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Registered number: 08505342 AEROSPACE TOOLING CORPORATION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
AEROSPACE TOOLING CORPORATION LIMITED COMPANY INFORMATION
Directors | D D Thorburn
| A N Macleod (resigned 30 April 2025)
| D W Harris (resigned 6 March 2025)
| P A Seath (appointed 15 August 2025)
| K L Mitchell (appointed 30 April 2025)
Registered number | 08505342
Registered office | Charles Lake House
| Claire Caseway
| Crossways Business Park
| Dartford
| Kent
| DA2 6QA
Independent auditor | Barnes Roffe Audit Limited
| Chartered Accountants & Statutory Auditor
| Charles Lake House
| Claire Causeway
| Crossways Business Park
| Dartford
| Kent
| DA2 6QA
Bankers | HSBC
| 39 High Street
| Ashford
| Kent
| TN24 8TG
AEROSPACE TOOLING CORPORATION LIMITED CONTENTS
| Page
Group strategic report | 1
Directors' report | 2 - 3
Independent auditor's report | 4 - 7
Consolidated statement of comprehensive income | 8
Consolidated balance sheet | 9
Company balance sheet | 10
Consolidated statement of changes in equity | 11
Company statement of changes in equity | 11
Consolidated statement of cash flows | 12 - 13
Notes to the financial statements | 14 - 30
AEROSPACE TOOLING CORPORATION LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2025
Introduction
The directors present their strategic report to accompany the financial statements for the year ended 30 June 2025.
Business review
Turnover for the year was 11% lower than the prior year, primarily due to the conclusion of two major programmes of work towards the end of the previous year. This has an impact in the first half of the year but performance strengthened in the second half as the group secured new contracts and finished the year on a much stronger footing. This momentum has continued into the new financial year, and the group expects the recovery to sustain, with turnover returning to previous levels. The lower turnover led to a decrease in gross margin, as the group retained its skilled and loyal workforce in anticipation of the new programmes won. Gross profit percentages improved in the second half of the year reflecting the greater production efficiency. Fixed overheads remained in line with 2024 levels, although savings, particularly energy costs, are expected in the new financial year. With a strong recovery underway and robust performance expected in 2026, the group is confident of delivering strong and positive EBITDA going forward.
Principal risks and uncertainties
The directors regularly monitor and review the key risks of the group. These are considered to relate to: - the ongoing impact of inflation and high energy prices - the efficiency and timeliness of the global suply chain - the increasing cost of finance
Financial key performance indicators
The directors consider that disclosure is not required of any key financial performance indicators for an understanding of the group other than is given by the information within these financial statements. This report was approved by the board and signed on its behalf.
___________________________ P A Seath Director
Date: 5 March 2026
Page 1
AEROSPACE TOOLING CORPORATION LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The directors present their report and the financial statements for the year ended 30 June 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the group's financial statements and then apply them consistently; ∙make judgments 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 group 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the year, after taxation, amounted to £1,389,747 (2024 - loss £361,660). No dividends were voted during the year (2024: £Nil).
Directors
The directors who served during the year were:
D D Thorburn
A N Macleod (resigned 30 April 2025)
D W Harris (resigned 6 March 2025)
K L Mitchell (appointed 30 April 2025)
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company and the group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditor is aware of that information. Page 2
AEROSPACE TOOLING CORPORATION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Auditor
During the year, Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor, Barnes Roffe Audit Limited, was appointed by the directors under s485 Companies Act 2006. This report was approved by the board and signed on its behalf.
___________________________ P A Seath Director
Date: 5 March 2026
Page 3
AEROSPACE TOOLING CORPORATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AEROSPACE TOOLING CORPORATION LIMITED
Opinion
We have audited the financial statements of Aerospace Tooling Corporation Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 our opinion the financial statements: ∙give a true and fair view of the state of the group's and of the parent company's affairs as at 30 June 2025 and of the group's 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.
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 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 financial statements in the United Kingdom, including the Financial Reporting Council'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 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 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 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. Page 4
AEROSPACE TOOLING CORPORATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AEROSPACE TOOLING CORPORATION LIMITED (CONTINUED)
Other information
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.
