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Registered number: 12204358
STS AVIATION EUROPE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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STS AVIATION EUROPE LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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STS AVIATION EUROPE LIMITED
CONTENTS
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Independent Auditor's Report
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Consolidated Analysis of Net Debt
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Notes to the Financial Statements
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STS AVIATION EUROPE LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
STS Aviation Europe 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 hangars that are 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 defence industries, including in-house needs.
In 2025, STS Aviation Group (STS) continued to successfully execute its strategy for targeted growth across its core sectors, including Civil Aviation, Defence, and major modification and conversion programmes. The business secured a combination of long-term contracts and higher-margin ad-hoc work, further strengthening its market position.
STS continued to provide maintenance services to leading UK and European airlines throughout the year.
The Civil business unit delivered increased volumes in 2025 compared with 2024, with both the Manchester and Newquay facilities experiencing higher throughput. Manchester, in particular, continued to expand its skilled workforce in support of the growing Boeing 777 passenger-to-freighter conversion programme. The first two converted aircraft are scheduled for delivery in 2026.
Across the Civil business, further developments were made in data analytics capabilities to enhance operational monitoring and performance improvement, with additional enhancements planned for 2026.
The Line Maintenance business continued to operate in a challenging environment during 2025, and these market conditions are expected to persist into 2026.
For the Defence business, 2025 represented a significant year of transition. The Birmingham facility was successfully repurposed from a mixed Civil and Defence operation into a dedicated Defence facility, alongside the commencement of a new long-term conversion programme. A key milestone was also achieved with the maiden flight of the UK’s first Boeing E-7 aircraft.
With regard to colleagues and employee engagement, several new initiatives are planned for rollout in 2026, with employee retention remaining a key strategic focus. A new employee engagement survey will be conducted during the year, supported by the introduction of further engagement programmes. STS has also strengthened its in-house talent acquisition capability by leveraging expertise from across the wider STS Group. This has enabled other teams to focus more effectively on employee development and welfare initiatives.
Notwithstanding the challenges faced during 2025, STS delivered a strong year of operational performance and remains well positioned for the future despite ongoing geopolitical instability in Eastern Europe, the Middle East, and wider global political uncertainty.
Principal risks and uncertainties
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A key consideration for the Group is the general economic climate, attraction of skilled labour, increasing costs, such as energy and costs of employment, Global conflict, staff retention and global economic stability.
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STS AVIATION EUROPE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
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The Director is satisfied with the results for the year. Sales revenues amounted to £73,314,327 (2024: £53,722,352) an increase of 36.5% against the prior year. Operating loss amounted to £10,893,986 (2024: operating loss £24,383,760).
No interim dividend was paid during the year (2024: £Nil). The Director does not recommend the payment of a final dividend in respect of the current year (2024: £Nil).
Other key performance indicators
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The Company is subject to various KPI’s and targets around service levels and delivery which are monitored closely and allow the Company to maintain the quality of its customer relationships.
Director's statement of compliance with duty to promote the success of the Group
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S172(1) (A) The likely consequences of any decision on the long term
The Director understands the business and the evolving environment in which we operate, including the challenges of navigating through the aviation industry regulating environment. The strategy of the Board is intended to strengthen our position as one of the leading independent MRO’s and to ensure that we achieve future growth by expanding in to additional service lines including passenger to freight conversions.
S172(1) (B) The interests of the Company’s employees
The Director recognises that the Company’s employees are fundamental and core to our business and delivery of our strategic ambitions. The success of our business depends on attracting, retaining and motivating employees. From ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment, the Director factors the implications of decisions on employees and the wider workforce, where relevant and feasible.
S172(1) (C) The need to foster the Company’s business relationships
Delivering our strategy requires strong mutually beneficial relationships with suppliers and customers. The Company seeks the promotion and application of certain general principles in such relationships. When deciding whether to conduct business with such partners, the Company carefully considers the nature of the relationship, our ability to meet our obligations and the standards and behaviour that should apply.
The Company seeks to operate with suppliers that meet certain commercial and ethical standards. As an ISO9001 approved business all suppliers are subject to an evaluation and approval process.
S172(1) (D) The impact of the Company’s operations on the community and the environment
Environmental, social and corporate governance (ESG) is extremely important to the Company. The Company has an ESG agenda, which includes environmental, societal and workforce engagement performance indicators.
This report was approved by the board and signed on its behalf.
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STS AVIATION EUROPE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Director presents his report and the financial statements for the year ended 31 December 2025.
Director's responsibilities statement
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The Director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has 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 Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements 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 Group will continue in business.
The Director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group 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 £9,451,973 (2024 - loss £20,267,139).
The Director did not recommend the payment of dividend in the year (2024: £Nil).
