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Registered number: 03620905 AIR ATLANTA AVIASERVICES LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
AIR ATLANTA AVIASERVICES LIMITED REGISTERED NUMBER: 03620905 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | $ |  | $
Fixed assets |  |  |  |  |
Tangible fixed assets | 5 |  | 487,467 |  | 518,076
|  |  | 487,467 |  | 518,076
Current assets |  |  |  |  |
Stocks and work in progress |  | 942,715 |  | 650,787 |
Debtors due within 1 year | 6 | 1,176,440 |  | 1,161,495 |
Bank and cash balances |  | 251,538 |  | 199,138 |
|  | 2,370,693 |  | 2,011,420 |
Creditors: amounts falling due within one year | 7 | (676,636) |  | (690,887) |
Net current assets |  |  | 1,694,057 |  | 1,320,533
Total assets less current liabilities |  |  | 2,181,524 |  | 1,838,609
Net assets |  |  | 2,181,524 |  | 1,838,609
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2,619,197 |  | 2,619,197
Profit and loss account |  |  | (437,673) |  | (780,588)
|  |  | 2,181,524 |  | 1,838,609
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Helgi Hilmarsson
Director
Date: 12 March 2026
The notes on pages 2 to 7 form part of these financial statements. Page 1
AIR ATLANTA AVIASERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Air Atlanta Aviaservices Limited is a private company limited by shares and is incorporated in England with the registration number 03620905. The address of the registered office is Unit 2, Meadowbrook Industrial Estate, Maxwell Way, Crawley, RH10 9SA. The financial statements are presented in US Dollars and have been rounded to the nearest $1. 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 requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Foreign currencies
Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. Due to the fact that the majority of the Company's turnover is generated in US Dollars, the Directors consider that the functional currency of the Company is US Dollars.
| 2.3 | Going concern
Management continue to closely monitor the company’s resources. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. Page 2
AIR ATLANTA AVIASERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Turnover recognition
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company 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. Rendering of services Turnover 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 turnover can be measured reliably; ∙it is probable that the Company 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. Some of the company's turnover derives from the sale of stock purchased from fellow group companies. The directors have considered whether or not these are sales made as an agent and have concluded that, despite paying a fixed percentage of the sale to the suppler of the stock, they are not. This judgement has an effect on the turnover and cost of sales figures only.
| 2.5 | Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds. Page 3
AIR ATLANTA AVIASERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | 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, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - | Over the life of the lease
|  |  |  | Plant and machinery | - | 15% - 25% on cost
|  |  |  | Motor vehicles | - | 10% on cost
|  |  |  | Fixtures and fittings | - | 20% - 40% on cost
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.
| 2.8 | 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 cost of purchase on a first in, first out basis. 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. The financial statements include a provision for certain stock items and this amount is a key judgement by management. Due to the nature of the industry and the life span of some aircraft there are also slow moving stock items which management deem not to be impaired due to an expected future demand although this year stock levels have been adjusted so that all stock items older than 2023 have been written off or provided against. Page 4
AIR ATLANTA AVIASERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument. Cash and cash equivalents These comprise cash at bank and other short-term highly liquid bank deposits with an original maturity of three months or less. Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired. Creditors Short term creditors are not interest-bearing and are stated at their transaction price.
3. | Employees
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production | 26 | 25
|  | Administration | 17 | 16
|  |  | 43 | 41
4. | Taxation
Factors that may affect future tax charges The Company has estimated tax losses of approximately $85,000 (2024: $467,200) available for carry forward against future trading profits. Page 5
AIR ATLANTA AVIASERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Tangible fixed assets
|  | Short-term leasehold property | Plant and machinery | Total
|  | $ | $ | $
| Cost or valuation |  |  |
| At 1 January 2025 | 428,222 | 2,036,420 | 2,464,642
| Additions | - | 81,511 | 81,511
| At 31 December 2025 | 428,222 | 2,117,931 | 2,546,153
| Depreciation |  |  |
| At 1 January 2025 | 283,816 | 1,662,750 | 1,946,566
| Charge for the year on owned assets | 44,154 | 67,966 | 112,120
| At 31 December 2025 | 327,970 | 1,730,716 | 2,058,686
| Net book value |  |  |
| At 31 December 2025 | 100,252 | 387,215 | 487,467
| At 31 December 2024 | 144,406 | 373,670 | 518,076
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AIR ATLANTA AVIASERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Trade debtors | 361,174 | 542,269
| Amounts owed by group undertakings | 341,056 | 193,535
| Other debtors | 229,147 | 198,068
| Prepayments and accrued income | 245,063 | 227,623
|  | 1,176,440 | 1,161,495
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Trade creditors | 333,576 | 398,423
| Other taxation and social security | 113,983 | 91,858
| Other creditors | 33,428 | 27,599
| Accruals and deferred income | 195,649 | 173,007
|  | 676,636 | 690,887
8. | Controlling party
During the year the Company had a change in immediate parent company. Up to 28 May 2025 the immediate parent company was Haru Holdings ehf. From 28 May the immediate parent company was Flugfelagid Atlanta ehf. Throughout the year the ultimate parent company was Haru Holdings ehf, a company incorporated in Iceland. Haru Holding ehf prepares consolidated financial statements and copies can be obtained from Hildasmari 3, Kopavogur, Iceland.
9. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 15 March 2026 by James Peach FCA (Senior Statutory Auditor) on behalf of Kreston Reeves Audit LLP.
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