Registered number: 04690404
FOR THE YEAR ENDED 31 DECEMBER 2024
GULFSTREAM AEROSPACE, LTD
COMPANY INFORMATION
GULFSTREAM AEROSPACE, LTD
CONTENTS
GULFSTREAM AEROSPACE, LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their strategic report for the year ended 31 December 2024.
The directors present their strategic report for the year ended 31 December 2024.
The results for the year and the financial position are shown in these financial statements.
The company remains focused on enhancing its strategic position within a competitive marketplace.
Risk management
During the year the directors were careful to balance short term as well as long term decisions to enhance the interest of the company, shareholders, its employees, customer, and suppliers. Any Potential risk is further managed through regular reviews of plans and their financial results deviations to budgets.
The company remains focused on enhancing its strategic position within a competitive marketplace.
Risk management
During the year the directors were careful to balance short term as well as long term decisions to enhance the interest of the company, shareholders, its employees, customer, and suppliers. Any Potential risk is further managed through regular reviews of plans and their financial results deviations to budgets.
The company’s management and execution of its business strategy are subject to various risks. The key business risks and uncertainties impacting the company include:
∙Foreign exchange risk: The Company's translation of foreign currency exist as the company's functional currency is British Pounds, and the currency in which most of its sales are denominated is US Dollars. In the event a transaction occurs containing a material exposure to foreign exchange fluctuation, appropriate hedging strategies would be evaluated to minimise potential currency risk.
∙Liquidity risk: is minimised as the Company is a wholly owned subsidiary of Gulfstream International Corporation, a wholly owned company within the group headed by Gulfstream Aerospace Corporation. Cash flows are reviewed monthly, with regular discussions held with group management to assess any requirement for additional group funding if needed.
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GULFSTREAM AEROSPACE, LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Sales in 2024 - the company generated a revenue of £79m, compared to £58m in 2023, reflecting an increase of 36%.
Operating Profit for the year was £7.6m, up from £5.2m in the prior year, a 46% increase.
The increase was primarily attributable to the optimization of administrative costs, alongside targeted investment in technology and infrastructure aimed to enhancing operational and service quality.
As part of our commitment to remaining at the forefront of the industry, we have continued to invest in service development to support the world’s most technologically advanced private jet aircraft business.
Additionally, we are adapting to the evolving demands of transportation and sustainability, ensuring that we remain competitive in a dynamic marketplace.
These efforts underscore our dedication to innovation, quality and sustainable growth enabling us to strengthen our position and drive long term value to our stakeholders.
Inventory Management – Effective inventory management reflect the amounts of working capital tied up in raw material and the company’s ability to meet demands. Inventory levels are periodically reviewed to maintain raw material inventory at levels required to minimise stock shortages and provide effective and timely support to our customers.
Cash Flow – Strong cash management practice to support operation’s needs, capital investment and overall financial health.
Non-Financial Key Performance indicators
Although no financial key performance indicators are reported, customer satisfaction remains a core focus for the company.
Customer Delivery Timing – Based on survey feedback, we maintained a consistent 97% in 2024, the same as the prior year. While delivery variability can arise, due to extra services requested on original orders, our processes are designed to ensure transparency and clear communication with customers.
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GULFSTREAM AEROSPACE, LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Customers Feedback Surveys – customers' feedback is integral to our operations and is taken very seriously. We achieved a customer survey score of 4.92 in 2024, slight improvement over the 4.80 in 2023, where the maximum possible score is 5. Scores below the maximum are thoroughly investigated with lessons learned and actions implemented to continuously enhance the customer experience.
This reflect our unwavering commitment to delivering excellence in service quality, ensuring customer needs are met while maintaining the highest standard of professionalism and responsiveness.
This reflect our unwavering commitment to delivering excellence in service quality, ensuring customer needs are met while maintaining the highest standard of professionalism and responsiveness.
Any matters that the Directors’ report disclosure requirements but considered by the directors to be of strategic importance to the company, have been included within this report.
This statement contains an overview of how the Directors have performed their duty to promote the success of the Company as set out in section 172(1) of the UK’s Companies Act 2006. That section requires a Director of a company to act in a way he or she considers, in good faith, would most likely promote the success of the company for the benefit of its shareholders. In doing this, the Directors must have regard, amongst other matters, to:
I. The likely consequences of any decisions in the long term,
II. The interests of the company’s employees,
III. The need to foster the company’s business relationships with suppliers, customers and others,
IV. The impact of the company’s operations on the community and the environment,
V. The desirability of the company maintaining a reputation for high standards of business conduct, and
VI. The need to act fairly.
The need to act fairly
After weighing up all relevant factors, the directors consider which course of action best enables delivery of its strategy through the long term, taking into consideration the impact on stakeholders.
