Company registration number 13410611 (England and Wales)
ONE AIR LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
ONE AIR LTD
COMPANY INFORMATION
Directors
Mr P J Bennett
Mr J P Hartley
Mr J T Holmes
Mr C Hope
Mr G Mirchandani
Mr P A Simmons
Mr D Tattersall
Mr S Jones
Secretary
Ms M F Love
Company number
13410611
Registered office
1 Becketts Place
Hampton Wick
Kingston Upon Thames
Surrey
KT1 4EQ
Auditor
Gravita Audit II Limited
Algdate Tower
2 Leman Street
London
E1 8FA
London
United Kingdom
E1 8FA
ONE AIR LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Income statement
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 30
ONE AIR LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business

The Board is pleased to present its strategic report for One Air Limited for the year 1st October 2023 to 30th September 2024.

The business commenced operating its first commercial contract in July 2023. During the year, the company operated regular flights primarily between the UK and Europe and the Far East on longer-term engagements leveraging the characteristics of the 747 aircraft and building a solid base from which to expand the business and the fleet. The business has now completed commercial flights to the Far East, North and South America, Africa and the Middle East, Europe and Australasia while we diversified our customer base beyond the core business of e-commerce, adding for example automotive, oil and gas, major event support and humanitarian operations.

The company continued to experience challenges with operational reliability due to the age and supply chain support of its initial 747 aircraft. The business dealt with these challenges effectively to deliver a regular service to meet our commitments together with the support of our customers and business partners.

The company continues to focus on improving the reliability of its fleet and its operational resilience. A third younger 747 aircraft with nose opening capability joined the fleet in September 2024. The company continues to evaluate options as part of its fleet growth strategy to modernise the fleet providing greater resilience for the delivery of its commercial operations as the business grows. The company is in advanced negotiation to add a brand new 777 aircraft to its fleet in Q3 2025 and a second is expected in Q1 2026. This would significantly improve operational capacity, reliability and resilience and supports the growth ambition of the business.

Demand for the company’s services continues to remain solid and there is a robust pipeline of sales and commercial opportunities, many of which are longer-term engagements. However, the company is still constrained from taking full advantage of these opportunities by capacity and is focused on controlled and sustainable fleet expansion through 2025 to 2026.

The second quarter of the current year has been challenging as the business has had to deal with the uncertainty and disruption in the global cargo market resulting from recent conflicts and the tariffs wars. The market is now starting to adjust to the tariffs and the company ability to be responsive to changing customer needs given its relative size compared to its competitors has been advantageous to adapt to the flexibility required by its customers.

In the year, the company generated turnover from commercial operations of $94.8 million (2023: $11.3 million) operating two aircraft. The loss before tax increased to $30.8 million (2023: $3.4 million). The increased trading losses were principally due to higher than anticipated maintenance costs, the cost base the company carried which is set up for the operation of more that the two aircraft in anticipation of additional fleet and $2.4m of unrealised exchange losses due to exchange rate movements.

At the year end, the balance sheet net liability position has increased to $46.1 million (2023: $15.3 million) for the previously discussed reasons. All significant borrowings, including leases, rest with related parties who are working closely with the Board to support the long-term success of the company. The Board continues to focus on improving the balance sheet to bring it back to a positive net asset position as soon as practicably possible.

The Board has implemented robust risk management processes to identify, evaluate and respond to potential risks that may impact the business. These include macro-economic, geo-political and company specific factors. The Board consider key risks facing the business to include:

 

ONE AIR LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

 

 

 

ONE AIR LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The Board’s objective continues to be to deliver a safe and secure operation, working within the relevant regulatory frameworks, and to maximise revenue and profit growth to deliver the company’s growth plans. It is pursuing this through a controlled expansion of its aircraft cargo charter business including the introduction of a new younger aircraft to the fleet over time and proactively looking at opportunities to diversify the geographical markets it serves to reduce reliance on any single market. The Board is mindful of and monitoring closely the ongoing conflicts in the Ukraine and the Middle East along with the constantly evolving geo-political situation. The business continues to develop its KPIs as part of its ongoing long term strategic planning process.

