0 0 Scandinavian Airlines System (Investments) Limited 00459408 false 2024-11-01 2025-10-31 2025-10-31 The principal activity of the company is during the year continued to be that of being a named principal employer of the Scandinavian Airline System (Investments) Ltd Pension Scheme Digita Accounts Production Advanced 6.30.9574.0 true false 00459408 2024-11-01 2025-10-31 00459408 2025-10-31 00459408 bus:OrdinaryShareClass1 2025-10-31 00459408 core:CurrentFinancialInstruments core:WithinOneYear 2025-10-31 00459408 core:PensionPlan1 2025-10-31 00459408 core:DeferredTaxation 2025-10-31 00459408 bus:SmallEntities 2024-11-01 2025-10-31 00459408 bus:Audited 2024-11-01 2025-10-31 00459408 bus:FilletedAccounts 2024-11-01 2025-10-31 00459408 bus:SmallCompaniesRegimeForAccounts 2024-11-01 2025-10-31 00459408 bus:RegisteredOffice 2024-11-01 2025-10-31 00459408 bus:Director1 2024-11-01 2025-10-31 00459408 bus:Director2 2024-11-01 2025-10-31 00459408 bus:OrdinaryShareClass1 2024-11-01 2025-10-31 00459408 bus:PrivateLimitedCompanyLtd 2024-11-01 2025-10-31 00459408 core:PensionPlan1 2024-11-01 2025-10-31 00459408 core:DeferredTaxation 2024-11-01 2025-10-31 00459408 1 2024-11-01 2025-10-31 00459408 3 2024-11-01 2025-10-31 00459408 1 2024-11-01 2025-10-31 00459408 countries:EnglandWales 2024-11-01 2025-10-31 00459408 core:PensionPlan1 2024-10-31 00459408 core:DeferredTaxation 2024-10-31 00459408 2023-11-01 2024-10-31 00459408 2024-10-31 00459408 bus:OrdinaryShareClass1 2024-10-31 00459408 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 00459408 core:PensionPlan1 2024-10-31 00459408 core:PensionPlan1 2023-11-01 2024-10-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 00459408

Scandinavian Airlines System (Investments) Limited
Annual Report and Financial Statements
for the Year Ended 31 October 2025

Scandinavian Airlines System (Investments) Limited

Contents

Company Information | 1
Statement of Financial Position | 2
Notes to the Financial Statements | 3 to 10

Scandinavian Airlines System (Investments) Limited

Company Information

Directors | Y Zachrisson K J T Gustafsson

Registered office | Room Lo.0146 Terminal 2, The Queen's Terminal Heathrow Airport London TW6 1EW

Independent auditor | Shaw Gibbs (Audit) Limited Statutory Auditor Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

Scandinavian Airlines System (Investments) Limited

(Registration number: 00459408)
Statement of Financial Position as at 31 October 2025

| Note | 2025 £ | 2024 £
Current assets |  |  |
Cash at bank and in hand |  | 6,627 | 15,700
Payables: Amounts falling due within one year | 5 | (23,713,576) | (21,866,264)
Total assets less current liabilities |  | (23,706,949) | (21,850,564)
Provisions for liabilities | 6 | (194,333) | (24,718)
Net liabilities excluding pension asset/(liability) |  | (23,901,282) | (21,875,282)
Net pension asset | 7 | 777,329 | 98,871
Net liabilities |  | (23,123,953) | (21,776,411)
Equity |  |  |
Called up share capital | 8 | 700 | 700
Retained earnings |  | (23,124,653) | (21,777,111)
Shareholders' deficit |  | (23,123,953) | (21,776,411)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 29 April 2026 and signed on its behalf by:

.........................................