Opinion 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 Group 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 Group 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 Group 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 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 set out on page 2, the directors are responsible for the preparation of the 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 financial statements that are free from material misstatement, whether due to fraud or error. In preparing the 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. Page 5
AEROSPACE TOOLING CORPORATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AEROSPACE TOOLING CORPORATION LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
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 Group 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 law 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 discussion with directors and other management, and from our commercial knowledge and experience of the construction and hire industry which the company operates in; ∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows; °Companies Act 2006 °FRS102 °Health and Safety legislation °Employment legislation °Tax legislationS °cottish Environmental Protection Agency; and °Control of substances hazardous to health compliant. ∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting relevant correspondence; and ∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non- compliance throughout the audit; and We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: ∙Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud; ∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; ∙Reviewing the financial statements and testing the disclosures against supporting documentation; ∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies; ∙Inspecting and testing journal entries to identify unusual or unexpected transactions; ∙Assessing whether judgement and assumptions made in determining significant accounting estimates, including stock provisions and the useful economic lives of tangible fixed assets, were indicative of management bias; and Page 6
AEROSPACE TOOLING CORPORATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AEROSPACE TOOLING CORPORATION LIMITED (CONTINUED) ∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business. The areas that we identified as being susceptible to misstatement through fraud were: ∙Management bias in the estimates and judgements made; ∙Management override of controls; and ∙Posting of unusual journals or transactions. 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.
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. Mario Cientanni (Senior statutory auditor) for and on behalf of Barnes Roffe Audit Limited Chartered Accountants Statutory Auditor Charles Lake House Claire Causeway Crossways Business Park Dartford Kent DA2 6QA Date: 6 March 2026 Page 7
AEROSPACE TOOLING CORPORATION LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 6,578,960 | 7,391,801
Cost of sales |  | (3,558,991) | (3,714,973)
Gross profit |  | 3,019,969 | 3,676,828
Administrative expenses |  | (4,571,915) | (4,072,243)
Operating loss | 5 | (1,551,946) | (395,415)
Interest receivable and similar income | 9 | 1 | 1,092
Interest payable and similar expenses | 10 | (114,135) | (26,272)
Loss before taxation |  | (1,666,080) | (420,595)
Tax on loss | 11 | 276,333 | 58,935
Loss for the financial year |  | (1,389,747) | (361,660)
Loss for the year attributable to: |  |  |
Owners of the parent company |  | (1,389,747) | (361,660)
|  | (1,389,747) | (361,660)
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 14 to 30 form part of these financial statements.
Page 8
AEROSPACE TOOLING CORPORATION LIMITED REGISTERED NUMBER: 08505342 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 250,728 |  | 656,071
Tangible assets | 13 |  | 1,207,323 |  | 1,377,780
|  |  | 1,458,051 |  | 2,033,851
Current assets |  |  |  |  |
Stocks | 15 | 416,883 |  | 455,824 |
Debtors | 16 | 2,323,899 |  | 2,176,277 |
Cash at bank and in hand | 17 | 254,333 |  | 103,685 |
|  | 2,995,115 |  | 2,735,786 |
Creditors: amounts falling due within one year | 18 | (3,295,061) |  | (1,880,067) |
Net current (liabilities)/assets |  |  | (299,946) |  | 855,719
Total assets less current liabilities |  |  | 1,158,105 |  | 2,889,570
Creditors: amounts falling due after more than one year | 19 |  | (117,889) |  | (212,251)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 22 |  | - |  | (247,356)
Net assets |  |  | 1,040,216 |  | 2,429,963
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 4,000 |  | 4,000
Capital redemption reserve |  |  | 2,854 |  | 2,854
Profit and loss account |  |  | 1,033,362 |  | 2,423,109
Equity attributable to owners of the parent company |  |  | 1,040,216 |  | 2,429,963
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
___________________________ P A Seath
Director
Date: 5 March 2026
The notes on pages 14 to 30 form part of these financial statements. Page 9
AEROSPACE TOOLING CORPORATION LIMITED REGISTERED NUMBER: 08505342 COMPANY BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 14 |  | 8,804,357 |  | 8,804,357