The Board considers that thanks to the company’s’ efforts to date and the unwavering and continued commitment of its shareholders to see this project through it has put in place the necessary fundamentals to meet its regulatory compliance obligations and for a successful commercial operation.

Given the aforementioned factors the Board is satisfied with performance in the year.

On behalf of the board

Mr P J Bennett
Director
14 August 2025
ONE AIR LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company continued to be that of an aircraft operator licensed by the UK CAA to provide commercial aviation cargo charters.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P J Bennett
Mr J P Hartley
Mr J T Holmes
Mr C Hope
Mr G Mirchandani
Mr P A Simmons
Mr D Tattersall
Mr S Jones
Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

 

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.

ONE AIR LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr P J Bennett
Director
14 August 2025
ONE AIR LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ONE AIR LTD
- 6 -
Opinion

We have audited the financial statements of One Air Ltd (the 'company') for the year ended 30 September 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

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 Auditor's 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.

Emphasis of matter

We draw attention to Note 1.2 of the financial statements, which details the company’s dependence on the support of its shareholders. We also draw attention, in the same note, which details the company's dependence on the support of related party creditors. Our opinion is not modified in respect of these matters.

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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

ONE AIR LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ONE AIR LTD (CONTINUED)
- 7 -
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 directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of risk management software services and consultants. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering, employment, environmental and health and safety legislation. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

 

ONE AIR LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ONE AIR LTD (CONTINUED)
- 8 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

 

To address the risk of fraud through management bias and override of controls, we: 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Paul Woosey FCA, FCCA (Senior Statutory Auditor)
For and on behalf of, Gravita Audit II Ltd
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
14 August 2025
ONE AIR LTD
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
as restated
Notes
$
$
Revenue
2
94,792,705
11,338,544
Cost of sales
(109,055,264)
(26,397,138)
Gross loss
(14,262,559)
(15,058,594)
Other operating income
28,163
178,100
Administrative expenses
(12,585,278)
(7,373,111)
Operating loss
3
(26,819,674)
(22,253,605)
Investment revenues
7
155,958
-
0
Finance costs
8
(1,697,792)
(980,764)
Other gains and losses
9
(2,393,357)
19,868,640
Loss before taxation
(30,754,865)
(3,365,729)
Income tax expense
-
-
Loss and total comprehensive income for the year
(30,754,865)
(3,365,729)
ONE AIR LTD
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
as restated
Notes
$
$
Non-current assets
Property, plant and equipment
10
725,491
702,214
Right-of-use assets
10
51,986,007
34,405,761
52,711,498
35,107,975
Current assets
Inventories
11
2,358,276
2,029,732
Trade and other receivables
12
7,297,966
8,426,926
Cash and cash equivalents
9,315,275
10,578,125
18,971,517
21,034,783
Current liabilities
Trade and other payables
15
21,357,129
10,103,581
Lease liabilities
16
14,537,661
10,908,786
35,894,790
21,012,367
Net current (liabilities)/assets
(16,923,273)
22,416
Non-current liabilities
Trade and other payables
15
19,901,048
3,600,670
Borrowings
14
22,542,988
19,568,244
Lease liabilities
16
39,408,467
27,270,890
81,852,503
50,439,804
Net liabilities
(46,064,278)
(15,309,413)
Equity
Called up share capital
19
1,826,324
1,826,324
Retained earnings
(47,890,602)
(17,135,737)
Total equity
(46,064,278)
(15,309,413)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 August 2025 and are signed on its behalf by:
Mr P J Bennett
Director
Company registration number 13410611 (England and Wales)
ONE AIR LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Retained earnings
Total
Notes
$
$
$
As restated for the period ended 30 September 2023:
Balance at 1 October 2022
134
(13,770,008)
(13,769,874)
134
(13,770,008)
(13,769,874)
Year ended 30 September 2023:
Loss and total comprehensive income
-
(3,365,729)
(3,365,729)
Transactions with owners:
Issue of share capital
19
1,826,190
-
1,826,190
Balance at 30 September 2023
1,826,324
(17,135,737)
(15,309,413)
Year ended 30 September 2024:
Loss and total comprehensive income
-
(30,754,865)
(30,754,865)
Balance at 30 September 2024
1,826,324
(47,890,602)
(46,064,278)
ONE AIR LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
2024
2023
as restated
Notes
$
$
$
$
Cash flows from operating activities
Cash absorbed by operations
24
(1,174,602)
(16,666,710)
Net cash outflow from operating activities
(1,174,602)
(16,666,710)
Investing activities
Purchase of property, plant and equipment
(242,406)
(366,033)
Proceeds from disposal of property, plant and equipment
7,140
1,369
Net cash used in investing activities
(235,266)
(364,664)
Financing activities
Proceeds from issue of shares
-
1,826,190
Proceeds from loans and borrowings
-
25,242,180
Interest received
155,958
-
Interest paid
(8,940)
(1,070)
Net cash generated from financing activities
147,018
27,067,300
Net (decrease)/increase in cash and cash equivalents
(1,262,850)
10,035,926
Cash and cash equivalents at beginning of year
10,578,125
542,199
Cash and cash equivalents at end of year
9,315,275
10,578,125
ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
1
Accounting policies
Company information