Y Zachrisson
Director

Scandinavian Airlines System (Investments) Limited

Notes to the Financial Statements
for the Year Ended 31 October 2025

1 | General information

Scandinavian Airlines System (Investments) Limited (the 'company') is a private company limited by share capital, incorporated in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2 | Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

The directors have prepared these financial statements on the going concern basis, which assumes that the company will remain in operational existence for a period of at least twelve months from the date of approval. This is on the basis that the parent undertaking, Scandinavian Airline Systems, will provide the company with sufficient resources to enable the company to meet its financial obligations as they fall due in line with the Deed of Guarantee. Accordingly, the financial statements have been prepared on the basis of a going concern.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Scandinavian Airline System, which may be obtained from www.sasgroup.net. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

Adjusting events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

Scandinavian Airlines System (Investments) Limited

Notes to the Financial Statements
for the Year Ended 31 October 2025 (continued)

2 | Accounting policies (continued)

Judgements and key sources of estimation uncertainty

There were no critical judgements, key sources of estimation uncertainties or assumptions made by the directors in the process of applying the company's accounting policies which have a significant effect on the amounts recognised in the financial statements.

Taxation

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date where transactions or events that result in an obligation to pay more tax in the
future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and are subject to an insignificant risk of change in value.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.

Scandinavian Airlines System (Investments) Limited

Notes to the Financial Statements
for the Year Ended 31 October 2025 (continued)

2 | Accounting policies (continued)

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The cost of providing benefits is determined periodically by independent actuaries and charged to the Income Statement in the period in which those benefits are earned by the employees. Remeasurements, including actuarial gains and losses are recognised in the Statement of Comprehensive Income in the period in which they occur. Past service costs resulting from a plan amendment or curtailment are recognised immediately in the Income Statement.
The pensions asset or liability recognised in the Statement of Financial Position in respect of defined benefit pension plans represents the fair value of scheme assets, less the present value of the defined benefit obligation at the year end calculated using a number of actuarial assumptions. The bid values of the scheme assets are not intended to be realised in the short term and may be subject to significant change before they are realised. The present value of the scheme's liabilities are derived from cash flow projections over long periods and are , therefore, inherently uncertain.
The company participates in a group pension scheme and is responsible for the administration. All costs and income for the scheme have been recognised in the company's Income Statement.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

4 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 6,627 | 15,700

Scandinavian Airlines System (Investments) Limited

Notes to the Financial Statements
for the Year Ended 31 October 2025 (continued)

5 | Payables

| 2025 £ | 2024 £
Due within one year |  |
Amounts owed to group undertakings | 23,699,776 | 21,848,665
Accrued expenses | 13,800 | 17,599
| 23,713,576 | 21,866,264

The amounts owed to group undertakings disclosed above as falling within one year represents the company's unsecured, interest‑bearing loan provided by its ultimate parent undertaking acting through SAS Group Treasury.
The facility in place from 18 September 2024 was subject to an interest at a fixed rate of 8.40% per annum, determined by reference to the one‑year GBP interest rate swap plus a margin of 4.00%. On refinancing and extension of the loan on 18 September 2025, the fixed interest rate was revised to 8.12% per annum. Of the outstanding loan balances disclosed above, £224,693 (2024: £214,095) is non interest bearing. All loans are repayable on demand.

6 | Provisions for liabilities

| Deferred tax £
At 1 November 2024 | 24,718
Increase (decrease) in existing provisions | 169,615
At 31 October 2025 | 194,333

The deferred tax liability above is in respect of the company's defined benefit pension scheme surplus.

Scandinavian Airlines System (Investments) Limited

Notes to the Financial Statements
for the Year Ended 31 October 2025 (continued)

7 | Pension and other schemes

| Defined benefit pension schemes

| 2025 £ | 2024 £
Defined benefit net pension asset/(liabilities) | 777,329 | 98,871
| 777,329 | 98,871

Scandinavian Airline System (Investments) Limited Pensions and Assurance Scheme

The company is a principal and participating named employer to the Scandinavian Airline System (Investments) Limited Pensions and Assurance Scheme, and is listed on the Schedule of Contributions as liable for the employer's scheme contributions. Therefore the company discloses all assets and liabilities of the Scheme.

