IRIS Accounts Production v25.2.0.378 00381534 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities the provision of line maintenance support to the aviation industry. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 00381534 2023-12-31 00381534 2024-12-31 00381534 2024-01-01 2024-12-31 00381534 2022-12-31 00381534 2023-01-01 2023-12-31 00381534 2023-12-31 00381534 ns15:EnglandWales 2024-01-01 2024-12-31 00381534 ns14:PoundSterling 2024-01-01 2024-12-31 00381534 ns10:Director1 2024-01-01 2024-12-31 00381534 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00381534 ns10:MediumEntities 2024-01-01 2024-12-31 00381534 ns10:Audited 2024-01-01 2024-12-31 00381534 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 00381534 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 00381534 ns10:FullAccounts 2024-01-01 2024-12-31 00381534 ns10:Director2 2024-01-01 2024-12-31 00381534 ns10:Director3 2024-01-01 2024-12-31 00381534 ns10:RegisteredOffice 2024-01-01 2024-12-31 00381534 ns5:CurrentFinancialInstruments 2024-12-31 00381534 ns5:CurrentFinancialInstruments 2023-12-31 00381534 ns5:ShareCapital 2024-12-31 00381534 ns5:ShareCapital 2023-12-31 00381534 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-12-31 00381534 ns5:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 00381534 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 00381534 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 00381534 ns5:ShareCapital 2022-12-31 00381534 ns5:RetainedEarningsAccumulatedLosses 2022-12-31 00381534 ns5:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 00381534 ns5:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00381534 ns5:FurtherSpecificReserve1ComponentTotalEquity 2023-01-01 2023-12-31 00381534 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 00381534 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-01-01 2024-12-31 00381534 1 2024-01-01 2024-12-31 00381534 ns15:UnitedKingdom 2024-01-01 2024-12-31 00381534 ns15:UnitedKingdom 2023-01-01 2023-12-31 00381534 ns15:Europe 2024-01-01 2024-12-31 00381534 ns15:Europe 2023-01-01 2023-12-31 00381534 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2024-01-01 2024-12-31 00381534 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2023-01-01 2023-12-31 00381534 ns5:PlantMachinery 2023-12-31 00381534 ns5:MotorVehicles 2023-12-31 00381534 ns5:PlantMachinery 2024-01-01 2024-12-31 00381534 ns5:MotorVehicles 2024-01-01 2024-12-31 00381534 ns5:PlantMachinery 2024-12-31 00381534 ns5:MotorVehicles 2024-12-31 00381534 ns5:PlantMachinery 2023-12-31 00381534 ns5:MotorVehicles 2023-12-31 00381534 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 00381534 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 00381534 ns5:WithinOneYear 2024-12-31 00381534 ns5:WithinOneYear 2023-12-31 00381534 ns5:BetweenOneFiveYears 2024-12-31 00381534 ns5:BetweenOneFiveYears 2023-12-31 00381534 ns5:AllPeriods 2024-12-31 00381534 ns5:AllPeriods 2023-12-31 00381534 ns5:DeferredTaxation 2023-12-31 00381534 ns5:DeferredTaxation 2024-01-01 2024-12-31 00381534 ns5:DeferredTaxation 2024-12-31 00381534 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 00381534 ns5:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 00381534 ns5:OtherRelatedParties 2024-01-01 2024-12-31 00381534 ns5:OtherRelatedParties 2024-12-31 00381534 ns5:OtherRelatedParties 2023-12-31

REGISTERED NUMBER: 00381534 (England and Wales)

Bostonair Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2024

Bostonair Limited (Registered number: 00381534)

Contents of the Financial Statements

for the year ended 31st December 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 4 |

Income Statement | 7 |

Other Comprehensive Income | 8 |

Balance Sheet | 9 |

Statement of Changes in Equity | 10 |

Cash Flow Statement | 11 |

Notes to the Cash Flow Statement | 12 |

Notes to the Financial Statements | 13 |

Bostonair Limited

Company Information

for the year ended 31st December 2024

| DIRECTORS: | M N Parkes

| C Parkes

| A W Sumner

| REGISTERED OFFICE: | Norwood House

| Norwood

| Beverley

| HU17 9ET

| REGISTERED NUMBER: | 00381534 (England and Wales)

| AUDITORS: | Smailes Goldie

| Chartered Accountants

| Statutory Auditor

| Regent's Court

| Princess Street

| Hull

| East Yorkshire

| HU2 8BA

Bostonair Limited (Registered number: 00381534)

Strategic Report

for the year ended 31st December 2024

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

REVIEW OF BUSINESS

The Directors review the strategic plan for the company on a quarterly basis whilst at the same time monitoring key KPIs against the current year plan. Throughout 2024, the business continued providing aircraft maintenance services to its core customer base whilst at the same time looking to expand operations in its existing stations to other airlines.

