IRIS Accounts Production v25.1.3.33 06865859 Board of Directors 31.8.24 1.9.23 31.8.24 31.8.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. the supply, repair and maintenance of certified civil aircraft spare parts; and a precision machining and sheet metal fabricator. true true true false true true false false false false false false false false false false false false true false false false false false true false Ordinary £1 1.00000 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REGISTERED NUMBER: 06865859 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 August 2024

for

Specialist Aviation Holdings Limited

Specialist Aviation Holdings Limited (Registered number: 06865859)






Contents of the Consolidated Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


Specialist Aviation Holdings Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: D F Hammond
G S Pyle





REGISTERED OFFICE: Aerospace Logistics Centre
Unit 2B Dunhams Lane
Letchworth Garden City
Hertfordshire
SG6 1BE





REGISTERED NUMBER: 06865859 (England and Wales)





AUDITORS: Godfrey Laws Audit Limited
65 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

Specialist Aviation Holdings Limited (Registered number: 06865859)

Group Strategic Report
for the Year Ended 31 August 2024

The directors present their strategic report of the company and the group for the year ended 31 August 2024.

REVIEW OF BUSINESS
The Group has 9 (2023: 6) trading subsidiary companies and the directors consider that the key financial performance indicators are those that monitor the performance in respect of each of these Companies. The turnover of the companies and principle activities are as follows:

Company Description 2024 2023
£'000 £'000

Specialist Aviation Limited Supply of civil aircraft parts 11,193 12,894
Cabinair Services Limited Aircraft interior maintenance and parts 5,841 5,941
OdiliaClark Limited Drug and alcohol testing services 807 714
HSM Aero Limited Machining and sheet metal contractor 5,142 4,681
SATTO Solutions Limited Plastic and composite engineering solutions 634 624
Specialist Aviation Ireland Limited Supply of civil aircraft parts 2,314 447
Specialist Aviation Properties
Limited

Investment Property

23

-
Aeroknow Limited Aviation engineering service provider 108 -
Aeroknow SIA (Latvian registered) Aviation engineering service provider 269 -


The Group's revenues remained similar to 2023 as the group develops new and innovative strategies, products and markets. The Group is also growing by acquisition and this strategy is expected to continue.These trends have continued very positively into the current financial year and the group continues to perform positively.

All product lines are sold in a competitive market and the directors believe that it is in the best interests of the company for it to operate predominately in a global market.

The operating profit of the group has decreased from £2,841,649 to £1,422,759.

The directors monitor gross profit margins as another key performance indicator, and note that gross margin levels are now 36.60% compared to 37.49% in 2023.


Specialist Aviation Holdings Limited (Registered number: 06865859)

Group Strategic Report
for the Year Ended 31 August 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The group faces a number of business risks and uncertainties due to changing trading conditions and new competition. In view of this, the directors are looking carefully at both existing and potential new markets. In particular, this table sets out the key risks that have been identified, with the group's approach to mitigating those risks.

Risk Impact on company Mitigation

Exposure to foreign economies The group only has several overseas
markets which gives rise to foreign
exchange risks. Changing legislation in
foreign regulations can affect product
demand, as will effect of the UK
leavingthe European Union.More
diversity in legislation can only increase
costs.
Foreign exchange risk is mitigated
by which gives careful use of
currency contracts. The directors
take a cautious approach to the UK
leaving the EU and review leading
industry analysis to adopt current
best practice.

Accreditation and approvals The aerospace industry is fast moving and
highly regulated. There are risks
associated with not maintaining quality
and approvals.This can lead to a loss of
customers and contracts
The directors have adopted
stringent quality procedures to
ensure all group accreditation and
approvals are maintained and
exceeded.

Worsening trading conditions In economic conditions where there is
uncertainty about the future, customers
are inclined to reduce spending. This has
a direct effect on sales, reducing both
volumes and the prices that can be
achieved.
The group's core business is based
on tested and reliable technologies
and products, excellent customer
service and processes that ensure
our reputation excels with
customers. The aerospace industry,
whilst there are cyclical changes,
relies on a high level of
maintenance for safety and
reputation reasons.


