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Registered number: 12462839
GTES HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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GTES HOLDINGS LIMITED
COMPANY INFORMATION
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T A Clark (appointed 14 August 2025)
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D M Smith (appointed 31 October 2025)
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I Bartholomew (resigned 6 May 2025)
R Huff (resigned 31 October 2025)
G I Macleod (resigned 14 August 2025)
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Chartered Accountants & Statutory Auditor
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GTES HOLDINGS LIMITED
CONTENTS
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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GTES HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
GTES Holdings Limited is part of the US based, STS Aviation Group founded in 1984.
The STS Aviation Group consists of three global business segments:
1. Material Services: Focused on the sale of new and used materials to the aviation market through an extensive global distribution network including the manufacture, assembly and kitting of specialised aerospace components
2. Maintenance, Engineering & Modification Services: Focused on delivering flightline maintenance and engineering services in support of domestic and international airlines. We offer on-call, through-flight meet & greets, RON maintenance and AOG response teams. In addition, we specialise in major aircraft modification and reconfiguration services at our aircraft hangar that's supported by mobile, fleet modification teams deployed globally.
3. Staffing Services: Focuses on creating, customizing and executing end-to-end workforce management solutions, RPO (Recruitment Process Outsourcing) and MSP (Managed Service Provider) programs for businesses across the aviation / aerospace and defense industries, including in-house needs.
The principal activity of GTES Holdings Limited is that of a holding company. Its subsidiary is STS Engine Services Limited (formerly known as GT Engine Services Limited), which is a trading company.
STS Engine Services Limited maintained high service standards throughout the year, operating within a highly regulated environment and continuing to meet EASA and CAA requirements. Positive audit outcomes were achieved, supported by a continued focus on quality, compliance, and operational discipline. Key initiatives included targeted recruitment, investment in training and development, enhancements to quality assurance processes, and optimisation of workflow within the engine bay. These actions contributed to improved efficiency, reduced turnaround times, and enhanced customer satisfaction.
For the year ended 31 December 2025, STS Engine Services Limited delivered a strong operational and financial performance, reflecting sustained demand for engine maintenance and repair services, alongside continued growth in engine storage and preservation activities at its Stansted facility. Following its acquisition by the Group in May 2024, STS Engine Services Limited has continued to benefit from closer integration within the wider organisation, including access to shared infrastructure, cross-selling opportunities, and operational support.
STS Engine Services Limited' revenue increased by 11% compared to the prior year, driven by higher engine inductions and improved utilisation of the Company’s facilities. STS Engine Services Limited also secured a number of significant contracts during the year, strengthening workload visibility. STS Engine Services Limited continued to invest in its operational capability at Stansted, enhancing its ability to support a range of engine platforms and customer requirements, while maintaining a strong focus on safety, compliance, and continuous improvement.
Looking ahead, the outlook for the engine MRO market remains positive, supported by the continued recovery in global air traffic and increasing demand for life extension, storage, and reconfiguration of mature engine platforms. The Directors consider STS Engine Services Limited to be well positioned to capitalise on these trends, supported by the Group’s global footprint and the Company’s established reputation for technical quality.
The Directors are satisfied with the Company’s performance in 2025 and remain confident in its ability to deliver sustainable growth. Further details on financial results, future developments, and the going concern assessment are set out in the Directors’ Report.
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GTES HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
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There are no risks which have been identified at the Company level other than the investment which is supported by the underlying performance of STS Engine Services Limited and the associated risk management procedures.
Financial key performance indicators
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Financial key performance indicators are not monitored at the Company level. STS Engine Services Limited is subject to various KPIs and targets around service levels and delivery which are monitored closely and allow the Company to maintain the quality of its customer relationships.
This report was approved by the board and signed on its behalf.
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S D Morton
Director
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GTES HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £7,327 (2024 - profit £342,071).
No dividends were paid during the year (18 month period ended 31 December 2024: £370,000). The directors do not recommend payment of a final dividend (2024: £Nil).
The directors who served during the year were:
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T A Clark (appointed 14 August 2025)
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D M Smith (appointed 31 October 2025)
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I Bartholomew (resigned 6 May 2025)
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R Huff (resigned 31 October 2025)
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G I Macleod (resigned 14 August 2025)
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GTES HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Economic impacts of global events
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UK businesses are currently facing many uncertainties such as the changes in US trade policy and the ongoing wars in Ukraine and the Middle East. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
Qualifying third party indemnity provisions
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The ultimate parent undertaking has arranged a third party indemnity policy for the directors.
Disclosure of information to auditors
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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's auditors are 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's auditors are aware of that information.
The Directors have no reason to believe that the company will not continue in operational existence for the foreseeable future. As a result, these financial statements have been prepared on a going concern basis.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The auditors, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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S D Morton
Director
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GTES HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GTES HOLDINGS LIMITED
Opinion
We have audited the financial statements of GTES Holdings Limited (the ‘Company’) for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, 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 FRS 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 Company’s affairs as at 31 December 2025 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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.
