REGISTERED NUMBER: 04287335 (England and Wales)

LYDDAIR LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

J M Gordon

Mrs A W Gordon

SECRETARY:

J M Gordon

REGISTERED OFFICE:

82 High Street

Tenterden

Kent

TN30 6JG

REGISTERED NUMBER:

04287335 (England and Wales)

AUDITORS:

GMP Audit Limited, Statutory Auditor

82 High Street

Tenterden

Kent

TN30 6JG

FIXED ASSETS

Tangible assets

4

498

996

CURRENT ASSETS

Debtors: amounts falling due within one year

5

172,299

158,709

Debtors: amounts falling due after more than one year

5

628,526

522,272

Cash at bank and in hand

281,823

133,877

1,082,648

814,858

CREDITORS

Amounts falling due within one year

6

97,098

53,729

NET CURRENT ASSETS

985,550

761,129

TOTAL ASSETS LESS CURRENT LIABILITIES

986,048

762,125

CAPITAL AND RESERVES

Called up share capital

8

100,000

100,000

Share premium

660,000

660,000

Retained earnings

226,048

2,125

SHAREHOLDERS' FUNDS

986,048

762,125

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 Board of Directors and authorised for issue on 30th December 2025 and were signed on its behalf by:

J M Gordon - Director

1.	STATUTORY INFORMATION

LyddAir 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.

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.

Whilst the company has a net asset position at the year end, the company is dependent upon the financial support and trading activity of its fellow group companies and vice versa. The directors of the company are of the opinion that the financial statements should be prepared on a going concern basis as they have reviewed the activities and position of the group as a whole and the companies will continue to provide such financial support to each other as is necessary.

Turnover

Turnover comprises revenues (excluding VAT and similar taxes) from passengers and cargo operations arising in the normal course of business.

Revenues from passenger and cargo operations are recognised when transportation is provided. The value of sales made, for which transportation has not been provided at the year end, is included in creditors falling due within one year. Expired coupons are recognised as revenue on expiry.

Tangible fixed assets

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

Fixtures, fittings and equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

Contributions payable to personal pension schemes are charged to the profit and loss account in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

and

equipment

£

COST

At 1st April 2024

and 31st March 2025

18,319

DEPRECIATION

At 1st April 2024

17,323

Charge for year

498

At 31st March 2025

17,821

NET BOOK VALUE

At 31st March 2025

498

At 31st March 2024

996

5.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

39,920

44,159

Amounts owed by group undertakings

79,244

72,044

Other debtors

53,135

42,506

172,299

158,709

Amounts falling due after more than one year:

Amounts owed by group undertakings

628,526

522,272

Aggregate amounts

800,825

680,981

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

22,370

11,841

Taxation and social security

3,857

2,612

Other creditors

70,871

39,276

97,098

53,729

7.	SECURED DEBTS

The company has given an unlimited composite company guarantee for all group companies.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100,000

Ordinary

1

100,000

100,000

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Appleyard FCA (Senior Statutory Auditor)

for and on behalf of GMP Audit Limited, Statutory Auditor

10.	CONTINGENT LIABILITIES

The company has a guarantee dated 15 January 2010 in favour of HSBC Merchant Services LLP for £27,000 (2024 - £27,000).

11.	OTHER FINANCIAL COMMITMENTS

The company has agreed to provide financial assistance to its fellow group companies.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2025

2024

£

£

J M Gordon

Balance outstanding at start of year

-

(784

)

Amounts advanced

9,660

784

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,660

-

The loan to the director is interest free and fully repayable on demand.

13.	RELATED PARTY DISCLOSURES

Lyddair Limited is part of a group in which the ultimate parent company is Atlantic Bridge Aviation Limited, a company registered in the UK. At the year end Atlantic Bridge Aviation Limited owed the company £379,987 (2024: £269,678), which is interest free as are all the intercompany loans.

South East Airports Limited, which is a group company, owed £327,783 to the company (2024: £324,638).

The company has claimed exemption from disclosing detailed related party transactions as all the above companies are all wholly owned subsidiaries in the group.

14.	INTANGIBLE ASSETS

The company has an intangible asset, being an Aircraft Operator Certificate (AOC), which is not recognised in the accounts as the value of the asset cannot be measured reliably.