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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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OSHKOSH AEROTECH UK LIMITED
COMPANY INFORMATION
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OSHKOSH AEROTECH UK LIMITED
CONTENTS
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OSHKOSH AEROTECH UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
The strategy adopted during the period has been to continually build on the market position.
Turnover has increased by £5,183,575 from prior year and the gross profit percentage has decreased from 25% in the prior year to 24% in the current year. The Company has made a profit before tax of £2,060,856 in the year ended 31 December 2024, compared with a profit before tax of £785,025 in the previous year. The increase was mostly due to an increase in sales. As at 31 December 2024, the Company had net current assets of £5.5m compared to £4.5m in the prior year. Net assets has increased from £5.2m in 2023 to £6.7m in 2024. The Company's cash at bank and in hand was £4,788,655 at the statement of financial position date (2023 - £138,528). The Company's long-term strategy is for global cutting edge design, manufacture, supply and support, for an expanding range of military and commercial aircraft ground support products and services. The directors consider that the future prospects of the Company are satisfactory.
The management of the business and the nature of the Company's strategy are subject to a number of risks.
The directors have set out the Company's principal risks and uncertainties below.
The world wide reputation of the Company's products being such that its expertise is consistently sought domestically and internationally, means that the increasingly stringent regulations under which it operates can sometimes work against maximum efficiency. This is a cost which has to be borne in the interests of maintaining quality products and the safety of personnel.
The Company continues to invest in the quality and design of its products. The directors believe the continued investment in design and development is fundamental to the continuing growth of the business.
The success of the Company is largely dependent upon the availability and retention of skilled employees, the quality of staff being paramount in the selection process.
The Company's business is concerned with manufacturing products and this entails significant health and safety risks. Should Company policy or practice prove inadequate, there is a risk to staff, clients, contractors and third parties. The Company takes these issues very seriously and ensures all staff are trained on health and safety matters, whilst also undertaking regular audits and reviews.
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OSHKOSH AEROTECH UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
To finance its operations the Company uses cash, other liquid resources, borrowings and various other items such as trade debtors and creditors that arise directly from its operations. The main risks and liquidity risk are movements in currency exchange rates. The directors have established the following policies for managing each of these risks, which have remained unchanged.
The Company seeks to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
The Company is exposed to transaction and translation foreign exchange risk, each of which is taken into account in its overseas transactions.
This report was approved by the board on 31 December 2025 and signed on its behalf.
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OSHKOSH AEROTECH UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The Company changed its name from JBT Aerotech UK Limited to Oshkosh Aerotech UK Limited on 13 March 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 judgements and accounting estimates that are reasonable and prudent;
∙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.
No dividends have been paid in the current or prior year.
The directors who served during the year were:
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OSHKOSH AEROTECH UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors recognise that market forces continue to put pressure on prices and margins, but believe that continued investment in the product range, with particular emphasis on quality, design and employing people with the relevant expertise, will enable the company to improve on its market position.
Information relating to events since the end of the year is given in the notes to the financial statements.
In accordance with section 414C (11) of the Companies Act 2006 (Strategic Report and Directors' Report) regulations 2013 the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been set out in the company's strategic report. This includes information that would have been included in the business review and the principal risks and uncertainties.
The auditor, MHA, previously traded through the legal entity Macintyre Hudson LLP. In response to regulatory changes, Macintyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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OSHKOSH AEROTECH UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OSHKOSH AEROTECH UK LIMITED
We have audited the financial statements of Oshkosh Aerotech UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 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.
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OSHKOSH AEROTECH UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OSHKOSH AEROTECH UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.
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.
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.
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OSHKOSH AEROTECH UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OSHKOSH AEROTECH UK LIMITED (CONTINUED)
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 Auditor's 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:
- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud.
- Obtained and reviewed the findings of reports produced by specialists on the compliance with key laws and regulations. - Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred. - Enquiry of entity staff in compliance functions and external advisors to identify any instances of non-compliance with laws and regulations. - Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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.
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 Auditor's Report.
