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Company No: 08070176 (England and Wales)

# AFS AVIATION LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH THE REGISTRAR

AFS AVIATION LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Contents

AFS AVIATION LIMITED

## BALANCE SHEET

AS AT 31 MARCH 2025
AFS AVIATION LIMITED

## BALANCE SHEET (continued)

AS AT 31 MARCH 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 1,141,676 |  | 903,445
Investments | 4 | 152 |  | 152
|  | 1,141,828 |  | 903,597
Current assets |  |  |  |
Stocks |  | 190,088 |  | 85,338
Debtors | 5 | 634,358 |  | 767,836
Cash at bank and in hand |  | 1,752,783 |  | 1,286,675
|  | 2,577,229 |  | 2,139,849
Creditors: amounts falling due within one year | 6 | ( 437,021) |  | ( 421,755)
Net current assets |  | 2,140,208 |  | 1,718,094
Total assets less current liabilities |  | 3,282,036 |  | 2,621,691
Creditors: amounts falling due after more than one year | 7 | 0 |  | ( 24,873)
Provision for liabilities |  | ( 285,269) |  | ( 225,790)
Net assets |  | 2,996,767 |  | 2,371,028
Capital and reserves |  |  |  |
Called-up share capital | 8 | 142 |  | 142
Capital redemption reserve |  | 10 |  | 10
Profit and loss account |  | 2,996,615 |  | 2,370,876
Total shareholder's funds |  | 2,996,767 |  | 2,371,028

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

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of AFS Aviation Limited (registered number: 08070176) were approved and authorised for issue by the Board of Directors on 06 October 2025. They were signed on its behalf by:

James Alexander Ford Director |

AFS AVIATION LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
AFS AVIATION LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

AFS Aviation Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Clifton House, Bunnian Place, Basingstoke, RG21 7JE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Taxation

Current tax
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.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements | 10 % reducing balance
Plant and machinery | 25 % reducing balance
Vehicles | 25 % reducing balance
Fixtures and fittings | 25 % reducing balance

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 11 |  | 11

#### 3. Tangible assets

| Leasehold improve- ments |  | Plant and machinery |  | Vehicles |  | Fixtures and fittings |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 April 2024 | 1,124 |  | 759,762 |  | 595,422 |  | 46,022 |  | 1,402,330
Additions | 0 |  | 320,733 |  | 297,823 |  | 4,790 |  | 623,346
Disposals | 0 |  | ( 2,500) |  | ( 105,838) |  | 0 |  | ( 108,338)
At 31 March 2025 | 1,124 |  | 1,077,995 |  | 787,407 |  | 50,812 |  | 1,917,338
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 April 2024 | 461 |  | 287,182 |  | 194,650 |  | 16,592 |  | 498,885
Charge for the financial year | 65 |  | 155,917 |  | 145,423 |  | 8,555 |  | 309,960
Disposals | 0 |  | ( 495) |  | ( 32,688) |  | 0 |  | ( 33,183)
At 31 March 2025 | 526 |  | 442,604 |  | 307,385 |  | 25,147 |  | 775,662
Net book value |  |  |  |  |  |  |  |  |
At 31 March 2025 | 598 |  | 635,391 |  | 480,022 |  | 25,665 |  | 1,141,676
At 31 March 2024 | 663 |  | 472,580 |  | 400,772 |  | 29,430 |  | 903,445

#### 4. Fixed asset investments

Investments in subsidiaries

| 2025
| £
Cost |
At 01 April 2024 | 152
At 31 March 2025 | 152
Carrying value at 31 March 2025 | 152
Carrying value at 31 March 2024 | 152

Investments in shares

Name of entity | Registered office | Class of shares | Ownership 31.03.2025 | Ownership 31.03.2024 | Held
Aircraft Fuelling Supplies Limited | 19th Floor 1 Westfield Avenue, London, United Kingdom, E20 1HZ | Ordinary | 100.00% | 100.00% | Direct
AFS Transport & Logistics Limited | 19th Floor 1 Westfield Avenue, London, United Kingdom, E20 1HZ | Ordinary | 100.00% | 100.00% | Direct
AFS Ground Support Services Limited | 19th Floor 1 Westfield Avenue, London, United Kingdom, E20 1HZ | Ordinary | 100.00% | 100.00% | Direct
A.G.S.E Limited | 19th Floor 1 Westfield Avenue, London, United Kingdom, E20 1HZ | Ordinary | 100.00% | 100.00% | Direct

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 603,506 |  | 447,876
Prepayments | 30,193 |  | 3,920
Corporation tax | 0 |  | 10,777
Other debtors | 659 |  | 305,263
| 634,358 |  | 767,836

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 171,198 |  | 302,581
Amounts owed to directors | 23,539 |  | 349
Accruals | 0 |  | 6,930
Taxation and social security | 205,763 |  | 10,494
Obligations under finance leases and hire purchase contracts | 24,873 |  | 95,935
Other creditors | 11,648 |  | 5,466
| 437,021 |  | 421,755

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Obligations under finance leases and hire purchase contracts | 0 |  | 24,873

There are no amounts included above in respect of which any security has been given by the small entity.

#### 8. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
142 Ordinary shares of £ 1.00 each | 142 |  | 142