One Flight Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 06808702

One Flight Limited

Consolidated Financial Statements

For the year ended

31 May 2025

One Flight Limited

Consolidated Financial Statements

Year ended 31 May 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	6

Consolidated statement of comprehensive income	12

Consolidated statement of financial position	13

Company statement of financial position	14

Consolidated statement of changes in equity	15

Company statement of changes in equity	16

Consolidated statement of cash flows	17

Notes to the consolidated financial statements	18

One Flight Limited

Officers and Professional Advisers

The board of directors	B Winch
	M Crosthwaite
	M Winch
	S Mayo

Company secretary	B Winch

Registered office	Ustun House
	Waddington Way
	Aldwarke
	Rotherham
	South Yorkshire
	S65 3SH

Auditor	Streets Audit LLP
	Chartered accountants & statutory auditor
	Enterprise House
	38 Tyndall Court
	Commerce Road
	Lynch Wood
	Peterborough
	Cambridgeshire
	PE2 6LR

Bankers	HSBC Bank Plc
	HSBC House
	1 Bond Court
	Leeds
	United Kingdom
	LS1 2JZ

One Flight Limited

Strategic Report

Year ended 31 May 2025

The directors present the strategic report for the year ended 31 May 2025.

Principal activity

The group is a market leading designer of candles, fine fragrances and home fashion.

Business review

The directors present their report on the trading performance of the group for the year ending 31 May 2025, which reflects a increase in turnover to £19.3m (2024: £15.3m). The year has resulted in a reported profit for the year before tax of £1.28m (2024: £1.20m). This was in line with the Board's expectations. The overall balance sheet total remains strong at £5.39m (2024: £5.10m). The group's key performance indicators relate to turnover, gross profit margin, stock levels and working capital management. These indicators are monitored regularly and the Board is satisfied with the results for the trading period since the balance sheet date. Looking ahead, the Board is encouraged by the results for the trading period since the balance sheet date and consider the company to be well placed to make the most of the ongoing opportunities during 2025/26.

Principal risks and uncertainties

The principal risks faced by the business include financial risks such as exposure to foreign currency movements and the risk of bad debt, as explained more thoroughly under 'Financial risk management objectives and policies'. Whilst challenges in the macro environment will remain in 2025/26 the business is well placed to manage these pressures and to continue to trade successfully.

Financial risk management objectives and policies

The group holds or issues financial instruments in order to achieve three main objectives, being: - to finance it operations; - to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and - for trading purposes. In addition, various financial instruments (e.g trade debtors, trade creditors, accruals and prepayments) arise directly from the group's operations. Transactions in financial instruments result in the group assuming or transferring to another party one or more of the financial risks as described below;

Interest rate risk

The group is exposed to interest rate risk on bank accounts and bank borrowings.

Credit risk

The group monitors credit risk closely and considers that its current policies of credit checks meets its objective of managing exposure to credit risk. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts where necessary.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest exposure, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Currency risk

The group's principal foreign currency exposure arise from trading with and purchasing from overseas companies, primarily in US Dollars. The group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. The hedging activity involves the use of third party foreign exchange instruments.

Corporate and social responsibility

The group recognises its impact, responsibilities and obligations on and towards its environment. The group employs managers who are tasked with meeting all health, safety and environmental regulations.

This report was approved by the board of directors on 11 January 2026 and signed on behalf of the board by:

B Winch

Director

Registered office:

Ustun House

Waddington Way

Aldwarke

Rotherham

South Yorkshire

S65 3SH

One Flight Limited

Directors' Report

Year ended 31 May 2025

The directors present their report and the Consolidated financial statements of the group for the year ended 31 May 2025 .

Directors

The directors who served the company during the year were as follows:

B Winch
M Crosthwaite
M Winch
S Mayo
M Freedman	(Resigned 23 May 2025)

Dividends

Particulars of recommended dividends are detailed in note 14 to the Consolidated financial statements.

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 33 to the Consolidated financial statements.

Disclosure of information in the strategic report

Director's opinions relating to the principal risks and uncertainties of the bsuiness along with future developments are contained within the strategic report.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the Consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare Consolidated financial statements for each financial year. Under that law the directors have elected to prepare the Consolidated financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the Consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these Consolidated financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the Consolidated 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 enable them to ensure that the Consolidated 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 11 January 2026 and signed on behalf of the board by:

B Winch

Director

Registered office:

Ustun House

Waddington Way

Aldwarke

Rotherham

South Yorkshire

S65 3SH

One Flight Limited

Independent Auditor's Report to the Members of One Flight Limited

Year ended 31 May 2025

Opinion

We have audited the Consolidated financial statements of One Flight Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Consolidated financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 May 2025 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the Consolidated financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the Consolidated financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Consolidated 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the Consolidated 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.

