REGISTERED NUMBER: 14811422 (England and Wales)

ACN AEROLEASING (UK) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr F Abdullah

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

14811422 (England and Wales)

ACCOUNTANTS:

Christiansons Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Tangible assets

4

366

463

CURRENT ASSETS

Debtors

5

100

7,334

Cash in hand

151

151

251

7,485

CREDITORS

Amounts falling due within one year

6

151,757

69,463

NET CURRENT LIABILITIES

(151,506

)

(61,978

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(151,140

)

(61,515

)

CREDITORS

Amounts falling due after more than one year

7

52,307

52,307

NET LIABILITIES

(203,447

)

(113,822

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

(203,547

)

(113,922

)

SHAREHOLDERS' FUNDS

(203,447

)

(113,822

)

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

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

The director acknowledges his responsibilities for:

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

(b)

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

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

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

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

Mr F Abdullah - Director

1.	STATUTORY INFORMATION

ACN Aeroleasing (UK) Ltd 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.

The financial statements are prepared in US dollar being the most relevant currency for the company.

Turnover

The company leases out aircraft under operating lease agreements.

Turnover comprises rental income from operating leases recognised on a straight-line basis over the lease term, net of value added tax and trade discounts.. Rental income includes fixed rentals and any variable rentals earned.

Tangible fixed assets

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

Plant and machinery etc

-

20% on cost

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

$

COST

At 1 January 2024

and 31 December 2024

487

DEPRECIATION

At 1 January 2024

24

Charge for year

97

At 31 December 2024

121

NET BOOK VALUE

At 31 December 2024

366

At 31 December 2023

463

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

$

$

Other debtors

100

100

Prepayments

-

7,234

100

7,334

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

$

$

Trade creditors

26,775

26,775

Social security and other taxes

847

847

Pension control Account

669

669

Net wages control account

2,288

2,288

Directors' current accounts

6,500

-

Accruals and deferred income

114,678

38,884

151,757

69,463

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

$

$

Other Creditors

52,307

52,307

Creditors falling due after more then one year of £52,307 is a loan due to Asia Cargo Network SDN BHD a connected company, incorporated in Malaysia and part of the ACN Group. The loan is unsecured, interest free and repayable on demand.

8.	LEASING AGREEMENTS

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

31.12.24

31.12.23

$

$

Within one year

-

90,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

$

$

100

Ordinary shares

$1

100

100

10.

RESERVES

Retained

earnings

$

At 1 January 2024

(113,922

)

Deficit for the year

(89,625

)

At 31 December 2024

(203,547

)

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Shawgi Bin Abubakar Abdat by virtue of holding 100% of the shares in the parent company ACN Aero Management (S) PTE. Ltd, a company incorporated in Singapore.