FUTURE DEVELOPMENTS
The directors anticipate the business environment will remain competitive. They believe that the group
is in a good financial position and that the risks that have been identified are being well managed. With careful focus on appropriate diversification and development of new customers and markets, the directors are confident in the group's ability to maintain and build on this position.

FINANCIAL INSTRUMENTS
The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in sterling, US dollars and Euro's. The group typically has the ability to self-hedge exchange rate volatility. The company does not enter into any formally designated hedging arrangements.

RESEARCH AND DEVELOPMENT
The company is currently undertaking research and development to improve the performance of its plastic and composite engineering solutions.

ON BEHALF OF THE BOARD:





D F Hammond - Director


28 May 2025

Specialist Aviation Holdings Limited (Registered number: 06865859)

Report of the Directors
for the Year Ended 31 August 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024.

DIVIDENDS
Dividends paid during the year amounted to £76,000 (2023: £162,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

D F Hammond
G S Pyle

DONATIONS AND EXPENDITURE
During the year £2,033 (2023: £423) of charitable donations were made by the group.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





D F Hammond - Director


28 May 2025

Report of the Independent Auditors to the Members of
Specialist Aviation Holdings Limited

Opinion
We have audited the financial statements of Specialist Aviation Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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
Specialist Aviation Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Specialist Aviation Holdings 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 due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatements due to fraud 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 the management and those charged with the governance of the company.

Our approach was as follows:

Based on our understanding of the Group, the industry and discussions with management we identified Financial Reporting Standard 102 and Companies Act 2006 and taxation legislation. We obtained an understanding of how the Group complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur and whether there have been instances of non compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of the financial statements whether due to fraud and error.
Design and perform audit procedures in response to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, misrepresentations, or intentional omissions.
Examine supporting documentation for all material balances, transactions and disclosures;
Evaluate of the selection and application of accounting policies;
Review the appropriateness of journal entries made in the general ledger and other adjustments made in the preparation of financial statements.

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.

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.




Howard Ashmore FCA (Senior Statutory Auditor)
for and on behalf of Godfrey Laws Audit Limited
65 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

28 May 2025

Specialist Aviation Holdings Limited (Registered number: 06865859)

Consolidated Income Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £    £   

TURNOVER 24,192,451 24,105,294

Cost of sales 15,338,400 15,066,750
GROSS PROFIT 8,854,051 9,038,544

Administrative expenses 7,532,214 6,263,937
1,321,837 2,774,607

Other operating income 100,922 67,042
OPERATING PROFIT 4 1,422,759 2,841,649

Income from interest in associated
undertakings

-

21,000
Interest receivable and similar income 18,422 14,734
18,422 35,734
1,441,181 2,877,383
Gain/loss on revaluation of investment
property

340,869

-
1,782,050 2,877,383

Interest payable and similar expenses 5 194,508 176,830
PROFIT BEFORE TAXATION 1,587,542 2,700,553

Tax on profit 6 295,945 595,383
PROFIT FOR THE FINANCIAL YEAR 1,291,597 2,105,170
Profit attributable to:
Owners of the parent 1,279,321 2,103,609
Non-controlling interests 12,276 1,561
1,291,597 2,105,170

Specialist Aviation Holdings Limited (Registered number: 06865859)

Consolidated Other Comprehensive Income
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

PROFIT FOR THE YEAR 1,291,597 2,105,170


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,291,597

2,105,170

Total comprehensive income attributable to:
Owners of the parent 1,258,230 2,103,609
Non-controlling interests 33,367 1,561
1,291,597 2,105,170

Specialist Aviation Holdings Limited (Registered number: 06865859)

Consolidated Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 154,873 63,308
Tangible assets 10 1,305,233 1,208,089
Investments 11
Interest in associate 32,576 15,135
Investment property 12 1,765,000 1,170,000
3,257,682 2,456,532

CURRENT ASSETS
Stocks 13 4,961,793 3,772,738
Debtors 14 6,118,534 4,561,951
Cash at bank and in hand 1,146,962 2,868,520
12,227,289 11,203,209
CREDITORS
Amounts falling due within one year 15 5,679,449 4,984,484
NET CURRENT ASSETS 6,547,840 6,218,725
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,805,522

