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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
COMPANY INFORMATION
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
CONTENTS
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The principal activity of the company during the year has been that of a non-trading investment company which holds the shares of its subsidiaries. The principal activities of the subsidiaries are precision engineering, aviation repair, maintenance and overhaul and Fixed Based Operations (FBO) support, property holding and the provision of management services to other subsidiaries. The results for the year are set out in the consolidated profit and loss account.
The results for the year report a turnover of £48,815,909 which delivered a gross profit of £15,718,317 and an operating loss of £5,160,715.
Cash flows across the group saw an outflow of £3,576,232, reflecting capital investment of £1,674,705 and operating cash burn of £1.7m associated with Inflite Engineering Services Limited losses. The group’s net cash position was £8,250,106 as at 31 March 2025. Net assets have decreased by £2,607,484 to £69,687,310. The directors of Swan Investments Group Holdings Limited manage the group’s activities on a company-by-company basis. An analysis using KPIs for the company is not necessary or appropriate for an understanding of the group’s development, performance, or position. Inflite The Jet Centre Limited turnover for the year totalled £26,372,551 an decrease of 26.6% on the prior year, delivering an operating loss of £25,614. At 31 March 2025 net assets were £9,586,112 (2024 - £9,569,658) with no dividend payment made in .the fiscal year (2024 - £Nil). Following two consecutive record years, the Fixed Based Operations (FBO) delivered consistent execution on normal turnover of £14,139,331, a decrease of 37.2% on prior year. The aircraft maintenance division experienced continued losses underpinned by disrupted maintenance events due to lower than planned aircraft input, availability of materials and personnel, delivering lower turnover of £12,233,220, a decrease of 9.0%. Inflite Engineering Services Limited turnover decreased by 5.1% to £13,446,031 resulting in an operating loss of £5,544,914. As at 31 March 2025 net assets have decreased to £1,734,417 (2024 - £5,982,234) with no dividends paid in the fiscal year (2024 - £Nil). Due to ongoing financial performance issues, the machining factory at Stansted Airport was closed and moved to Bishops Stortford, to consolidate operations and reduce operating costs. This involved investment of £1.5m and was completed in June 2025, though not without significant disruption to operations and turnover. Inflite MRO Services Limited turnover was maintained at £5,718,829 generating an operating profit of £23,689. At 31 March 2025 net assets were £3,387,641 (2024 - £3,362,455) with no dividends paid in the fiscal year (2024 - £Nil). Hanley Smith Limited turnover increased by 23.4% to £2,195,596 resulting in a gross profit of £1,370,471 and an operating profit of £567,328. At 31 March 2025 net assets were £2,061,714 (2024 - £1,638,255) with no dividends paid in the fiscal year (2024 - £Nil). Inclusive of fiscal 24/25, the group has experienced five years of mixed underlying revenue and profitability performance, compared with the years preceding the Coronavirus (COVID-19) pandemic. This period has been characterised by turbulent economic conditions in the context of the post-Brexit environment, the post-pandemic recovery, and the ongoing war in Ukraine and Middle East conflicts, which continue to adversely affect the global and UK economies. Their impact on the group, its customers and supply chain has affected each subsidiary to a greater or lesser extent. The directors expect Inflite The Jet Centre Limited to experience better results, with the FBO’s trading conditions to remain relatively stable over the next year or so and; the number of large maintenance events for existing capabilities and aircraft in the region is expected to be higher than expected over the forthcoming year. Inflite Engineering Services Limited is expected to see improved trading conditions in the civil aviation manufacturing business over the next one to two years. Trading conditions in both the aviation repair and overhaul businesses, Inflite MRO Services Limited and Hanley Smith Limited is expected to remain relatively stable over the next year or so.
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
There are no plans to fundamentally change the business offering within the group, though the directors are focussed upon investment to continue improvements in and, modernisation of, the group’s operations and customer services, in support of existing trade and organic growth. The directors have, and continue, to undertake all necessary measures to ensure future profitability within each business and across the group. Details on how the group has fostered relationships with suppliers, customers and others can be found within the Group’s Section 172 statement in the Strategic Report on page 2 in accordance with s414C(11) of the Companies Act 2006 as the directors consider this to be of strategic importance to the group.
The group operates in a broad range of aviation engineering activities and seeks to diversify to limit its exposure to changes in demand. The principal challenge is to remain competitive in a global marketplace with continual increases in raw material and utility costs. The directors have maintained a policy of capital investment, to continually improve productivity and to manage its commercial pricing to ensure minimal exposure, whilst remaining competitive. The group does not have significant exposure to exchange fluctuations, as most of its contracts pass such risk onto its customers and its foreign currency holdings provide a natural hedge. The group is relatively robust in the face of general uncertainty related to the UK leaving the European Union and an increase in international trade protectionist policies. The group retains its positive net cash position, with no debt, loans and immaterial asset finance which therefore has minimal exposure to fluctuations in interest rates.
