 |  | 1,388,881 |  |

| Social security and other taxes | 8,185 |  | 11,942 |  |

| Deferred income | 205,732 |  | 154,236 |  |

| Accrued expenses | 21,697 |  | 20,595 |  |

| VAT | 30,543 |  | 48,156 |  |

1,424,956 |  | 1,623,810 |  |

| Non-current:

| Bank loans | 692,823 |  | 346,693 |  |

| Due to group company | 206,931 |  | 185,683 |  |

899,754 |  | 532,376 |  |

| Aggregate amounts | 2,324,710 |  | 2,156,186 |  |

14. | FINANCIAL OBLIGATIONS -

2024 | 2023 |

£ | £ |

| Current:

| Leases (see note 15) | 43,196 |  | 43,617 |  |

| Non-current:

| Leases (see note 15) | 10,353 |  | 53,527 |  |

| Starspeed Training Limited (Registered number: 04632176) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

14. | FINANCIAL OBLIGATIONS - - continued

| Terms and debt repayment schedule

| 1 year or |

| less |  | 1-2 years |  | Totals

£ | £ | £ |

| Leases | 43,196 |  | 10,353 |  | 53,549 |  |

15. | LEASING - RIGHT OF USE ASSETS

| Leases arise in connection with right of use assets under IFRS 16.

| Where the company has right of use and control of identifiable assets, they are treated as fixed assets and the obligation to pay the rentals under the lease are treated as leases payable as required by IFRS 16.

| Lease liabilities net of interest in respect of right of use assets due within one year amount to £43,196 and £10,353 are due after more than one year.

16. | DEFERRED TAX

2024 | 2023 |

£ | £ |

| Balance at 1 January | 205,543 |  | 2,707 |  |

| Accelerated capital allowances | (43,361 | ) | 202,836 |  |

| Balance at 31 December | 162,182 |  | 205,543 |  |

17. | CAPITAL COMMITMENTS

2024 | 2023 |

£ | £ |

| Contracted but not provided for in the

| financial statements | - |  | - |  |

18. | ULTIMATE CONTROLLING PARTY

| Starspeed Training Limited is a wholly owned subsidiary of PHCO154 Limited, a company incorporated in England & Wales.

| PHCO154 Limited is owned by ExecuJet Aviation Group (51%), Luxaviation Investments SA (29%) and EOLA Sarl (20%).

| The ultimate controlling party is Luxaviation Holding Company which is based in Luxembourg.

19. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

2024 | 2023 |

£ | £ |

| (Loss)/profit for the financial year | (1,241 | ) | 70,118 |  |

| Net (reduction)/addition to shareholders' funds | (1,241 | ) | 70,118 |  |

| Opening shareholders' funds | 1,406,232 |  | 1,336,114 |  |

| Closing shareholders' funds | 1,404,991 |  | 1,406,232 |  |

| Starspeed Training Limited (Registered number: 04632176) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

20. | GROUP TRANSACTIONS & BALANCES

| At the year end, the company was owed £282,639 by Starspeed Limited in respect of ongoing trading transactions between the two companies.

| The net trading between the two companies (sales to Starspeed Limited by Starspeed Training Limited) amounted to £402,863 during the year.

| At the year end, the company owed £207,762 by way of loan advance from Starspeed Limited. Loan interest charged in the year amounted £22,080.

21. | RELATED PARTY TRANSACTIONS

| The company purchased goods and services of £2,922 from related parties during the year.

| At the year end, the company was owed £1,586,831 by related parties.

22. | POST BALANCE SHEET EVENTS

| There are no events which occurred after the date of these financial statements and the date of approval by the directors which require either adjustment or disclosure in these financial statements.