8,675,257

CREDITORS
Amounts falling due after more than one
year

16

(879,198

)

(1,106,161

)

PROVISIONS FOR LIABILITIES 21 (375,471 ) (254,931 )
NET ASSETS 8,550,853 7,314,165

CAPITAL AND RESERVES
Called up share capital 22 1,000,000 1,000,000
Capital redemption reserve 23 499 499
Other reserves 23 400,100 400,100
Retained earnings 23 7,128,256 5,924,935
SHAREHOLDERS' FUNDS 8,528,855 7,325,534

NON-CONTROLLING INTERESTS 24 21,998 (11,369 )
TOTAL EQUITY 8,550,853 7,314,165

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:




D F Hammond - Director


Specialist Aviation Holdings Limited (Registered number: 06865859)

Company Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 32,482 6,442
Investments 11 2,313,875 2,313,686
Investment property 12 - -
2,346,357 2,320,128

CURRENT ASSETS
Debtors 14 4,140,996 2,517,027
Cash at bank 113,016 1,285,601
4,254,012 3,802,628
CREDITORS
Amounts falling due within one year 15 637,787 406,887
NET CURRENT ASSETS 3,616,225 3,395,741
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,962,582

5,715,869

CREDITORS
Amounts falling due after more than one
year

16

(355,206

)

(633,341

)

PROVISIONS FOR LIABILITIES 21 (7,720 ) (1,122 )
NET ASSETS 5,599,656 5,081,406

CAPITAL AND RESERVES
Called up share capital 22 1,000,000 1,000,000
Other reserves 23 400,100 400,100
Retained earnings 23 4,199,556 3,681,306
SHAREHOLDERS' FUNDS 5,599,656 5,081,406

Company's profit for the financial year 594,250 1,359,180

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





D F Hammond - Director


Specialist Aviation Holdings Limited (Registered number: 06865859)

Consolidated Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 September 2022 1,000,000 3,983,326 499

Changes in equity
Dividends - (162,000 ) -
Total comprehensive income - 2,103,609 -
Balance at 31 August 2023 1,000,000 5,924,935 499

Changes in equity
Dividends - (76,000 ) -
Total comprehensive income - 1,279,321 -
Balance at 31 August 2024 1,000,000 7,128,256 499
Other Non-controlling Total
reserves Total interests equity
£    £    £    £   
Balance at 1 September 2022 400,100 5,383,925 (12,930 ) 5,370,995

Changes in equity
Dividends - (162,000 ) - (162,000 )
Total comprehensive income - 2,103,609 1,561 2,105,170
Balance at 31 August 2023 400,100 7,325,534 (11,369 ) 7,314,165

Changes in equity
Dividends - (76,000 ) - (76,000 )
Total comprehensive income - 1,279,321 33,367 1,312,688
Balance at 31 August 2024 400,100 8,528,855 21,998 8,550,853

Specialist Aviation Holdings Limited (Registered number: 06865859)

Company Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 September 2022 1,000,000 2,484,126 400,100 3,884,226

Changes in equity
Dividends - (162,000 ) - (162,000 )
Total comprehensive income - 1,359,180 - 1,359,180
Balance at 31 August 2023 1,000,000 3,681,306 400,100 5,081,406

Changes in equity
Dividends - (76,000 ) - (76,000 )
Total comprehensive income - 594,250 - 594,250
Balance at 31 August 2024 1,000,000 4,199,556 400,100 5,599,656

Specialist Aviation Holdings Limited (Registered number: 06865859)

Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 518,689 1,920,309
Interest paid (165,816 ) (157,558 )
Interest element of hire purchase payments
paid

(28,692

)

(19,272

)
Tax paid (398,784 ) (236,648 )
Net cash from operating activities (74,603 ) 1,506,831

Cash flows from investing activities
Purchase of intangible fixed assets (126,207 ) (15,000 )
Purchase of tangible fixed assets (427,672 ) (363,850 )
Purchase of fixed asset investments (149,999 ) -
Purchase of investment property (254,131 ) -
Sale of tangible fixed assets 2,805 -
Transfer of investment in associate 15,075 -
Increase in minority interest 21,091 -
Interest received 18,422 14,734
Dividends received - 21,000
Government grants 1,875 2,500
Net cash from investing activities (898,741 ) (340,616 )