Engaging with employees
Employee engagement remains a key priority for the directors and management, as it connects employees to the company’s strategy and empowers the employee to contribute meaningfully to operational performance.
The company is committed to investing in training development, and fostering involvement across all areas of the business, with the health and wellbeing of its workforce as a priority. This approach ensures that the company can attract, retain, and develop a highly motivated and skilled workforce.
To promote open communication and gather valuable feedback, the company encourages employees to participate in All Hands meetings, Round Table discussions and regular team meetings. These forums aim to create a shared understanding of factors impacting company performance, including safety, employee health, market outlook, product development, facilities, and financial status.
Engaging with customers
The directors are committed to building trust and strengthening business relationship by working closely with customers to understand their needs and expectations. This collaborative approach ensures that the company can effectively meet customers’ requirements, fostering long-term partnerships and supporting mutual success.
I. The likely consequences of any decisions in the long term,
II. The interests of the company’s employees,
III. The need to foster the company’s business relationships with suppliers, customers and others,
IV. The impact of the company’s operations on the community and the environment,
V. The desirability of the company maintaining a reputation for high standards of business conduct, and
VI. The need to act fairly.
The need to act fairly
After weighing up all relevant factors, the directors consider which course of action best enables delivery of its strategy through the long term, taking into consideration the impact on stakeholders.
Engaging with employees
Employee engagement remains a key priority for the directors and management, as it connects employees to the company’s strategy and empowers the employee to contribute meaningfully to operational performance.
The company is committed to investing in training development, and fostering involvement across all areas of the business, with the health and wellbeing of its workforce as a priority. This approach ensures that the company can attract, retain, and develop a highly motivated and skilled workforce.
To promote open communication and gather valuable feedback, the company encourages employees to participate in All Hands meetings, Round Table discussions and regular team meetings. These forums aim to create a shared understanding of factors impacting company performance, including safety, employee health, market outlook, product development, facilities, and financial status.
Engaging with customers
The directors are committed to building trust and strengthening business relationship by working closely with customers to understand their needs and expectations. This collaborative approach ensures that the company can effectively meet customers’ requirements, fostering long-term partnerships and supporting mutual success.
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GULFSTREAM AEROSPACE, LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Engaging with suppliers
The directors are dedicated to fostering trust and sustaining strong business relationship with suppliers, aligning with the company’s core values and standard of conduct.
Decision making
The directors and management of the company understand the business and the environment in which it operates. Decisions affecting the business are made in conjunction with the strategy set by the Senior Leadership Team of Gulfstream, keeping its core values of Safety and Quality as fundamental to its business approach. Decisions taken affecting the business are taken in line with the Company Delegation of Authority and corporate policies and procedures.
The community and the environment
The company Operates in a state of the art aircraft maintenance facility which incorporates many features to improve energy efficiency and the use of rainwater as well as other environmentally friendly features. The building was awarded a BREEAM rating of Very Good.
The company also engages with the local community in Farnborough through its membership of the Farnborough Airport Consultative Committee, and through the development of a full apprenticeship program in conjunction with Farnborough College of Technology.
Maintaining a high reputation for a high standard of conduct
The company prides itself on values of honesty, transparency, trust and alignment throughout the workforce. These values drive how the company operates it business, governs how to interact with each other including customers and suppliers, guide the way employees are treated and determines how to connect with the community.
The company has a Standards of Business Ethics and Conduct Handbook that applies to all employees, including Directors and Senior Management. This handbook, known as the Blue Book, is issued to all employees at the commencement of their employment. This ethics program also includes periodic training on ethics and compliance topics for all employees and a 24 hour ethics helpline, which employees can access via telephone or online to communicate any business related ethics concerns.
The directors are dedicated to fostering trust and sustaining strong business relationship with suppliers, aligning with the company’s core values and standard of conduct.
Decision making
The directors and management of the company understand the business and the environment in which it operates. Decisions affecting the business are made in conjunction with the strategy set by the Senior Leadership Team of Gulfstream, keeping its core values of Safety and Quality as fundamental to its business approach. Decisions taken affecting the business are taken in line with the Company Delegation of Authority and corporate policies and procedures.