Other information

The other information comprises the information included in the annual report, other than the Consolidated financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the Consolidated 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. In connection with our audit of the Consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Consolidated financial statements or our knowledge obtained in 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 there is a material misstatement in the Consolidated financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

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 Consolidated financial statements are prepared is consistent with the Consolidated financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent 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. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company Consolidated financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the Consolidated financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of Consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Consolidated financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the Consolidated 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 Consolidated 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: 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 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation,data protection, employment, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - inquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the Consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the Consolidated financial statements, including the disclosures, and whether the Consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated Consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

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.

Jonathan Day

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered accountants & statutory auditor

Enterprise House

38 Tyndall Court

Commerce Road

Lynch Wood

Peterborough

Cambridgeshire

PE2 6LR

16 January 2026

One Flight Limited

Consolidated Statement of Comprehensive Income

Year ended 31 May 2025

		2025	2024
Note		£000	£000
Turnover	4	19,297	15,323

Change in stocks of finished goods and in work in progress		1,603	466
Other operating income	5	–	11
		---------	---------
		20,900	15,800

Raw material and consumables		11,696	9,074
Staff costs	8	2,821	2,497
Depreciation and other amounts written off tangible and intangible fixed assets		45	34
Other operating expenses		2,238	1,901
Other external charges		2,690	1,602
Provisions		–	( 490)
		---------	---------
Operating profit	6	1,410	1,182

Other interest receivable and similar income	11	4	24
Interest payable and similar expenses	12	133	19
		---------	---------
Profit before taxation		1,281	1,187

Tax on profit

	13	340	214
		-------	-------
Profit for the financial year and total comprehensive income		941	973
		-------	-------

All the activities of the group are from continuing operations.

One Flight Limited

Consolidated Statement of Financial Position

31 May 2025

	2025	2024
Note	£000	£000

Fixed assets

Tangible assets	16		2,300	2,134

Current assets

Stocks	18	6,293	4,690
Debtors	19	2,665	2,738
Cash at bank and in hand		464	136
		-------	-------
		9,422	7,564

Creditors: amounts falling due within one year	21	6,010		3,676
		-------		-------
Net current assets			3,412	3,888
			-------	-------
Total assets less current liabilities			5,712	6,022

Creditors: amounts falling due after more than one year	22		385	925

Provisions	23	( 1)	–
		-------	-------
Net assets		5,328	5,097
		-------	-------

Capital and reserves

Called up share capital	27	42	52
Share premium account	28	1,761	1,761
Capital redemption reserve	28	10	–
Profit and loss account	28	3,515	3,284
		-------	-------
Shareholders funds		5,328	5,097
		-------	-------

These Consolidated financial statements were approved by the board of directors and authorised for issue on 11 January 2026 , and are signed on behalf of the board by:

B Winch

Director

Company registration number: 06808702

One Flight Limited

Company Statement of Financial Position

31 May 2025

	2025	2024
Note	£000	£000

Fixed assets

Investments	17		4,379	4,379

Creditors: amounts falling due within one year	21	509		238
		----		----
Net current liabilities			509	238
			-------	-------
Total assets less current liabilities			3,870	4,141

Creditors: amounts falling due after more than one year	22	385	925
		-------	-------
Net assets		3,485	3,216
		-------	-------

Capital and reserves

Called up share capital	27	42	52
Share premium account	28	1,761	1,761
Capital redemption reserve	28	10	–
Profit and loss account	28	1,672	1,403
		-------	-------
Shareholders funds		3,485	3,216
		-------	-------

The profit for the financial year of the parent company was £ 979,000 (2024: £ 19,000 loss).

These Consolidated financial statements were approved by the board of directors and authorised for issue on 11 January 2026 , and are signed on behalf of the board by:

B Winch

Director

Company registration number: 06808702

One Flight Limited

Consolidated Statement of Changes in Equity

Year ended 31 May 2025

		Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total
		£000	£000	£000	£000	£000
At 1 June 2023		52	1,761	–	2,311	4,124

Profit for the year					973	973
		----	-------	----	-------	-------
Total comprehensive income for the year		–	–	–	973	973

At 31 May 2024		52	1,761	–	3,284	5,097

Profit for the year					941	941
		----	-------	----	-------	-------
Total comprehensive income for the year		–	–	–	941	941