One Air Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Becketts Place, Hampton Wick, Kingston Upon Thames, Surrey, KT1 4EQ. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Company's ability to continue to trade is dependent on continued support from its shareholders, who have confirmed they are willing and able to provide such support. The company owes amounts to connected entities under common control as detailed in note 22. The Company's ability to continue to trade is also dependent on continued support of these entities. These financial statements do not include any adjustments which might be necessary should the support of the shareholders be withdrawn.true

1.3
Revenue

Cargo Charter Revenues

Cargo revenue relates to the amount charged to customers for aircraft chartering for freight movements and is recognised in the income statement when the performance obligation has been completed, which is when the flight takes place. Revenue recognised is the amount paid by the customer for the freight movement. Should a charter be cancelled any applicable cancellation fee is recognised in the income statement when the relevant conditions in the sale contract have been met.

Other Operational Revenues

These revenues relate to demurrage fees billed to the customer and direct costs incurred during freight movements where it is permissible to recharge subject to the terms of the specific contract. There can be a delay in the notification to the company of post-operation direct costs and the quantum of such costs are only known to the company once those costs have been billed to it by the originating authority or supplier. These revenues are recognised once the company has been notified of a relevant charge and the contractual conditions for the recharge have been satisfied.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
over the life of the lease
Leasehold improvements
over 10 years straight line
Fixtures and fittings
over 5 years straight line
IT equipment
over 3 years straight line
Aircraft (right of use asset)
over the life of the lease
Aircraft equipment
over 4 years straight line
ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Inventories

Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

 

Inventories include mainly aircraft parts for use by the company in maintaining its aircraft.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognise changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognised initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognised or its fair value substantially decreased. Dividends are recognised as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and at fair value through other comprehensive income are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

2
Revenue
2024
2023
$
$
Revenue analysed by class of business
Cargo charter revenues
92,894,500
8,545,620
Cost recharges & other fees
1,898,205
2,792,924
94,792,705
11,338,544
2024
2023
$
$
Revenue analysed by geographical market
East Asia
93,383,807
8,460,620
Middle East
496,698
2,877,924
Europe
912,200
-
94,792,705
11,338,544
3
Operating loss
as restated
2024
2023
Operating loss for the year is stated after charging/(crediting):
$
$
Depreciation of property, plant and equipment
215,806
159,248
Amortisation of right of use asset
8,131,784
4,154,268
ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the company
101,788
42,271
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Operations
73
55
Technical
15
11
Corporate
13
9
Total
101
75

Their aggregate remuneration comprised:

2024
2023
$
$
Wages and salaries
10,547,743
7,361,784
Social security costs
1,282,705
945,066
Pension costs
586,900
226,347
12,417,348
8,533,197
6
Directors' remuneration
2024
2023
$
$
Remuneration for qualifying services
632,662
499,325
Company pension contributions to defined contribution schemes
1,181
1,575
633,843
500,900
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
$
$
Remuneration for qualifying services
316,975
205,252
ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
(Continued)
- 19 -
7
Investment income
2024
2023
$
$
Interest income
Financial instruments measured at amortised cost:
Other interest income on financial assets
155,958
-
0
Income above relates to assets held at amortised cost, unless stated otherwise.
8
Finance costs
as restated
2024
2023
$
$
Interest on lease liabilities
668,801
409,798
Interest cost on discounted dilapidations provision
5,946
3,363
Interest on financial liabilities classified as measured at fair value through profit or loss
1,014,108
566,532
Other interest payable
8,937
1,071
Total interest expense
1,697,792
980,764
9
Other gains and losses
as restated
2024
2023
$
$
Amounts written back to non-current loans
-
16,000,000
Change in value of financial liabilities
-
4,921,252
Foreign exchange gains/(losses) - realised
284,115
328,412
Foreign exchange gains/(losses) - unrealised
(2,677,472)
(1,381,024)
(2,393,357)
19,868,640

The $16m gain in the prior year relates to the write back of a loan facility as agreed by both parties in November 2024.

ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
10
Property, plant and equipment
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
IT equipment
Aircraft (right of use asset)
Aircraft equipment
Total
$
$
$
$
$
$
$
Cost
At 1 October 2022
-
0
-
0
-
0
122,120
17,907,778
415,267
18,445,165
Additions
1,973,048
158,821
107,185
49,027
19,984,800
51,000
22,323,881
Disposals
-
0
-
0
-
0
(1,369)
-
0
-
0
(1,369)
At 30 September 2023 (restated)
1,973,048
158,821
107,185
169,778
37,892,578
466,267
40,767,677
Additions
-
0
-
0
8,956
66,381
25,712,030
168,439
25,955,806
Disposals
-
0
-
-
0
(1,369)
-
0
(7,140)
(8,509)
At 30 September 2024
1,973,048
158,821
116,141
234,790
63,604,608
627,566
66,714,974
Accumulated depreciation and impairment
At 1 October 2022
-
0
-
0
-
19,410
1,309,386
21,179
1,349,975
Charge for the year
160,632
9,265
12,014
49,735
3,989,847
88,234
4,309,727
At 30 September 2023 (restated)
160,632
9,265
12,014
69,145
5,299,233
109,413
5,659,702
Charge for the year
281,864
15,882
21,763
64,253
7,849,920
113,908
8,347,590
Eliminated on disposal
-
0
-
0
-
0
-
0
-
0
(3,816)
(3,816)
At 30 September 2024
442,496
25,147
33,777
133,398
13,149,153
219,505
14,003,476
ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Property, plant and equipment
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
IT equipment
Aircraft (right of use asset)
Aircraft equipment
Total
$
$
$
$
$
$
$
(Continued)
- 21 -
Carrying amount analysed between owned assets and right-of-use assets
At 30 September 2024
Owned assets
-
133,674
82,364
101,392
-
408,061
725,491
Right-of-use assets
1,530,552
-
-
-
50,455,455
-
51,986,007
1,530,552
133,674
82,364
101,392
50,455,455
408,061
52,711,498
At 30 September 2023 (restated)
Owned assets
-
149,556
95,171
100,633
-
356,854
702,214
Right-of-use assets
1,812,416
-
-
-
32,593,345
-
34,405,761
1,812,416
149,556
95,171
100,633
32,593,345
356,854
35,107,975
ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
$
$
Net values at the year end
Property
1,530,552
1,808,627
Aircraft (right of use asset)
50,455,455
32,593,345
51,986,007
32,593,345
11
Inventories
2024
2023
$
$
Aircraft spares
2,358,276
2,029,732
12
Trade and other receivables
as restated
2024
2023
$
$
Trade receivables
4,823,529
4,691,800
VAT recoverable
461,993
313,235
Other receivables
877,057
1,157,231
Prepayments and accrued income
1,135,387
2,264,660
7,297,966
8,426,926
13
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