The community and the environment
The company Operates in a state of the art aircraft maintenance facility which incorporates many features to improve energy efficiency and the use of rainwater as well as other environmentally friendly features. The building was awarded a BREEAM rating of Very Good.
The company also engages with the local community in Farnborough through its membership of the Farnborough Airport Consultative Committee, and through the development of a full apprenticeship program in conjunction with Farnborough College of Technology.
Maintaining a high reputation for a high standard of conduct
The company prides itself on values of honesty, transparency, trust and alignment throughout the workforce. These values drive how the company operates it business, governs how to interact with each other including customers and suppliers, guide the way employees are treated and determines how to connect with the community.
The company has a Standards of Business Ethics and Conduct Handbook that applies to all employees, including Directors and Senior Management. This handbook, known as the Blue Book, is issued to all employees at the commencement of their employment. This ethics program also includes periodic training on ethics and compliance topics for all employees and a 24 hour ethics helpline, which employees can access via telephone or online to communicate any business related ethics concerns.
This report was approved by the board and signed on its behalf.
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GULFSTREAM AEROSPACE, LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The profit for the year, after taxation, amounted to £4,949,243 (2023 - £2,409,839).
The directors who served during the year were:
The fleet of Gulfstream Aircraft in service around the world now exceeds 3,100 with a significant proportion being based in the EMEA region in which the company operates. The growing Customer Support business along with the growing customer base has continued to evolve and in the United Kingdom a service centre at Farnborough Airport is positioned to significantly increase the resources available in the region to support the customer base.
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GULFSTREAM AEROSPACE, LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Companies (Director's Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 implement the government's policy on Streamlined Energy and Carbon Reporting (SECR). These regulations were introduced to increase awareness of energy costs and provide data to inform of the adoption of energy efficiency measures being taken and help reduce their impact on climate change while seeking to provide greater transparency for stakeholders. The 2018 Regulations require disclosure where large unquoted UK companies have consumed more than 40,000 kilowatt hours (kWh) of energy in the reporting period when considering all energy from gas, electricity and transport fuel usage in the UK that they are responsible for.
Quantification and Reporting Methodology
Gulfstream Aerospace Limited has followed the 2019 UK Government Environmental Reporting Guidelines and used the 2023 UK Government’s Conversion Factors for Company Reporting. The Company has chosen the metric “Gross scope 1 and 2 emissions in tonnes of CO2e per tonne of Full Time Equivalent” as the most relevant business metric for our industry sector. These metrics are presented below:
Quantification and Reporting Methodology
Gulfstream Aerospace Limited has followed the 2019 UK Government Environmental Reporting Guidelines and used the 2023 UK Government’s Conversion Factors for Company Reporting. The Company has chosen the metric “Gross scope 1 and 2 emissions in tonnes of CO2e per tonne of Full Time Equivalent” as the most relevant business metric for our industry sector. These metrics are presented below:
2024
2023
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GULFSTREAM AEROSPACE, LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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GULFSTREAM AEROSPACE, LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GULFSTREAM AEROSPACE, LTD
We have audited the financial statements of Gulfstream Aerospace, Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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GULFSTREAM AEROSPACE, LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GULFSTREAM AEROSPACE, LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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GULFSTREAM AEROSPACE, LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GULFSTREAM AEROSPACE, LTD (CONTINUED)
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 an Auditors' report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiring of management around actual and potential litigation and claims;
∙Reviewing minutes of meetings of those charged with governance;
∙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;
∙Reviewing the general ledger in detail for all transactions with related parties;
∙Performing walkthrough testing to ensure systems and controls are operating as recorded where appropriate.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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GULFSTREAM AEROSPACE, LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GULFSTREAM AEROSPACE, LTD (CONTINUED)
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 an Auditors' report 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
London
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GULFSTREAM AEROSPACE, LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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GULFSTREAM AEROSPACE, LTD
REGISTERED NUMBER: 04690404
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025 .
The notes on pages 15 to 36 form part of these financial statements.
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GULFSTREAM AEROSPACE, LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Gulfstream Aerospace Ltd is a private company incorporated and domiciled in England and Wales.
The registered office is 47 Red Lion Street, London , England , WC1R 4PF.
The principal activity of the Company is that of the servicing of business and private jets, including Gulfstream’s fleet of aircraft.
