REGISTERED NUMBER: 11454710 (England and Wales)

Financial Statements for the Year Ended 31st December 2024

for

AirHop Holdings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr T I McClure

Mr D E Melhus

Mr P I Haagaas

REGISTERED OFFICE:

5 Patchway Trading Estate

Britannia Road

Patchway

Bristol

BS34 5TA

REGISTERED NUMBER:

11454710 (England and Wales)

SENIOR STATUTORY AUDITOR:

Matthew Dobbins FCA

AUDITORS:

Dunkley's

Statutory Auditor

Chartered Accountants

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

FIXED ASSETS

Investments

4

30,797,462

21,186,420

CURRENT ASSETS

Debtors

5

1,328,104

1,489,753

Cash at bank

31,786

69,587

1,359,890

1,559,340

CREDITORS

Amounts falling due within one year

6

31,801,613

22,518,782

NET CURRENT LIABILITIES

(30,441,723

)

(20,959,442

)

TOTAL ASSETS LESS CURRENT LIABILITIES

355,739

226,978

CAPITAL AND RESERVES

Called up share capital

7

10

10

Retained earnings

355,729

226,968

SHAREHOLDERS' FUNDS

355,739

226,978

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 12th September 2025 and were signed on its behalf by:

Mr T I McClure - Director

1.	STATUTORY INFORMATION

AirHop Holdings 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about AirHop Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Activeon AS, Vollsveien 2a, 1366 Lysaker, Norway.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at original cost, less any accumulated impairment.

The directors consider the existence of any indicators of impairment of the investment at the end of each financial year. Any impairment losses or reversals of impairment losses are recognised in the profit or loss in the period being considered.

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.

Basic financial instruments

The company has elected to apply the provisions of Section 11 of FRS 102, Basic Financial Instruments, to all of its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2024

21,186,420

Additions

9,611,042

At 31st December 2024

30,797,462

NET BOOK VALUE

At 31st December 2024

30,797,462

At 31st December 2023

21,186,420

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed by group undertakings

1,297,754

1,487,754

Other debtors

30,000

-

VAT

350

1,999

1,328,104

1,489,753

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

2,081

29,825

Amounts owed to group undertakings

31,756,612

22,488,957

Tax

42,920

-

31,801,613

22,518,782

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

10,000

Ordinary

0.1p

10

10

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Dobbins FCA (Senior Statutory Auditor)

for and on behalf of Dunkley's

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11.	ULTIMATE CONTROLLING PARTY

The parent of the smallest group for which consolidated financial statements are drawn up of which this company is a member is Activeon AS, a company registered in Norway.

The parent of the largest group for which consolidated financial statements are drawn up of which this company is a member is Activeon AS, a company registered in Norway.

The registered office of the parent is Vollsveien 2a, 1366 Lysaker, Norway.