The key performance indicators of the company are turnover and gross profit. Turnover for the year ended 31 December 2024 was £21,991,229 (2023 £22,005,603). Gross Profit for the same period was £3,674,013 (2023 £4,291,914). The directors consider the results for the year are satisfactory and are confident that turnover and gross margins will increase in the future.

PRINCIPAL RISKS AND UNCERTAINTIES

The management and execution of the companies strategy is subject to a number of risks. The principal business risks and uncertainties affecting the company is considered to include the recoverability of trade debtors and the impact slow payment has on cash flow. An additional risk to the business relates to exchange rate fluctuations as the business predominantly operates in countries that have Euro as their local currency. The company tries to mitigate this risk by invoicing customers in Euro where many of the related costs are incurred in Euros.

The companies operations expose it to a variety of financial risks that include exchange rate risk, credit risk, liquidity risk and interest rate risk. The company has in place a risk management program which seeks to limit adverse effects on the financial performance of the company.

ON BEHALF OF THE BOARD:

A W Sumner - Director

16th July 2025

Bostonair Limited (Registered number: 00381534)

Report of the Directors

for the year ended 31st December 2024

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

DIVIDENDS

The directors recommended and approved a dividend of £1,714,061 (2023 £468,766)

DIRECTORS

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

M N Parkes

C Parkes

A W Sumner

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A W Sumner - Director

16th July 2025

Report of the Independent Auditors to the Members of

Bostonair Limited

Opinion

We have audited the financial statements of Bostonair Limited (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other matters

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Report of the Independent Auditors to the Members of

Bostonair Limited

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

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 and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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 were indicative of potential bias; and |

- |  | investigated the rationale behind significant or unusual transactions. |

Report of the Independent Auditors to the Members of

Bostonair Limited

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; andreviewing correspondence with relevant regulators and legal advisors. |

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

Use of our report

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

Matthew Fox FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

16th July 2025

Bostonair Limited (Registered number: 00381534)

Income Statement

for the year ended 31st December 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 4 | 21,991,229 |  | 22,005,603 |  |

Cost of sales | 18,317,216 |  | 17,713,689 |  |

GROSS PROFIT | 3,674,013 |  | 4,291,914 |  |

Administrative expenses | 2,150,917 |  | 1,573,683 |  |

OPERATING PROFIT | 6 | 1,523,096 |  | 2,718,231 |  |

Interest payable and similar expenses | 7 | - |  | 1,936 |  |

PROFIT BEFORE TAXATION | 1,523,096 |  | 2,716,295 |  |

Tax on profit | 8 | 549,698 |  | 835,248 |  |

PROFIT FOR THE FINANCIAL YEAR | 973,398 |  | 1,881,047 |  |

Bostonair Limited (Registered number: 00381534)

Other Comprehensive Income

for the year ended 31st December 2024

| 2024 |  | 2023

| Notes | £ | £ |

PROFIT FOR THE YEAR | 973,398 |  | 1,881,047 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 973,398 |  | 1,881,047 |  |

Bostonair Limited (Registered number: 00381534)

Balance Sheet

31st December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 258,210 |  | 265,144 |  |

CURRENT ASSETS

Stocks | 11 | 242,420 |  | 211,082 |  |

Debtors | 12 | 4,120,073 |  | 4,324,060 |  |

Cash at bank and in hand | 1,676,003 |  | 1,828,897 |  |

6,038,496 |  | 6,364,039 |  |

CREDITORS

Amounts falling due within one year | 13 | 2,589,060 |  | 2,181,002 |  |

NET CURRENT ASSETS | 3,449,436 |  | 4,183,037 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,707,646 |  | 4,448,181 |  |