Cash flows from financing activities
Loan repayments in year (417,620 ) (432,953 )
Hire purchase advances - 244,362
Capital repayments in year (37,607 ) (130,415 )
Amount introduced by directors 43,137 24,000
Amount withdrawn by directors (310,966 ) (138,174 )
Increase in amounts owed by associates (66,008 ) -
Equity dividends paid (76,000 ) (162,000 )
Net cash from financing activities (865,064 ) (595,180 )

(Decrease)/increase in cash and cash equivalents (1,838,408 ) 571,035
Cash and cash equivalents at beginning of
year

2

2,868,520

2,297,485

Cash and cash equivalents at end of year 2 1,030,112 2,868,520

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.8.24 31.8.23
£    £   
Profit before taxation 1,587,542 2,700,553
Depreciation charges 365,170 366,181
Profit on disposal of fixed assets (2,805 ) -
Gain on revaluation of fixed assets (340,869 ) -
Impairment of associate 117,483 -
Government grants (1,875 ) (2,500 )
Finance costs 194,508 176,830
Finance income (18,422 ) (35,734 )
1,900,732 3,205,330
Increase in stocks (1,189,055 ) (1,100,307 )
Increase in trade and other debtors (1,119,604 ) (1,070,442 )
Increase in trade and other creditors 926,616 885,728
Cash generated from operations 518,689 1,920,309

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 1,146,962 2,868,520
Bank overdrafts (116,850 ) -
1,030,112 2,868,520
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 2,868,520 2,297,485


Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 2,868,520 (1,721,558 ) 1,146,962
Bank overdrafts - (116,850 ) (116,850 )
2,868,520 (1,838,408 ) 1,030,112
Debt
Finance leases (320,871 ) 37,607 (283,264 )
Debts falling due within 1 year (450,530 ) 151,005 (299,525 )
Debts falling due after 1 year (885,550 ) 266,615 (618,935 )
(1,656,951 ) 455,227 (1,201,724 )
Total 1,211,569 (1,383,181 ) (171,612 )

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Specialist Aviation Holdings 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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 as modified by the revaluation of certain assets.

Turnover
Turnover is derived from group revenue consisting of sales of goods and services relating to aviation and additional manufacturing and engineering services.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2015, 2021 and 2024, and all are amortised evenly over their estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost and over the period of the lease
Improvements to property - 15% on reducing balance and 10% on cost
Plant and machinery - 25% on reducing balance, 20% on cost and 15% and 10% on cost
Fixtures and fittings - 25% on cost, 25% on reducing balance, 20% on cost, 15% on reducing balance, 15% on cost and 10% on cost
Motor vehicles - 25% on reducing balance, 25% on cost and 20% on cost
Computer equipment - 33% on cost, 25% on cost, 25% on reducing balance, 20% on cost and 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
31.8.24 31.8.23
£    £   
Wages and salaries 5,942,408 5,151,643
Social security costs 310,771 247,665
Other pension costs 87,290 56,309
6,340,469 5,455,617

The average number of employees during the year was as follows:
31.8.24 31.8.23

Director 2 2
Operational employees 4 4
6 6

The average number of employees by undertakings that were proportionately consolidated during the year was 112 (2023 - 103 ) .

31.8.24 31.8.23
£    £   
Directors' remuneration 400,000 173,611
Directors' pension contributions to money purchase schemes 12,000 5,333

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

3. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director for the year ended 31 August 2024 is as follows:
31.8.24
£   
Emoluments etc 400,000
Pension contributions to money purchase schemes 12,000

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.8.24 31.8.23
£    £   
Hire of plant and machinery 116,392 47,935
Other operating leases 743,407 501,318
Depreciation - owned assets 197,770 139,868
Depreciation - assets on hire purchase contracts 132,758 159,531
Profit on disposal of fixed assets (2,805 ) -
Goodwill amortisation 31,642 64,831
Computer software amortisation 3,000 1,950
Auditors' remuneration 54,406 42,740
Foreign exchange differences 65,782 109,065