14
Borrowings
Non-current
2024
2023
$
$
Borrowings held at amortised cost:
Loans from related parties
22,542,988
19,568,244
ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
15
Trade and other payables
Current
Non-current
2024
2023
2024
2023
$
$
$
$
Trade payables
7,274,627
3,081,350
-
0
-
0
Amounts owed to related parties
2,000,000
-
0
19,582,136
3,315,699
Accruals
2,645,066
102,299
-
0
-
0
Deferred consideration
8,314,300
6,155,500
-
-
0
Social security and other taxation
523,480
244,255
-
0
-
0
Other payables
599,656
520,177
318,912
284,971
21,357,129
10,103,581
19,901,048
3,600,670
16
Lease liabilities
as restated
2024
2023
Maturity analysis
$
$
Within one year
14,537,661
10,998,786
In two to five years
41,484,531
28,401,217
In over five years
129,810
447,752
Total undiscounted liabilities
56,152,002
39,757,755
Future finance charges and other adjustments
(2,205,874)
(1,578,079)
Lease liabilities in the financial statements
53,946,128
38,179,676

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

as restated
2024
2023
$
$
Current liabilities
14,537,661
10,908,786
Non-current liabilities
39,408,467
27,270,890
53,946,128
38,179,676
as restated
2024
2023
Amounts recognised in profit or loss include the following:
$
$
Interest on lease liabilities
668,801
409,798
ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
16
Lease liabilities
(Continued)
- 24 -

The lease liability relates to right of use assets held.

 

The right of use assets held are three Boeing 747 freighter aircraft, and an office lease. The leases for the three Boeing 747 freighter aircraft commenced in the periods ended 30.09.22. 30.09.23 and 30.09.24 respectively. These leases are all for a period of 5 years. The contractual term for the office lease is from 6th March 2023 to 5th March 2030.

 

The cost of right of use assets held are $65,577,656 (2023: $39,865,626). Depreciation charged on these assets to date is $13,591,649 (2023: $5,459,865).

 

17
Carbon Emissions

The Company is a participant in the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), a global market-based measure developed by the International Civil Aviation Organization (ICAO) to address CO₂ emissions from international flights. Under CORSIA, airlines are required to monitor, report, and offset their emissions on eligible international routes based on baseline levels established by ICAO.

 

During the 2024 monitoring period, the Company incurred CO₂ emissions that required offset by acquiring eligible emissions units that come from approved carbon offset programs. The estimated financial exposure for the year could range from $0.5 million to $2.3 million. These values are based upon forecasts from publicly available sources for CORSIA eligible emissions offset units, that will be brought to the market in the future, in the phase one purchase cycle. The higher end of the range is expected if the units were acquired during peak demand. The final value of the units and the liability is uncertain and will depend on availability of units and demand for them at the time of acquisition.

 

The Company continues to monitor developments under CORSIA and other related global and regional emissions schemes and remains committed to meeting its environmental compliance obligations.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
586,900
226,347

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of $1.22198 each
1,500,100
1,500,100
1,826,324
1,826,324

 

 

 

 

ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
20
Financial instruments

The objective of the company’s treasury activities is to manage financial risk, minimise the adverse effects of fluctuations on the value of the company’s financial assets and liabilities and ensure that the working capital requirements fit the needs of the business.

 

The company has various financial instruments such as cash, trade receivables, trade payables and borrowings that arise directly from its operations.

 

Financial instruments by category

The carry amounts for each class of financial instrument are listed below:

 

 

2024

2023

 

 

as restated

 

$

$

Financial assets

 

 

Trade and other receivables

7,297,966

8,426,926

Cash and cash equivalents

9,315,276

10,578,125

 

 

 

Financial liabilities

 

 

Trade and other payables

41,258,177

13,704,251

Borrowings

22,542,988

19,568,244

Lease Liabilities

53,946,128

38,179,676

 

Financial instruments not measured at fair value include cash and cash equivalents, trade and other receivables and trade and other payables. Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables and trade and other payables approximates to their fair value.