PROVISIONS FOR LIABILITIES | 15 | 62,129 |  | 62,000 |  |

NET ASSETS | 3,645,517 |  | 4,386,181 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 88,794 |  | 88,794 |  |

Other reserves | 17 | (335,349 | ) | (335,349 | ) |

Retained earnings | 17 | 3,892,072 |  | 4,632,736 |  |

SHAREHOLDERS' FUNDS | 3,645,517 |  | 4,386,181 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 16th July 2025 and were signed on its behalf by:

A W Sumner - Director

Bostonair Limited (Registered number: 00381534)

Statement of Changes in Equity

for the year ended 31st December 2024

| Called up |

| share |  | Retained |  | Other |  | Total

| capital |  | earnings |  | reserves |  | equity

£ | £ | £ | £ |

Balance at 1st January 2023 | 88,794 |  | 3,220,455 |  | (335,349 | ) | 2,973,900 |  |

Changes in equity

Dividends | - |  | (468,766 | ) | - |  | (468,766 | ) |

Total comprehensive income | - |  | 1,881,047 |  | - |  | 1,881,047 |  |

Balance at 31st December 2023 | 88,794 |  | 4,632,736 |  | (335,349 | ) | 4,386,181 |  |

Changes in equity

Dividends | - |  | (1,714,062 | ) | - |  | (1,714,062 | ) |

Total comprehensive income | - |  | 973,398 |  | - |  | 973,398 |  |

Balance at 31st December 2024 | 88,794 |  | 3,892,072 |  | (335,349 | ) | 3,645,517 |  |

Bostonair Limited (Registered number: 00381534)

Cash Flow Statement

for the year ended 31st December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,309,797 |  | 1,725,475 |  |

Interest paid | - |  | (1,936 | ) |

Tax paid | (663,977 | ) | (612,970 | ) |

Net cash from operating activities | 1,645,820 |  | 1,110,569 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (84,652 | ) | (101,413 | ) |

Net cash from investing activities | (84,652 | ) | (101,413 | ) |

Cash flows from financing activities

Amount introduced by directors | - |  | (4,144 | ) |

Equity dividends paid | (1,714,062 | ) | (468,766 | ) |

Net cash from financing activities | (1,714,062 | ) | (472,910 | ) |

(Decrease)/increase in cash and cash equivalents | (152,894 | ) | 536,246 |  |

Cash and cash equivalents at beginning of year | 2 | 1,828,897 |  | 1,292,651 |  |

Cash and cash equivalents at end of year | 2 | 1,676,003 |  | 1,828,897 |  |

Bostonair Limited (Registered number: 00381534)

Notes to the Cash Flow Statement

for the year ended 31st December 2024

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

| 2024 |  | 2023

£ | £ |

| Profit before taxation | 1,523,096 |  | 2,716,295 |  |

| Depreciation charges | 72,066 |  | 76,958 |  |

| Foreign exchange movement | 19,520 |  | - |  |

| Finance costs | - |  | 1,936 |  |

1,614,682 |  | 2,795,189 |  |

| Increase in stocks | (31,338 | ) | (92,237 | ) |

| Decrease/(increase) in trade and other debtors | 203,987 |  | (823,380 | ) |

| Increase/(decrease) in trade and other creditors | 522,466 |  | (154,097 | ) |

| Cash generated from operations | 2,309,797 |  | 1,725,475 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 31st December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 1,676,003 |  | 1,828,897 |  |

| Year ended 31st December 2023

| 31/12/23 |  | 1/1/23

£ | £ |

| Cash and cash equivalents | 1,828,897 |  | 1,292,651 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/1/24 | Cash flow | At 31/12/24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,828,897 |  | (152,894 | ) | 1,676,003 |  |

1,828,897 |  | (152,894 | ) | 1,676,003 |  |

| Total | 1,828,897 |  | (152,894 | ) | 1,676,003 |  |

Bostonair Limited (Registered number: 00381534)

Notes to the Financial Statements

for the year ended 31st December 2024

1. | STATUTORY INFORMATION

| Bostonair Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Critical accounting judgements and key sources of estimation uncertainty

| The preparation of the financial statements involves, in certain areas, the use of accounting estimates and management judgements. The key areas involving estimates and judgements are as follows:

| - Recoverability of debtors

| Turnover

| Turnover represents amounts receivable for services net of VAT and trade discounts.

