IRIS Accounts Production v25.2.0.378 00272168 Board of Directors Board of Directors Board of Directors 31.3.25 1.4.24 31.3.25 31.3.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false false true false Fair value model Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 00272168 2024-03-31 00272168 2025-03-31 00272168 2024-04-01 2025-03-31 00272168 2023-03-31 00272168 2023-04-01 2024-03-31 00272168 2024-03-31 00272168 ns15:EnglandWales 2024-04-01 2025-03-31 00272168 ns14:PoundSterling 2024-04-01 2025-03-31 00272168 ns10:Director1 2024-04-01 2025-03-31 00272168 ns10:Director2 2024-04-01 2025-03-31 00272168 ns10:Director3 2024-04-01 2025-03-31 00272168 ns10:Consolidated 2025-03-31 00272168 ns10:ConsolidatedGroupCompanyAccounts 2024-04-01 2025-03-31 00272168 ns10:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 00272168 ns10:Consolidated ns10:MediumEntities 2024-04-01 2025-03-31 00272168 ns10:Consolidated ns10:Audited 2024-04-01 2025-03-31 00272168 ns10:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 00272168 ns10:Consolidated 2024-04-01 2025-03-31 00272168 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-04-01 2025-03-31 00272168 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForAccounts 2024-04-01 2025-03-31 00272168 ns10:FullAccounts 2024-04-01 2025-03-31 00272168 ns5:Subsidiary1 2024-04-01 2025-03-31 00272168 ns5:Subsidiary3 2024-04-01 2025-03-31 00272168 ns10:OrdinaryShareClass1 2024-04-01 2025-03-31 00272168 ns10:Director4 2024-04-01 2025-03-31 00272168 ns10:Director5 2024-04-01 2025-03-31 00272168 ns10:Director6 2024-04-01 2025-03-31 00272168 ns10:Director7 2024-04-01 2025-03-31 00272168 ns10:Director8 2024-04-01 2025-03-31 00272168 ns10:Director9 2024-04-01 2025-03-31 00272168 ns10:CompanySecretary1 2024-04-01 2025-03-31 00272168 ns10:RegisteredOffice 2024-04-01 2025-03-31 00272168 ns10:Consolidated 2023-04-01 2024-03-31 00272168 ns5:CurrentFinancialInstruments 2025-03-31 00272168 ns5:CurrentFinancialInstruments 2024-03-31 00272168 ns5:Non-currentFinancialInstruments 2025-03-31 00272168 ns5:Non-currentFinancialInstruments 2024-03-31 00272168 ns5:ShareCapital 2025-03-31 00272168 ns5:ShareCapital 2024-03-31 00272168 ns5:SharePremium 2025-03-31 00272168 ns5:SharePremium 2024-03-31 00272168 ns5:RevaluationReserve 2025-03-31 00272168 ns5:RevaluationReserve 2024-03-31 00272168 ns5:RetainedEarningsAccumulatedLosses 2025-03-31 00272168 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 00272168 ns5:ShareCapital 2023-03-31 00272168 ns5:RetainedEarningsAccumulatedLosses 2023-03-31 00272168 ns5:SharePremium 2023-03-31 00272168 ns5:RevaluationReserve 2023-03-31 00272168 ns5:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00272168 ns5:RevaluationReserve 2023-04-01 2024-03-31 00272168 ns5:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 00272168 ns5:RevaluationReserve 2024-04-01 2025-03-31 00272168 ns5:LandBuildings ns5:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 00272168 ns5:PlantMachinery 2024-04-01 2025-03-31 00272168 ns5:PlantMachinery 2024-03-31 00272168 ns5:PlantMachinery 2025-03-31 00272168 ns5:PlantMachinery 2024-03-31 00272168 ns5:CostValuation 2024-03-31 00272168 1 ns5:Subsidiary1 2024-04-01 2025-03-31 00272168 ns5:Subsidiary1 2025-03-31 00272168 ns5:Subsidiary1 2024-03-31 00272168 ns5:Subsidiary1 2023-04-01 2024-03-31 00272168 5 ns5:Subsidiary3 2024-04-01 2025-03-31 00272168 ns5:Subsidiary3 2025-03-31 00272168 ns5:Subsidiary3 2024-03-31 00272168 ns5:Subsidiary3 2023-04-01 2024-03-31 00272168 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-31 00272168 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-03-31 00272168 ns5:BetweenOneTwoYears ns5:Non-currentFinancialInstruments 2025-03-31 00272168 ns5:BetweenOneTwoYears ns5:Non-currentFinancialInstruments 2024-03-31 00272168 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2025-03-31 00272168 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2024-03-31 00272168 ns5:Secured 2025-03-31 00272168 ns5:Secured 2024-03-31 00272168 ns5:DeferredTaxation 2024-03-31 00272168 ns5:DeferredTaxation 2024-04-01 2025-03-31 00272168 ns5:DeferredTaxation 2025-03-31 00272168 ns10:OrdinaryShareClass1 2025-03-31 00272168 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 00272168 ns5:SharePremium 2024-03-31 00272168 ns5:RevaluationReserve 2024-03-31