 

The following table sets out the contractual maturities (representing undiscounted contractual cash-flows).

 

At September 30, 2024

Less than one year

More than 1 year

 

$

$

Trade and other payables

21,357,129

19,901,048

Lease liabilities (undiscounted)

14,537,661

41,614,341

Borrowings (undiscounted)

-

26,679,147

 

At September 30, 2023 (as restated)

Less than one year

More than 1 year

 

$

$

Trade and other payables

10,103,581

3,600,669

Lease liabilities (undiscounted)

10,908,786

28,848,968

Borrowings (undiscounted)

-

24,316,530

 

ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
20
Financial instruments
(Continued)
- 26 -

Market risk management

The company is primarily exposed to the financial risks of changes in foreign currency. Most of the company’s cost base, except for UK based salary related costs and some corporate overhead costs, along with all of its revenue are transacted in USD, so foreign current risks are naturally hedged and the company is largely protected against movements in exchange rates. The company has a GBP denominated loan related to pre-trading costs at balance sheet date of GBP £19.9m (2023: GBP £19.9m). As the financial statements are reported in USD this can give rise to potentially significant exchange movements. The term of this loan defers the settlement of any part of this loan for a timeframe that greatly exceeds the balance sheet date, therefore, the company has not taken any actions to mitigate the un-realised currency impact but it continues to monitor the situation.

 

Credit risk management

The company is potentially exposed to credit risk from its financial assets, which comprise principally bank balances and trade and other receivables. To mitigate this risk, the company maintains relationships with high-quality financial institutions and requires payment in advance for its flights.

 

Liquidity risk management

The company has an appropriate liquidity risk management framework for the management of its short, medium and long term funding and liquidity requirements. The company manages liquidity risk by continuously monitoring cashflow forecasts and actual cashflows, and by maintaining sufficient cash balances. The company is subject to UK CAA oversight of its financial results and liquidity position as part of its Operating License conditions.

21
Events after the reporting date

On 4th April 2025, the company concluded negotiations with its landlord and entered into a 7-year lease agreement for its head office premises, commencing 6th March 2023. A right-of-use asset and corresponding lease liability of $1.97million has been recognised in the balance sheet on the commencement date. This is an adjusting event and will result in a prior year adjustment.

 

On the 7th October 2024, the amount of $19.6m payables owed to a related party shown in non-current liabilities was transferred into to a convertible loan with a repayment on the fifth anniversary of the date of the loan. On 4th August 2025, an amendment was made to this loan agreement to convert it to a standard commercial interest bearing loan with no change to the repayment date and interest charged at a market rate effective date of 31st December 2024.

 

ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

Other information

During the year, the company entered into transactions with a connected entity under common control. In this year, the entity funded and settled One Air liabilities amounting to $Nil (2023: $10,948,267). At the end of the year, the amount owed by the company to the entity after exchange rate movements was $22,542,988 (2023: $19,568,244) which is included in non-current liabilities. In addition, the entity acted as a cargo broker for the company. The amount of sales to the entity during the year were $96,939,637 (2023: $Nil) being charter flight revenues and purchases from the entity and $1,638,595 (2023: $Nil) being commissions. The amounts owed to the company by the entity was $2,603,820 (2023: $Nil) shown as $2,603,820 (2023: $Nil) included in Trade and Other Receivables. The amounts owed to the entity by the company was $2,096,840 (2023: $Nil) being $96,840 (2023: $Nil) included in Trade and other Payables and $2,000,000 (2023: $Nil) included in non-current Trade and other Payables.

 

During the year, the company entered into transactions with a connected entity under common control. The amount of purchases from the entity were $20,846. (2023: $Nil) The amount owed to the entity by the company was $Nil (2023: $Nil)

 

During the year, the company entered into transactions with an entity owned by a principal owner of the company who has significant influence over the company. In this year, purchases from the entity were $17,993,297 (2023: $1,628,494) representing aircraft lease costs and sales to the entity were $495,798 (2023: $2,792,924). At the end of the year, the amount owed by the company to the entity was $71,587,455 (2023: $39,828,170) shown as $52,005,318 (2023: $36,440,213) included in lease liabilities, $19,582,136 (2023: $3,315,699) included in non-current trade payables and $Nil (2023: $72,258) included in accruals. The amount owed to the company by the entity was $Nil; (2023: $2,792,924) included in accrued income.