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.8.24 31.8.23
£    £   
Bank loan interest 93,252 104,356
Bank Interest 62 857
Other interest 68,224 37,470
Loan 4,278 14,875
Hire purchase 28,692 19,272
194,508 176,830

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.8.24 31.8.23
£    £   
Current tax:
UK corporation tax 175,194 554,605

Deferred tax 120,751 40,778
Tax on profit 295,945 595,383

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.8.24 31.8.23
£    £   
Profit before tax 1,587,542 2,700,553
Profit multiplied by the standard rate of corporation tax in the UK of
24.832 % (2023 - 21.515 %)

394,218

581,024

Effects of:
Expenses not deductible for tax purposes 28,644 21,928
Income not taxable for tax purposes (466 ) (5,056 )
Capital allowances in excess of depreciation (23,651 ) (32,731 )
Utilisation of tax losses (10,079 ) (357 )
Adjustments to tax charge in respect of previous periods (58,017 ) (25,939 )
Deferred Tax 120,751 40,778
Tax losses carried forward 2 -
Amortised goodwill on consolidation 7,857 13,948
Revaluation gains (84,674 ) -

Overseas corporation tax rate (63,456 ) 1,788
Research & development (44,357 ) -
Impairment loss 29,173 -
Total tax charge 295,945 595,383

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
31.8.24 31.8.23
£    £   
Final 76,000 162,000

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

9. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 September 2023 664,313 30,000 694,313
Additions 126,207 - 126,207
At 31 August 2024 790,520 30,000 820,520
AMORTISATION
At 1 September 2023 628,155 2,850 631,005
Amortisation for year 31,642 3,000 34,642
At 31 August 2024 659,797 5,850 665,647
NET BOOK VALUE
At 31 August 2024 130,723 24,150 154,873
At 31 August 2023 36,158 27,150 63,308

Included in goodwill additions is £13649 of negative goodwill.

10. TANGIBLE FIXED ASSETS

Group
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 September 2023 26,317 312,933 3,485,622
Additions 21,356 161,596 134,253
Disposals - - (86,684 )
At 31 August 2024 47,673 474,529 3,533,191
DEPRECIATION
At 1 September 2023 24,659 183,397 2,632,585
Charge for year 2,490 25,418 237,666
Eliminated on disposal - - (86,684 )
At 31 August 2024 27,149 208,815 2,783,567
NET BOOK VALUE
At 31 August 2024 20,524 265,714 749,624
At 31 August 2023 1,658 129,536 853,037

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2023 679,410 67,335 286,234 4,857,851
Additions 71,369 - 39,098 427,672
Disposals (117,347 ) (25,170 ) - (229,201 )
At 31 August 2024 633,432 42,165 325,332 5,056,322
DEPRECIATION
At 1 September 2023 561,120 63,749 184,252 3,649,762
Charge for year 32,011 1,004 31,939 330,528
Eliminated on disposal (117,347 ) (25,170 ) - (229,201 )
At 31 August 2024 475,784 39,583 216,191 3,751,089
NET BOOK VALUE
At 31 August 2024 157,648 2,582 109,141 1,305,233
At 31 August 2023 118,290 3,586 101,982 1,208,089

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 September 2023 1,465,218
Additions 57,999
Transfer to ownership (1,136,787 )
At 31 August 2024 386,430
DEPRECIATION
At 1 September 2023 953,337
Charge for year 132,758
Transfer to ownership (972,360 )
At 31 August 2024 113,735
NET BOOK VALUE
At 31 August 2024 272,695
At 31 August 2023 511,881

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 September 2023 - 1,028 12,701 13,729
Additions 24,082 - 3,869 27,951
At 31 August 2024 24,082 1,028 16,570 41,680
DEPRECIATION
At 1 September 2023 - 206 7,081 7,287
Charge for year - 205 1,706 1,911
At 31 August 2024 - 411 8,787 9,198
NET BOOK VALUE
At 31 August 2024 24,082 617 7,783 32,482
At 31 August 2023 - 822 5,620 6,442

11. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
At 1 September 2023 15,135
Additions 149,999
Impairments (117,483 )
Reclassification/transfer (15,075 )
At 31 August 2024 32,576
NET BOOK VALUE
At 31 August 2024 32,576
At 31 August 2023 15,135

