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Registered number: 03751777
3TOP Aviation Services Limited
Directors' Report and Financial Statements
For the Year Ended 30 April 2025
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3TOP Aviation Services Limited
Company Information
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Accountants & Statutory Auditor
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3TOP Aviation Services Limited
Contents
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Independent Auditors' Report
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Statement of Income and Retained Earnings
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Notes to the Financial Statements
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3TOP Aviation Services Limited
Strategic Report
For the Year Ended 30 April 2025
The directors present their strategic report for the year ended 30 April 2025. The principal activity of the company during the year was the buying and selling of commercial aircraft and their associated parts.
3TOP Aviation Services provides a one-stop shop for mid to end-life aircraft acquisitions, disposals, spares and repairs.
Turnover in the financial year ending April 2025 was £66,758,999 (2024: £38,052,603), representing growth of 75%, demonstrating the sustained growth that the business has seen coming out of the devastating COVID period for the industry.
Gross Profit was 15.2% (2024: 5.3%) driven by the nature of transactions further transitioning back to ‘3 TOP Aviation’ stand alone deals, with just 2% of revenue coming from the JV (2024: 42%).
Overheads (excluding bank charges, interest and exchange rate movements) were £2,619,489 (2024: £1,775,463) an increase of 48% representing spends to support growth (salaries and related through team growth, professional fees and travel).
Resulting profit before tax was £9,127,714 (2024: £2,932,540), representing a margin of 13.7% (2024: 7.7%).
Principal risks and uncertainties
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The company’s financial risk management objectives and policies relate primarily to the below:
1.Global Demand for Air Travel: As seen during the pandemic, reduction in global air travel naturally disturbs demand for aircraft, engines, constituent spares and associated repairs. 3TOP Aviation takes a risk-based approach to its purchase decisions.
2.Cashflow: 3TOP Aviation closely monitor cash balances and forecasts to ensure it has adequate resources to meet day-to-day expenditure as well as capital and strategic investment requirements. The company also ensures that it has more than adequate revolving facilities at its' disposal, should the need (or suitable purchase opportunity) arise.
3.Stock Valuation: Stock held on the balance sheet is prudent and reviewed on a monthly basis, with any slow-moving or de-valued parts adjusted appropriately. The company seeks to turn material stock within a short time frame.
4.Credit: New customers undergo our established due diligence and payment terms are set appropriately. Subsequently, the company has had no issues with bad debt.
5.The company purchases and sells assets in dollars and therefore is naturally hedged in the transaction area.
Financial key performance indicators
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In addition to those KPIs referenced in the business review, 3TOP Aviation also monitors stock levels, cash balances (including facilities in use) and debtors and creditors, including both purchase and sale deposits paid and held. All are per the balance sheet presented in the accounts.
Other key performance indicators
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3TOP Aviation also monitors individual sales performance, (contacts, enquiries, bids submitted), aircraft turnaround time (repair shop and logistics performance), customer profile (new customers, concentration) and sales and purchase pipeline.
Page 1
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3TOP Aviation Services Limited
Strategic Report (continued)
For the Year Ended 30 April 2025
This report was approved by the board and signed on its behalf.
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C Emechete
Director
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Page 2
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3TOP Aviation Services Limited
Directors' Report
For the Year Ended 30 April 2025
The directors present their report and the financial statements for the year ended 30 April 2025.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £6,842,681 (2024 - £2,557,529).
During the year dividends totalling £509,700 (2024: £484,000) were paid.
The directors who served during the year were:
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Page 3
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3TOP Aviation Services Limited
Directors' Report (continued)
For the Year Ended 30 April 2025
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 06 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 06 October 2025.
The auditors, Kreston Reeves Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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C Emechete
Director
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Page 4
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3TOP Aviation Services Limited
Independent Auditors' Report to the Members of 3TOP Aviation Services Limited
We have audited the financial statements of 3TOP Aviation Services Limited (the 'Company') for the year ended 30 April 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, 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 Company's affairs as at 30 April 2025 and of its 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.
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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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
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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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
Page 5
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3TOP Aviation Services Limited
Independent Auditors' Report to the Members of 3TOP Aviation Services Limited (continued)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the 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
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As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.