REGISTERED NUMBER: 00272168 (England and Wales)

Sywell Aerodrome,Limited

Group Strategic Report,

Report of the Directors and

Audited Consolidated Financial Statements

for the Year Ended 31 March 2025

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 March 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 7 |

| Consolidated Income Statement | 11 |

| Consolidated Other Comprehensive Income | 12 |

| Consolidated Balance Sheet | 13 |

| Company Balance Sheet | 14 |

| Consolidated Statement of Changes in Equity | 16 |

| Company Statement of Changes in Equity | 17 |

| Consolidated Cash Flow Statement | 18 |

| Notes to the Consolidated Cash Flow Statement | 19 |

| Notes to the Consolidated Financial Statements | 20 |

| Sywell Aerodrome,Limited |

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | M H Bletsoe-Brown

| Mrs M Findlay

| P J Bletsoe-Brown

| C B Heslop

| S D Shaw

| A C Hewitt

| Miss A E Bletsoe-Brown

| Mrs J Jones

| Mrs J Conway

| SECRETARY: | Mrs J Jones

| REGISTERED OFFICE: | Hall Farm

| Sywell Aerodrome

| Sywell

| Northampton

| Northamptonshire

| NN6 0BN

| REGISTERED NUMBER: | 00272168 (England and Wales)

| AUDITORS: | Kilby Fox

| Statutory Auditor

| 4 Pavilion Court

| 600 Pavilion Drive

| Northampton Business Park

| Northampton

| Northamptonshire

| NN4 7SL

| BANKERS: | Santander Corporate Banking

| Santander House

| AHMG83

| 201 Grafton Gate East

| Milton Keynes

| MK9 1AN

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Group Strategic Report

for the Year Ended 31 March 2025

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The Company's commercial property suffered a number of vacations of the larger units during the financial year due to either insolvency or tenants leaving . The vacant units have had dilapidations dealt with and one large unit has received a major refurbishment. Other units have had work done to improve their EPC levels to either a B or C. Any small commercial units that have come vacant have been re-let. Lease renewals have seen increases in rent in line with the local market. The local commercial market has cooled over the past year and units are coming up for let around the local area.

The office rental market is slowly recovering, post Covid. The Estate has only two small office units vacant at Hall Farm at the present time.

The arable land continues to be rented out to Bletsoe-Brown Ltd. Due to the finishing of the Rural Payments Scheme, the eligible grassland has been taken back in-house and our advisor is looking at the options for future payments under the different schemes available. Estate staff remain engaged full time on estate maintenance and building works.

The airfield remained operational throughout the year, offering an Air/Ground radio service. Aircraft hangerage, fuel and landing fees have reduced slightly as General Aviation in the UK and Europe appears to be in a slow decline. However, the overall profit of Aviation was only slightly down on the previous year.

The alternative revenue streams on the airfield continue to make significant contributions to sales and profitability. The established events on the airfield continue and they have also contributed significantly towards Aviation and Hotel sales.

Brooklands Engineering was closed down at the start of the financial year due to the lack of licensed engineers. This resulted in a significant write-off of aircraft spares etc. which has affected the overall profitability of Aviation, resulting in a reduced profit of £95,000 for the financial year.

Since the year-end the airfield has been busy with events, flight experiences and many auto-experience events. However, Tower sales have reduced slightly due to less flying by the private flyer.

The Aviator Hotel combined sales for the year increased slightly on the previous year, which resulted in a trading profit of £207,236 for the year. Hotel bedroom sales were down slightly, conferencing and room hire increased slightly, Food and beverage saw a steady increase in sales.

In conclusion the Group's result for the financial year is a trading profit of £634,598. After taxation and dividend payments, the resulting adjustment to reserves is £258,936. Overall, the company has performed well during the year considering the larger units that have come vacant during the financial year.

The Group's borrowings totalled £1,991,691 at the end of the financial year, a significant reduction on the previous year. This level of debt is felt manageable given the Group's overall performance.

