Company registration number 11319088 (England and Wales)
WAB AIR LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
WAB AIR LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
WAB AIR LTD
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors
3
-
0
306,896
Cash at bank and in hand
4
6,552,914
4
6,859,810
Creditors: amounts falling due within one year
4
(47)
(9,475,886)
Net current liabilities
(43)
(2,616,076)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(143)
(2,616,176)
Total equity
(43)
(2,616,076)

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 September 2025 and are signed on its behalf by:
Ms L Kitchener
Director
Company registration number 11319088 (England and Wales)
WAB AIR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

WAB Air Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, The Bloomsbury Building, 10 Bloomsbury Way, Holborn, WC1A 2SL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company sold its trading asset in the prior accounting period. The company has since ceased trading and it is planned to be struck off in the foreseeable future.

1.3
Turnover

Turnover comprises revenue recognised by the company in respect of leasing out a private jet, exclusive of Value Added Tax.

Jet leasing income is recognised in the period the jet is leased.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company only has financial instruments which are classified as basic financial instruments.

Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.

Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.

WAB AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
1
2
3
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
0
97,257
Amounts owed by group undertakings
-
0
25,128
Other debtors
-
0
184,511
-
0
306,896
4
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
47
-
0
Other creditors
-
0
9,471,241
Accruals and deferred income
-
0
4,645
47
9,475,886
5
Related party transactions

J Bondi LLP is a connected company under ultimate common ownership. There were no transactions with this company during the year. At the year end the company was owed £Nil (2024 - £Nil) by J Bondi LLP.

William A Bong Limited is a connected company under ultimate common ownership. During the year, WAB Air Limited paid William A Bong Limited £1,948,676 and a bad debt was recognised of £91,629. At the year end the company owed £Nil (2024 - £1,857,047) to William A Bong Limited.

J Bondi Inc is a connected company under ultimate common ownership. During the year, foreign exchange gain of £399,983 was recognised on the outstanding loan, WAB Air Limited paid J Bondi Inc £4,285,162 and a bad debt was recognised of £2,490,182. At the year end the company owed £Nil (2024 - £7,175,327) to J Bondi Inc.

HST Global Limited is a connected company under ultimate common ownership. During the year, WAB Air Limited paid HST Global Limited £438,866. At the year end the company owed £Nil (2024 - £438,866) to HST Global Limited.

Himitsu is a connected company under ultimate common ownership. During the year, Himitsu paid WAB Air Limited £25,128. At the year end the company was owed £Nil (2024 - £25,128) by Himitsu.

At the year end the company was owed £Nil (2024 - £100) by Sir Elton John, the company's sole shareholder.

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