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Registered number:
For the Year Ended
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EDM Limited
Company Information
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EDM Limited
Contents
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EDM Limited
Strategic Report
For the Year Ended 30 December 2025
The directors present their Strategic Report for the year ended 30 December 2025.
The company achieved turnover of £15,202,964 (2024: £13,201,036), an increase of 15.1% compared with the prior year. Sales remained strong across all sectors, with growth in the defence sector supported by the award of multi-year contracts. Design improvements and product innovation contributed to improved earnings before interest, tax, depreciation and amortisation (EBITDA) of £773,946 (2024: £437,156).
Export sales remained significant, with 67% of products sold outside the UK. Sales were generated across North America, Australasia, Europe and Asia, and the directors consider that the company is not materially dependent on any single geographic market.
The management of the business and the nature of the company’s strategy are subject to a number of risks. The directors have set out below the principal risks facing the business. The directors are of the opinion that a thorough risk management process is adopted which involves the formal review of all the risks identified below. Where possible, processes are in place to monitor and mitigate such risks.
Financial Risk Management Objectives and Policies The company uses financial instruments comprising borrowings, cash and other liquid resources, derivatives and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company’s operations. The main risks arising from the company’s financial instruments are interest rate risk and liquidity risk. The directors review and agree policies for management each of these risks and they are summarised below. Interest Rate Risk The company finances its operations through a mixture of retained profits, asset finance, bank borrowings and borrowing from group companies. The company’s exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities. Liquidity Risk The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest any cash assets safely and profitably. Other risks and uncertainties Contract Profitability Management review all contracts on a monthly basis relevant to both actual and forecasted costs to complete and report against anticipated gross margin, investigating variances against budget. Fluctuations in Currency Exchange Rates A large proportion of future turnover will relate to overseas operations and the company is therefore exposed to foreign currency fluctuations. The company manages its foreign exchange exposure on a net basis and, where required, uses forward foreign exchange contracts and other derivatives/financial instruments to reduce its exposure.
Page 1
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EDM Limited
Strategic Report (continued)
For the Year Ended 30 December 2025
The directors have monitored overall progress of company performance by reference to certain financial and non-financial key performance indicators as indicated below.
2025 2024 2023 £ £ £ Turnover 15,202,964 13,201,036 11,659,600 Gross profit 5,900,542 5,052,236 4,768,774 Gross profit % 38.8% 38.3% 40.9% EBITDA 773,946 437,156 686,627 Profit for the financial year 575,401 133,782 190,997 Net profit margin 3.7% 1.0% 1.6% Average number of employees 165 139 131
This report was approved by the board and signed on its behalf.
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EDM Limited
Directors' Report
For the Year Ended 30 December 2025
The directors present their report and the financial statements for the year ended 30 December 2025.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £575,401 (2024 -£133,782).
Dividends were paid during the year of £500,000 (2024: £Nil). The directors do not recommend the payment of a final dividend.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 judgements and accounting estimates that are reasonable and prudent;
∙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.
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EDM Limited
Directors' Report (continued)
For the Year Ended 30 December 2025
The continuation of the company’s strategy to trade internationally is enabling the Company to secure projects in the USA, Middle East, Africa, Far East, China and Mainland Europe.
The company is now established as a leading player in the niche market for providing simulators and training equipment for the commercial aircraft, defence sector and associated markets, and is planning to increase market share of this business. The company also plans to continue the development of its training equipment to meet growing customer expectations. The company‘s state-of-the-art production facilities, in association with the expansion of the management support services and labour force, has increased the company’s capability to expand its client base and range of services.
The company continues to invest in research and development programs for new products as well as new processes and technologies to improve overall operational effectiveness.
Financial risk management is considered to be of strategic importance and is therefore included in the Strategic Report.
There have been no significant events affecting the Company since year end.
The auditors, Hurst Accountants Limited, 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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EDM Limited
Independent auditors' report to the members of EDM Limited
We have audited the financial statements of EDM Limited (the 'Company') for the year ended 30 December 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are 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.
