ACCOUNTS - Final Accounts

The company’s activities relate to the aerospace industry, which by its nature is international. The directors have chosen not to disclose the the split between geoprahical markets on the basis that it would be seriously prejudicial to the interests of the Company.

An analysis of turnover by class of business is as follows:

Registered number: 02491194

INFLITE THE JET CENTRE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

INFLITE THE JET CENTRE LIMITED

COMPANY INFORMATION

Directors	P M Monksfield
	P A Stephens
	W C Stephens


Company secretary	L V Ellis


Registered number	02491194


Registered office	Inflite House Hanger 6
	Stansted Airport
	Stansted
	Essex
	CM24 1RY


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants Statutory Auditor
	Leytonstone House
	3 Hanbury Drive
	London
	E11 1GA

INFLITE THE JET CENTRE LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 7
Statement of income and retained earnings	8
Balance sheet	9
Notes to the financial statements	10 - 23

INFLITE THE JET CENTRE LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors present their strategic report for the year ended 31 March 2025.

Principal ativitity

The principal activity of the company has been that of aircraft handling and maintenance support services.

Business review

The Statement of income and retained earnings is set out on page 8 of the financial statements. Turnover for the year totalled £26,372,551 a decrease of 26.6% on the prior year, delivering an operating loss of £25,614. At 31 March 2025 net assets were £9,568,112 (2024 - £9,569,658) with no dividend payment made in the fiscal year (2024 - £Nil). The Fixed Based Operations (FBO) delivered consistent execution on record turnover of £14,139,331, an increase of 37.2% on prior year. The aircraft maintenance division experienced continued losses underpinned by disrupted maintenance events due to availability of materials and personnel, delivering turnover of £12,233,320, a decrease of 9.0%.

As permitted by s.400 of the Companies Act 2006, the company has taken exemption from the requirement to prepare consolidated financial statements as it is a wholly owned subsidiary of its ultimate parent, Swan Investment Group Holdings Limited.

Principal risks and uncertainties

The company seeks to broaden its customer base and capabilities to limit its exposure to changes in demand. The principal challenge is to remain competitive in a global marketplace with continual increases to input costs. The prime objective is to focus upon maintenance quality and customer service and to achieve appropriate commercial returns from its future business. The company does not have significant exposure to exchange fluctuations, as the majority of its contracts pass such risk to its customers and its foreign currency holdings provide a natural hedge. The company retains a positive net cash position, with no debt, loans and immaterial asset finance which therefore has minimal exposure to fluctuations in interest rates which remain at historically low levels.

This report was approved by the board on 16 December 2025 and signed on its behalf.

L V Ellis

Secretary

Page 1

INFLITE THE JET CENTRE 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.

Directors' responsibilities statement

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 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 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.

Results and dividends

The loss for the year, after taxation, amounted to £1,546 (2024 - profit £1,352,682).

The directors do not recommend the payment of any further dividend.

Directors

The directors who served during the year were:

P M Monksfield

P A Stephens

W C Stephens

Page 2

INFLITE THE JET CENTRE LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditors

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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

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 16 December 2025 and signed on its behalf.

L V Ellis

Secretary

Page 3

INFLITE THE JET CENTRE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFLITE THE JET CENTRE LIMITED

Opinion

We have audited the financial statements of Inflite The Jet Centre Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of income and retained earnings, the Balance sheet 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 31 March 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.

Basis for opinion

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

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.

Page 4

INFLITE THE JET CENTRE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFLITE THE JET CENTRE LIMITED (CONTINUED)

Other information

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.

Opinion on other matters prescribed by the Companies Act 2006

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

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

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 5

INFLITE THE JET CENTRE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFLITE THE JET CENTRE LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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:

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, Tax legislation, and a number of industry specific laws and regulations imposed by civil.authorities and ISO regulators;

∙We assessed the extent of the compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

∙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.

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining 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;

∙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; and

∙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 become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 6

INFLITE THE JET CENTRE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFLITE THE JET CENTRE LIMITED (CONTINUED)

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.

Use of our 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.

Gary Leonard (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA

16 December 2025

Page 7

INFLITE THE JET CENTRE LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	4	26,372,551	35,947,270
Cost of sales		(18,571,849)	(25,990,653)
Gross profit		7,800,702	9,956,617
Administrative expenses		(7,826,316)	(8,179,992)
Operating (loss)/profit	5	(25,614)	1,776,625
Interest receivable and similar income	9	42,777	48,977
Interest payable and similar expenses	10	(516)	(416)
Profit before tax		16,647	1,825,186
Tax on profit	11	(18,193)	(472,504)
(Loss)/profit after tax		(1,546)	1,352,682



Retained earnings at the beginning of the year	9,452,496	8,099,814
(Loss)/profit for the year	(1,546)	1,352,682
Retained earnings at the end of the year	9,450,950	9,452,496

The notes on pages 10 to 23 form part of these financial statements.