The director who served during the year was:
Engagement with employees
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The Director supports the participation of employees in the activities of the Group, encourages employees to become involved in the pursuit of safety, efficiency and high performance, and provide employees with regular communication on the Group's plans, performance and figures.
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STS AVIATION EUROPE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person.
Where existing employees become disabled, it is the Group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees where appropriate.
Qualifying third party indemnity provisions
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The Group has arranged a third party indemnity policy for its Director and the Directors of the subsidiary undertakings.
Streamlined Energy and Carbon Reporting
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STS Aviation Services falls under the scope of the UK Streamlined Energy and Carbon Reporting (SECR) framework. Emissions reported here comply with the Department for Business, Energy and Industrial Strategy (BEIS) The Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Reporting) Regulations 2018.
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Energy consumption used to calculate emissions: /kWh
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Emissions from combustion of gas (Scope 1)/tCO2e
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Emissions from combustion of fuel for transport purposes (Scope 1)/tCO2e
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Emissions from combustion of electricity (Scope 2)/tCO2e
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Emissions from business travel in rental cars or employee owned vehicles where company is
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responsible for purchasing the fuel (Scope 3)/tCO2e
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Intensity ratio: tCO2e (gross) per £1,000 turnover
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Quantification and reporting methodology
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We have followed to 2029 HM Government Environmental Reporting Guidelines. We have used the CHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government’s Conversion Factors for Company Reporting.
Intensity Measurement
The chosen intensity measurement ratio is total gross emissions in tonnes of CO2e per £1,000 turnover.
Our Journey to Net Zero
STS Aviation Services UK Limited is committed to reaching Net Zero before 2040.
In doing so STS Aviation is pursuing a range of methods to reduce direct and indirect emissions including a target of 50% of the fleet will be electric/hybrid, LED lighting and other energy efficiency measures along with reviews of the viability of solar power across the hangar facilities.
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STS AVIATION EUROPE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Matters covered in the Group Strategic Report
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A discussion of the Group's financial performance, financial position, future developments, risk management and key performance indicators have been disclosed in the Group Strategic Report.
Disclosure of information to auditor
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The Director at the time when this Director's Report is approved has confirmed that:
∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and
∙he 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 and the Group's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Group since the year end.
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 following the signing of these financial statements, adjusting key assumptions and also incorporating significant contracts the Group 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 Group 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 Group 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.
The auditor, 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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STS AVIATION EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STS AVIATION EUROPE LIMITED
Opinion
We have audited the financial statements of STS Aviation Europe Limited (the ‘parent Company’) and its subsidiaries (the ‘Group’) for the year ended 31 December 2025 which comprise Consolidated Statement of Comprehensive Income, the Consolidated and Company Statements of Financial Position, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows 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 Group's and of the parent Company’s affairs as at 31 December 2025 and of the Group's 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 Group and the parent 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 Director's 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 Group's and the parent 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 Director with respect to going concern are described in the relevant sections of this report.
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STS AVIATION EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STS AVIATION EUROPE LIMITED
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Director is responsible for the other information contained within the annual 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.
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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's 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 Group and the parent Company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director’s 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of director's remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of Director
As explained more fully in the director’s responsibilities statement set out on page 4, the Director is 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 Director determines 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 Director is responsible for assessing the Group’s and the parent 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 Director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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STS AVIATION EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STS AVIATION EUROPE 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 the 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 Group and the parent Company and their 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 and 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 Group and the parent 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 Group and the parent 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, pension legislation and the Companies Act 2006.
In addition, we evaluated the Director's and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the Director 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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STS AVIATION EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STS AVIATION EUROPE LIMITED
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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STS AVIATION EUROPE LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Interest receivable and similar income
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Interest payable and similar expenses
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Loss for the financial year
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There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
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There was no other comprehensive income for 2025 (2024: £Nil).
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The notes on pages 19 to 40 form part of these financial statements.
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STS AVIATION EUROPE LIMITED
REGISTERED NUMBER: 12204358
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Equity attributable to owners of the parent Company
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STS AVIATION EUROPE LIMITED
REGISTERED NUMBER: 12204358
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 40 form part of these financial statements.
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STS AVIATION EUROPE LIMITED
REGISTERED NUMBER: 12204358
COMPANY STATEMENT OF FINANCIAL POSITION
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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Creditors: amounts falling due after more than one year
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The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements. The profit of the parent Company for the year was £Nil (2024: profit £20,058).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 40 form part of these financial statements.
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STS AVIATION EUROPE LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive loss for the year
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Total comprehensive loss for the year
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Contributions by and distributions to owners
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Comprehensive loss for the year
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Total comprehensive loss for the year
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The notes on pages 19 to 40 form part of these financial statements.
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STS AVIATION EUROPE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Total comprehensive income for the year
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The notes on pages 19 to 40 form part of these financial statements.