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Group Strategic Report

for the Year Ended 31 March 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The main focus of the business is to continue to maintain full occupancy of the Company's commercial units as this represents a significant part of the Company's overall income. Rental voids represent the Company's highest financial risk.

Dilapidations when tenants vacate remains a major issue requiring robust management to ensure the vacated property is restored to its previous refurbished state at the vacating tenant's cost.

The Brooklands Technology Park was largely finished in April 2023. All the units have now been let producing a significant boost to the overall sales in Estates. During the year a number of the larger units came vacant due to insolvencies and tenants vacating. These units have had the dilapidations dealt with, the cost of some have been recovered, some not. As a matter of Company policy all these units have had work done to improve the EPC levels to either a B or C. One tenant of a large unit at Bellman Gate vacated in August 2024. Since then, the unit has had its asbestos roof replaced with insulated composite panels, plus many other improvements. A considerable sum was spent during the year on refurbishments to make the units more lettable or increase the rental level. At the end of the financial year most units had been re-let leaving one large unit vacant.

Negotiations with insurers regarding the fire in May 2019 continue, however, a significant sum has been received to date.

The aviation business performed well during the year, in part due to the alternative revenue streams. Overall aircraft activity was reduced on the previous year as General Aviation in both the UK & Europe is in a slow decline and has been for a while now. The main aircraft operators have been extremely busy with flight experiences etc. Corporate aircraft movements continue to remain spasmodic. Overall aircraft hangarage sales were down. At the start of the financial year Brooklands Engineering was closed due to the lack of licensed engineers being available. The aviation business now relies on alternative revenue streams to make the business viable.

The Hotel has performed well during the year, however, recruiting new staff is an ongoing problem. However, important departmental posts have now been filled. The bar and restaurant trade has been good. Bedroom sales were slightly down, but, conferencing sales have improved throughout the year. The business has returned to a healthy profit after a few difficult years. Since the year-end the business continues to trade at record levels. However, the cost base of the Aviator Hotel business has increased significantly due to the increase in the minimum wage and the higher NI contributions since the Budget earlier in the year.

The Company currently has no bank loans. Funding is via a long-term non-recallable mortgage, which is being paid down over a fifteen-year term. This arrangement reduces the financial risk to the Company in the event of another banking crisis or recession.

DEVELOPMENT AND PERFORMANCE

The Company will continue to build new commercial units and aviation hangars if there is demand. The Brooklands Technology Park was completed by the Company following the construction company going into administration in August 2022. The build is now finished and all the units are now let, which is having a positive impact on the Company's profitability.

The Aviator Hotel is trading at record levels. Bedroom sales have been the main driver and conferencing and functions are making a come-back. Food and beverage sales continue to increase.

Alternative revenue streams remain very important to the Tower profitability as there has been reduced private aircraft activity during the year despite the established aviation operators on the airfield remaining very busy with flight experiences and corporate entertainment.

The Company continues to implement its current business plan, however, these are challenging times with general consumer spending under pressure. However, corporate spending is still holding up at present. The business plan remains relevant at the present time, although, it will be revisited if a change in the economic climate indicates a review is appropriate.

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Group Strategic Report

for the Year Ended 31 March 2025

FUTURE DEVELOPMENT

The immediate focus is to let the large refurbished unit at Belman Gate, finish the construction of the container park and build a further three commercial units at Belman Gate.

The Aviator Hotel will continue to build on its current solid customer base.

The Aviation business will be looking to maintain aircraft activity and maintain the alternative revenue streams that have been so successful so far.

ON BEHALF OF THE BOARD:

M H Bletsoe-Brown - Director

18 September 2025

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Report of the Directors

for the Year Ended 31 March 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of property management of the company's commercial units, farming the arable land, aerodrome operators of the airfield, aircraft engineering service providers and hoteliers operating in the provision of accommodation, meals, bars, conference and function facilities.

DIVIDENDS

Based on the profits for the year ended 31 March 2024 the following dividends per share were paid:

£1.50 - 4 April 2024

£1.75 - 23 October 2024

This results in a total distribution of £263,409. In order to comply with current UK GAAP this has been shown as an interim dividend for the year ended 31 March 2025.

FUTURE DEVELOPMENTS

The immediate focus is to let all the units in the Brooklands Technology Park.

The Aviator Hotel will continue to build on its current solid customer base.

The Aviation business will be looking to maintain aircraft activity and develop the alternative revenue streams that have been so successful so far.