Page 8

INFLITE THE JET CENTRE LIMITED

REGISTERED NUMBER: 02491194

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	12		1,952,052		1,602,702
Investments	13		200		200
			1,952,252		1,602,902
Current assets
Stocks	14	942,886		934,835
Debtors: amounts falling due within one year	15	9,935,591		11,968,680
Cash at bank and in hand	16	2,528,389		3,390,718
		13,406,866		16,294,233
Creditors: amounts falling due within one year	17	(5,217,737)		(7,640,609)
Net current assets			8,189,129		8,653,624
Total assets less current liabilities			10,141,381		10,256,526
Provisions for liabilities
Deferred tax	18	(388,713)		(268,382)
Other provisions	19	(184,556)		(418,486)
			(573,269)		(686,868)
Net assets			9,568,112		9,569,658

Capital and reserves
Called up share capital	20	2	2
Revaluation reserve		117,160	117,160
Profit and loss account		9,450,950	9,452,496
		9,568,112	9,569,658

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2025.

P A Stephens

Director

The notes on pages 10 to 23 form part of these financial statements.

Page 9

INFLITE THE JET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Inflite The Jet Centre Limited ("the Company") is a private Company limited by shares domiciled and incorporated in England and Wales. The registered office is Inflite House Hanger 6, Stansted Airport, Stansted Essex, CM24 1RY.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Swan Investments Group Holdings Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.4

Going concern

The directors have prepared forecast information which considers domestic and foreign economic conidtions and their potential impact on the company. The forecasts consider a period of at least 12 months and indicate the the company has appropriate headroom in its available working capital.

The directors therefore have a reasonable expectation that the company possesses adequates resources going forward and have continued to adopt a going concern basis in preparing the financial statements.

Page 10

INFLITE THE JET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency 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'.

2.6

Revenue

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:

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.

Revenue from maintenance services is recognised by reference to the stage of completion of the contract determined by the value of the services provided at the balance sheet date as a proportion of the total value of the engagement. Maintenance services provided to the client which at the balance sheet date have not been billed have been recognised as turnover and are included in debtors as accrued income.

Page 11

INFLITE THE JET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.7

Interest income

Interest income is recognised in the Statement of comprehnsive income using the effective interest method.

2.8

Finance costs

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.

2.9

Pensions

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.

2.10

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Page 12

INFLITE THE JET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.11

Current and deferred taxation

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.

2.12

Tangible fixed assets

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 13

INFLITE THE JET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.12

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery	-	10%
Fixtures, fittings, tools and equipment	-	20 - 33%
Motor vehicles	-	25%

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.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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.

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.17

Creditors

Short-term creditors are measured at the transaction price.

Page 14

INFLITE THE JET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.18

Provisions for liabilities

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.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The Directors make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(a) Stock provision

Provisions are made for items of stock which have become obsolete in the day to day running of the Company, namely if they have not been used for more than two years prior to the year end. The stock is reviewed on a regular basis by the directors and provisions are made when necessary.

(b) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful
economic lives and residual values of the assets. The useful economic lives and residual values are
reassessed annually. They are amended when necessary to reflect current estimates, based on
technological advancement, future investments, economic utilisation and the physical condition of the
assets. See note 6 for the carrying amount of the property, plant and equipment, and note 2.8 for the
useful economic lives for each class of asset.

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INFLITE THE JET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Aircraft maintenance	12,233,220	13,438,249
FBO services	14,139,331	22,509,021
	26,372,551	35,947,270

Depreciation	370,069	305,612
Operating lease rentals	1,234,548	1,343,086
Profit on sale of tangible fixed assets	-	(1,193)
Foreign exchange losses/(gains)	32,070	(17,556)
	(1,572,547)	(1,665,061)

Fees payable to the auditor's for the audit of the Company's financial statements

10,590

10,250

The auditors' remuneration and expenses are borne by the group management company. The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

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INFLITE THE JET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Wages and salaries	5,491,180	5,096,171
Social security costs	548,046	505,600
Other pension costs	415,129	372,148
	6,454,355	5,973,919

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Administration	41	38
Other	64	66

	105	104

8.	Directors' remuneration
		2025	2024
		£	£

	Directors' emoluments	324,344	318,911

9.	Interest receivable and similar income
		2025	2024
		£	£

Bank interest

42,777

48,977

10.	Interest payable and similar expenses
		2025	2024
		£	£

On hire purchase contracts

516

416

Page 17

INFLITE THE JET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Corporation tax
Current tax on profits for the year	(102,031)	379,647
Adjustments in respect of previous periods	(107)	-