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

11. FIXED ASSET INVESTMENTS - continued

Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 September 2023 2,313,656 30 2,313,686
Additions 189 - 189
At 31 August 2024 2,313,845 30 2,313,875
NET BOOK VALUE
At 31 August 2024 2,313,845 30 2,313,875
At 31 August 2023 2,313,656 30 2,313,686

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Cabinair Services Limited
Registered office: Aerospace Logistics Centre, Unit 2b Dunhams Lane, Letchworth Garden City, Herts SG6 1BE
Nature of business: Cabin maintenance for Aircraft
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 1,364,726 1,171,899
Profit for the year 658,811 663,679

In the year ended 31 August 2024, the company purchased the following investments:
SATTO Repair Centre USA, C Corp , 33% holding
Aeroknow Ltd, 100% subsidiary
SIA Aeroknow , 75% subsidiary

Specialist Aviation Limited
Registered office: Aerospace Logistics Centre, Unit 2b Dunhams Lane, Letchworth Garden City, Herts SG6 1BE
Nature of business: Supply and storage of aircraft spare parts
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 1,839,693 1,940,443
Profit for the year 988,854 2,133,433

Specialist Aviation Ireland Ltd is a wholly owned subsidiary of Specialist Aviation Ltd.

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

11. FIXED ASSET INVESTMENTS - continued

SATTO Solutions Limited
Registered office: Aerospace Logistics Centre, Unit 2b Dunhams Lane, Letchworth Garden City, Herts SG6 1BE
Nature of business: Marketing and distribution
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 220,068 193,316
Profit for the year 208,247 247,633

HSM Aero Limited
Registered office: Aerospace Logistics Centre, Unit 2b Dunhams Lane, Letchworth Garden City, Herts SG6 1BE
Nature of business: Precision engineering
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 1,311,959 1,194,818
Profit for the year 117,141 2,457

Hermitage Sheet Metal Limited
Registered office: Aerospace Logistics Centre, Unit 2b Dunhams Lane, Letchworth Garden City, Herts SG6 1BE
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 100 100

Satto Repair Centre UK Limited
Registered office: Aerospace Logistics Centre, Unit 2b Dunhams Lane, Letchworth Garden City, Herts SG6 1BE
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 1 1

Specialist Aviation Spares Limited
Registered office: Aerospace Logistics Centre, Unit 2b Dunhams Lane, Letchworth Garden City, Herts SG6 1BE
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 2 2

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

11. FIXED ASSET INVESTMENTS - continued

Odiliaclark Ltd
Registered office: Aerospace Logistics Centre, Fifth Avenue, Letchworth Garden City, Herts SG6 2TS
Nature of business: Impairment risk management company
%
Class of shares: holding
Ordinary 52.00
Ordinary B 25.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves (21,078 ) (37,889 )
Profit for the year 16,774 5,203

In the year ended 31 August 2024 Kura Human Factors Ltd became a wholly owned subsidiary of Odiliaclark Ltd.

Specialist Aviation Ireland Ltd
Registered office: UNIT 4A, Knockbeg Point, Shannon, Clare, Republic of Ireland
Nature of business: Stockists and supplier of aviation parts
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 499,074 57,652
Profit/(loss) for the year 441,422 (35,587 )

Specialist Aviation Properties Ltd
Registered office: Aerospace Logistics Centre Unit 2b, Dunhams Lane, Letchworth, Herts, United Kingdom, SG6 1BE
Nature of business: holding company
%
Class of shares: holding
Ordinary 100.00
31.8.24
£   
Aggregate capital and reserves 211,056
Profit for the year 210,956

Kura Human Factors Limited
Registered office: Aerospace Logistics Centre, Fifth Avenue, Letchworth Garden City, Herts SG6 2TS
Nature of business: Management Consultancy
%
Class of shares: holding
Ordinary 52.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves (17,946 ) (17,638 )
(Loss)/profit for the year (308 ) 280

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

11. FIXED ASSET INVESTMENTS - continued

Aeroknow Ltd
Registered office: Aerospace Logistics Centre, Unit 2b Dunhams Lane, Letchworth Garden City, Herts SG6 1BE
Nature of business: Aviation and Aerospace component manufacturing
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 14,335 11,867
Profit for the year 17,868 19,167

The interest in the company was purchased on 20th August 2024.