Other information
The other information comprises the information included in the Annual report and financial statements, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Strategic Report and Directors' 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.
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GTES HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GTES HOLDINGS LIMITED
Other information (continued)
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.
Opinions 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 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 Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and 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, or returns adequate for our audit have not been received from branches not visited by us; or
∙the 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 3, 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 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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GTES HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GTES HOLDINGS LIMITED
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 financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, the Companies Act 2006.
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgments and assumptions in significant accounting estimates and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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GTES HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GTES HOLDINGS LIMITED
Auditor's responsibilities for the audit of the financial statements (continued)
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 the audit 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.
Paul Kurowski (Senior statutory auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
Second Floor
Three Chamberlain Square
Birmingham
B3 3AX
22 May 2026
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GTES HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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18 month period ended
31 December
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Income from fixed asset investments
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(Loss)/profit for the financial year
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There was no other comprehensive income for 2025 (18 month period ended 31 December 2024: £Nil).
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The notes on pages 12 to 20 form part of these financial statements.
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GTES HOLDINGS LIMITED
REGISTERED NUMBER: 12462839
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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S D Morton
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The notes on pages 12 to 20 form part of these financial statements.
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GTES HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive income for the period
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Profit for the 18 month period
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Contributions by and distributions to owners
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Dividends: Equity capital
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Comprehensive income for the year
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The notes on pages 12 to 20 form part of these financial statements.
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GTES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
GTES Holdings Limited (registered number 12462839) is limited by shares and incorporated in England. The registered office and trading address is Hangar 5 Airport Cargo, Birmingham Airport, Birmingham, B26 3QN.
The principal activity of the company is that of a holding company.
2.Accounting policies
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Basis of preparation of financial statements
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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 management to exercise judgment in applying the Company's accounting policies (see note 3).
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of STS Aviation Europe Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
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Exemption from preparing consolidated financial statements
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The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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GTES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The Board has prepared detailed cash flow forecasts for a period of twelve months post the signing of these financial statements, adjusting key assumptions and also incorporating significant contracts the company has secured.
The budgets have been sensitised for a range of material downside scenarios and stress tested to allow the Board to assess the impact of these scenarios on liquidity. The base case cash flow forecast projects that the business will continue as a going concern as a result of the significant contracts secured which provide sufficient cash headroom to allow the company to continue to meet its liabilities as they fall due.
The Board have concluded that, after due consideration, there is a reasonable expectation that the company has adequate resources to continue for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing these financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP. Monetary amounts in these financial statements are rounded to the nearest £.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price.
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GTES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Basic financial assets
Basic financial assets, which include other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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GTES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the directors believe that there are no critical accounting policies where judgments or estimations are necessarily applied.
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During the year, the Company obtained the following services from the Company's auditors:
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18 month period ended 31 December
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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The average monthly number of employees, including the directors, during the year was as follows:
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18 month period ended
31 December
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Average employees including directors
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GTES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Income from fixed asset investments
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18 month period ended 31 December
2024
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Income from fixed asset investments
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18 month period ended 31 December
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Current tax on profits for the year
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GTES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
7.Taxation (continued)
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Factors affecting tax charge for the year/period
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The tax assessed for the year ended 31 December 2025 is higher than (18 month period ended 31 December 2024 - lower than) the standard rate of corporation tax in the UK of25% (2024 -25%). The differences are explained below:
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18 month period ended 31 December
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes
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Deferred tax not recognised
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Total tax charge for the year/period
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18 month period ended 31 December 2024
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Dividends of £Nil (2024: £3,700) per share declared and paid
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GTES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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STS Engine Services Limited
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Hangar 5 Airport Cargo, Birmingham Airport, Birmingham, B26 3QN
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The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
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STS Engine Services Limited
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GTES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.
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Allotted, called up and fully paid
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100 (2024: 100) Ordinary shares of £1.00 each
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There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.
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Share premium account
The share premium reserve represents the excess over par value received from the issue of equity shares.
Profit and loss account
The profit and loss account includes all current and prior period profits and losses.
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GTES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Contingent liabilities - fixed and floating charges
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At 31 December 2025 there is an unlimited guarantee between the company and STS Aviation Europe Limited, STS Aviation Services UK Limited, STS Engine Services Limited, Apple Aviation Global Limited and MEM Business, LLC in respect of a loan with Blue Owl Capital Corporation.
The instrument creates a fixed charge over material intellectual property and a fixed charge over material real property. The floating charge covers all the property or undertaking of the Company.
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Related party transactions
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The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with fellow group undertakings.
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Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The company's immediate parent undertaking is STS Aviation Europe Limited, a company incorporated in England and Wales. STS Aviation Europe Limited prepares consolidated financial statements which includes this company and are available from Companies House.
The ultimate parent undertaking is STS Aggregator L.P which does not prepare consolidated accounts. The largest undertaking for which group accounts are prepared is STS Parent LLC, a limited liability company registered in the US.
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