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Registration number: 03053803

Summit Aviation Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 July 2025

Summit Aviation Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 11

Summit Aviation Limited

Company Information

Directors | Mrs J A Wing Mr B Erridge Mr M W Barton

Registered office | Merlin House Merlin Way Manston Kent CT12 5FE

Summit Aviation Limited

(Registration number: 03053803)
Balance Sheet as at 31 July 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 86,803 | 119,787
Current assets |  |  |
Stocks | 5 | 403,276 | 351,714
Debtors | 6 | 987,854 | 725,620
Cash at bank and in hand |  | 477,583 | 558,091
|  | 1,868,713 | 1,635,425
Creditors: Amounts falling due within one year | 7 | (762,372) | (1,196,239)
Net current assets |  | 1,106,341 | 439,186
Total assets less current liabilities |  | 1,193,144 | 558,973
Provisions for liabilities |  | (15,019) | -
Net assets |  | 1,178,125 | 558,973
Capital and reserves |  |  |
Called up share capital |  | 10,002 | 10,002
Retained earnings |  | 1,168,123 | 548,971
Shareholders' funds |  | 1,178,125 | 558,973

For the financial year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Summit Aviation Limited

(Registration number: 03053803)
Balance Sheet as at 31 July 2025

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:

......................................... Mrs J A Wing Director |  |

Summit Aviation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Merlin House
Merlin Way
Manston
Kent
CT12 5FE

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Revenue is recognised for services in the period in which the services are provided in accordance with the stage of completion of the contract. This is subject to the amount of revenue, costs incurred, future costs to complete and stage of completion can all be measure reliably; and it is probable that the company will receive the consideration.

Other operating income

Other operating income represents rental income receivable and recharges of costs to a related undertaking and third party tenant.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Summit Aviation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Leasehold improvements | straight line over the life of the lease
Fixtures, fittings and equipment | 20% reducing balance
Plant and machinery | 10% straight line
Motor vehicles | 20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Summit Aviation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

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 stock to their present location and condition.
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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Summit Aviation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2024 - 27).

Summit Aviation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

4 | Tangible assets

| Leasehold improvements £ | Fixtures, fittings and equipment £ | Plant and machinery £ | Motor vehicles £ | Total £
Cost or valuation
At 1 August 2024 | 223,207 | 109,809 | 255,439 | 3,000 | 591,455
Additions | - | 9,024 | - | - | 9,024
Disposals | (184,843) | (77,725) | (8,995) | - | (271,563)
At 31 July 2025 | 38,364 | 41,108 | 246,444 | 3,000 | 328,916
Depreciation
At 1 August 2024 | 207,370 | 99,930 | 162,878 | 1,490 | 471,668
Charge for the year | 1,528 | 2,774 | 22,113 | 302 | 26,717
Eliminated on disposal | (175,372) | (72,695) | (8,205) | - | (256,272)
At 31 July 2025 | 33,526 | 30,009 | 176,786 | 1,792 | 242,113
Carrying amount
At 31 July 2025 | 4,838 | 11,099 | 69,658 | 1,208 | 86,803
At 31 July 2024 | 15,837 | 9,879 | 92,561 | 1,510 | 119,787

Summit Aviation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

5 | Stocks

| 2025 £ | 2024 £
Stocks | 403,276 | 351,714

6 | Debtors

| 2025 £ | 2024 £
Trade debtors | 562,298 | 458,781
Prepayments and accrued income | 390,407 | 250,978
Other debtors | 35,149 | 15,861
| 987,854 | 725,620

Summit Aviation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 8 | 208,236 | 60,921
Trade creditors |  | 189,350 | 146,491
Taxation and social security |  | 142,289 | 19,795
Accruals and deferred income |  | 169,676 | 911,258
Other creditors |  | 52,821 | 57,774
|  | 762,372 | 1,196,239

8 | Loans and borrowings

| 2025 £ | 2024 £
Current loans and borrowings
Bank borrowings | - | 37,500
Director's loan account | 208,236 | 23,421
| 208,236 | 60,921

The director's loan account is non-interest bearing and has no formal repayment terms.

Summit Aviation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

9 | Financial commitments, guarantees, contingencies and exceptional items

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £769,604 (2024 - £1,014,170).