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OSHKOSH AEROTECH UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OSHKOSH AEROTECH UK LIMITED (CONTINUED)
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 Auditor's 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.
for and on behalf of
Statutory Auditor
United Kingdom MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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OSHKOSH AEROTECH UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
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OSHKOSH AEROTECH UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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OSHKOSH AEROTECH UK LIMITED
REGISTERED NUMBER: 01402826
BALANCE SHEET
AS AT 31 DECEMBER 2024
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OSHKOSH AEROTECH UK LIMITED
REGISTERED NUMBER: 01402826
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 28 form part of these financial statements.
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OSHKOSH AEROTECH UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Oshkosh Aerotech UK 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 below: The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to nearest £.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Revenue is recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and benefits of ownership of the product have transferred to the buyer, which may be upon shipment, completion of the product or product being ready for delivery, based upon specific contract terms. Revenue from services is recognised upon completion of the contacted work. Revenue from hire of equipment is recognised in the period to which period of hire relates. In the opinion of the directors, an analysis of turnover by class of business would be significantly prejudicial to the interests of the Company.
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 Oshkosh Corporation as at 31 December 2024 and these financial statements may be obtained from www.investors.oshkoshcorp.com/financials/sec-filings or upon written request to:
1917 Four Wheel Drive, Oshkosh, Wisconsin..
The directors have taken advantage of the exemption in Financial Reporting Standards 102 1.8 - 12 from including a cash flow statement in the financial statements on the grounds that the company is a subsidiary and its ultimate parent publishes a consolidated cash flow statement.
The directors have taken advantage of the exemption in Financial Reporting Standards 102 1.8 - 12 from including a cash flow statement in the financial statements on the grounds that the company is a subsidiary and its ultimate parent publishes a consolidated cash flow statement.
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:
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.
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Expenditure on research and development is written off in the year in which it is incurred.
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at statement of financial position 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.
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company made a profit in the year and has both net current assets and net assets as at 31 December 2024. The Company is reliant on the continued support of its parent undertaking, Oshkosh Corporation. However the Company is considered to be an integral part of the group’s commercial strategy and Oshkosh Corporation has indicated they will continue to provide the necessary financial support, for the Company to continue as a going concern for at least 12 months from the date of signing these financial statements.
After making enquiries and taking into account the factors noted above, the directors have concluded that the Company will have access to adequate resources to continue in existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgements that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Depreciation The Company exercises judgement to determine useful lives and residual values of tangible fixed assets. The assets are depreciated down to their residual values over their estimated lives. Stock valuation The value of work in progress and manufactured finished goods included an element of direct production costs and production overheads. The Company uses an estimated hourly production overhead rate to incorporate overhead costs into work in progress and manufactured finished good. Stock provisions Stock holdings are assessed for indicators of obsolescence at each statement of financial position date. If there is objective evidence of obsolescence, a provision is recognised in the income statement. Impairment of assets Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement. Provisions and contingencies Provisions are recognised when the Company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable. Warranty provision This provision relates to warranty costs and is an estimate and the actual costs and timing of future cash flows based on the level of historical warranty costs, taking into account any other relevant factors and any actual costs incurred after the balance sheet date. The difference between expectations and the actual future liability will be accounted for in the period when such determination is made.
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Deferred taxation (continued)
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Tangible fixed assets (continued)
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Called-up share capital represents the nominal value of shares that have been issued.
The Ordinary shares carry voting rights, rights on winding up, and an entitlement to receive dividends at the discretion of the Company's directors.
Retained earnings represents all curent and prior period retained profits and losses.
The Company operated a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company.
The pension cost charge for the period represents contributions payable by the Company to the fund and amounted to £161,187 (2023: £421,797).
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OSHKOSH AEROTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Oshkosh Corporation was the head of the smallest and largest group in which the results of the Company are consolidated as at 31 December 2024.
Oshkosh Corporation is listed on the New York Stock Exchange. A copy of Oshkosh Corporation consolidated financial Annual Report for the year ended 31 December 2024 on Form 10-K, as filed with the U.S. Securities and Commission, is available at www.investors.oshkoshcorp.com/ financials/sec-filings or upon written request to: 1917 Four Wheel Drive, Oshkosh, Wisconsin.
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