Company registration number 10780836 (England and Wales)
SIROM AVIATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
PAGES FOR FILING WITH REGISTRAR
SIROM AVIATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
SIROM AVIATION LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
23,858,794
28,890,820
Current assets
Debtors
6
698,188
288,036
Cash at bank and in hand
2,121,183
930,330
2,819,371
1,218,366
Creditors: amounts falling due within one year
7
(46,202,211)
(44,998,718)
Net current liabilities
(43,382,840)
(43,780,352)
Total assets less current liabilities
(19,524,046)
(14,889,532)
Creditors: amounts falling due after more than one year
8
(1,006,461)
(1,059,432)
Net liabilities
(20,530,507)
(15,948,964)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(20,530,607)
(15,949,064)
Total equity
(20,530,507)
(15,948,964)

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 17 December 2025 and are signed on its behalf by:
Mr P G Hoad
Director
Company registration number 10780836 (England and Wales)
SIROM AVIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
1
Accounting policies
Company information

Sirom Aviation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Portal Way, Axis Business Park, Gillmoss, Liverpool, L11 0JA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Sirom Aviation Limited is a wholly owned subsidiary of T J Morris (Investments) Ltd and the results of Sirom Aviation Limited are included in the consolidated financial statements of T J Morris Group Ltd which are available from T J Morris Group Ltd, Portal Way, Axis Business Park, Gillmoss, Liverpool, L11 0JA.

As Sirom Aviation Limited is a small company it has taken advantage under FRS102 of the exemption from preparing a cash flow statement.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Future financial support will continue to be made available by TJ Morris (Investments) Limited, the parent company and major creditor. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SIROM AVIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
2% reducing balance
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Aircraft
5% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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.

SIROM AVIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SIROM AVIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 5 -
3
Employees
2025
2024
Number
Number
Total
0
0
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Aircraft
Total
£
£
£
£
£
Cost
At 1 July 2024
6,555,806
143,589
63,688
32,008,557
38,771,640
Additions
1,951
-
0
350
-
0
2,301
At 30 June 2025
6,557,757
143,589
64,038
32,008,557
38,773,941
Depreciation and impairment
At 1 July 2024
550,714
103,348
44,638
9,182,119
9,880,819
Depreciation charged in the year
120,141
10,060
4,850
1,141,322
1,276,373
Impairment losses
-
0
-
0
-
0
3,757,955
3,757,955
At 30 June 2025
670,855
113,408
49,488
14,081,396
14,915,147
Carrying amount
At 30 June 2025
5,886,902
30,181
14,550
17,927,161
23,858,794
At 30 June 2024
6,005,092
40,240
19,050
22,826,438
28,890,820
5
Financial instruments
2025
2024
£
£
Carrying amount of financial assets include:
Debt instruments measured at amortised cost
504,986
-
Carrying amount of financial liabilities include:
Measured at amortised cost
47,143,868
45,968,310
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
504,986
-
0
Prepayments and accrued income
193,202
288,036
698,188
288,036
SIROM AVIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 6 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
45,536,935
44,404,618
Taxation and social security
64,804
89,840
Accruals and deferred income
600,472
504,260
46,202,211
44,998,718
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Accruals and deferred income
1,006,461
1,059,432
9
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its loss 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.

Senior Statutory Auditor:
Guy Playfer BA FCA
Statutory Auditor:
Malthouse & Company
Date of audit report:
19 December 2025
SIROM AVIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
11
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
32,000
32,000
Years 2-5
128,000
128,000
After 5 years
2,816,000
2,848,000
2,976,000
3,008,000
12
Related party transactions
Transactions with related parties

The company has taken the advantage conferred under FRS 102 paragraph 33.1A not to disclose transactions with other 100% group companies on the grounds that they are included in the consolidated accounts of T J Morris Group Limited.

During the year the company entered into the following transactions with related parties:

Provision of services
2025
2024
£
£
Mr T.J.Morris
3,426,816
3,161,342
13
Directors' transactions

During the year the company made advances totalling £504,986 to Mr T J Morris. At 30 June 2025 the director's loan account of Mr T J Morris was overdrawn by the same amount.

14
Ultimate controlling party

The ultimate parent company is T J Morris Group Limited, a company registered in England.

The ultimate controlling party is Mr T.J.Morris.

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