DIRECTORS

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

M H Bletsoe-Brown

Mrs M Findlay

P J Bletsoe-Brown

C B Heslop

S D Shaw

A C Hewitt

Miss A E Bletsoe-Brown

Mrs J Jones

Mrs J Conway

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Report of the Directors

for the Year Ended 31 March 2025

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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Kilby Fox, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M H Bletsoe-Brown - Director

18 September 2025

Report of the Independent Auditors to the Members of

Sywell Aerodrome,Limited

Opinion

We have audited the financial statements of Sywell Aerodrome,Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Sywell Aerodrome,Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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 five, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Sywell Aerodrome,Limited

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:

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:

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Audit response to risks identified

As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

Report of the Independent Auditors to the Members of

Sywell Aerodrome,Limited

- reading minutes of meetings of those charged with governance

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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/auditors responsibilities. This description forms part of our Report of the Auditors.

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.

Frances Tebbutt ACA FCCA FMAAT (Senior Statutory Auditor)

for and on behalf of Kilby Fox

Statutory Auditor

4 Pavilion Court

600 Pavilion Drive

Northampton Business Park

Northampton

Northamptonshire

NN4 7SL

30 September 2025

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Consolidated

Income Statement

for the Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 5,310,113 |  | 5,537,754 |  |

Cost of sales | 2,077,030 |  | 2,242,930 |  |

GROSS PROFIT | 3,233,083 |  | 3,294,824 |  |

Administrative expenses | 2,999,582 |  | 1,980,958 |  |

233,501 |  | 1,313,866 |  |

Other operating income | 401,097 |  | 26,955 |  |

OPERATING PROFIT | 5 | 634,598 |  | 1,340,821 |  |

Interest receivable and similar income | 6 | 42,490 |  | 4,754 |  |

677,088 |  | 1,345,575 |  |

Interest payable and similar expenses | 7 | 140,127 |  | 176,933 |  |

PROFIT BEFORE TAXATION | 536,961 |  | 1,168,642 |  |

Tax on profit | 8 | 278,025 |  | 985,123 |  |

PROFIT FOR THE FINANCIAL YEAR | 258,936 |  | 183,519 |  |

Profit attributable to:

Owners of the parent | 258,936 |  | 183,519 |  |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Consolidated

Other Comprehensive Income

for the Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 258,936 |  | 183,519 |  |

OTHER COMPREHENSIVE INCOME |

Revaluation of investment property | - |  | 5,174,618 |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | - |  | 5,174,618 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 258,936 |  | 5,358,137 |  |

Total comprehensive income attributable to:

Owners of the parent | 258,936 |  | 5,358,137 |  |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Consolidated Balance Sheet

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 183,549 |  | 225,313 |  |

Investments | 12 | - |  | - |  |

Investment property | 13 | 24,594,852 |  | 25,135,000 |  |

24,778,401 |  | 25,360,313 |  |

CURRENT ASSETS

Stocks | 14 | 43,167 |  | 148,955 |  |

Debtors | 15 | 469,109 |  | 853,323 |  |

Cash at bank and in hand | 1,296,779 |  | 1,583,058 |  |

1,809,055 |  | 2,585,336 |  |

CREDITORS

Amounts falling due within one year | 16 | 2,226,040 |  | 2,931,237 |  |

NET CURRENT LIABILITIES | (416,985 | ) | (345,901 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 24,361,416 |  | 25,014,412 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (1,691,534 | ) | (2,327,792 | ) |

PROVISIONS FOR LIABILITIES | 20 | (1,347,792 | ) | (1,360,057 | ) |

NET ASSETS | 21,322,090 |  | 21,326,563 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 81,049 |  | 81,049 |  |

Share premium | 22 | 358,396 |  | 358,396 |  |

Revaluation reserve | 22 | 8,601,422 |  | 8,601,422 |  |

Retained earnings | 22 | 12,281,223 |  | 12,285,696 |  |

SHAREHOLDERS' FUNDS | 21,322,090 |  | 21,326,563 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

A C Hewitt - Director | M H Bletsoe-Brown - Director

Mrs J Jones - Director

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Company Balance Sheet

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 100,099 |  | 119,465 |  |

Investments | 12 | 26,252 |  | 26,252 |  |

Investment property | 13 | 24,594,852 |  | 25,135,000 |  |

24,721,203 |  | 25,280,717 |  |

CURRENT ASSETS

Debtors | 15 | 177,704 |  | 473,139 |  |

Cash at bank and in hand | 1,181,727 |  | 1,453,704 |  |

1,359,431 |  | 1,926,843 |  |

CREDITORS

Amounts falling due within one year | 16 | 4,275,318 |  | 4,402,133 |  |

NET CURRENT LIABILITIES | (2,915,887 | ) | (2,475,290 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 21,805,316 |  | 22,805,427 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (1,691,534 | ) | (2,327,792 | ) |