Dividends paid and payable	14	–	–	–	( 250)	( 250)
Cancellation of subscribed capital		( 10)	–	10	( 460)	( 460)
		----	----	----	----	----
Total investments by and distributions to owners		( 10)	–	10	( 710)	( 710)

		----	-------	----	-------	-------
At 31 May 2025		42	1,761	10	3,515	5,328
		----	-------	----	-------	-------

One Flight Limited

Company Statement of Changes in Equity

Year ended 31 May 2025

		Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total
		£000	£000	£000	£000	£000
At 1 June 2023		52	1,761	–	1,422	3,235

Loss for the year					( 19)	( 19)
		----	-------	----	-------	-------
Total comprehensive income for the year		–	–	–	( 19)	( 19)

At 31 May 2024		52	1,761	–	1,403	3,216

Profit for the year					979	979
		----	-------	----	-------	-------
Total comprehensive income for the year		–	–	–	979	979

Dividends paid and payable	14	–	–	–	( 250)	( 250)
Cancellation of subscribed capital		( 10)	–	10	( 460)	( 460)
		----	----	----	----	----
Total investments by and distributions to owners		( 10)	–	10	( 710)	( 710)

		----	-------	----	-------	-------
At 31 May 2025		42	1,761	10	1,672	3,485
		----	-------	----	-------	-------

One Flight Limited

Consolidated Statement of Cash Flows

Year ended 31 May 2025

		2025	2024
Note		£000	£000
Cash generated from operations	29	992	( 1,328)

Interest paid	( 114)	–
Interest received	4	24
Tax paid	( 535)	( 117)
	----	-------
Net cash from/(used in) operating activities	347	( 1,421)
	----	-------

Cash flows from investing activities

Purchase of tangible assets	( 217)	( 30)
Proceeds from sale of tangible assets	6	–
	----	-------
Net cash used in investing activities	( 211)	( 30)
	----	-------

Cash flows from financing activities

Proceeds from issue of shares classed as financial liabilities	(540)	–
Purchase of own shares	( 460)	–
Interest paid	( 19)	( 19)
Dividends paid	( 250)	–
	-------	-------
Net cash used in financing activities	( 1,269)	( 19)
	-------	-------

Net decrease in cash and cash equivalents		( 1,133)	( 1,470)
Cash and cash equivalents at beginning of year		(158)	1,312
		-------	-------
Cash and cash equivalents at end of year	20	( 1,291)	( 158)
		-------	-------

One Flight Limited

Notes to the Consolidated Financial Statements

Year ended 31 May 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ustun House, Waddington Way, Aldwarke, Rotherham, South Yorkshire, S65 3SH.

2. Statement of compliance

These Consolidated financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

No disclosure exemptions are available under FRS102.

Consolidation

The Consolidated financial statements consolidate the Consolidated financial statements of One Flight Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) are those that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:- Depreciation The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors. Stock provision The directors have applied their knowledge of the operations of the business when reviewing the stock listing at the balance sheet date, and have made appropriate provision for any items deemed to be slow moving or obsolete. Any charge or credit is recognised in the Statement of Income and Retained Earnings. Redeemable preference shares The directors have reviewed the terms attached to the redeemable preference shares and concluded they meet the definition of liability rather than equity and have accounted for them accordingly.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Sale of goods Turnover from the sale of goods is recognised when all risks of the following conditions are satisfied: - the group has transferred the significant risks and rewards of ownership to the buyer; - the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of revenue can be measured reliably; - it is probable that the group will receive the consideration due under the transaction; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably. Where goods are sold under ex-works terms, the group is deemed to have transferred the risks and rewards of ownership to the buyer when goods are packaged, segregated and ready for collection by the buyer, with the buyer being notified that the goods are ready for collection. Provision of services Warehouse and logistics income represents the provision of stock management services for third parties. Invoices are raised weekly in arrears for the period which the company manages this stock. Income is accrued for any services provided but not invoiced in the period. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Exceptional items

Exceptional items are disclosed separately in the Consolidated financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are translated into the functional currency using the group exchange rates set at the start of the year. At each year end foreign currency monetary items are translated using the closing exchange rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value is determined. All foreign exchange gains and losses are presented in the profit and loss account within cost of sales.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant, equipment and vehicles	-	20-33% straight line

Leasehold land and buildings compromise leasehold properties occupied by the company. The directors consider that the leasehold properties are maintained in such a state of repair that their residual value is at least equal to their carrying value. Accordingly no depreciation is charged on the grounds of immateriality. Annual impairment reviews are undertaken and provisions made at the end of each reporting period where necessary. Non-depreciation of the property is a departure from the Companies Act 2006, but in the directors' opinion is necessary to give a true and fair view. The gain or loss arising on disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Investments

