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Registered number: 10370859 (England and Wales) GLOBAL JET CAPITAL SERVICES UK LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
GLOBAL JET CAPITAL SERVICES UK LIMITED
COMPANY INFORMATION
Directors | V Kaushal
| C H Paul
Registered number | 10370859
Registered office | C/O Zedra Booths Park 3 Booths Hall
| Chelford Road
| Knutsford
| Cheshire
| England
| WA16 8GS
Independent auditors | ZEDRA Audit & Assurance (UK) Limited
GLOBAL JET CAPITAL SERVICES UK LIMITED
CONTENTS
| Page
Balance Sheet | 1
Statement of Changes in Equity | 2
Notes to the Financial Statements | 3 - 6
GLOBAL JET CAPITAL SERVICES UK LIMITED REGISTERED NUMBER:10370859
BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | $ |  | $
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 4 | 6,938 |  | 108,045 |
Bank and cash balances |  | 180,046 |  | 62,066 |
|  | 186,984 |  | 170,111 |
Creditors: amounts falling due within one year | 5 | (89,309) |  | (92,619) |
Net current assets |  |  | 97,675 |  | 77,492
Total assets less current liabilities |  |  | 97,675 |  | 77,492
Net assets |  |  | 97,675 |  | 77,492
Capital and reserves |  |  |  |  |
Called up share capital | 6 |  | 100 |  | 100
Profit and loss account |  |  | 97,575 |  | 77,392
|  |  | 97,675 |  | 77,492
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 statement of comprehensive income 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:
C H Paul
Director
Date: 16 April 2026
The notes on pages 3 to 6 form part of these financial statements. Page 1
GLOBAL JET CAPITAL SERVICES UK LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| $ | $ | $
At 1 January 2024 | 100 | 64,117 | 64,217
Comprehensive income for the year |  |  |
Profit for the year | - | 13,250 | 13,250
Currency translation differences | - | 25 | 25
At 1 January 2025 | 100 | 77,392 | 77,492
Profit for the year | - | 7,035 | 7,035
Currency translation differences | - | 13,148 | 13,148
At 31 December 2025 | 100 | 97,575 | 97,675
| The notes on pages 3 to 6 form part of these financial statements.
Page 2
GLOBAL JET CAPITAL SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies
| 1.1 | 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 effects of transactions, such as audit fee expenses and financial statement preparation fees are recognised under the accrual basis of accounting which is when the transaction occurs, or the service is provided and the benefit is provided to the Company. The Company have elected to adopt the US GAAP approach and report the fees in the financial statements in the period the service is performed as opposed to the period in which it relates. In the current year, the Company's presentational currency has changed to US Dollars ('USD' or '$') for consistency with the Group's consolidated financial statements. As a result, the current year and prior year comparative figures are presented in US Dollars. The functional currency remains Pound Sterling ('GBP' or '£'). The following principal accounting policies have been applied:
| 1.2 | Going concern
The Company is in a net asset position. This is due to the Company's business model being solely a transfer pricing agreement with its parent company, Global Jet Capital, Inc., and as such is reliant on the continuous support of that company in order to remain a going concern. The directors have received written confirmation from its parent company that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. Furthermore, the directors have assessed the ability of the parent company to provide this support based on their cashflow forecasts and have concluded that the parent will have sufficient working capital to provide the necessary support. For these reasons, the directors continue to prepare the financial statements on a going concern basis. Page 3
GLOBAL JET CAPITAL SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies (continued)
| 1.3 | Foreign currency translation
Functional and presentation currency The Company's functional currency is GBP. This differs from the presentational currency which is USD. The Company has elected to present its financial statements in USD to align with the Group’s presentation currency and to facilitate comparability with the Group’s consolidated financial statements. 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.
| 1.4 | Change in reporting currency
The entity has changed its reporting currency from GBP to USD with effect from the start of the current financial year. This change has been made to ensure consistency with the Group’s reporting currency, as the Group presents its consolidated financial statements in USD. Comparative figures have been re-presented in USD. Assets and liabilities were translated at the closing rate, income and expenses at average rates, and equity items at historic rates. Translation differences have been recognised in the foreign currency translation reserve. This change affects presentation only and does not impact the entity’s underlying results or cash flows.
| 1.5 | Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rendering of services Turnover is recognised on a cost plus 5% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised 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 intercompany service agreement; and ∙the costs incurred under the intercompany service agreement can be measured reliably. Page 4
GLOBAL JET CAPITAL SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies (continued)
| 1.6 | 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.
| 1.7 | Taxation
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 operates and generates income.
| 1.8 | Debtors
Short term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.
| 1.9 | 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.
| 1.10 | Creditors
Short term creditors are measured at the transaction price.
2. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 17 April 2026 by Edward Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Audit & Assurance (UK) Limited.
3. | Employees
The average monthly number of employees during the year was 1 (2024 - 1). Page 5
GLOBAL JET CAPITAL SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Amounts owed by group undertakings | 2,094 | 101,282
| Prepayments and accrued income | 4,844 | 6,763
|  | 6,938 | 108,045
5. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Corporation tax | 5,827 | 5,199
| Accruals and deferred income | 83,482 | 87,420
|  | 89,309 | 92,619
6. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary Share capital shares of $1.00 each | 100 | 100
7. | Controlling party
Global Jet Capital Inc., is the parent of the parent of the smallest group for which consolidated financial statements are drawn up of which Company is a member. The registered office of the parent company is 83 Wooster Heights Road, Suite 503, Danbury, Connecticut, 06810, USA.
8. | Post balance sheet events
There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.
Page 6