Flydocs Systems Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 8
Profit and Loss Account	9
Balance Sheet	10
Statement of Changes in Equity	11
Notes to the Financial Statements	12 to 18

Flydocs Systems Limited

Company Information

Directors

Mr A M Fischer Mr N Koerner Ms J Augostine

Registered office

Lewis Building Bull Street Birmingham B4 6AF

Bankers

Lloyds Bank plc 9 Birmingham Road Sutton Coldfield West Midlands B72 1QA

Auditors

PKF Smith Cooper Audit Limited Statutory AuditorCornerblock 2 Cornwall Street Birmingham B3 2DX

Flydocs Systems Limited

Strategic Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the company is that of a holding company.

Review of the business

The company is an intermediate holding company within the Flydocs Systems (Topco) Limited group.

The performance of the Flydocs Systems (Topco) Limited group is described in detail in the strategic report and consolidated financial statements of that company.

The level of transactions in the profit and loss account remained at a similar level as in previous years. The company's balance sheet remains in line with that of the prior year with the exception of the dividend declaration and distribution through the group.

The company is not measured by a range of financial key performance indicators due to the nature of its trade.

Principal risks and uncertainties

The company does not operate independently of the rest of the Flydocs Systems (Topco) Limited group and therefore the principal risks and uncertainties, as disclosed in the group financial statements, are those most relevant to the company as ultimately these will impact the recoverability of the intragroup loans.

Approved by the Board on 30 September 2025 and signed on its behalf by:

......................................... Mr N Koerner Director

Flydocs Systems Limited

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.

Directors of the company

The directors who held office during the year were as follows:

Mr A M Fischer

Mr N Koerner

The following director was appointed after the year end:

Ms J Augostine (appointed 1 September 2025)

Financial instruments

Objectives and policies

The company holds only basic financial instruments being intercompany debtors, creditors and investments in order to fulfil its role as intermediate holding company.

Price risk, credit risk, liquidity risk and cash flow risk

The company has no significant exposure to price risk, liquidity risk or cash flow risk. The credit risk is mitigated by virtue of the intra-group nature of the financial instruments, however the directors of the company monitor the group performance and thus recoverability of balances on an ongoing basis.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 30 September 2025 and signed on its behalf by:

......................................... Mr N Koerner Director

Flydocs Systems Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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.

Flydocs Systems Limited

Independent Auditor's Report to the Members of Flydocs Systems Limited

Opinion

We have audited the financial statements of Flydocs Systems Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and 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 Auditor's 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 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 original financial statements were 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 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.

Page 5

Flydocs Systems Limited

Independent Auditor's Report to the Members of Flydocs Systems Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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.

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 4), 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 is 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.

Auditor 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 an auditor’s 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.

Based on our understanding of the Company and industry, key laws and regulations that we identified included:

•	Companies Act 2006; and

•	Tax legislation

Flydocs Systems Limited

Independent Auditor's Report to the Members of Flydocs Systems Limited

We identified that the principal risk of fraud and non compliance with laws and regulations related to:

•	Management bias in respect of accounting estimates and judgements made;

•	Management override of controls; and

•	Posting of unusual journals or transactions.

We focussed on those areas that could give rise to a material misstatement in the Company's financial statements.

Our procedures included, but were not limited to:

•	Enquiry of management and those charged with governance around actual and potential litigation and claims including instances of non compliance with laws and regulations and fraud;

•	Reviewing minutes of meetings of those charged with governance, where available;

•	Reviewing legal expenditure in the year to identify instances of non compliance with laws and regulations and fraud;

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

•	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.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Flydocs Systems Limited

Independent Auditor's Report to the Members of Flydocs Systems Limited

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 an auditor’s 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.

......................................
Richard Haydon (Senior Statutory Auditor)
PKF Smith Cooper Audit Limited, Statutory Auditor

Cornerblock
2 Cornwall Street
Birmingham
B3 2DX

30 September 2025

Flydocs Systems Limited

Profit and Loss Account

Year Ended 31 December 2024

	Note	2024 £	2023 £
Turnover	3	2,674	1,062
Administrative expenses		(2,674)	(1,062)
Operating profit/(loss)		-	-
Income from shares in group undertakings		2,000,000	-
Other interest receivable and similar income	6	78,966	78,750
Interest payable and similar expenses	7	(78,966)	(78,750)
Profit before tax		2,000,000	-
Tax on profit	8	-	-
Profit for the financial year		2,000,000	-

Flydocs Systems Limited

Balance Sheet

31 December 2024

	Note	2024 £	(As restated) 2023 £
Fixed assets
Investments	9	1,401	1,401
Current assets
Debtors due after more than one year	10	2,216,795	1,435,155
Cash at bank and in hand		152,937	153,151
		2,369,732	1,588,306
Creditors: Amounts falling due within one year	11	(1,967,442)	(1,436,016)
Net current assets		402,290	152,290
Net assets		403,691	153,691
Capital and reserves
Called up share capital	12	200	200
Profit and loss account		403,491	153,491
Shareholders' funds		403,691	153,691

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

......................................... Mr N Koerner Director

Company Registration Number: 07915368

Flydocs Systems Limited

Statement of Changes in Equity

Year Ended 31 December 2024

	Share capital £	Profit and loss account £	Total £
At 1 January 2024	200	153,491	153,691
Profit for the year	-	2,000,000	2,000,000
Dividends	-	(1,750,000)	(1,750,000)
At 31 December 2024	200	403,491	403,691