Atlas Helicopters Limited

Contents

Statement of financial position	1
Notes to the Unaudited Financial Statements	2 to 7

Atlas Helicopters Limited

(Registration number: 4330355)
Statement of financial position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	19,953	-
Tangible assets	5	809,839	578,025
		829,792	578,025
Current assets
Debtors	6	952,911	1,016,060
Cash at bank and in hand		269,812	793,903
		1,222,723	1,809,963
Creditors: Amounts falling due within one year	7	(1,022,705)	(1,161,868)
Net current assets		200,018	648,095
Total assets less current liabilities		1,029,810	1,226,120
Creditors: Amounts falling due after more than one year	7	(922,132)	(1,027,938)
Provisions for liabilities		(85,860)	(85,957)
Net assets		21,818	112,225
Capital and reserves
Called up share capital	8	111	111
Share premium reserve		99,989	99,989
Retained earnings		(78,282)	12,125
Shareholders' funds		21,818	112,225

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 10 December 2025 and signed on its behalf by:
 

......................................... R N J Schofield Director

Atlas Helicopters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Parkside House
17 East Parade
Harrogate
North Yorkshire
HG1 5LF
England

These financial statements were authorised for issue by the Board on 10 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Atlas Helicopters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	25% running balance
Plant and machinery	25% running balance, 12, 10 or 6 years straight line
Computer equipment	25% running balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Aviation licences	Straight line over 10 years
Website development	Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Atlas Helicopters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2024 - 5).

Atlas Helicopters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Intangible assets

	Trademarks, patents and licenses  £	Internally generated software development costs  £	Total £
Cost or valuation
At 1 April 2024	8,872	-	8,872
Additions acquired separately	-	29,930	29,930
At 31 March 2025	8,872	29,930	38,802
Amortisation
At 1 April 2024	8,872	-	8,872
Amortisation charge	-	9,977	9,977
At 31 March 2025	8,872	9,977	18,849
Carrying amount
At 31 March 2025	-	19,953	19,953

5	Tangible assets

	Helicopters and equipment  £	Total £
Cost or valuation
At 1 April 2024	1,887,612	1,887,612
Additions	436,573	436,573
At 31 March 2025	2,324,185	2,324,185
Depreciation
At 1 April 2024	1,309,587	1,309,587
Charge for the year	204,759	204,759
At 31 March 2025	1,514,346	1,514,346
Carrying amount
At 31 March 2025	809,839	809,839
At 31 March 2024	578,025	578,025

Atlas Helicopters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Debtors

Current	Note	2025 £	2024 £
Trade debtors		190,807	358,089
Amounts owed by related parties		425,812	452,593
Prepayments		106,397	105,378
Other debtors		229,895	100,000
		952,911	1,016,060

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	146,557	146,557
Trade creditors		538,827	672,843
Taxation and social security		71,706	65,311
Accruals and deferred income		41,770	13,370
Other creditors		223,845	263,787
		1,022,705	1,161,868

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	922,132	1,027,938

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary A of £1 each	61	61	61	61
Ordinary B of £1 each	50	50	50	50
	111	111	111	111

Atlas Helicopters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	636,882	742,688
Finance lease liabilities	285,250	285,250
	922,132	1,027,938

Current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	105,807	105,807
Finance lease liabilities	40,750	40,750
	146,557	146,557

10	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	5,871	-
Later than one year and not later than five years	4,404	-
	10,275	-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £896 (2024 - £Nil).