REGISTERED NUMBER: 00381534 (England and Wales)

Bostonair Limited

Strategic Report, Report of the Directors and

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

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

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

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

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.

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.

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

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

PROFIT FOR THE YEAR

973,398

1,881,047

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

973,398

1,881,047

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

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

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

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

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.

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.

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

-

-

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

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