Page 6
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3TOP Aviation Services Limited
Independent Auditors' Report to the Members of 3TOP Aviation Services Limited (continued)
Auditors' responsibilities for the audit of the financial statements
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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 an Auditors' Report 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.
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:
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, employment law and aviation regulations. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:
∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and
∙Assessment of identified fraud risk factors; and
∙Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙Checking and reperforming the reconciliation of key control accounts; and
∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
∙Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
∙Reading minutes of meetings of those charged with governance, and reviewing correspondence with relevant tax and regulatory authorities; and
∙Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Page 7
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3TOP Aviation Services Limited
Independent Auditors' Report to the Members of 3TOP Aviation Services Limited (continued)
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 an Auditors' Report 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.
James Peach FCA (Senior Statutory Auditor)
for and on behalf of
Kreston Reeves Audit LLP
Accountants
Statutory Auditor
Horsham
27 November 2025
Page 8
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3TOP Aviation Services Limited
Statement of Income and Retained Earnings
For the Year Ended 30 April 2025
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Income from participating interests
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Interest receivable and similar income
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Interest payable and similar expenses
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Retained earnings at the beginning of the year
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Dividends declared and paid
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Retained earnings at the end of the year
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The notes on pages 12 to 25 form part of these financial statements.
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Page 9
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3TOP Aviation Services Limited
Registered number: 03751777
Balance Sheet
As at 30 April 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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C Emechete
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The notes on pages 12 to 25 form part of these financial statements.
Page 10
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3TOP Aviation Services Limited
Statement of Cash Flows
For the Year Ended 30 April 2025
Cash flows from operating activities
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Profit for the financial year
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Depreciation of tangible assets
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Income from participating interests
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(Increase)/decrease in stocks
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Corporation tax (paid)/received
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Joint venture loan repaid
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Income from participating interests
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Net cash from investing activities
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Cash flows from financing activities
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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Page 11
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3TOP Aviation Services Limited
Notes to the Financial Statements
For the Year Ended 30 April 2025
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is The Clock House, Station Approach, Marlow, Buckinghamshire, SL7 1NT and the Registered Number is 03751777. The principal place of business is Mole Business Park, Unit 14, Randalls Road, Leatherhead, KT22 7BA.
2.Accounting policies
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Basis of preparation of financial statements
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue 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 revenue 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.
Page 12
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3TOP Aviation Services Limited
Notes to the Financial Statements
For the Year Ended 30 April 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional currency is US Dollars (USD). This differs from the presentational currency which 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'.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 13
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3TOP Aviation Services Limited
Notes to the Financial Statements
For the Year Ended 30 April 2025
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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 14
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3TOP Aviation Services Limited
Notes to the Financial Statements
For the Year Ended 30 April 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
Parts for resale
Aircraft parts purchased specifically for resale are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, less a proportion of their cost which is attributed to the by-product parts acquired as part of their transaction as described below. Parts for resale are valued on a first in, first out basis.
By-Products
Stocks consisting of smaller aircraft parts obtained as a by-product of a transaction to acquire specific aircraft parts for resale are valued at an estimate of their selling price less costs to complete and sell. This estimate being an immaterial portion of the overall transaction value, is deducted from the cost of the parts for resale as described above. By-product stock is valued on a first in, first out basis.
Impairment
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
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.
Page 15
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3TOP Aviation Services Limited
Notes to the Financial Statements
For the Year Ended 30 April 2025
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key areas of judgement and estimation uncertainty affecting these financial statements are as follows:-
Revenue recognition
The directors use judgement to determine that the Company is the principal rather than the agent in sale transactions where it acts as a broker. Management consider the Company to be the principal in these transactions because the specific stock item required by the customer is initially purchased by the Company, with the Company retaining all risks and rewards of ownership until a sale onward to the end customer is transacted.
Valuation of stock
Groups of parts resulting from the ‘tear down’ of a larger asset are valued at the cost of the whole, with Directors estimating the realisable value of the group for each individual transaction. Individual stock items sold are valued per the original estimated gross margin.
If the net realisable value of the remaining parts is deemed to be lower than the cost remaining on the balance sheet (based on industry knowledge and prevailing transaction values) management would impair the remaining value appropriately.
