REGISTERED NUMBER: SC491496 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

CULSALMOND AIR LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

Mr J F Burnett

Mr C Burnett

Ms C M Dougherty

REGISTERED OFFICE:

15 Golden Square

Aberdeen

AB10 1WF

REGISTERED NUMBER:

SC491496 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

51-53 High Street

Turriff

AB53 4EJ

FIXED ASSETS

Tangible assets

3

7,200,960

7,650,040

CURRENT ASSETS

Debtors

4

472,803

535,930

Cash at bank

1,126,327

889,962

1,599,130

1,425,892

CREDITORS

Amounts falling due within one year

5

1,236,464

1,115,630

NET CURRENT ASSETS

362,666

310,262

TOTAL ASSETS LESS CURRENT LIABILITIES

7,563,626

7,960,302

CREDITORS

Amounts falling due after more than one year

6

(4,118,637

)

(4,554,893

)

PROVISIONS FOR LIABILITIES

(1,443,070

)

(1,374,696

)

NET ASSETS

2,001,919

2,030,713

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

8

2,001,918

2,030,712

SHAREHOLDERS' FUNDS

2,001,919

2,030,713

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2026 and were signed on its behalf by:

Ms C M Dougherty - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 30 November 2016 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 December 2015.

The transition to FRS 102 Section 1A small entities has resulted in no changes in accounting policies to those used previously.

The presentation currency is £ sterling.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The financial statements have been prepared on a going concern basis as the company has the continuing support of Williamston Estate Limited.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2024

and 30 November 2025

11,227,968

DEPRECIATION

At 1 December 2024

3,577,928

Charge for year

449,080

At 30 November 2025

4,027,008

NET BOOK VALUE

At 30 November 2025

7,200,960

At 30 November 2024

7,650,040

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

3,613

94,882

Culsalmond Air Holdings Limited

(1,318

)

(1,318

)

Accrued income

415,885

384,845

Prepayments

54,623

57,521

472,803

535,930

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

426,256

394,477

Other loans

10,000

10,000

Trade creditors

52,761

25,145

Taxation

97,380

720

VAT

97,249

103,510

Williamston Estates Ltd loan

511,723

544,045

Accruals

41,095

37,733

1,236,464

1,115,630

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Term Loan A

4,115,303

4,541,560

Other loans

3,334

13,333

4,118,637

4,554,893

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary

1

1

1

8.

RESERVES

Retained

earnings

£

At 1 December 2024

2,030,712

Profit for the year

497,262

Dividends

(526,056

)

At 30 November 2025

2,001,918

9.	RELATED PARTY DISCLOSURES

During the year the company had the following transactions with Williamston Estate Limited, a company in which Mr C Burnett and Mr J Burnett are also directors:

2025

2024

£

£

Amount due to Williamston Estate Ltd at 30th November 2024

544,045

573,973

Received from Williamston Estate Ltd during year

-

-

Interest

41,563

43,958

Paid to Williamston Estate Ltd during the year

(73,885

)

(73,885

)

Amount due to Williamston Estate Ltd at 30th November 2025

511,723

544,045

There are no fixed terms of repayment.

10.	ULTIMATE CONTROLLING PARTY

Mr JF Burnett, Mr C Burnett and Ms CM Dougherty, directors and close family members control the company by virtue of a 100% controlling interest in issued share capital of the company.