REGISTERED NUMBER: 03901854 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FLYING SMART LIMITED

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 P Fabry

D L Fabry

SECRETARY:

D L Fabry

REGISTERED OFFICE:

Hangar 1

Langford Lane

Oxford Airport

Kidlington

OX51 RA

REGISTERED NUMBER:

03901854 (England and Wales)

AUDITORS:

Armstrongs Accountancy Ltd

Chartered Accountants and Statutory Auditor

1 & 2 Mercia Village

Torwood Close

Westwood Business Park

Coventry

West Midlands

CV4 8HX

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

REVIEW OF BUSINESS

The Company operates as a distributor of aeroplanes in the United Kingdom and overseas markets.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company's operations are exposed to financial risk including currency fluctuation and liquidity risks.

General risks

The company is exposed to risks within the markets it operates and also the general business environment. Factors such as increased competition or loss of customers or suppliers would all affect the Company's future performance and we continue to monitor these. With these risks and uncertainties in mind, we are aware that any plans for future development of the business may be subject to unforeseen future events outside our control.

Currency risks

Financial risks focus on Liquidity which is mitigated by a strong Balance Sheet postilion. Currency risks exists as the majority of the Company's inventory purchases are in US Dollars. Some of US Dollar exposure can be covered by currency matching as sales are made in US Dollars. The directors enforce prudent accounting policies resulting in financial stability. The directors believe that the financial processes in place will continue to result in adequate reserves permitting of the currency risks.

DEVELOPMENT AND PERFORMANCE

Turnover increased during the year; however, both gross profit and profit before tax decreased compared to the prior year. The directors are monitoring the underlying causes of this decline and are implementing measures to improve margins and overall profitability going forward.

KEY PERFORMANCE INDICATORS

The Key Performance Indicators help the company to measure performance against our strategic priorities and business plan. We consider our financial Key Performance Indicators to be those ratios which communicate with the financial performance of the company as a whole.

2024 2023

Change in gross profit (7.03)% 5.26%

Change in profit before tax (6.27)% 5.17%

ON BEHALF OF THE BOARD:

D L Fabry - Director

15 August 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

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

M P Fabry

D L Fabry

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Armstrongs Accountancy Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D L Fabry - Director

15 August 2025

Opinion

We have audited the financial statements of Flying Smart Limited (the 'company') for the year ended 31 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 31 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 information

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry with management, those charged with governance around actual and potential litigation and claims;

- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

- Performing audit work over the risk of understatement of turnover and obtaining corroborated explanations from management.

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.

Muhammed Shabbir (Senior Statutory Auditor)

for and on behalf of Armstrongs Accountancy Ltd

Chartered Accountants and Statutory Auditor

1 & 2 Mercia Village

Torwood Close

Westwood Business Park

Coventry

West Midlands

CV4 8HX

15 August 2025

TURNOVER

3

19,459,335

16,328,005

Cost of sales

16,650,583

13,399,230

GROSS PROFIT

2,808,752

2,928,775

Administrative expenses

441,200

382,142

OPERATING PROFIT

5

2,367,552

2,546,633

Interest receivable and similar income

17,394

67

2,384,946

2,546,700

Interest payable and similar expenses

6

-

2,282

PROFIT BEFORE TAXATION

2,384,946

2,544,418

Tax on profit

7

598,763

599,282

PROFIT FOR THE FINANCIAL YEAR

1,786,183

1,945,136

PROFIT FOR THE YEAR

1,786,183

1,945,136

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,786,183

1,945,136

FIXED ASSETS

Tangible assets

8

661

180

Investments

9

115

-

776

180

CURRENT ASSETS

Debtors

10

898,194

330,608

Cash at bank

10,131,855

7,795,536

11,030,049

8,126,144

CREDITORS

Amounts falling due within one year

11

1,909,843

791,690

NET CURRENT ASSETS

9,120,206

7,334,454

TOTAL ASSETS LESS CURRENT LIABILITIES

9,120,982

7,334,634

PROVISIONS FOR LIABILITIES

13

165

-

NET ASSETS

9,120,817

7,334,634

CAPITAL AND RESERVES

Called up share capital

14

100

100

Retained earnings

15

9,120,717

7,334,534

SHAREHOLDERS' FUNDS

9,120,817

7,334,634

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2025 and were signed on its behalf by:

D L Fabry - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

5,389,398

5,389,498

Changes in equity

Total comprehensive income

-

1,945,136

1,945,136

Balance at 31 December 2023

100

7,334,534

7,334,634

Changes in equity

Total comprehensive income

-

1,786,183

1,786,183

Balance at 31 December 2024

100

9,120,717

9,120,817

Cash flows from operating activities

Cash generated from operations

1

2,311,466

1,550,307

Interest paid

-

(2,282

)

