Company registration number 09557856 (England and Wales)
AIRCAMO AVIATION LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
AIRCAMO AVIATION LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
AIRCAMO AVIATION LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
(Unaudited)
31 December 2024
30 June 2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
36,596
-
0
Tangible assets
5
45,508
63,711
82,104
63,711
Current assets
Stocks
-
291,725
Debtors
6
753,025
814,124
Cash at bank and in hand
119,644
589,874
872,669
1,695,723
Creditors: amounts falling due within one year
7
(218,801)
(810,911)
Net current assets
653,868
884,812
Total assets less current liabilities
735,972
948,523
Creditors: amounts falling due after more than one year
8
(5,834)
(20,833)
Provisions for liabilities
(10,927)
(15,434)
Net assets
719,211
912,256
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
719,210
912,255
Total equity
719,211
912,256
AIRCAMO AVIATION LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

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

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

The financial statements were approved by the board of directors and authorised for issue on 19 March 2026 and are signed on its behalf by:
M Sharp
P Wilson
Director
Director
A D'Oultremont
G Van Eycken
Director
Director
Company registration number 09557856 (England and Wales)
AIRCAMO AVIATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Aircamo Aviation Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5, Vista, Stephen Wade Way, Hawarden, Deeside, Wales, CH5 3FN.

1.1
Reporting period

The reporting period has been extended from 30 June 2024 to 31 December 2024. The comparison figures are for a two month period and therefore are not entirely comparable.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future as they have (i) a credible Business Plan and reasonable expectations of market recovery and (ii) the financial support of their shareholders, a.o. immediate parent Sabena Engineering Brussels (registered in Belgium). true Thus, t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

A letter of support has been received by the company setting out this on-going support from the group for a period of at least 12 months from the date of signing of the accounts.

1.4
Turnover

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

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

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

AIRCAMO AVIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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

Development costs
33% on cost
Intellectual Property
20% reducing balance
1.6
Tangible fixed assets

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

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

Plant and equipment
25% reducing balance
Fixtures and fittings
20% reducing balance
Computers
33% on cost
Motor vehicles
25% reducing balance

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

1.7
Impairment of fixed assets

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

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

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

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

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

AIRCAMO AVIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Work in progress is valued at the net realisable value.

1.9
Cash and cash equivalents

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

1.10
Financial instruments

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

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

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

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

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

1.11
Equity instruments

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

AIRCAMO AVIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

AIRCAMO AVIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

(Unaudited)
2024
2023
Number
Number
Total
17
8
4
Intangible fixed assets
Intellectual Property
£
Cost
At 1 July 2023
7,377
Additions
48,277
At 31 December 2024
55,654
Amortisation and impairment
At 1 July 2023
7,377
Amortisation charged for the period
11,681
At 31 December 2024
19,058
Carrying amount
At 31 December 2024
36,596
At 30 June 2023
-
0
AIRCAMO AVIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
140,699
10,098
9,151
2,125
162,073
Additions
-
0
-
0
10,010
-
0
10,010
At 31 December 2024
140,699
10,098
19,161
2,125
172,083
Depreciation and impairment
At 1 July 2023
85,883
5,261
6,748
470
98,362
Depreciation charged in the period
20,556
1,452
5,585
620
28,213
At 31 December 2024
106,439
6,713
12,333
1,090
126,575
Carrying amount
At 31 December 2024
34,260
3,385
6,828
1,035
45,508
At 30 June 2023
54,816
4,837
2,403
1,655
63,711
6
Debtors
(Unaudited)
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
274,692
540,524
Corporation tax recoverable
94,036
-
0
Other debtors
338,144
185,529
Prepayments and accrued income
46,153
86,544
753,025
812,597
Deferred tax asset
-
0
1,527
753,025
814,124
7
Creditors: amounts falling due within one year
(Unaudited)
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
99,929
122,515
Taxation and social security
60,024
234,201
Other creditors
48,848
444,195
218,801
810,911
AIRCAMO AVIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
8
Creditors: amounts falling due after more than one year
(Unaudited)
2024
2023
Notes
£
£
Bank loans and overdrafts
5,834
20,833
9
Operating lease commitments
As lessee

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

(Unaudited)
2024
2023
£
£
Total commitments
147,548
232,401
10
Events after the reporting date

Due to post period end trading losses, the company has entered into an intragroup loan with the immediate parent company for £350,000 to assist with the on-going support of the company. The loan is made under normal market conditions.

The immediate parent company has confirmed a further subscription of share capital of £80,000 and the other shareholders subscribed to a further £20,000.

11
Parent company

The immediate parent company is Sabena Engineering Brussels (registered in Belgium).

T he company is a subsidiary undertaking of Orizio SRL, which is the smallest group in which the company is included and for which consolidated financial statements are prepared.

The registered office of Orizio SRL is 138 Avenue Orban, 1150 Woluwe-Saint-Pierre, Belgium.

AIRCAMO AVIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 10 -
12
Prior period adjustment
Reconciliation of changes in equity
1 May
30 June
2023
2023
Notes
£
£
Adjustments to prior period
WIP
1
-
(276,300)
Trade Debtors
2
-
(173,450)
Taxation
3
-
95,562
Total adjustments
-
(354,188)
Equity as previously reported
1,588,281
1,266,444
Equity as adjusted
1,588,281
912,256
Analysis of the effect upon equity
Profit and loss reserves
-
(354,188)
Reconciliation of changes in profit/(loss) for the previous financial period
2023
Notes
£
Adjustments to prior period
WIP
1
(276,300)
Trade Debtors
2
(173,450)
Taxation
3
95,562
Total adjustments
(354,188)
Profit as previously reported
58,160
Loss as adjusted
(296,028)
Notes to reconciliation
1 WIP

Amendment to the WIP balance for work carried out that became irrecoverable.

2 Trade Debtors

Amendment to the trade debtors balance for turnover which became a bad debt.

3 Taxation

Tax adjustment relating to WIP and t rade d ebtor s amendments.

AIRCAMO AVIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 11 -
13
Audit report information

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

The auditor's report was unqualified but contained the following material uncertainty note.

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the period 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.

Material uncertainty related to going concern

We draw your attention to note 1.3 and note 10, which indicates the company may require ongoing financial support from the parent company and other shareholders, but this support is not legally or contractually binding. This indicates that a material uncertainty exists that may cast doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Conclusion 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.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Senior Statutory Auditor:
Matthew Ryan ACA
Statutory Auditor:
McEwan Wallace Limited
Date of audit report:
19 March 2026
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