Current assets |  |  |  |  |
Cash at bank and in hand | 17 | 486 |  | 486 |
|  | 486 |  | 486 |
Creditors: amounts falling due within one year | 18 | (62,276) |  | (160,336) |
Net current liabilities |  |  | (61,790) |  | (159,850)
Total assets less current liabilities |  |  | 8,742,567 |  | 8,644,507
Creditors: amounts falling due after more than one year | 19 |  | (8,480,580) |  | (8,018,223)
Net assets |  |  | 261,987 |  | 626,284
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 4,000 |  | 4,000
Capital redemption reserve |  |  | 2,854 |  | 2,854
Profit and loss account |  |  | 255,133 |  | 619,430
|  |  | 261,987 |  | 626,284
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
___________________________ P A Seath
Director
Date: 5 March 2026
The notes on pages 14 to 30 form part of these financial statements. Page 10
AEROSPACE TOOLING CORPORATION LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 July 2023 | 4,000 | 2,854 | 2,784,769 | 2,791,623
Loss for the year | - | - | (361,660) | (361,660)
At 1 July 2024 | 4,000 | 2,854 | 2,423,109 | 2,429,963
Loss for the year | - | - | (1,389,747) | (1,389,747)
At 30 June 2025 | 4,000 | 2,854 | 1,033,362 | 1,040,216
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 July 2023 | 4,000 | 2,854 | 803,228 | 810,082
Loss for the year | - | - | (183,798) | (183,798)
At 1 July 2024 | 4,000 | 2,854 | 619,430 | 626,284
Loss for the year | - | - | (364,297) | (364,297)
At 30 June 2025 | 4,000 | 2,854 | 255,133 | 261,987
Page 11
AEROSPACE TOOLING CORPORATION LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (1,389,747) | (361,660)
Adjustments for: |  |
Amortisation of intangible assets | 405,343 | 580,642
Depreciation of tangible assets | 268,829 | 257,418
Loss on disposal of tangible assets | - | (500)
Interest paid | 114,135 | 26,272
Interest received | (1) | (1,092)
Taxation charge | (276,333) | (58,935)
Decrease in stocks | 38,941 | 6,562
(Increase) in debtors | (118,645) | (652,716)
Increase in creditors | 437,620 | 364,199
Corporation tax received | - | 50,697
Net cash generated from operating activities | (519,858) | 210,887
Cash flows from investing activities |  |
Purchase of intangible fixed assets | - | (132,716)
Purchase of tangible fixed assets | (98,372) | (396,348)
Sale of tangible fixed assets | - | 1,296
Interest received | 1 | 1,092
HP interest paid | (6,345) | (8,993)
Net cash from investing activities | (104,716) | (535,669)
Page 12
AEROSPACE TOOLING CORPORATION LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
New secured loans | 685,000 | 198,000
Repayment of loans | (39,600) | (56,433)
Repayment of/new finance leases | (51,532) | (47,177)
Repayment of former shareholders loan | (98,060) | (213,744)
Interest paid | (107,790) | (17,279)
Net cash used in financing activities | 388,018 | (136,633)
Net (decrease) in cash and cash equivalents | (236,556) | (461,415)
Cash and cash equivalents at beginning of year | (311,445) | 149,970
Cash and cash equivalents at the end of year | (548,001) | (311,445)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 254,333 | 103,685
Bank overdrafts | (802,334) | (415,130)
| (548,001) | (311,445)
The notes on pages 14 to 30 form part of these financial statements.
Page 13
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Aerospace Tooling Corporation Limited is a private company limited by shares and incorporated in England and Wales. Its principal place of business is at Site 4, Piper Street, Baldovie Industrial Estate, Dundee DD4 0NT. The principal activity of the company's subsidiary is the manufacture and repair of turbine components. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 group management to exercise judgment in applying the group's accounting policies (see note 3). The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102. Page 14
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary 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 was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 15
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | Pensions
Defined contribution pension plan The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the group in independently administered funds. Page 16
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.12 | Invoice discounting
The group utilises invoice discounting for its trade debts. The accounting policy is to include trade debtors discounted with recourse within trade debtors due within one year and the returnable element of proceeds is recorded within other creditors due within one year. Invoice discounting fees and interest are charged to the profit and loss account when paid. Bad debts are borne by the group and are charged to the profit and loss account when incurred.
| 2.13 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 17
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.14 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following bases:
|  |  |  | Plant and machinery | - | 10% straight line
|  |  |  | Motor vehicles | - | 25% straight line
|  |  |  | Fixtures and fittings | - | 10/25% straight line
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.