Investments in subsidiaries are measured at cost less accumulated depreciation.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Turnover

Turnover arises from:

	2025	2024
	£000	£000
Sale of goods	18,261	14,204
Warehousing and logistics income	1,036	1,119
	---------	---------
	19,297	15,323
	---------	---------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
	£000	£000
United Kingdom	18,991	15,023
Overseas sales	306	300
	---------	---------
	19,297	15,323
	---------	---------

5. Other operating income

	2025	2024
	£000	£000
Government grant income	–	11
	----	----

6. Operating loss

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£000	£000
Gains on disposal of tangible assets	( 5)	–
Impairment of trade debtors	21	11
Foreign exchange differences	296	258
Government grants	–	( 11)
Operating lease charges	535	472
Stock provision	( 123)	( 79)
	----	----

7. Auditor's remuneration

	2025	2024
	£000	£000
Fees payable for the audit of the consolidated financial statements	17	16
	----	----

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Distribution staff	28	24
Administrative staff	45	41
	----	----
	73	65
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£000	£000
Wages and salaries	2,563	2,264
Social security costs	216	194
Other pension costs	42	39
	-------	-------
	2,821	2,497
	-------	-------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£000	£000
Remuneration	363	393
Company contributions to defined contribution pension plans	5	4
	----	----
	368	397
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£000	£000
Aggregate remuneration	83	129
	----	----

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024: 4).

10. Provisions

	Group		Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Property repair provision	–	( 490)	–	–
	----	----	----	----

The directors deem the property repair provision is no longer required and therefore the provision was reversed in the prior year.

11. Other interest receivable and similar income

	2025	2024
	£000	£000
Interest on cash and cash equivalents	4	24
	----	----

12. Interest payable and similar expenses

	2025	2024
	£000	£000
Interest on banks loans and overdrafts	103	–
Other interest payable and similar charges	30	19
	----	----
	133	19
	----	----

13. Tax on profit/(loss)

Major components of tax expense

	2025	2024
	£000	£000

Current tax:

UK current tax income	341	195
Adjustments in respect of prior periods	–	57
	----	----
Total current tax	341	252
	----	----

Deferred tax:

Origination and reversal of timing differences	( 1)	( 38)
	----	----
Tax on profit/(loss)	340	214
	----	----

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is the same as (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£000	£000
Profit on ordinary activities before taxation	1,281	1,187
	-------	-------
Profit on ordinary activities by rate of tax	340	301
Adjustment to tax charge in respect of prior periods	–	57
Effect of expenses not deductible for tax purposes	–	13
Movement in deferred tax not recognised	–	( 157)
	-------	-------
Tax on profit/(loss)	340	214
	-------	-------

14. Dividends

	2025	2024
	£000	£000
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	250	–
	----	----

15. Intangible assets

Group	Goodwill
	£000
Cost
At 1 June 2024 and 31 May 2025	7
	----
Amortisation
At 1 June 2024 and 31 May 2025	7
	----
Carrying amount
At 1 June 2024 and 31 May 2025	–
	----
At 31 May 2024	–
	----

The company has no intangible assets.

16. Tangible assets

Group	Freehold property	Plant, equipment and vehicles	Total
	£000	£000	£000
Cost
At 1 June 2024	2,080	190	2,270
Additions	–	217	217
Disposals	–	( 18)	( 18)
	-------	----	-------
At 31 May 2025	2,080	389	2,469
	-------	----	-------
Depreciation
At 1 June 2024	–	136	136
Charge for the year	–	50	50
Disposals	–	( 17)	( 17)
	-------	----	-------
At 31 May 2025	–	169	169
	-------	----	-------
Carrying amount
At 31 May 2025	2,080	220	2,300
	-------	----	-------
At 31 May 2024	2,080	54	2,134
	-------	----	-------

The company has no tangible assets.

17. Investments

The group has no investments.

Company	Shares in group undertakings
	£000
Cost
At 1 June 2024 and 31 May 2025	4,379
	-------
Impairment
At 1 June 2024 and 31 May 2025	–
	-------

Carrying amount
At 1 June 2024 and 31 May 2025	4,379
	-------
At 31 May 2024	4,379
	-------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Candlelight Products Limited	Ordinary	100

At the year end, Candlelight Products Limited has 5 wholly owned dormant subsidiaries, registered in England and Wales. The authorised and issued share capital of each is 100 ordinary shares of £1, all of which have £nil reserves.