	Deferred tax
	Origination and reversal of timing differences	120,331	92,857

18,193

472,504

Profit on ordinary activities before tax

16,647

1,825,186

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	4,162	456,297
Effects of:
Expenses not deductible for tax purposes	3,165	5,291
Capital allowances for year in excess of depreciation	(110,562)	(82,728)
Unpaid pension cost	1,204	975
Over provision in the prior year	(107)	(9,780)
Deferred tax movement	120,331	92,874
Other differences leading to an increase (decrease) in the tax charge	-	9,575
Total tax charge for the year	18,193	472,504

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Fixtures, fittings, tools and equipment	Total
	£	£	£	£
Cost or valuation
At 1 April 2024	3,953,831	104,135	3,470,564	7,528,530
Additions	613,173	3,600	102,646	719,419
At 31 March 2025	4,567,004	107,735	3,573,210	8,247,949
Depreciation
At 1 April 2024	2,633,772	103,513	3,188,543	5,925,828
Charge for the year on owned assets	267,679	1,575	100,815	370,069
At 31 March 2025	2,901,451	105,088	3,289,358	6,295,897
Net book value
At 31 March 2025	1,665,553	2,647	283,852	1,952,052
At 31 March 2024	1,320,059	622	282,021	1,602,702

13.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2024	200
	At 31 March 2025	200

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

	Excellence Aviation Services Limited	Inflite House, Stansted Airport, Stansted, Essex, CM24 1RY	Aviation maintenance and support services	Ordinary	100%
	Excellence Aviation Limited	Inflite House, Stansted Airport, Stansted, Essex, CM24 1RY	Aircraft management Services	Ordinary	100%

14.	Stocks
		2025	2024
		£	£

Work in progress	834,462	764,429
Goods for resale	108,424	170,406
	942,886	934,835

15.

Debtors

					2025	2024
					£	£


Trade debtors	3,140,706	2,439,205
Amounts owed by group undertakings	1,356,378	1,200,273
Other debtors	268,048	557,056
Prepayments and accrued income	5,170,459	7,772,146
	9,935,591	11,968,680

16.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	2,528,389	3,390,718

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INFLITE THE JET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Deposits received on account	1,408,696	2,766,728
Trade creditors	2,554,279	3,225,945
Amounts owed to group undertakings	2,500	589,416
Other creditors including taxation and social security	215,986	178,030
Obligations under finance lease and hire purchase contracts	299	299
Accruals and deferred income	1,035,977	880,191
	5,217,737	7,640,609

18.	Deferred taxation

	2025	2024
	£	£

At beginning of year	268,382	175,525
Utilised in year	120,331	92,857
At end of year	388,713	268,382

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances

388,713

268,382

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

19.	Provisions

		Dilapidation provision
		£

	At 1 April 2024	418,486
	Utilised in year	(233,930)
	At 31 March 2025	184,556

During the year there was £233,930 utilised (2024 - £28,133 utilised) in respect of dilapidations provision. The dilapidation provision exists over leasehold property of the business in relations to a present obligation for the expected future repairs and renovations costs to property.

20.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

2 (2024 - 2) Ordinary shares of £1.00 each	2	2

The ordinary share prescribe the right to attend and vote at any general meetings, to receive dividends and participate in distribution on winding up of the company.

21.	Pension commitments

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 £415,129 (2024 - £372,148). Contributions totalling £35,978 (2024 - £31,162) were payable to the fund at the balance sheet date and are included in creditors.

22.	Commitments under operating leases
	At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

The Company rents the properties that it operates in from Casemasters. It was confirmed that there was no formal agreement with respect to the lease properties. Therefore legally there is no commitment in place and no commitments have been disclosed in the financial statements.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

23.	Related party transactions
	In accordance with FRS102 the company has not disclosed transactions with wholly owned members of the group. No gaurantees have been given or received during the period.

24.	Controlling party

The immediate parent undertaking is Swan Investment Group Limited, a Company incorporated in United Kingdom and registered in England and Wales and registered address of Inflite House, Stansted Airport, Stansted, Essex, CM24 1RY.

The ultimate parent company is Swan Investments Group Holdings Limited, a company incorporated in Great Britain, registered in England and Wales and registered address of Inflite House, Stansted Airport, Stansted, Essex, CM24 1RY. Swan Investments Group Holdings Limited prepares the consolidated financial statements incorporating the results of the company, which are available to the public and may be obtained from Companies House.

The ultimate controlling party is Mrs P A Stephens by virtue of her holding shares of the parent undertaking.

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