| 2.15 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.16 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the most recent purchase price. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.17 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.18 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management. Page 18
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.19 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.20 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.21 | Financial instruments
The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the group's accounting policies, which are described in Note 2, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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. The areas in the financial statements where these judgements and estimates have been made include the following: 1. The group makes key assumptions regarding the useful economic life of both intangible and tangible fixed assets and this is further described in notes 2.14 and 2.15 respectively. 2. The group makes key assumptions in determining the valuation of intangible fixed assets based on a percentage of staff costs attributable to specific qualifying projects based on an estimate of the time spent working on these projects. 3. The group makes key assumptions in determining a provision for slow moving raw materials based on the date that specific raw materials were last used. 4. The group makes key assumptions in determining the valuation of work in progress using an hourly overhead rate which is calculated based on an estimate of operatives' chargeable hours worked. Page 19
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
4. | Turnover
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Turnover | 6,578,960 | 7,391,801
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 5,563,259 | 5,331,899
| Rest of the world | 1,015,701 | 2,059,902
|  | 6,578,960 | 7,391,801
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 157,148 | 157,728
6. | Auditor's remuneration
| During the year, the group obtained the following services from the company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the company's auditor for the audit of the consolidated and parent company's financial statements | 17,215 | 16,400
| Fees in respect of all other services | 11,335 | 1,918
Page 20
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 3,544,042 | 3,152,021 | 161,377 | 116,926
| Social security costs | 343,003 | 329,700 | - | -
| Cost of defined contribution scheme | 81,878 | 83,640 | - | -
|  | 3,968,923 | 3,565,361 | 161,377 | 116,926
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  |  | 83 | 88 | 3 | 4
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 472,123 | 410,439
| Group contributions to defined contribution pension schemes | 7,596 | 3,313
|  | 479,719 | 413,752
| During the year retirement benefits were not accruing to any directors (2024 - NIL) in respect of defined contribution pension schemes.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 1 | 1,092
Page 21
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 61,399 | 9,966
| Finance leases and hire purchase contracts | 6,345 | 8,993
| Other interest payable | 46,391 | 7,313
|  | 114,135 | 26,272
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | - | 69
| Total current tax | - | 69
| Deferred tax |  |
| Origination and reversal of timing differences | (276,333) | (59,004)
| Total deferred tax | (276,333) | (59,004)
|  | (276,333) | (58,935)
Page 22
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (1,666,080) | (420,595)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (416,520) | (105,149)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 2,169 | 817
| Depreciation for year in excess of capital allowances | 99,917 | 52,422
| Movement in deferred tax provision | (276,333) | (59,004)
| Adjustments to tax charge in respect of prior periods | - | 69
| Profit on disposal of fixed assets | - | (125)
| Unrelieved tax losses carried forward | 314,434 | 52,035
| Total tax charge for the year | (276,333) | (58,935)
| Factors that may affect future tax charges
The group has tax losses carried forward of £1,705,541 (2024 - £659,245) which may be offset against the future trading profits of the entity in which the losses arose. Page 23
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
12. | Intangible assets
| Group and Company
|  | Development expenditure | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 July 2024 | 5,917,764 | 4,708,032 | 10,625,796
| At 30 June 2025 | 5,917,764 | 4,708,032 | 10,625,796
| Amortisation |  |  |
| At 1 July 2024 | 5,261,693 | 4,708,032 | 9,969,725
| Charge for the year on owned assets | 405,343 | - | 405,343
| At 30 June 2025 | 5,667,036 | 4,708,032 | 10,375,068
| Net book value |  |  |
| At 30 June 2025 | 250,728 | - | 250,728
| At 30 June 2024 | 656,071 | - | 656,071
Page 24
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
13. | Tangible fixed assets
| Group
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 July 2024 | 4,180,682 | 49,700 | 553,742 | 4,784,124
| Additions | 39,675 | - | 58,697 | 98,372
| Disposals | (9,376) | - | (411) | (9,787)
| At 30 June 2025 | 4,210,981 | 49,700 | 612,028 | 4,872,709
| Depreciation |  |  |  |
| At 1 July 2024 | 2,955,374 | 13,461 | 437,509 | 3,406,344
| Charge for the year on owned assets | 164,908 | - | 59,976 | 224,884
| Charge for the year on financed assets | 31,520 | 12,425 | - | 43,945
| Disposals | (9,376) | - | (411) | (9,787)
| At 30 June 2025 | 3,142,426 | 25,886 | 497,074 | 3,665,386
| Net book value |  |  |  |
| At 30 June 2025 | 1,068,555 | 23,814 | 114,954 | 1,207,323
| At 30 June 2024 | 1,225,308 | 36,239 | 116,233 | 1,377,780
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 112,947 | 144,467
| Motor vehicles | 23,815 | 36,240
|  | 136,762 | 180,707
Page 25
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 July 2024 | 8,804,357
| At 30 June 2025 | 8,804,357
| Subsidiary undertaking
| The following was a subsidiary undertaking of the company:
| Name | Principal activity | Class of shares | Holding
| Aerospace Tooling Limited | Manufacture and repair of turbine components | Ordinary | 100%
| The registered office of Aerospace Tooling Limited is Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, Kent, DA2 6QA.
15. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 197,385 | 261,106
| Work in progress | 219,498 | 194,718
|  | 416,883 | 455,824
Page 26
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
16. | Debtors
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Trade debtors | 1,221,232 | 1,666,235
| Prepayments and accrued income | 1,073,690 | 510,042
| Deferred taxation | 28,977 | -
|  | 2,323,899 | 2,176,277
17. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 254,333 | 103,685 | 486 | 486
| Less: invoice discounting facility | (802,334) | (415,130) | - | -
|  | (548,001) | (311,445) | 486 | 486
18. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Invoice discounting facility | 802,334 | 415,130 | - | -
| Bank loans | 724,600 | 39,600 | - | -
| Trade creditors | 905,625 | 365,408 | - | -
| Other taxation and social security | 337,136 | 177,892 | - | -
| Obligations under finance lease and hire purchase contracts | 55,288 | 52,058 | - | -
| Other creditors | 470,078 | 829,979 | 62,276 | 160,336
|  | 3,295,061 | 1,880,067 | 62,276 | 160,336
| Bank loans and the invoice discounting facility are secured by way of a fixed and floating charge over all the assets and undertakings of the group. Obligations under hire purchase contracts are secured over the assets to which they relate.
Page 27
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
19. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 95,700 | 135,300 | - | -
| Net obligations under finance leases and hire purchase contracts | 22,189 | 76,951 | - | -
| Amounts owed to group undertakings | - | - | 8,480,580 | 8,018,223
|  | 117,889 | 212,251 | 8,480,580 | 8,018,223
20. | Loans
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 724,600 | 39,600
| Amounts falling due 1-2 years |  |
| Bank loans | 39,600 | 39,600
| Amounts falling due 2-5 years |  |
| Bank loans | 56,100 | 95,700
|  | 820,300 | 174,900
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 55,288 | 52,058
| Between 1-5 years | 22,189 | 76,950
|  | 77,477 | 129,008
Page 28
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
22. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (247,356) | (306,360)
| Tax losses carried forward | 276,333 | 59,004
|  | 28,977 | (247,356)
| The deferred taxation balance is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (296,952) | (338,916)
| Tax losses carried forward | 325,929 | 91,560
|  | 28,977 | (247,356)
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 350,000 (2024 - 350,000) Ordinary A shares of £0.01 each | 3,500 | 3,500
|  | 24,995 (2024 - 24,995) Ordinary D1 shares of £0.01 each | 250 | 250
|  | 25,046 (2024 - 25,046) Ordinary D2 shares of £0.01 each | 250 | 250
|  |  | 4,000 | 4,000
| The company has issued share options where by, holders can exercise in the event of a sale of the company and which if fully exercised would constitute up to 24% of the company's capital at that time. The options are exercisable at par and will expire after 10 years between 1 April 2032 and 6 November 2033. Share options were granted on 6 November 2023 which would constitute up to 7.5% of the company's capital at the time of exercise.
Page 29
AEROSPACE TOOLING CORPORATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
24. | Pension commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £81,178 (2024 - £83,640). Contributions totalling £11,334 (2024 - £16,287) were payable to the fund at the balance sheet date.
25. | Commitments under operating leases
| At 30 June 2025 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 117,155 | 125,895
| Later than 1 year and not later than 5 years | - | 101,260
|  | 117,155 | 227,155
26. | Controlling party
There is no one single controlling party.
Page 30