18. Stocks

	Group		Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Finished goods and goods for resale	6,293	4,690	–	–
	-------	-------	----	----

19. Debtors

	Group		Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Trade debtors	2,067	2,143	–	–
Prepayments and accrued income	463	431	–	–
Other debtors	135	164	–	–
	-------	-------	----	----
	2,665	2,738	–	–
	-------	-------	----	----

20. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2025	2024
	£000	£000
Cash at bank and in hand	464	136
Bank overdrafts	( 1,755)	( 294)
	-------	----
	( 1,291)	( 158)
	-------	----

21. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Bank loans and overdrafts	1,755	294	–	–
Trade creditors	2,974	2,454	–	–
Amounts owed to group undertakings	–	–	488	217
Accruals and deferred income	524	483	19	19
Corporation tax	1	195	–	–
Social security and other taxes	743	239	–	–
Other creditors	13	11	2	2
	-------	-------	----	----
	6,010	3,676	509	238
	-------	-------	----	----

The company has access to an import loan facility which is secured by a fixed and floating charge over all of the assets of the group, by way of a cross guarantee.

22. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Shares classed as financial liabilities	385	925	385	925
	----	----	----	----

Disclosure of the terms and conditions attached to the non-equity shares is made in note 27.

23. Provisions

Group	Deferred tax (note 24)
	£000
At 1 June 2024	–
Additions	( 1)
	----
At 31 May 2025	( 1)
	----

The company does not have any provisions.

24. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Included in provisions (note 23)	( 1)	–	–	–
	----	----	----	----

25. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 41,938 (2024: £ 38,298 ) .

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered funds. Contributions totalling £10,600 (2024: £8,000) were payable to the fund at the balance sheet date and are included within other creditors.

26. Government grants

The amounts recognised in the Consolidated financial statements for government grants are as follows:

Group		Company
2025	2024	2025	2024
£000	£000	£000	£000

Recognised in other operating income:

Government grants recognised directly in income	–	11	–	–
	----	----	----	----

27. Called up share capital

Issued, called up and fully paid

2025		2024
No.	£	No.	£

Amounts presented in equity:

Ordinary shares of £ 1 each	41,523	41,523	51,645	51,645
	---------	---------	---------	---------

Amounts presented in liabilities:

Preference shares of £ 1 each	385,000	385,000	925,000	925,000
	----------	----------	----------	----------

The preference shares carry rights to receive fixed cumulative dividends at 2% per annum, payable on 30 June each year. On return of assets on liquidation the payment of liabilities would be applied in the following order; 1) Preference shares - £1 per share plus any arrears of dividends 2) Any remaining balances are distributable to the ordinary shareholders All ordinary shares carry one vote The preference shares have been classified as financial liabilities in line with FRS 102.

28. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

29. Cash generated from operations

	2025	2024
	£000	£000
Profit for the financial year	941	973

Adjustments for:
Depreciation of tangible assets	50	34
Other interest receivable and similar income	( 4)	( 24)
Interest payable and similar expenses	133	19
Gains on disposal of tangible assets	( 5)	–
Tax on profit/(loss)	340	214
Accrued expenses	41	–

Changes in:
Stocks	( 1,603)	( 466)
Trade and other debtors	73	( 492)
Trade and other creditors	1,026	( 1,586)
	-------	-------
	992	( 1,328)
	-------	-------

30. Analysis of changes in net debt

	At 1 Jun 2024	Cash flows	At 31 May 2025
	£000	£000	£000
Cash at bank and in hand	136	328	464
Bank overdrafts	(294)	(1,461)	(1,755)
	----	-------	-------
	( 158)	( 1,133)	( 1,291)
	----	-------	-------

31. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Not later than 1 year	581	217	–	–
Later than 1 year and not later than 5 years	1,921	1	–	–
	-------	----	----	----
	2,502	218	–	–
	-------	----	----	----

32. Other financial commitments

At the balance sheet date, the group had outstanding forward foreign exchange contracts of $4,500,000 (2024: $500,000). The forward exchange contracts to purchase US$ were contracted for at various exchange rates and mature in June 2025. The group settled a H M Revenue and Customs duty deferment bond during the year (2024:£366,550).

One Flight Limited

Notes to the Consolidated Financial Statements (continued)

Year ended 31 May 2025

33. Events after the end of the reporting period

On 10th October 2025 the Company redeemed £360,000 preference shares.

34. Related party transactions

Group

In preparing these financial statements, advantage has been taken of the provision under FRS102 Section 33 which states that disclosure is not required of transactions which are part of the Group, provided that the consolidated financial statements in which the company is included, are publicly available.

35. Controlling party

The group is under the control of M Winch by virtue of his majority shareholding.