REGISTERED NUMBER: 04401539 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

FIRST AIR LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

DIRECTOR:

D J Woodnutt

SECRETARY:

H M Woodnutt

REGISTERED OFFICE:

Shephard's Crag

11 Y Garreg Lwyd

Llanedi

Swansea

SA4 OZL

REGISTERED NUMBER:

04401539 (England and Wales)

ACCOUNTANTS:

MHA Advisory Limited

Elfed House

Oak Tree Court

Cardiff Gate Business Park

Cardiff

CF23 8RS

FIXED ASSETS

Intangible assets

4

102

119

Tangible assets

5

110,000

73,500

110,102

73,619

CURRENT ASSETS

Debtors

6

4,461

34,429

Cash at bank

457

767

4,918

35,196

CREDITORS

Amounts falling due within one year

7

(64,390

)

(973,128

)

NET CURRENT LIABILITIES

(59,472

)

(937,932

)

TOTAL ASSETS LESS CURRENT LIABILITIES

50,630

(864,313

)

PROVISIONS FOR LIABILITIES

(11,256

)

(11,256

)

NET ASSETS/(LIABILITIES)

39,374

(875,569

)

CAPITAL AND RESERVES

Called up share capital

100

100

Non distributable reserves

110,000

71,000

Retained earnings

(70,726

)

(946,669

)

39,374

(875,569

)

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 his 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 and authorised for issue by the director and authorised for issue on 24 December 2025 and were signed by:

D J Woodnutt - Director

1.	STATUTORY INFORMATION

First Air Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's functional and presentational currency in the financial statements is Sterling (£), rounded to the nearest pound.

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

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 as modified by the revaluation of certain assets.

There have been no departures from Financial Reporting Standard 102.

TURNOVER

Turnover is measured at the fair value of consideration received or receivable excluding value added tax for the hire of aircraft and provision of ancillary services.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of 10 years.

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.

Aircraft

-

10% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are initially measured at cost . After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Aircraft will be included at their fair value at the year end.

Revaluation gains are recognised in income and accumulated in equity and are recognised in profit or loss to the extent that they reverse a revaluation decrease of the same asset previously recognised in profit or loss.

A decrease as a result of a revaluation will be recognised in other comprehensive income to the extent that any previously recognised revaluation increase in respect of that asset but if a revaluation decrease exceeds the revaluation gains accumulated in equity in respect of that asset, the excess is recognised in profit or loss.

FINANCIAL INSTRUMENTS

Basic Financial Instruments are recognised at amortised cost.

TAXATION

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - NIL ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2024

and 31 March 2025

170

AMORTISATION

At 1 April 2024

51

Charge for year

17

At 31 March 2025

68

NET BOOK VALUE

At 31 March 2025

102

At 31 March 2024

119

5.	TANGIBLE FIXED ASSETS

Computer

Aircraft

equipment

Totals

£

£

£

COST OR VALUATION

At 1 April 2024

73,500

1,405

74,905

Revaluations

36,500

-

36,500

At 31 March 2025

110,000

1,405

111,405

DEPRECIATION

At 1 April 2024

and 31 March 2025

-

1,405

1,405

NET BOOK VALUE

At 31 March 2025

110,000

-

110,000

At 31 March 2024

73,500

-

73,500

Cost or valuation at 31 March 2025 is represented by:

Computer

Aircraft

equipment

Totals

£

£

£

Valuation in 2025

110,000

1,405

111,405

If the aircraft had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

238,479

238,479

Aggregate depreciation

238,479

235,979

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

276

-

Amounts owed by group undertakings

2,767

33,397

VAT

1,418

1,032

4,461

34,429

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

11,232

922,889

Other creditors

42,608

43,966

Directors' current accounts

8,946

3,273

Accrued expenses

1,604

3,000

64,390

973,128

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions within the group.

The company is fully owned by Janus Medical Reporting Limited (the parent company)