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STS AVIATION EUROPE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Cash flows from operating activities
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Loss for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Decrease/(increase) in debtors
|
|
|
(Increase)/decrease in amounts owed by groups
|
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(Decrease)/increase in creditors
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Increase in amounts owed to groups
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Purchase of subsidiary undertakings
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Cash acquired from purchase of subsidiary undertakings
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Net cash used in investing activities
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STS AVIATION EUROPE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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Cash flows from financing activities
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(Repayment of)/new finance leases
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Capital contribution received
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Net cash (used in)/generated from financing activities
|
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Net increase/(decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 19 to 40 form part of these financial statements.
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STS AVIATION EUROPE LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
The notes on pages 19 to 40 form part of these financial statements.
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
STS Aviation Europe Limited is a private company limited by shares and incorporated in England and Wales, registered number 12204358. Its registered head office is located at Suite 1, 7th Floor 50 Broadway, London, SW1H 0BL. The principal place of business for the Group is Hangar 5 Airport Cargo, Birmingham Airport, Birmingham, B26 3QN.
The principal activity of STS Aviation Europe Limited is that of a holding company. The principal activity of the Group is that of aircraft maintenance and conversion.
2.Accounting policies
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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 Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The Company has also taken advantage of exemption allowed from preparing a statement of cash flows on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the Company's cash flows.
The financial statements are presented in the Group's functional currency, Sterling (£). Monetary amounts are rounded to the nearest £.
The financial statements cover the year ended 31 December 2025. The comparative information covers the year ended 31 December 2024.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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STS AVIATION EUROPE 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 following the signing of these financial statements, adjusting key assumptions and also incorporating significant contracts the Group 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 Group 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 Group 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 Group's functional and presentational currency is GBP.
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 the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Turnover comprises revenue recognised by the Group in respect of Aircraft Line and Base Maintenance support, Worldwide AOG and Manpower solution services supplied during the year, exclusive of Value Added Tax.
Turnover is recognised when the goods or services have been provided to the customer.
Turnover also includes revenue recognised on long term contracts in respect of aircraft conversion work. Turnover in respect of contract services represents the fair value of services provided as a proportion of the total value of the contract, which reflects the time spent and the skills and expertise that have been provided. The proportion of the total value of the contract is assessed using actual man hours spent on the contract at the year end as a percentage of total anticipated man hours over the term of the contract.
Payments received on account in excess of turnover recognised is recognised as deferred income. Contract set up and planning costs incurred are prepaid and recognised over the life of the contract.
The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Provision is made for any losses as soon as they are foreseen.
Other income represents research & development expenditure credit.
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Operating leases: the Group as lessee
|
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
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|
STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
Termination benefits, including redundancy payments, are recognised as an expense in the Statement of Comprehensive Income when an entity is committed to a termination plan.
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Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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 reporting date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
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|
STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Current and deferred taxation (continued)
|
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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Straight line basis over 3 years
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Straight line basis over 3 years
|
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.
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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Long-term leasehold property
|
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Over the period of the lease (69 years)
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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 the Statement of Comprehensive Income.
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Impairment of fixed assets and goodwill
|
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks represent materials that the Group holds and is stated at cost or fair value in respect of materials gifted to the Group.
At each reporting 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 the Statement of Comprehensive Income.
Short-term debtors are measured at transaction price, less any impairment.
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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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.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
|
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
The Group 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 Group's Statement of Financial Position when the Group 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 trade and 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 the Statement of Comprehensive Income) 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.
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
|
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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 the Statement of Comprehensive Income). 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.
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
|
Preparation of the financial statements in conformity with generally accepted accounting policies requires the Director to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures 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 Director believes that the critical accounting policies where judgements or estimates are necessarily applied are summarised below:
Estimation uncertainty
∙The useful economic lives of intangible and tangible fixed assets.
∙The doubtful debt provision in respect of trade debtors that are considered to be irrecoverable, and the stock provision for stock held that is ageing or obsolete.
∙Impairment of intangible assets and investments in group undertakings. The Director has assessed the intangible assets and investments using forecasts for the Group and concluded that the carrying values at 31 December 2025 are not impaired.
∙Revenue recognised on long term contracts. The revenue is recognised as a proportion of the total value of the contract reflecting the time spent and the skills and expertise that have been provided. The proportion of the total value of the contract is assessed using actual man hours spent on the contract at the year end as a percentage of the total anticipated man hours over the term of the contract. The Director has assessed the total anticipated man hours and believes them to be in line with the budget set at the outset.
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An analysis of turnover by class of business is as follows:
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Service, maintenance and repair of aircraft
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All turnover arose within the United Kingdom.