 

Key management personnel compensation in the year was short-term employee benefits of $1,444,210 (2023: $1,124,962) and post-employment benefits of $11,871 (2023: $4,838).

 

The amount paid for key management personnel services provided by a separate management entity during the year was $658,205 (2023: $537,832) and the outstanding liability to the management entities at 30 September 2024 was $7,486 (2023: $134,458).

 

No other transactions with related parties were undertaken such as are required to be disclosed under International Financial Reporting Standards.

ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
23
Controlling party

The ultimate controlling party is Paul Bennett by virtue of his majority shareholding in the company.

24
Cash absorbed by operations
2024
2023
$
$
Loss for the year before taxation
(30,754,865)
(3,365,729)
Adjustments for:
Finance costs
1,697,792
980,764
(Gain)/Loss on disposal of Property, Plant and Equipment
(3,816)
Finance income
(155,958)
-
Depreciation and impairment of property, plant and equipment
215,806
159,248
Amortisation of Right-of-Use Assets
8,131,784
4,150,479
Effect of Foreign exchange rate changes on Related party loan
2,362,618
2,493,727
Effect of exchange rates on office lease liability
170,622
24,247
Effect of exchange rates on discounted loan
(401,981)
(393,566)
Gain on discounted loan
-
(4,921,252)
Other gains and losses
-
(16,000,000)
Movements in working capital:
Increase in inventories
(328,544)
(1,905,369)
Decrease/(increase) in trade and other receivables
1,128,960
(6,130,943)
Increase in trade and other payables
16,762,980
8,241,684
Cash absorbed by operations
(1,174,602)
(16,666,710)
ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
25
Analysis of changes in net debt
1 October 2023
Cash flows
New finance leases
Other non-cash changes
Market value movements
Exchange rate movements
30 September 2024
$
$
$
$
$
$
$
Cash at bank and in hand
10,578,125
(1,262,850)
-
-
-
-
9,315,275
Borrowings excluding overdrafts
(19,568,244)
-
-
-
(612,127)
(2,362,617)
(22,542,988)
Obligations under finance leases
(38,179,676)
-
(25,712,030)
9,945,578
-
-
(53,946,128)
(47,169,795)
(1,262,850)
(25,712,030)
9,945,578
(612,127)
(2,362,617)
(67,173,841)
1 October 2022
Cash flows
New finance leases
Other non-cash changes
Market value movements
Exchange rate movements
30 September 2023
Prior year:
$
$
$
$
$
$
$
Cash at bank and in hand
542,199
10,035,926
-
-
-
-
10,578,125
Borrowings excluding overdrafts
(12,580,622)
(9,978,470)
-
-
4,748,286
(1,757,438)
(19,568,244)
Obligations under finance leases
(17,544,456)
-
(21,957,848)
1,322,628
-
-
(38,179,676)
(29,582,879)
57,456
(21,957,848)
1,322,628
4,748,286
(1,757,438)
(47,169,795)
ONE AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
26
Prior period adjustment
Reconciliation of changes in equity
30 September
2023
$
Equity as previously reported
(19,845,683)
Adjustments to prior year
Depreciation - Right of Use Asset
(160,632)
Lease interest - Right of Use Asset
(23,170)
Profit/Loss on foreign exchange
(28,214)
Loan discount
4,748,286
Equity as adjusted
(15,309,413)
Analysis of the effect upon equity
Retained earnings
4,536,270
4,536,270
Reconciliation of changes in loss for the previous financial period
2023
$
Loss as previously reported
(7,901,999)
Adjustments to prior year
Depreciation - Right of Use Asset
(160,632)
Lease interest - Right of Use Asset
(23,170)
Profit/Loss on foreign exchange
(28,214)
Loan discount
4,748,286
Loss as adjusted
(3,365,729)
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