REGISTERED NUMBER: 06445042 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Diamond Hangar Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Prince A Eze

W C C Eze

Ms A Covaci

Registered office:

The Diamond Hangar

Long Border Road,

London Stansted Airport

Stansted

Essex

CM24 1RE

Registered number:

06445042 (England and Wales)

Accountants:

Benjamin Taylor Diner Limited

120 New Cavendish Street,

London

W1W 6XX

Fixed assets

Tangible assets

5

-

-

Investment property

6

13,750,000

13,750,000

13,750,000

13,750,000

Current assets

Debtors

7

2,390,656

2,536,096

Cash at bank

32,160

137,829

2,422,816

2,673,925

Creditors

Amounts falling due within one year

8

(11,706,039

)

(11,655,545

)

Net current liabilities

(9,283,223

)

(8,981,620

)

Total assets less current liabilities

4,466,777

4,768,380

Provisions for liabilities

10

(3,198,243

)

(3,198,243

)

Net assets

1,268,534

1,570,137

Capital and reserves

Called up share capital

11

10

10

Non-distributable fair value

12

9,696,955

9,696,955

Retained earnings

12

(8,428,431

)

(8,126,828

)

Shareholders' funds

1,268,534

1,570,137

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

Ms A Covaci - Director

1.	Statutory information

The Company is a private company limited by shares, incorporated in England and Wales. Its registered office is The Diamond Hangar, Long Border Road, London Stansted Airport, Stansted, Essex CM24 1RE.

The company's principal activity is that of the provision of aviation hangar facilities and offices.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the entities accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The financial statements do not included any significant judgements or estimates.

Turnover

The turnover represents amounts receivable for services provided in respect of Aviation Hangar facilities and offices, excluding VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% - 33% on cost

Fixtures and fittings

-

10% - 33% on cost

Computer equipment

-

10% - 33% on cost

Investment property

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

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.

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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future. The company will be continuing to rely on Prince Eze's support in that he will be providing funds when they are needed. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

Government grants

The company accounts for government grants on an accruals basis. During the year the company

recognised grant income receivable / (repayable) from / (to) the UK Government's Coronavirus Job Retention Scheme in other operating income.

4.	Employees and directors

The average number of employees during the year was 3 (2023 - 2 ) .

5.	Tangible fixed assets

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

Cost

At 1 January 2024

and 31 December 2024

211,987

115,978

3,522

331,487

Depreciation

At 1 January 2024

and 31 December 2024

211,987

115,978

3,522

331,487

Net book value

At 31 December 2024

-

-

-

-

At 31 December 2023

-

-

-

-

6.	Investment property

Total

£

Fair value

At 1 January 2024

and 31 December 2024

13,750,000

Net book value

At 31 December 2024

13,750,000

At 31 December 2023

13,750,000

The leasehold investment property was valued by the directors as at 31st December 2021, on a fair value basis. The directors consider there to be no material change in this properties fair value since this date.

The historical cost of the property is £854,802.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2015

4,145,198

Valuation in 2016

2,750,000

Valuation in 2017

12,500,000

Valuation in 2018

(12,500,000

)

Valuation in 2019

800,000

Valuation in 2021

5,200,000

Cost

854,802

13,750,000

7.

Debtors: amounts falling due within one year

31.12.24

31.12.23

£

£

Trade debtors

664,437

1,021,188

Other debtors

1,726,219

1,514,908

2,390,656

2,536,096

8.

Creditors: amounts falling due within one year

31.12.24

31.12.23

£

£

Trade creditors

806,185

1,053,067

Taxation and social security

835

159,877

Other creditors

10,899,019

10,442,601

11,706,039

11,655,545

9.	Leasing agreements

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

31.12.24

31.12.23

£

£

Within one year

1,267,200

1,267,200

Between one and five years

5,068,800

5,068,800

In more than five years

43,507,200

44,774,400

49,843,200

51,110,400

10.	Provisions for liabilities

31.12.24

31.12.23

£

£

Deferred tax

3,198,243

3,198,243

Deferred

tax

£

Balance at 1 January 2024

3,198,243

Balance at 31 December 2024

3,198,243

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

10

Ordinary £1 Shares

1

10

10

Called-up share capital represents the nominal value of shares that have been issued.

12.

Reserves

Non-distributable

Retained

fair

earnings

value

Totals

£

£

£

At 1 January 2024

(8,126,828

)

9,696,955

1,570,127

Deficit for the year

(301,603

)

(301,603

)

At 31 December 2024

(8,428,431

)

9,696,955

1,268,524

Retained earnings reserve records retained earnings and accumulated losses.

The Non-distributable fair value reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

13.	Contingent liabilities

Unfair dismissal

A claim for unfair dismissal was lodged during the year ended 31 December 2024. The company has disclaimed liability and is defending the action. Legal advice obtained indicates that it is unlikely that any

significant liability will arise. The directors are of the view that no material losses will arise in respect of the legal claim at the date of these financial statements.

Utilities

During the year ended 31 December 2024, the company received a claim amounting to £1m for the supply of gas in prior years.The directors are disputing the claim and have obtained the appropriate legal advice. As at 31 December 2024 the company has made a provision of £390k in these financial statements in respect to this claim.

14.	Related party disclosures

15.	Ultimate controlling party