Company No: 01636288 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,711,361		1,738,734
Investments	4	200,100		200,100
		1,911,461		1,938,834
Current assets
Debtors	5	96,865		98,785
Cash at bank and in hand		379,866		422,295
		476,731		521,080
Creditors: amounts falling due within one year	6	( 289,330)		( 311,727)
Net current assets		187,401		209,353
Total assets less current liabilities		2,098,862		2,148,187
Creditors: amounts falling due after more than one year	7	( 9,826)		( 44,000)
Provision for liabilities		( 12,500)		( 31,000)
Net assets		2,076,536		2,073,187
Capital and reserves
Called-up share capital	8	69,789		86,059
Share premium account		192,441		192,441
Capital redemption reserve		16,270		0
Other reserves		28,000		28,000
Profit and loss account		1,770,036		1,766,687
Total shareholders' funds		2,076,536		2,073,187

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 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 Air Westward Limited (registered number: 01636288) were approved and authorised for issue by the Board of Directors on 17 December 2025. They were signed on its behalf by:

Miss N A Procter Director

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

Air Westward 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 Dunkeswell Aerodrome, Dunkeswell, Honiton, EX14 4LG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 represents amounts chargeable, net of value added tax in respect of the sale of goods and provision of services in the ordinary course of the company’s activities

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	10 years straight line
Vehicles	4 years straight line
Office equipment	10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	1,929,403		280,751		147,005		13,085		2,370,244
Additions	71,466		566		0		2,298		74,330
Disposals	0		( 36,789)		( 36,437)		( 2,956)		( 76,182)
At 31 March 2025	2,000,869		244,528		110,568		12,427		2,368,392
Accumulated depreciation
At 01 April 2024	318,311		210,843		90,371		11,985		631,510
Charge for the financial year	22,075		8,859		19,892		265		51,091
Disposals	0		( 3,027)		( 19,587)		( 2,956)		( 25,570)
At 31 March 2025	340,386		216,675		90,676		9,294		657,031
Net book value
At 31 March 2025	1,660,483		27,853		19,892		3,133		1,711,361
At 31 March 2024	1,611,092		69,908		56,634		1,100		1,738,734

Included in land and buildings is freehold property.

The land element included within land and buildings is not depreciated.

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	200,100
At 31 March 2025	200,100
Carrying value at 31 March 2025	200,100
Carrying value at 31 March 2024	200,100

The company holds the entire share capital of Devon and Somerset Flight Training Limited and Westward Aviation Limited. The relevant address is the company's registered office as disclosed in Note 1.

5. Debtors

	2025		2024
	£		£
Trade debtors	85,709		87,255
Other debtors	11,156		11,530
	96,865		98,785

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	39,575		39,657
Trade creditors	27,200		68,690
Amounts owed to Group undertakings	56,274		75,494
Amounts owed to directors	58,423		58,423
Accruals and deferred income	11,373		8,908
Taxation and social security	96,385		60,455
Other creditors	100		100
	289,330		311,727

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

	2025		2024
	£		£
Bank loans (secured)	9,826		44,000

Included in the total bank borrowings at the year end is £49,400 (2024: £83,657) on which the following security has been provided:

A legal charge over the freehold property.

£100,000 guarantee provided by the company Devon & Somerset Flight Training Limited (subsidiary company).

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
69,789 Ordinary shares of £ 1.00 each (2024: 86,059 shares of £ 1.00 each)	69,789		86,059

During the year, a company purchase of own shares was undertaken. As a result, 18,270 £1 Ordinary shares were repurchased by the company. This has left a remaining share capital at the year end of 69,789 Ordinary £1 Shares totalling £69,789.