PROVISIONS FOR LIABILITIES | 20 | (1,313,120 | ) | (1,319,243 | ) |

NET ASSETS | 18,800,662 |  | 19,158,392 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 81,049 |  | 81,049 |  |

Share premium | 22 | 358,396 |  | 358,396 |  |

Revaluation reserve | 22 | 8,601,422 |  | 8,601,422 |  |

Retained earnings | 22 | 9,759,795 |  | 10,117,525 |  |

SHAREHOLDERS' FUNDS | 18,800,662 |  | 19,158,392 |  |

Company's loss for the financial year | (94,321 | ) | (134,335 | ) |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Company Balance Sheet - continued

31 March 2025

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

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

A C Hewitt - Director | M H Bletsoe-Brown - Director

Mrs J Jones - Director

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Share |  | Revaluation |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 April 2023 | 81,049 |  | 12,503,370 |  | 358,396 |  | 3,426,804 |  | 16,369,619 |  |

Changes in equity

Dividends | - |  | (401,193 | ) | - |  | - |  | (401,193 | ) |

Total comprehensive income | - |  | 183,519 |  | - |  | 5,174,618 |  | 5,358,137 |  |

Balance at 31 March 2024 | 81,049 |  | 12,285,696 |  | 358,396 |  | 8,601,422 |  | 21,326,563 |  |

Changes in equity

Dividends | - |  | (263,409 | ) | - |  | - |  | (263,409 | ) |

Total comprehensive income | - |  | 258,936 |  | - |  | - |  | 258,936 |  |

Balance at 31 March 2025 | 81,049 |  | 12,281,223 |  | 358,396 |  | 8,601,422 |  | 21,322,090 |  |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Company Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Share |  | Revaluation |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 April 2023 | 81,049 |  | 10,653,053 |  | 358,396 |  | 3,426,804 |  | 14,519,302 |  |

Changes in equity

Dividends | - |  | (401,193 | ) | - |  | - |  | (401,193 | ) |

Total comprehensive income | - |  | (134,335 | ) | - |  | 5,174,618 |  | 5,040,283 |  |

Balance at 31 March 2024 | 81,049 |  | 10,117,525 |  | 358,396 |  | 8,601,422 |  | 19,158,392 |  |

Changes in equity

Dividends | - |  | (263,409 | ) | - |  | - |  | (263,409 | ) |

Total comprehensive income | - |  | (94,321 | ) | - |  | - |  | (94,321 | ) |

Balance at 31 March 2025 | 81,049 |  | 9,759,795 |  | 358,396 |  | 8,601,422 |  | 18,800,662 |  |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Consolidated Cash Flow Statement

for the Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,233,040 |  | 2,216,539 |  |

Interest paid | (140,127 | ) | (176,933 | ) |

Tax paid | (437,366 | ) | (178,085 | ) |

Net cash from operating activities | 655,547 |  | 1,861,521 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (33,150 | ) | (68,676 | ) |

Purchase of investment property | (5,122 | ) | (264,294 | ) |

Sale of tangible fixed assets | - |  | 379,850 |  |

Interest received | 42,490 |  | 4,754 |  |

Net cash from investing activities | 4,218 |  | 51,634 |  |

Cash flows from financing activities

Loan repayments in year | (682,635 | ) | (689,085 | ) |

Amount withdrawn by directors | - |  | (57 | ) |

Equity dividends paid | (263,409 | ) | (401,193 | ) |

Net cash from financing activities | (946,044 | ) | (1,090,335 | ) |

(Decrease)/increase in cash and cash equivalents | (286,279 | ) | 822,820 |  |

Cash and cash equivalents at beginning of year | 2 | 1,583,058 |  | 760,238 |  |

Cash and cash equivalents at end of year | 2 | 1,296,779 |  | 1,583,058 |  |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 March 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 536,961 |  | 1,168,642 |  |

| Depreciation charges | 620,183 |  | 505,858 |  |

| Profit on disposal of fixed assets | - |  | (10,922 | ) |

| Finance costs | 140,127 |  | 176,933 |  |

| Finance income | (42,490 | ) | (4,754 | ) |

1,254,781 |  | 1,835,757 |  |

| Decrease in stocks | 105,788 |  | 5,103 |  |

| Decrease/(increase) in trade and other debtors | 384,214 |  | (175,473 | ) |

| (Decrease)/increase in trade and other creditors | (511,743 | ) | 551,152 |  |

| Cash generated from operations | 1,233,040 |  | 2,216,539 |  |

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 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 1,296,779 |  | 1,583,058 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 1,583,058 |  | 760,238 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,583,058 |  | (286,279 | ) | 1,296,779 |  |