The registered office is 47 Red Lion Street, London , England , WC1R 4PF.
The principal activity of the Company is that of the servicing of business and private jets, including Gulfstream’s fleet of aircraft.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures:
∙A cashflow statement
∙Comparative period reconciliations for share capital and tangible fixed assets
∙Disclosures in respect of capital management
∙Disclosures in respect of financial instruments
∙The effects of new but not yet effective IFRSs
∙Disclosures in respect of the compensation of Key Management Personnel
∙Certain disclosures regarding revenue
As the consolidated financial statements of General Dynamics Corporation include the equivalent disclosures, the Company has also taken the exemptions under FRS 101 available in respect of the following:
∙Certain disclosures required by IAS 36 Impairment of assets in respect of the impairment of goodwill and indefinite life tangible assets
∙Related party transactions
The following principal accounting policies have been applied:
The financial statements are prepared on a going concern basis which the directors believe to be appropriate for the following reasons.
The Company has a strong balance sheet position, with net assets of £32.8m as at 31 December 2024, having made a profit before tax of £5.7m and a closing cash balance of £678,222.
The directors have considered forecasts for the period of 12 months from the date of signing, and 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. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The Company has a strong balance sheet position, with net assets of £32.8m as at 31 December 2024, having made a profit before tax of £5.7m and a closing cash balance of £678,222.
The directors have considered forecasts for the period of 12 months from the date of signing, and 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. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue is recognised as aircraft maintenance services are delivered and aircraft are released.
The Company leases property and vehicles. Rental contracts are typically made for fixed periods of 12 months to 40 years.
The Company recognises a right-of-use asset and a lease liability at the lease commencement date.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
∙Fixed payments (including in-substance fixed payments), less any lease incentives receivable
∙Variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the entity, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Lease payments are allocated between principal and finance cost. The finance cost is charged to the Statement of Comprehensive Income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising- from a change in an index or rate, there is a change in the entity’s estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.
Right-of-use assets are measured at cost comprising the following:
∙The amount of the initial measurement of lease liability
∙Any lease payments made at or before the commencement date less any lease incentives received
∙Any direct costs, and restoration costs
Right-of-use assets are generally depreciated over the lease term on a straight-line basis.
Short-term leases and leases of low-value assets
The entity has elected not to recognise right-to-use assets and lease liabilities for short-term leases of assets that have a lease term of 12 months or less and leases of low-value assets. These are recognised as operating leases in the Statement of Comprehensive Income on a straight-line basis over the terms of the lease. Lease incentives received are spread over the same period.
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of income and retained earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, and amounts due to related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of income and retained earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, and amounts due to related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company holds various parts in stock used to service the private jets including the group's own fleet of aircraft. As a result it is necessary to consider the net realisable value of stock and the associated provision required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of the stock.
The Company allows customers to exchange their core parts for credit towards a repaired or overhauled part i.e. a repaired or overhauled core, which is called an Exchange sale. The exchanged parts are held in stock at a value equal to 15% of the new list price of an equivalent part. The Company also considers how market conditions, i.e. availability and other factors such as age of parts change over time and can impact pricing.
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
The Company has taxable losses available to deduct against future taxable profits of £1,133,725 (2023: £2,183,708).
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GULFSTREAM AEROSPACE, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £141,201, (2023: £175,427) were payable to the fund at the reporting date and are included in creditors. Total pension costs charged during the year were £1,077,991 (2023: £922,710).
Throughout the year, the Company was a wholly owned subsidiary of Gulfstream International Corporation, a company registered in the USA, which itself is a wholly owned member of a group headed by Gulfstream Aerospace Corporation. The smallest group in which the results of the Company are consolidated is that headed by Gulfstream Aerospace Corporation.
The ultimate parent and controlling company is General Dynamics Corporation, registered in the USA. The largest group in which the results are consolidated is that headed by General Dynamics Corporation. Copies of the accounts are available to the public and may be obtained from 11011 Sunset Hills Road, Reston, Virginia, 20190, USA.
Information pertaining to General Dynamics Corporation is also available at www.gd.com.
The ultimate parent and controlling company is General Dynamics Corporation, registered in the USA. The largest group in which the results are consolidated is that headed by General Dynamics Corporation. Copies of the accounts are available to the public and may be obtained from 11011 Sunset Hills Road, Reston, Virginia, 20190, USA.
Information pertaining to General Dynamics Corporation is also available at www.gd.com.
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