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Research & development expenditure credit
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The operating loss is stated after charging:
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Depreciation on assets under hire purchase agreement
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Depreciation of tangible fixed assets
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Amortisation of intangible assets
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Fees payable to the Group's auditor for the audit of the group's Financial Statements
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Fees payable to the Group's auditor for accounts preparation services
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Fees payable to the Group's auditor for other professional services
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Defined contribution pension cost
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Other operating lease rentals
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Staff costs, including director's remuneration, were as follows:
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Cost of defined contribution pension scheme
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The average monthly number of employees, including the Director, during the year was as follows:
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The Company has no employees other than the Director, who did not receive any remuneration (2024 - £Nil).
|
The Director did not receive any remuneration from the Group or Company during the year.
Details of key management personnel remuneration can be found in note 31.
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Other interest receivable
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Interest payable and similar expenses
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Foreign tax in respect of prior periods
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Origination and reversal of timing differences
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Adjustments in respect of prior periods
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Taxation on (loss) on ordinary activities
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|
STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
|
|
Factors affecting tax charge for the year
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|
The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of25% (2024 -25%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss 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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Adjustments to tax charge in respect of prior periods - deferred tax
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Adjustments to tax charge in respect of prior periods - current tax
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Other differences leading to an increase in the tax charge
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Deferred tax not recognised
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Total tax charge for the year
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Factors that may affect future tax charges
|
There were no factors that may affect future tax charges.
|
|
STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
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Long-term leasehold property
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The net book value of land and buildings may be further analysed as follows:
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
13.Tangible fixed assets (continued)
|
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Apple Aviation Global Limited (dormant)
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STS Aviation Services UK Limited
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Aircraft maintenance and conversion
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Aircraft engine storage and transportation
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* Indirectly held via GTES Holdings Limited
The registered office of the subsidiary undertakings is Hangar 5 Airport Cargo, Birmingham Airport, Birmingham B26 3QN.
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Subsidiary undertakings (continued)
|
|
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 undertakings were as follows:
|
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Aggregate of share capital and reserves
|
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Apple Aviation Global Limited (dormant)
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STS Aviation Services UK Limited
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Work in progress (goods to be sold)
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Raw materials and consumables
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Amounts owed by group undertakings
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Prepayments and accrued income
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There are no debtors falling due after more than one year (2024: £Nil).
Amounts owed by group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.
Trade debtors are stated net of a provision of £Nil (2024: £Nil).
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STS AVIATION EUROPE 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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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Interest is payable on the loan notes at a fixed rate of 6%. The loan notes matured on 25 May 2025 and were repaid on 27 May 2025.
Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Interest is payable on the loan notes at a fixed rate of 6%. The loan notes matured on 25 May 2025 and were repaid on 27 May 2025.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Financial assets that are debt instruments measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets that are debt instruments measured at amortised cost comprise cash at bank and in hand, trade debtors, amounts owed by group undertakings and other debtors.
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Financial liabilities measured at amortised cost comprise loan notes, trade creditors, amounts owed to group undertakings, other creditors and accruals and deferred income.
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Credited to the Statement of Comprehensive Income
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Expenditure credit step restrictions
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Fixed asset timing differences
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Short term timing differences
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Losses and other deductions
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Expenditure credit step restrictions
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Credited to the Statement of Comprehensive Income
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Allotted, called up and fully paid
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1,001 (2024 - 1,001) 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
This reserve represents the excess paid over the nominal value on the issue of shares.
Capital contributions
This reserve represents a contribution to the equity capital of the Company by its immediate parent undertaking which has not been made in exchange for share capital.
Profit and loss account
This reserve represents all current & prior periods retained profits & losses.
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Fixed and Floating Charges
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At 31 December 2025 there is an unlimited guarantee between the Company and STS Aviation Services UK Limited, GTES Holdings 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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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
At 31 December 2025 the Group had capital commitments outstanding of £Nil (2024: £272,852) in relation to plant and machinery additions. The Company has no capital commitments (2024: £Nil).
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £844,592 (2024: £774,514). Contributions totaling £177,869 (2024: £168,244) were payable to the fund at the reporting date and are included in creditors.
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Commitments under operating leases
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At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The Company had no operating lease commitments at 31 December 2025.
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Related party transactions
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The Group has taken advantage of the exemptions within FRS102 (section 33) "Related Party Disclosure" and has not disclosed transactions with group undertakings that are subsidiary undertakings of STS Aviation Europe Limited and transactions with group undertakings of the ultimate parent undertaking Aviation Solutions Holdings, L.P.
The individuals that are considered by the Group to be key management personnel have received remuneration totaling £695,095 (2024: £1,218,096).
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Post balance sheet events
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There have been no significant events affecting the Group since the year end.
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STS AVIATION EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The ultimate parent undertaking is STS Aggregator L.P which does not prepare consolidated accounts.
The smallest and largest undertaking for which group accounts are prepared is STS Parent LLC, a limited liability company registered in the US. These financial statements can be obtained from 2000 NE Jensen Beach Blvd, Jensen Beach, Florida 34957, United States.
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