1,583,058 |  | (286,279 | ) | 1,296,779 |  |

| Debt

| Debts falling due within 1 year | (346,535 | ) | 46,378 |  | (300,157 | ) |

| Debts falling due after 1 year | (2,327,792 | ) | 636,258 |  | (1,691,534 | ) |

(2,674,327 | ) | 682,636 |  | (1,991,691 | ) |

| Total | (1,091,269 | ) | 396,357 |  | (694,912 | ) |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Sywell Aerodrome,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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Basis of consolidation

| The group financial statements consolidate the accounts of Sywell Aerodrome Limited and all its subsidiary undertakings made up to 31 March each year;

| Turnover and profits arising on trade between group companies are excluded

| Goodwill arising on consolidation is written off in full against reserves

| Turnover

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

| Tangible fixed assets

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

| Freehold property | - | 25% on reducing balance and 2% on cost

| Plant and machinery | - | 25% on reducing balance and 4% on cost

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the group.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Rent | 2,590,966 |  | 2,483,293 |  |

| Hotel | 1,742,514 |  | 1,699,426 |  |

| Farming | 27,976 |  | 30,613 |  |

| Aviation | 948,657 |  | 1,324,422 |  |

5,310,113 |  | 5,537,754 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,274,680 |  | 1,309,048 |  |

| Social security costs | 110,224 |  | 109,086 |  |

| Other pension costs | 29,939 |  | 41,599 |  |

1,414,843 |  | 1,459,733 |  |

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

| 2025 |  | 2024

| Hotel | 39 |  | 47 |  |

| Estate maintenance | 2 |  | 2 |  |

| Aviation | 9 |  | 9 |  |

| Aerodrome administration | 6 |  | 6 |  |

56 |  | 64 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 406,540 |  | 406,216 |  |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

4. | EMPLOYEES AND DIRECTORS - continued

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 330,009 |  | 231,945 |  |

5. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 620,184 |  | 505,857 |  |

| Profit on disposal of fixed assets | - |  | (10,922 | ) |

| Auditors' remuneration | 17,065 |  | 17,066 |  |

6. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 2025 |  | 2024

£ | £ |

| Deposit account interest | 42,490 |  | 4,754 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 140,127 |  | 176,933 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 295,670 |  | 474,890 |  |

| Interest | (5,380 | ) | (1,688 | ) |

| Total current tax | 290,290 |  | 473,202 |  |

| Deferred tax | (12,265 | ) | 511,921 |  |

| Tax on profit | 278,025 |  | 985,123 |  |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

8. | TAXATION - continued

| 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:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 536,961 |  | 1,168,642 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 134,240 |  | 292,161 |  |

| Effects of:

| Expenses not deductible for tax purposes | 6,585 |  | 1,003 |  |

| Depreciation in excess of capital allowances | 146,697 |  | 91,170 |  |

| Profit on disposal of fixed assets | - |  | (2,731 | ) |

| Balancing charge | 8,148 |  | 93,287 |  |

| Movement in deferred tax provision | (12,265 | ) | 511,921 |  |

| Interest | (5,380 | ) | (1,688 | ) |

| Total tax charge | 278,025 |  | 985,123 |  |

| Tax effects relating to effects of other comprehensive income |

| There were no tax effects for the year ended 31 March 2025.

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation of investment property | 5,174,618 |  | - |  | 5,174,618 |  |

9. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

10. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | 263,409 |  | 401,193 |  |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

11. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Plant and |

| property |  | machinery |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 13,500 |  | 2,506,963 |  | 2,520,463 |  |