A new subsidiary, Casemasters (Stansted) Limited, was incorporated on 23rd October 2025. Swan Investments Group Holdings Limited holds 100% of the shares in this new entity.
The directors act in good faith, to promote the success of the group for the benefit of its members as a whole. The continuing long-term commitment of the owners of the group favours long-term strategies. The owners of the group focus on the shareholder value both in terms of long-term investment return (the value of the business) and short-term financial performance (profitability and positive cash flows).
Directors make their decisions within the context of the medium and long-term strategies and shareholder expectations on investment return. The core of the group’s businesses is within the aviation sector and the directors approve capital investment to ensure availability of the assets required to deliver the scope and quality requirements of the industry. The directors consider the key stakeholders of the company (in addition to the shareholders) to be its customers, employees, suppliers, and the local economy. The directors are aware that customers and suppliers are an important part of the group’s success. Customers and Suppliers The group maintains strong relationships with its customers and are in constant dialogue to ensure performance levels fulfil our customers’ requirements and ensure the group understands their evolving needs and adapt our services accordingly. We have strong supplier partnerships which ensures that we are in regular communication, and they are aware of our standards and requirements. Our conduct guarantees that we treat all customers and suppliers fairly and we ensure all performance obligations are met, if not exceeded. Throughout our business dealings, we maintain a reputation for high standards of business conduct.
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Others
The group is fully committed to pursuing the best environmental practice and conducting its activities in a way that fully recognises its responsibilities to the environment. Policies to benefit the community include encouraging the use of local suppliers where possible and supporting local charities.
This report was approved by the board on 16 December 2025 and signed on its behalf.
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £4,172,836 (2024 - loss £1,164,248).
No ordinary dividends were paid during the year. The directors do not recommend the payment of any further dividend.
It is the group's strategy to develop beneficial relationships with its key suppliers, which includes agreement of appropriate terms and conditions of supply (whether by standard written terms or individually negotiated contracts) and it is the policy to abide by those terms and conditions, provided that the supplier has also complied with them. Creditor days based on year end trade creditors were 52 (2024 - 46 days).
All subsidiaries within the group are exempt from streamlined energy and carbon reporting.
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The directors who served during the year were:
During the year, where no conflict with the Official Secrets Act arose, the group provided employees with information relevant to their employment and sought their views on matters of common concern through their representatives within the management structure. It is the policy of the group to give full and fair consideration to the employment of disabled people and to support the retention of employees who become disabled during their employment, in so far as the nature of the work will permit, whilst at the same time providing the necessary training with a view to career development and promotion.
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.
This report was approved by the board on
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWAN INVESTMENTS GROUP HOLDINGS LIMITED
We have audited the financial statements of Swan Investments Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 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 Group's or the parent 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.
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWAN INVESTMENTS GROUP HOLDINGS LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWAN INVESTMENTS GROUP HOLDINGS LIMITED (CONTINUED)
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 Group 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
∙Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;
∙We identified the laws and regulations applicable to the company through discussions with directors, and
from our commercial knowledge and experience of the relevant sector;
∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows - Companies Act 2006. FRS 102, Employment legislation and Tax legislation.
∙We assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence.
∙Laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non-compliance throughout the audit.
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWAN INVESTMENTS GROUP HOLDINGS LIMITED (CONTINUED)
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
∙Reviewing the financial statements and testing the disclosures against supporting documentation;
∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
∙Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙Assessing whether judgement and assumptions made in determining significant accounting estimates were
indicative of management bias.
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 be come aware of instances of non-compliance.The risk is also greater regarding irregularities occurring due to a fraud rather than error, as fraud involves intentional concealment, forgery, collusion omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
London
E11 1GA
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 11190277
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 11190277
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 40 form part of these financial statements.
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 11190277
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 40 form part of these financial statements.
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company operates a defined contributions 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 £1,065,656 (2024 - £1,028,483). Contributions totalling £88,095 (2024 - £34,307) were payable to the fund at the balance sheet date and are included in creditors.
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SWAN INVESTMENTS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
On 1 March 2018 as part of a demerger transaction Swan Investments Group Holdings Limited became the parent company of Swan Investments Group Limited and consequently the ultimate parent company with no change in the composition of the external shareholders.
The ultimate controlling party is Mrs P A Stephens by virtue of her holding in the shares of the parent undertaking.
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