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Registered number: 03681436 K2 AIR SERVICES LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
K2 AIR SERVICES LIMITED CONTENTS
| Page
Accountants' report | 1
Balance sheet | 2 - 3
Notes to the financial statements | 4 - 8
K2 AIR SERVICES LIMITED CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF K2 AIR SERVICES LIMITED FOR THE YEAR ENDED 5 APRIL 2025 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of K2 Air Services Limited for the year ended 5 April 2025 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation. This report is made solely to the Board of directors of K2 Air Services Limited, as a body, in accordance with the terms of our engagement letter dated 08 August 2023. Our work has been undertaken solely to prepare for your approval the financial statements of K2 Air Services Limited and state those matters that we have agreed to state to the Board of directors of K2 Air Services Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K2 Air Services Limited and its Board of directors, as a body, for our work or for this report. It is your duty to ensure that K2 Air Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of K2 Air Services Limited. You consider that K2 Air Services Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or review of the financial statements of K2 Air Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ 17 October 2025 Page 1
K2 AIR SERVICES LIMITED REGISTERED NUMBER: 03681436 BALANCE SHEET AS AT 5 APRIL 2025
|  | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 3,107 |  | 3,655
|  |  | 3,107 |  | 3,655
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 13,407 |  | 1,395 |
Cash at bank and in hand |  | 15,871 |  | 30,556 |
|  | 29,278 |  | 31,951 |
Creditors: amounts falling due within one year | 6 | (13,493) |  | (15,597) |
Net current assets |  |  | 15,785 |  | 16,354
Total assets less current liabilities |  |  | 18,892 |  | 20,009
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (590) |  | (717) |
|  |  | (590) |  | (717)
Net assets |  |  | 18,302 |  | 19,292
Capital and reserves |  |  |  |  |
Called up share capital | 7 |  | 2 |  | 2
Profit and loss account |  |  | 18,300 |  | 19,290
|  |  | 18,302 |  | 19,292
Page 2
K2 AIR SERVICES LIMITED REGISTERED NUMBER: 03681436 BALANCE SHEET (CONTINUED) AS AT 5 APRIL 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ S Mahmood
Director
Date: 17 October 2025
The notes on pages 4 to 8 form part of these financial statements. Page 3
K2 AIR SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1. | General information
The Company is a private United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales, registration number 03681436. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. The principal place of business is Norwich Norfolk. The company's principle activity is that of servicing aircraft. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 4
K2 AIR SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 2.Accounting policies (continued)
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Pensions
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become more payable.
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date. Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 5
K2 AIR SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 2.Accounting policies (continued)
| 2.7 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and equipment | - | 15% | Reducing Balance
|  |  |  | Office equipment | - | 15% | Reducing Balance
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.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.10 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
Page 6
K2 AIR SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
4. | TANGIBLE FIXED ASSETS
|  | Plant & machinery | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 6 April 2024 | 18,784 | 10,700 | 29,484
| At 5 April 2025 | 18,784 | 10,700 | 29,484
| Depreciation |  |  |
| At 6 April 2024 | 16,742 | 9,087 | 25,829
| Charge for the year on owned assets | 306 | 242 | 548
| At 5 April 2025 | 17,048 | 9,329 | 26,377
| Net book value |  |  |
| At 5 April 2025 | 1,736 | 1,371 | 3,107
| At 5 April 2024 | 2,042 | 1,613 | 3,655
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K2 AIR SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 11,679 | 1,395
| Prepayments and accrued income | 1,728 | -
|  | 13,407 | 1,395
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,020 | -
| Other taxation and social security | 9,015 | 10,706
| Other creditors | 208 | 2,991
| Accruals and deferred income | 2,250 | 1,900
|  | 13,493 | 15,597
7. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2 Ordinary shares of £1.00 each | 2 | 2
8. | Directors transactions
| As at 5 April 2024, the company owed £2,992 to the director. During the year, the company advanced £74,944 to the director and the director introduced funds into the company of £60,274. The balance on the director's loan account as at 5 April 2025 was £11,679 owing to the company from the director as included in other debtors note 5 above. The loan is repayable on demand and interest totalling £198 was charged at 2.25% on the overdrawn balances.
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