SIA Aeroknow
Registered office: Salamandras iela 6, Riga, LV-1024, Latvia
Nature of business: Aviation and Aerospace component manufacturing
%
Class of shares: holding
Ordinary 75.00
31.12.23
£   
Aggregate capital and reserves 75,505
Profit for the period/year 13,628

The interest in the company was purchased on 9th June 2024.

Associated companies

Mix 14 Limited
Registered office: Aerospace Logistics Centre, Fifth Avenue, Letchworth Garden City, Herts SG6 2TS
Nature of business: Development of plastic engineering solutions
%
Class of shares: holding
Ordinary 30.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 141,252 112,794
Profit for the year 28,458 39,798

SATTO Repair Centre USA
Registered office: 2771 NW 82 Ave, Miami, FL 33122
Nature of business: Cabin repairs and refurbishment
%
Class of shares: holding
Partnership 33.30
31.8.24
£   
Aggregate capital and reserves (29,068 )
Loss for the year (45,378 )

The interest in the associated partnership was purchased on 1 February 2024.


Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 September 2023 1,170,000
Additions 254,131
Revaluations 340,869
At 31 August 2024 1,765,000
NET BOOK VALUE
At 31 August 2024 1,765,000
At 31 August 2023 1,170,000


13. STOCKS

Group
31.8.24 31.8.23
£    £   
Stocks 4,961,793 3,772,738

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Trade debtors 4,030,031 3,079,958 482,440 317,965
Amounts owed by group undertakings - - 2,859,059 1,670,305
Amounts owed by associates 106,463 40,455 - 46,643
Other debtors 775,604 602,952 248,936 309,222
Directors' current accounts 398,032 130,203 406,058 138,229
Tax 141,065 37,923 137,044 32,093
VAT 208,680 378,931 4,574 1,910
Prepayments and accrued income 458,659 291,529 2,885 660
6,118,534 4,561,951 4,140,996 2,517,027

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Bank loans and overdrafts (see note 17) 130,303 95,760 - -
Other loans (see note 17) 286,072 354,770 278,185 269,058
Hire purchase contracts (see note 18) 83,001 100,260 - -
Trade creditors 1,402,550 1,025,835 59,915 15,602
Amounts owed to group undertakings - - 45,257 -
Tax 547,967 668,204 137,044 32,093
Social security and other taxes 172,983 149,908 23,876 22,813
Other creditors 1,635,391 1,830,267 42,181 30,762
Accruals and deferred income 1,421,182 759,480 51,329 36,559
5,679,449 4,984,484 637,787 406,887

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Bank loans (see note 17) 263,729 244,766 - -
Other loans (see note 17) 355,206 640,784 355,206 633,341
Hire purchase contracts (see note 18) 200,263 220,611 - -
Other creditors 60,000 - - -
879,198 1,106,161 355,206 633,341

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 116,850 - - -
Bank loans 13,453 95,760 - -
Other loans 286,072 354,770 278,185 269,058
416,375 450,530 278,185 269,058
Amounts falling due between one and two years:
Bank loans - 1-2 years 4,448 96,084 - -
Other loans - 1-2 years 186,172 272,766 186,172 272,766
190,620 368,850 186,172 272,766
Amounts falling due between two and five years:
Bank loans - 2-5 years 259,281 93,744 - -
Other loans - 2-5 years 169,034 368,018 169,034 360,575
428,315 461,762 169,034 360,575
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal - 54,938 - -

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.8.24 31.8.23
£    £   
Net obligations repayable:
Within one year 83,001 100,260
Between one and five years 200,263 220,611
283,264 320,871

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

18. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
31.8.24 31.8.23
£    £   
Within one year 843,402 608,395
Between one and five years 1,963,383 1,252,237
2,806,785 1,860,632

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.8.24 31.8.23
£    £   
Bank overdraft 116,850 -
Hire purchase contracts 283,264 320,871
400,114 320,871

Group securities include:
Fixed and floating charge created in favour of Lloyds Bank to cover all property or undertaking of the company. The charge includes a negative pledge.