| Additions | - |  | 33,150 |  | 33,150 |  |

| Disposals | - |  | (32,590 | ) | (32,590 | ) |

| At 31 March 2025 | 13,500 |  | 2,507,523 |  | 2,521,023 |  |

| DEPRECIATION

| At 1 April 2024 | 13,373 |  | 2,281,777 |  | 2,295,150 |  |

| Charge for year | 32 |  | 74,882 |  | 74,914 |  |

| Eliminated on disposal | - |  | (32,590 | ) | (32,590 | ) |

| At 31 March 2025 | 13,405 |  | 2,324,069 |  | 2,337,474 |  |

| NET BOOK VALUE

| At 31 March 2025 | 95 |  | 183,454 |  | 183,549 |  |

| At 31 March 2024 | 127 |  | 225,186 |  | 225,313 |  |

| Company

| Plant and

| machinery

£ |

| COST

| At 1 April 2024 | 1,677,220 |  |

| Additions | 14,000 |  |

| At 31 March 2025 | 1,691,220 |  |

| DEPRECIATION

| At 1 April 2024 | 1,557,755 |  |

| Charge for year | 33,366 |  |

| At 31 March 2025 | 1,591,121 |  |

| NET BOOK VALUE

| At 31 March 2025 | 100,099 |  |

| At 31 March 2024 | 119,465 |  |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 26,252 |  |

| NET BOOK VALUE

| At 31 March 2025 | 26,252 |  |

| At 31 March 2024 | 26,252 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| The Aviator Hotel Limited

| Registered office: United Kingdom

| Nature of business: Hoteliers

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 1,420,476 |  | 1,191,133 |  |

| Profit for the year | 229,343 |  | 168,137 |  |

| Sywell Aviation Limited

| Registered office: United Kingdom

| Nature of business: Operators of Sywell Aerodrome

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 1,186,022 |  | 1,062,106 |  |

| Profit for the year | 123,916 |  | 149,715 |  |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

13. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 April 2024 | 30,215,044 |  |

| Additions | 5,122 |  |

| At 31 March 2025 | 30,220,166 |  |

| DEPRECIATION

| At 1 April 2024 | 5,080,044 |  |

| Charge for year | 545,270 |  |

| At 31 March 2025 | 5,625,314 |  |

| NET BOOK VALUE

| At 31 March 2025 | 24,594,852 |  |

| At 31 March 2024 | 25,135,000 |  |

| Fair value at 31 March 2025 is represented by:

£ |

| Valuation in 2016 | 5,062,931 |  |

| Valuation in 2024 | 5,174,618 |  |

| Cost | 19,982,617 |  |

30,220,166 |  |

| Company

| Total

£ |

| FAIR VALUE

| At 1 April 2024 | 30,215,044 |  |

| Additions | 5,122 |  |

| At 31 March 2025 | 30,220,166 |  |

| DEPRECIATION

| At 1 April 2024 | 5,080,044 |  |

| Charge for year | 545,270 |  |

| At 31 March 2025 | 5,625,314 |  |

| NET BOOK VALUE

| At 31 March 2025 | 24,594,852 |  |

| At 31 March 2024 | 25,135,000 |  |

| Included in fair value of investment property is freehold land of £ 1,900,000 (2024 - £ 1,900,000 ) which is not depreciated.

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

13. | INVESTMENT PROPERTY - continued

| Company

| Included in net book value of £24,594,852 (2024 : £25,135,000) are the Airfield at £85,000, the Hotel at £1,600,000, the Sywell Trading Estate at £21,009,852 (2024 : £21,550,000) and agricultural land of £1,900,000.

| The directors are of the opinion that the value of £24,594,852 is a fair value of investment property as at 31 March 2025.

| Fair value at 31 March 2025 is represented by:

£ |

| Valuation in 2016 | 5,062,931 |  |

| Valuation in 2024 | 5,174,618 |  |

| Cost | 19,982,617 |  |

30,220,166 |  |

| If investment property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 19,982,617 |  | 19,977,495 |  |

| Aggregate depreciation | (4,816,728 | ) | (4,436,596 | ) |

| The company's property was valued on fair value basis on 31 March 2024 by CBRE .

14. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Stocks | 43,167 |  | 148,955 |  |

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 144,086 |  | 364,700 |  | 68,586 |  | 250,677 |  |

| Other debtors | 571 |  | 18,134 |  | - |  | 18,134 |  |

| Prepayments & accrued income | 324,452 |  | 470,489 |  | 109,118 |  | 204,328 |  |