Page 16
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3TOP Aviation Services Limited
Notes to the Financial Statements
For the Year Ended 30 April 2025
The whole of the turnover is attributable to the resale of aircraft parts.
Analysis of turnover by country of destination:
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The operating profit is stated after charging:
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Other operating lease rentals
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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Page 17
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3TOP Aviation Services Limited
Notes to the Financial Statements
For the Year Ended 30 April 2025
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Administration and finance
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
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Other interest receivable
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Page 18
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3TOP Aviation Services Limited
Notes to the Financial Statements
For the Year Ended 30 April 2025
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Interest payable and similar expenses
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Current tax on profits for the year
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Origination and reversal of timing differences
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Depreciation in excess/(deficit) of capital allowances
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Utilisation of tax losses
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Other timing differences leading to an increase (decrease) in taxation
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Other differences leading to an increase (decrease) in the tax charge
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Total tax charge for the year
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Page 19
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3TOP Aviation Services Limited
Notes to the Financial Statements
For the Year Ended 30 April 2025
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Charge for the year on owned assets
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Investments in associates
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Page 20
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3TOP Aviation Services Limited
Notes to the Financial Statements
For the Year Ended 30 April 2025
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The following were associates of the Company:
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3TOP Aviation Services Private Limited (India)
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The following table provides summarised financial information for the associates:
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Carrying value of investment
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3TOP Aviation Services Private Limited (India)
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During the year the company received dividends of £2,476,566 from 3TOP 737-900 Limited (2024: £3,114,584).
The effect of including these investments as if they had been accounted for using the equity method is shown in the following table:
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Share of profit of associate
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3TOP Aviation Services Private Limited (India)
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Finished goods and goods for resale
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Prepayments and accrued income
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Page 21
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3TOP Aviation Services Limited
Notes to the Financial Statements
For the Year Ended 30 April 2025
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Secured loans
HSBC holds a Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 1 December 2015. HSBC also holds a General Letter of Pledge dated 28 June 2022.
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Page 22
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3TOP Aviation Services Limited
Notes to the Financial Statements
For the Year Ended 30 April 2025
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Short term timing differences
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Allotted, called up and fully paid
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2 (2024 - 2) Ordinary shares of £1 each
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Profit and loss account
Includes all current and prior period retained profits and losses.
Page 23
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3TOP Aviation Services Limited
Notes to the Financial Statements
For the Year Ended 30 April 2025
The Company operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £10,177 (2024: £7,999).
Contributions totalling £2,124 (2024: £1,951) were payable to the fund at the balance sheet date and are
included in creditors.
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Commitments under operating leases
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At 30 April 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Transactions with directors
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During the year the directors entered into the following advances and credits with the company:
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Advances/(credits) to the directors
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Page 24
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3TOP Aviation Services Limited
Notes to the Financial Statements
For the Year Ended 30 April 2025
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Advances/(credits) to the directors
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Interest is payable on the above balances at a rate of 2.25% per annum up to 6 April 2025, and at a rate of 3.75% per annum thereafter.
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Related party transactions
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The company owns a 42% shareholding in a joint venture, 3TOP 737-900 Limited, a company incorporated in the Cayman Islands. During the year the company recharged project costs to 3TOP 737-900 Limited totalling £480,066 (2024: £1,947,895). The total amount outstanding at the year-end in relation to these charges was £13,674 (2024: £113,624) and this is included in debtors.
During the year the company made purchases from 3TOP 737-900 Limited totalling £1,516,795 (2024: £15,764,340). The total amount outstanding at the year-end in relation to these purchases was £22,276 (2024: £144,591) and this is included in creditors.
During the year, 3TOP 737-900 Limited made total repayments of £NIL (2024: £693,148) in regard to a $3M loan made by the company in a previous year. The total amount outstanding at the year-end was £NIL (2024: £NIL).
The company owns a 49% shareholding in an associate, 3TOP Aviation Services Private Limited, a company incorporated in India. During the year the company made purchases from 3TOP Aviation Services Private Limited totalling £237,983 (2024: £187,814). The total amount outstanding at the year-end was £NIL (2024: £NIL).
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Page 25
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