Fixed and floating charge created in favour of Aldermore Bank PLC to cover all property or undertaking of the company. The charge includes a negative pledge.

Fixed charge over non- vesting debts within the Invoice finance facility.

The company has an omnibus guarantee and set off agreement with it's fellow group companies:
Cabinair Services Ltd
SATTO Solutions Ltd
HSM Aero Ltd
Specialist Aviation Ltd

20. FINANCIAL INSTRUMENTS

31.08.24 31.08.23
Financial instruments that are debt instruments measured at amortised cost:
Trade debtors 4,030,031 3,079,958
Other debtors 775,604 602,952
Cash at bank and in hand 1,146,962 2,868,520


Financial liabilities measured at amortised cost:
Trade creditors 1,402,550 1,025,837
Other creditors 1,635,391 1,830,267
Bank overdraft 116,850 -

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

21. PROVISIONS FOR LIABILITIES

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 234,852 209,192 7,720 1,122
Tax losses carried forward (3,594 ) (13,257 ) - -
Other timing differences 144,213 58,996 - -
375,471 254,931 7,720 1,122

Group
Deferred
tax
£   
Balance at 1 September 2023 254,931
Accelerated capital allowances 25,660
Other timing differences 85,217
Tax on losses carried forward 9,663
Balance at 31 August 2024 375,471

Company
Deferred
tax
£   
Balance at 1 September 2023 1,122
Provided during year 6,598
Balance at 31 August 2024 7,720

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
1,000,000 Ordinary £1 £1 1,000,000 1,000,000

23. RESERVES

Group
Capital
Retained redemption Other
earnings reserve reserves Totals
£    £    £    £   

At 1 September 2023 5,924,935 499 400,100 6,325,534
Profit for the year 1,279,321 1,279,321
Dividends (76,000 ) (76,000 )
At 31 August 2024 7,128,256 499 400,100 7,528,855

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

23. RESERVES - continued

Company
Retained Other
earnings reserves Totals
£    £    £   

At 1 September 2023 3,681,306 400,100 4,081,406
Profit for the year 594,250 594,250
Dividends (76,000 ) (76,000 )
At 31 August 2024 4,199,556 400,100 4,599,656


24. NON-CONTROLLING INTERESTS

The non-controlling interest is represented by the 48% holding in OdiliaClark Limited and Kura Human Factors Limited and at 25% holding in Aeroknow SIA.

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.24 31.8.23
£    £   
D F Hammond
Balance outstanding at start of year 130,202 16,029
Amounts advanced 310,967 138,173
Amounts repaid (43,137 ) (24,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 398,032 130,202

26. RELATED PARTY DISCLOSURES

During the year, total dividends of £76,000 were paid to the directors .

Included in other debtors is a loan totalling £167,411 (2023: £236,451) made to companies in which the director, Mr DF Hammond has an interest.

Satto Repair Centre USA is related by virtue of the director, Mr DF Hammond interest in this company.

Mix 14 Ltd
31.8.24 31.8.23
£    £   
Recharges 7,345 10,846
Trade Debtors 2,952 22,104
Amount due from related party - 46,643

The company traded with Mix 14 Ltd, an associated company of Specialist Aviation Holdings Ltd.

Specialist Aviation Holdings Limited (Registered number: 06865859)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

26. RELATED PARTY DISCLOSURES - continued

365 Aerospace Limited
31.8.24 31.8.23
£    £   
Sales 41,594 38,101
Purchases 360 -
Trade debtors 3,168 3,600

The company traded with 365 Aerospace Limited, the director has an interest in this company.

Capilaux Ltd
31.8.24 31.8.23
£    £   
Sales - 1,869
Services 9,000 36,000
Amount due from related party 80,023 86,023
Amount due to related party - 3,600

The company traded with Capilaux Ltd. A close family member of the Director has control of this company.

Safe2Stay Ltd
31.8.24 31.8.23
£    £   
Amount due to related party 530 -

The company traded with Safe2Stay Ltd. A close family member of the Director has control of this company.