469,109 |  | 853,323 |  | 177,704 |  | 473,139 |  |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 18) | 300,157 |  | 346,535 |  | 300,157 |  | 346,535 |  |

| Trade creditors | 443,376 |  | 568,911 |  | 180,387 |  | 300,623 |  |

| Amounts owed to group undertakings | - |  | - |  | 2,703,966 |  | 2,085,880 |  |

| Corporation tax | 227,813 |  | 374,889 |  | 93,870 |  | 271,284 |  |

| Social security and other taxes | 36,364 |  | 35,936 |  | 15,499 |  | 13,757 |  |

| Wages control account | 21,170 |  | 17,799 |  | 4,688 |  | 2,966 |  |

| VAT | 138,552 |  | 198,811 |  | 66,183 |  | 129,827 |  |

| Other creditors | 120,449 |  | 51,159 |  | 57,990 |  | 8,250 |  |

| Accruals & deferred income | 803,620 |  | 1,158,582 |  | 723,305 |  | 1,075,644 |  |

| Deposits | 134,539 |  | 178,615 |  | 129,273 |  | 167,367 |  |

2,226,040 |  | 2,931,237 |  | 4,275,318 |  | 4,402,133 |  |

17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 18) | 1,691,534 |  | 2,327,792 |  | 1,691,534 |  | 2,327,792 |  |

18. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 300,157 |  | 346,535 |  | 300,157 |  | 346,535 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 300,157 |  | 346,535 |  | 300,157 |  | 346,535 |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 400,209 |  | 462,047 |  | 400,209 |  | 462,047 |  |

| Amounts falling due in more than five years: |

| Repayable by instalments

| Bank loans more than 5 yrs by instalments | 991,168 |  | 1,519,210 |  | 991,168 |  | 1,519,210 |  |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

19. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans | 1,991,691 |  | 2,674,327 |  | 1,991,691 |  | 2,674,327 |  |

| During the year ended 31st March 2017, the Sywell group of companies entered into a new agreement with The Agricultural Mortgage Company plc.

| A first legal mortgage from Sywell Aerodrome Limited over the freehold property known as Lancaster Hangar, Aerodrome and Land, Wellington Hangar site, and the site of Brooklands Gate, Sywell Aerodrome, Wellingborough Road, Sywell, Northampton, and the Land to the west of Hardwick Lodge, Hardwick, Wellingborough, Northamptonshire.

| A composite guarantee with the other group companies in respect of the obligations to The Agricultural Mortgage Corporation plc.

20. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax | 1,347,792 |  | 1,360,057 |  | 1,313,120 |  | 1,319,243 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 1,360,057 |  |

| Provided during year | (12,265 | ) |

| Balance at 31 March 2025 | 1,347,792 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 1,319,243 |  |

| Provided during year | (6,123 | ) |

| Balance at 31 March 2025 | 1,313,120 |  |

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 81,049 | Ordinary | £1 | 81,049 |  | 81,049 |  |

| Sywell Aerodrome,Limited (Registered number: 00272168) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

22. | RESERVES

| Group

| Retained |  | Share |  | Revaluation |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 April 2024 | 12,285,696 |  | 358,396 |  | 8,601,422 |  | 21,245,514 |  |

| Profit for the year | 258,936 |  | 258,936 |  |

| Dividends | (263,409 | ) | (263,409 | ) |

| At 31 March 2025 | 12,281,223 |  | 358,396 |  | 8,601,422 |  | 21,241,041 |  |

| Company

| Retained |  | Share |  | Revaluation |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 April 2024 | 10,117,525 |  | 358,396 |  | 8,601,422 |  | 19,077,343 |  |

| Deficit for the year | (94,321 | ) | (94,321 | ) |

| Dividends | (263,409 | ) | (263,409 | ) |

| At 31 March 2025 | 9,759,795 |  | 358,396 |  | 8,601,422 |  | 18,719,613 |  |

23. | PENSION COMMITMENTS

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme of £29,939 (2024 : £41,599) are charged to the profit and loss account in the period to which they relate.

24. | ULTIMATE PARENT COMPANY

| No one person has ultimate control over the group

25. | RELATED PARTY DISCLOSURES

| Sywell Aviation Limited and The Aviator Hotel Limited are 100% subsidiaries of Sywell Aerodrome Limited.

| Included within Company Creditors due within one year is £1,767,234 (2024 : £1,440,754) payable from Sywell Aerodrome Limited to Sywell Aviation Limited.

| Also included within Company Creditors due within one year is £936,732 (2024 : £645,126) payable from Sywell Aerodrome Limited to The Aviator Hotel Limited.

| The company is claiming the exemption under paragraph 33.1A of FRS102 from disclosing transactions with other wholly owned subsidiaries.

| Michael Bletsoe-Brown and Philip Bletsoe-Brown directors of Sywell Aerodrome Limited are also directors and shareholders of Bletsoe-Brown Limited. Included within sales is £27,976 (2024 : £30,613) to Bletsoe-Brown Limited and included within purchases is £1,420 (2024 : £132) from Bletsoe-Brown Limited.