Tax paid

(11,879

)

(1,061,187

)

Net cash from operating activities

2,299,587

486,838

Cash flows from investing activities

Purchase of tangible fixed assets

(826

)

-

Purchase of fixed asset investments

(115

)

-

Interest received

17,394

67

Net cash from investing activities

16,453

67

Cash flows from financing activities

Loan repayments in year

-

(2,875

)

Amount introduced by directors

61,157

-

Amount withdrawn by directors

(40,878

)

(35,484

)

Net cash from financing activities

20,279

(38,359

)

Increase in cash and cash equivalents

2,336,319

448,546

Cash and cash equivalents at beginning of year

2

7,795,536

7,346,990

Cash and cash equivalents at end of year

2

10,131,855

7,795,536

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

2024

2023

£

£

Profit before taxation

2,384,946

2,544,418

Depreciation charges

345

844

Finance costs

-

2,282

Finance income

(17,394

)

(67

)

2,367,897

2,547,477

Decrease in stocks

-

2,295,941

(Increase)/decrease in trade and other debtors

(567,586

)

2,496,159

Increase/(decrease) in trade and other creditors

511,155

(5,789,270

)

Cash generated from operations

2,311,466

1,550,307

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 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

10,131,855

7,795,536

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

7,795,536

7,346,990

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

7,795,536

2,336,319

10,131,855

7,795,536

2,336,319

10,131,855

Total

7,795,536

2,336,319

10,131,855

1.	STATUTORY INFORMATION

Flying Smart 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sales of aeroplanes is recognised when significant risks and rewards of ownership of the aeroplanes have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the aeroplanes.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Investments in subsidiaries

The company holds 100% of the ordinary share capital of Flying Smart Maintenance Limited, a company incorporated in England and Wales, which is currently dormant.

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.

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.

Exemption from consolidated financial statements

The company has not prepared consolidated financial statements as it qualifies for exemption under Section 401 of the Companies Act 2006. The company is included in the consolidated financial statements of its Belgian parent undertaking, AviaRent Wallonie, prepared in accordance with IFRS and filed with the Registrar of Companies.

3.

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

4,426,518

8,631,231

Europe

8,304,307

7,812,418

United States of America

2,852,456

(177,041

)

Australia

-

61,397

Isle of Man

3,876,054

-

19,459,335

16,328,005

4.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023.

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

2024

2023

Director

1

1

2024

2023

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

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

2024

2023

£

£

Other operating leases

52,220

55,986

Depreciation - owned assets

345

844

Foreign exchange differences

2,875

(2,875

)

Auditor's remuneration

10,000

10,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Interest on overdue taxation

-

2,282

7.

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

598,598

599,282

Deferred tax

165

-

Tax on profit

598,763

599,282

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

2,384,946

2,544,418

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

596,237

636,105

Effects of:

Expenses not deductible for tax purposes

2,482

662

Accelerated capital allowances in respect of deferred tax

44

198

Effect of change in corporation tax rate

-

(37,683

)

Total tax charge

598,763

599,282

8.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2024

23,916

Additions

826

At 31 December 2024

24,742

DEPRECIATION

At 1 January 2024

23,736

Charge for year

345

At 31 December 2024

24,081

NET BOOK VALUE

At 31 December 2024

661

At 31 December 2023

180

9.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

115

At 31 December 2024

115

NET BOOK VALUE

At 31 December 2024

115

10.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

406,298

72,003

Corporation tax

-

8,589

Amounts owed by group undertakings

188,538

-

VAT

80,448

-

Prepayments

741

-

676,025

80,592

Amounts falling due after more than one year:

Other debtors

222,169

250,016

Aggregate amounts

898,194

330,608

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

8,170

91,403

Corporation tax

586,719

-

VAT

-

161,585

Deposit received

446,806

424,683

Directors' current accounts

115,133

94,854

Accruals and deferred income

753,015

19,165

1,909,843

791,690

12.	LEASING AGREEMENTS

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

2024

2023

£

£

Within one year

250,000

6,584

Between one and five years

979,167

-

1,229,167

6,584

13.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

165

-

Deferred

tax

£

Provided during year

165

Balance at 31 December 2024

165

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

1

100

100

15.

RESERVES

Retained

earnings

£

At 1 January 2024

7,334,534

Profit for the year

1,786,183

At 31 December 2024

9,120,717

16.	RELATED PARTY DISCLOSURES

D Fabry - Director and shareholder of Cosmopolite

The trading activity between Flying Smart Limited and Cosmopolite is as follows:

Amounts receivable at the year end £222,169 (2023: £250,015)

All transactions were at normal market conditions.

17.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is AviaRent Wallonie.