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EDM Limited
Independent auditors' report to the members of EDM Limited (continued)
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 the Directors' Report have been prepared in accordance with applicable legal requirements.
In the 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 or the Directors' Report.
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 Auditors' 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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EDM Limited
Independent auditors' report to the members of EDM Limited (continued)
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Antibribery and Corruption.
Audit response to risks identified Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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EDM Limited
Independent auditors' report to the members of EDM Limited (continued)
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
SK1 3GG
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EDM Limited
Statement of Income and Retained Earnings
For the Year Ended 30 December 2025
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EDM Limited
Registered number: 01001465
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 27 form part of these financial statements.
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
EDM Limited is a private company limited by share capital. It is both incorporated and domiciled in England and Wales. The address of its registered office is Brunel House, 1 Thorp Road, Newton Heath, Manchester, M40 5BJ.
The principal activity of the company is as a global provider of world class training and simulation solutions for the commercial airline and defence aviation sectors.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Simginuity Limited as at 30 December 2025 and these financial statements may be obtained from Companies House.
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The following paragraphs set out the
basis of which the directors have reached their conclusion. The Company has a profit before tax of £584,406 (2024: £136,116) and net assets totalling £9,843,990 (2024: £9,768,589) at 30 December 2025. The Company currently meets its working capital requirements through its cash balances and credit facilities. Based on the Company's forecasts and projections, the directors believe they have sufficient facilities to trade through the next 12 month period. Therefore, the directors believe it is appropriate to prepare the accounts to 30 December 2025 on a going concern basis and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements.
Functional and presentation currency
Transactions and balances
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
2.Accounting policies (continued)
Reliable estimation of the outcome of contracts requires reliable estimates of the stage of completion, future costs, and collectability of billings. The stage of completion is measured by surveys of work performed. When the outcome of a contract cannot be estimated reliably, revenue is only recognised to the extent of contract costs incurred that it is probable will be recoverable. When it is probable that the total contract costs will exceed total contract revenue on a contract, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract. Revenue in respect of variations to contracts and incentive payments is recognised when it is probable it will be agreed by the customer. Where costs incurred plus recognised profits less recognised losses exceed progress billing, the balance is shown as due from customers on contracts within debtors. Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as due to customers on contracts within creditors. 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.
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
2.Accounting policies (continued)
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
2.Accounting policies (continued)
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:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 profit or loss.
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
2.Accounting policies (continued)
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Critical judgements in applying the company policies: Revenue and margin recognition The Company's revenue recognition and margin recognition policies, which are set out in note 2.5, are central to how the Company values the work it has carried out in each financial year. These policies require forecasts to be made of contract outcomes, which require assessment and judgements to be made in respect of budgeted costs and final margins. The Company reviews and, when necessary, revises the estimates of revenue and costs as the contract progresses.
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
The whole of the turnover is attributable to the company's principal activity as described in note 1.
Analysis of turnover by country of destination:
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
Profit and loss account
The profit and loss accounts represent the accumulated profit and losses.
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
The group has unlimited multilateral guarantees in place in respect of monies due by the Company's parent and fellow subsidiary undertakings to the group financiers. At the year end, the net group borrowings amounted to £2,100,754 (2024: £2,919,352).
The debenture includes a fixed charge over all assets of the company.
The company operates a defined contribution pension scheme for employees. The pension costs charge in the financial statements of £221,156 (2024: £195,575) represents the contributions payable by the company during the year. At the yearend outstanding contributions amounted to £52,443 (2024: £44,443) which is included in other creditors.
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EDM Limited
Notes to the Financial Statements
For the Year Ended 30 December 2025
The Company's immediate parent company is EDM Holdings Limited, registered number 04709279 . The ultimate parent company is Simginuity Limited, registered number 09405326 . Both companies are incorporated in England and Wales.
The ultimate controlling party is A Bermingham by virtue of his majority shareholding. The smallest and largest group of companies where these accounts are consolidated is that headed by Simginuity Limited. A copy of the financial statements of Simginuity can be obtained from Companies House.
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