| Dependant on the contract with the customer, turnover is either recognised on the basis of hours worked on customer contracts by the employees of the company, or it is recognised on the basis of fixed price agreed in the contract plus any additional billing as allowed by the contract.

| Tangible fixed assets

| Depreciation is charged to the profit and loss account over the estimated useful lives of each part of an item of tangible fixed assets. The estimated useful lives are as follows:

| - |  | Plant and machinery |  | 3 - 5 years |  |

| - |  | Motor vehicles |  | 4 years |  |

| Depreciation methods, useful lives and residual values are reviewed, if there is an indication, of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

| Stocks

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

Bostonair Limited (Registered number: 00381534)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

3. | ACCOUNTING POLICIES - continued

| Financial instruments

| Trade and other debtors/creditors

| Trade and other debtors are recognised initially at transaction price less attributable transaction costs.

| Trade and other creditors are recognised initially at transaction price plus attributable transaction costs.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash balances and all deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

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

Bostonair Limited (Registered number: 00381534)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

3. | ACCOUNTING POLICIES - continued

| Share capital

| Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

| Distributions to equity holders

| Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

4. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 2024 |  | 2023

£ | £ |

| United Kingdom | 553,700 |  | 463,000 |  |

| Europe | 21,437,529 |  | 21,542,603 |  |

21,991,229 |  | 22,005,603 |  |

5. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 12,271,840 |  | 10,224,726 |  |

| Social security costs | 1,920,841 |  | 1,368,953 |  |

| Other pension costs | 12,902 |  | 16,942 |  |

14,205,583 |  | 11,610,621 |  |

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

| 2024 |  | 2023

| Administration | 15 |  | 18 |  |

| Production | 167 |  | 141 |  |

182 |  | 159 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | - |  | - |  |

Bostonair Limited (Registered number: 00381534)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

6. | OPERATING PROFIT

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

|  | 2024 |  | 2023 |  |

| £ |  | £ |  |

| Depreciation on assets owned |  | 84,963 |  | 76,958 |  |

| Operating leases - rent |  | 225,172 |  | 237,542 |  |

| Foreign exchange losses/(gains) |  | 107,508 |  | 61,541 |  |

| Auditor's remuneration |  | 12,000 |  | 9,350 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank loan interest | - |  | 1,936 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 549,569 |  | 830,867 |  |

| Deferred tax | 129 |  | 4,381 |  |

| Tax on profit | 549,698 |  | 835,248 |  |

| Reconciliation of total tax charge included in profit and loss

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

| 2024 |  | 2023

£ | £ |

| Profit before tax | 1,523,096 |  | 2,716,295 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%) | 380,774 |  | 638,873 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,454 |  | 8,552 |  |

| Income not taxable for tax purposes | (9,061 | ) | - |  |

| Capital allowances in excess of depreciation | - |  | (585 | ) |

| Difference in tax rates | - |  | 255 |  |

| Unrelieved overseas taxes | 176,531 |  | 187,083 |  |

| Adjustment to tax charge in respect of previous period | - |  | (56,402 | ) |

| Adjustment to tax charge in respect of previous period - deferred tax | - |  | 57,472 |  |

| Total tax charge | 549,698 |  | 835,248 |  |

Bostonair Limited (Registered number: 00381534)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

9. | DIVIDENDS

|  | 2024 |  |  | 2023 |  |

|  | £ |  |  | £ |  |

| 'A' ordinary shares of £1 each |  |

| Interim - paid |  | 1,478,415 |  |  | 411,221 |  |

| 'B' ordinary shares of £1 each |  |

| Interim - paid |  | 145,760 |  |  | 32,544 |  |

| 'E' ordinary shares of £1 each |  |

| Interim - paid |  | 89,886 |  | 25,002 |  |

|  | 1,714,061 |  |  | 468,766 |  |

10. | TANGIBLE FIXED ASSETS

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1st January 2024 | 563,494 |  | 36,166 |  | 599,660 |  |

