The directors present the strategic report for the year ended 30 September 2024.
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:
Macro demand environment. The experiences of the tariff wars and the conflicts across the world demonstrate the dynamics of marketplace supply and demand can change dramatically and in a relatively short timeframe. Events in the Middle East and Ukraine present challenges with airspace restrictions and security monitoring and can generate substantial disruption with fuel price elevation. Fuel prices have the tendency to stimulate or stagnate the market. The tariff wars have disrupted the flow of goods around the world which has resulted in the redirection of resources by cargo carriers particularly with a reduction in China-US traffic. The business monitors the security situation closely. The business is fortunate that its size and flexibility allow it to be responsive to marketplace changes and combined with its commercial pipeline and longer-term engagements, and potential for additional fleet allow it to remain confident that its business model is sustainable.
Fleet. The company currently operates a fleet of leased B747-400 aircraft. These aircraft are a known quantity with a mature flying profile. However, the reliability profile of these aging aircraft may present potential challenges with respect to meeting ongoing commercial commitments. As the only current UK operator of the B747-400s, access to suitable maintenance arrangements becomes increasingly challenging and generates increasing complications with crew requirements. The Board is continuously monitoring the sustainability of the older B747s. The Board understands the issues and challenges in operating this type of aircraft and continues to monitor the situation closely. It has identified and implemented risk mitigation strategies to minimise any potential disruption to services. The company’s priorities for its future fleet expansion plans are based on diversifying aircraft type and reducing the age of the fleet starting with the introduction of new 777s in the next twelve months.
Regulatory compliance. The company operates in a heavily regulated environment both locally and globally. It has to follow many industry specific rules and regulations governed by a number of regulatory environments and bodies around the world. These rules and regulations are technical, complex and subject to change. The consequences if breached can be significant operationally and commercially. The Board takes its regulatory responsibilities very seriously and has made a substantial investment in market leading safety and risk management systems and engaged highly qualified and experienced staff in all aspects of its business. It monitors quality and safety as a priority to ensure it meets its ongoing obligations under its UK CAA AOC and its Operating Licence. Its post holders have been approved by the UK CAA as qualified and responsible persons to hold mandated key roles in the business. It has built a capability to monitor, anticipate and respond quickly and effectively to any issues and changes. The Board are satisfied that its management and post holders hold sufficient qualifications, knowledge and experience and that internal processes, protocols and due diligence exist to ensure that the business will operate to the highest operational and technical standards and be fully compliant to all necessary obligations.
Capital risk management. The company has a capital requirement set by the regulator, the UK CAA. We work closely with the regulator to manage our ongoing position relative to this requirement. The regulator has the authority to request additional funds be invested into the company if required.
Aviation fuel costs. A significant element of the cost base is related to the cost of fuel in meeting our charter movements. Fuel price can and has been subject to high levels of fluctuation both in terms of general global prices and the variations by location of uplift. The significance of fuel price as a cost of business is reflected in the fact that charter prices are largely set with reference to the expected fuel price. The business has effectively insulated itself from market price fluctuations with the use of revenue adjustment clauses in its customer contracts which allow for upward and downward revisions to contract prices by reference to a recognised market index which tracks variations in fuel price each month throughout the life of each contract. As such price movements should not affect profitability. The more likely consequence of extreme upward fuel price movements would be reflected in demand for charters. The business would seek protection from revenue drops on this basis by reference to cancellation fees in situations where charters have been pre-contracted. More consequential global demand weakness falls under the category of macro demand discussed above.
Exchange rate movements. The company is largely shielded from trading currency movements as most of the cost base is denominated in USD and its revenue is charged entirely in USD, in common with the industry in general. The only significant non-USD items of expenditure relate to payroll and some overhead costs which are minimal in scale compared to revenue levels and the wider cost base. The payroll is predictable in value and is not subject to unexpected fluctuations. The Board continues to monitor exchange rate movements but given the scale of its potential impact to the business, the Board does not consider this factor to be material enough to warrant mitigation action such as currency hedging. Of more impact is the balance for the initial funding in the form of a loan against pre-trading costs made available from a related party Air One Aviation Limited. As at the balance sheet date this stood at USD $22.5 million (2023: USD $19.6million) and at the latest management accounts before signing (31 May 2025) at USD $26.8 million. This is denominated in GBP and given the financial statements are reported in USD this gives rise to potentially significant exchange movements. The particulars of the loan arrangement defer settlement of any part of this loan for a timeframe that greatly exceeds the baIance sheet date. Given this delay the Board have not instigated any immediate mitigation actions to counter the current un-crystalised currency impacts, reinforced by the unusually wide range of movement experienced within the GBP and USD exchange rates. The Board will monitor this situation and take appropriate actions if and when it becomes apparent that negative currency impacts are material and tangible and more likely than not to crystalise.
Environmental. It is acknowledged that aviation is a business sector that generates elevated attention related to its environmental impacts through its activities and is subject to ever stricter emissions and noise regulations around the world. This manifests itself directly in cost to the business in the form of emissions costs including costs to monitor, administer and mitigate, to some degree, the environment impact of the airline’s operations. The sector and the companies own actions could potentially attract negative attention. The business has and will continue to vigorously adhere to all environment legislation and is registered and complies with the emissions schemes relevant for its operations including the CORSIA scheme. In addition, the business actively explores options to minimise its day-to-day impacts through its choice of suppliers, recycling protocols, office ‘green’ features and the reduction on commuting impacts by allowing suitable roles to ‘work from home’ for portions of the week. Fuel conservation measures are a core part of flight operational procedures and is a focus area for continuous improvement. The business case for the future fleet recognises the environmental benefit from introducing newer more efficient and more environmentally friendly aircraft types.
General inflationary pressures. Along with the majority of worldwide businesses increasing inflation within the supply chain continues to impact the business. The company has and will be isolated from the otherwise potentially serious consequences of aviation fuel pricing courtesy of its contract mechanisms, as mentioned above. Wages and reward arrangements have been managed with sustainable increases that management believe are both fair to the workforce and reflective of the company’s resources and early stage of operations. The Board believes that strong demand for the company’s services and expected future charter price environment will allow the company to effectively manage inflationary pressures in the near term.
Debt Funding. The business is carrying significant debt in the form of a long-term loans from related parties for the funding of the set-up of the business and support for the business in the short term whilst it is growing. The company has no third-party loan debt. At the balance sheet date these loans stood at USD $42.1 million and at the latest management accounts before signing (31 May 2025) USD $60.2 million. The debts are structured in a way that protects the business from this loan being called whilst it is in its initial growth phase. The loan conditions and the extended repayment timeframe are such that the Board do not consider the presence or scale of this loan to be a factor when assessing the near-term future of the business.
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
The directors present their annual report and financial statements for the year ended 30 September 2024.
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.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
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.
Basis for opinion
Emphasis of matter
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
understanding the design of the company’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
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.
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.
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 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.
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.
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.
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.
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.
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, 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.
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
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.
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.
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.
The average monthly number of persons (including directors) employed by the company during the year was:
Their aggregate remuneration comprised:
The $16m gain in the prior year relates to the write back of a loan facility as agreed by both parties in November 2024.
Property, plant and equipment includes right-of-use assets, as follows:
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.
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:
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).
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.
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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.
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.
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.
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.