REGISTERED NUMBER: SC332375 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Islander Aircraft Ltd.

Trading as

Cormack Islander Aircraft

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Miss K Smith

REGISTERED OFFICE:

Cumbernauld Airport

Duncan McIntosh Road

Cumbernauld

Glasgow

G68 0HH

REGISTERED NUMBER:

SC332375 (Scotland)

ACCOUNTANTS:

Clements

Chartered Accountants

39 St Vincent Place

Glasgow

G1 2ER

FIXED ASSETS

Tangible assets

4

351,836

713,657

CURRENT ASSETS

Stocks

200,763

129,318

Debtors

5

268,248

83,574

Cash at bank and in hand

375,655

100,366

844,666

313,258

CREDITORS

Amounts falling due within one year

6

700,326

654,788

NET CURRENT ASSETS/(LIABILITIES)

144,340

(341,530

)

TOTAL ASSETS LESS CURRENT LIABILITIES

496,176

372,127

PROVISIONS FOR LIABILITIES

87,960

117,921

NET ASSETS

408,216

254,206

CAPITAL AND RESERVES

Called up share capital

250

250

Retained earnings

7

407,966

253,956

SHAREHOLDERS' FUNDS

408,216

254,206

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 December 2025 and were signed by:

Miss K Smith - Director

1.	STATUTORY INFORMATION

Islander Aircraft Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts. Revenue is recognised when the company has the right to receive it.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and at varying rates on cost

Stocks

Stocks are valued at the lower of cost and selling price less costs to complete and sell.

Financial instruments

The company only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2024 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

1,039,390

Additions

152,469

Disposals

(485,331

)

At 31 March 2025

706,528

DEPRECIATION

At 1 April 2024

325,733

Charge for year

62,505

Eliminated on disposal

(33,546

)

At 31 March 2025

354,692

NET BOOK VALUE

At 31 March 2025

351,836

At 31 March 2024

713,657

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

218,477

51,201

Other debtors

49,771

32,373

268,248

83,574

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

150,911

30,117

Taxation and social security

139,567

165,153

Other creditors

409,848

459,518

700,326

654,788

Included in other creditors is the director's loan which is unsecured, interest free and repayable on demand.

7.

RESERVES

Retained

earnings

£

At 1 April 2024

253,956

Profit for the year

154,070

Employee ownership trust gifts

(60

)

At 31 March 2025

407,966

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

31.3.25

31.3.24

£

£

G Cormack

Balance outstanding at start of year

(25,000

)

1,158

Amounts advanced

25,000

-

Amounts repaid

-

(26,158

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(25,000

)

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is The Islander Aircraft Ltd Employee Ownership Trust.