| Additions | 84,652 |  | - |  | 84,652 |  |

| Exchange differences | (18,303 | ) | (1,216 | ) | (19,519 | ) |

| At 31st December 2024 | 629,843 |  | 34,950 |  | 664,793 |  |

| DEPRECIATION

| At 1st January 2024 | 327,542 |  | 6,974 |  | 334,516 |  |

| Charge for year | 72,382 |  | 10,751 |  | 83,133 |  |

| Exchange differences | (10,805 | ) | (261 | ) | (11,066 | ) |

| At 31st December 2024 | 389,119 |  | 17,464 |  | 406,583 |  |

| NET BOOK VALUE

| At 31st December 2024 | 240,724 |  | 17,486 |  | 258,210 |  |

| At 31st December 2023 | 235,952 |  | 29,192 |  | 265,144 |  |

11. | STOCKS

2024 | 2023 |

£ | £ |

| Stocks | 242,420 |  | 211,082 |  |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 3,683,189 |  | 4,050,094 |  |

| Amounts owed by participating interests | 9,783 |  | 7,138 |  |

| Other debtors | 78,490 |  | 81,227 |  |

| VAT | 57,133 |  | 82,465 |  |

| Prepayments and accrued income | 291,478 |  | 103,136 |  |

4,120,073 |  | 4,324,060 |  |

Bostonair Limited (Registered number: 00381534)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 281,378 |  | 251,922 |  |

| Amounts owed to participating interests | 33,338 |  | 87,865 |  |

| Corporation tax | 467,412 |  | 581,820 |  |

| Social security and other taxes | 205,277 |  | 183,985 |  |

| Other creditors | 746,690 |  | 617,581 |  |

| Directors' current accounts | 275,811 |  | - |  |

| Accruals and deferred income | 579,154 |  | 457,829 |  |

2,589,060 |  | 2,181,002 |  |

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£ | £ |

| Within one year | 169,983 |  | 251,783 |  |

| Between one and five years | 167,260 |  | 324,700 |  |

337,243 |  | 576,483 |  |

15. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax | 62,129 |  | 62,000 |  |

| Deferred |

| tax |

£ |

| Balance at 1st January 2024 | 62,000 |  |

| Charge to Income Statement during year | 129 |  |

| Balance at 31st December 2024 | 62,129 |  |

Bostonair Limited (Registered number: 00381534)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid: |  |

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

|  | value: |  |  | £ |  |  | £ |  |

| 73,028 |  | Ordinary A |  |  | £1 |  | 73,028 |  | 73,028 |  |

| 7,200 |  | Ordinary B |  |  | £1 |  | 7,200 |  | 7,200 |  |

| 1,465 |  | Ordinary D |  |  | £1 |  | 1,465 |  | 4,440 |  |

| 4,440 |  | Ordinary E |  |  | £1 |  | 4,440 |  | 4,126 |  |

| 1,686 |  | Ordinary F |  |  | £1 |  | 1,686 |  | - |  |

| 975 |  | Ordinary G |  |  | £1 |  | 975 |  | - |  |

|  | 88,794 |  | 88,794 |  |

| On 10 March 2024 the 4,440 Ordinary D shares of £1 and 4,126 Ordinary E shares of £1 were redesignated as 1,465 Ordinary D shares of £1, 4,440 Ordinary E shares of £1, 1,686 Ordinary F shares of £1 and 975 Ordinary G shares of £1. These shares were allotted as fully paid at par during the year.

17. | RESERVES

| Retained |  | Other |

| earnings |  | reserves |  | Totals

£ | £ | £ |

| At 1st January 2024 | 4,632,736 |  | (335,349 | ) | 4,297,387 |  |

| Profit for the year | 973,398 |  | - |  | 973,398 |  |

| Dividends | (1,714,062 | ) | - |  | (1,714,062 | ) |

| At 31st December 2024 | 3,892,072 |  | (335,349 | ) | 3,556,723 |  |

18. | PENSION COMMITMENTS

| The company offers various defined contribution pension schemes on behalf of its employees. The charge to the profit and loss account in the year amounted to £12,902 (2023 £8,942). at the year end there was an amount of £744 (2023 £1,163) outstanding.

19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| Included in creditors falling due within one year are loans from director's amounting to £275,811 (2023 nil).

20. | RELATED PARTY DISCLOSURES

| Other related parties

2024 | 2023 |

£ | £ |

| Amount due from related party | 9,782 |  | 7,318 |  |

| Amount due to related party | 33,338 |  | 87,865 |  |

21. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is M N Parkes, Company Director.