The date of the most recent full actuarial valuation was 31 October 2023 for both the SAS Section and SGS Sub fund. For the SAS Section being the main fund, the actuarial valuation results revealed a funding surplus of 505k which is an improved funding level position to 101%. Under the most recent Schedule of Contributions certified by the Scheme Actuary on 28 February 2025, it was agreed that contributions are no longer due. However, for the SGS Sub Fund, the actuarial valuation results as at 31 October 2023 reported a funding shortfall of £27k and a funding level of 99%. During the year, the SGS Section merged with the SAS Section, with effect from 18 June 2025.
As at the year end, the Trustees had secured all Scheme liabilities through a buy-in insurance policy with Just Retirement Limited (“Just”). The Scheme subsequently entered into the buy-in contract with Just on 28 November 2025, with the associated premium paid on 4 December 2025. The policy secures the benefits of the Scheme, excluding the impact of GMP equalisation.
The Scheme will now enter a period of data cleanse in collaboration with JUST, and the sponsoring employer has committed to fund any additional premium payable that cannot be met from the Scheme assets.

Reconciliation of scheme assets and liabilities to assets and liabilities recognised

The amounts recognised in the statement of financial position are as follows:

| 2025 £ | 2024 £
Fair value of scheme assets | 63,785,194 | 66,602,676
Present value of defined benefit obligation | (63,007,865) | (66,503,805)
Defined benefit pension scheme surplus | 777,329 | 98,871

Scandinavian Airlines System (Investments) Limited

Notes to the Financial Statements
for the Year Ended 31 October 2025 (continued)

7 | Pension and other schemes (continued)

Defined benefit obligation

Changes in the defined benefit obligation are as follows:

| 2025 £
Present value at start of year | 66,503,805
Interest cost | 3,048,668
Actuarial (Gain) or Loss, Financial assumptions | (3,272,208)
Benefits paid | (3,272,400)
Present value at end of year | 63,007,865

Fair value of scheme assets

Changes in the fair value of scheme assets are as follows:

| 2025 £
Fair value at start of year | 66,602,676
Interest income | 3,097,785
Return on plan assets, excluding amounts included in interest income/(expense) | (2,078,877)
Administration costs | (563,990)
Benefits paid | (3,272,400)
Fair value at end of year | 63,785,194

Analysis of assets

The major categories of scheme assets are as follows:

| 2025 £ | 2024 £
Bond investments | 57,948,880 | 55,013,213
Other investments | 5,836,314 | 11,589,463
| 63,785,194 | 66,602,676

Return on scheme assets

| 2025 £ | 2024 £
Return on scheme assets | 3,625,418 | (3,263,226)

Scandinavian Airlines System (Investments) Limited

Notes to the Financial Statements
for the Year Ended 31 October 2025 (continued)

7 | Pension and other schemes (continued)

Pension income recognised in other comprehensive income:

| 2025 £ | 2024 £
Actuarial losses on defined benefit obligations during the period | 3,272,208 | 8,054,207
Return on Plan Assets excluding Interest Income | (3,625,418) | (3,263,226)
Pension expense recognised in other comprehensive income | (353,210) | 4,790,981

The pension scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.

Principal actuarial assumptions

The principal actuarial assumptions at the statement of financial position date are as follows:

| 2025 % | 2024 %
Discount rate | 5.10 | 4.70
Future pension increases | 3.10 | 3.20
Inflation | 3.20 | 3.40

8 | Share capital and reserves

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 700 | 700 | 700 | 700

The company has one class of share capital which carries no right to fixed income.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

9 | Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities the not to disclose transactions with entities that are wholly owned members of the group. There were no other related party transactions to disclose.

Scandinavian Airlines System (Investments) Limited

Notes to the Financial Statements
for the Year Ended 31 October 2025 (continued)

10 | Parent and ultimate parent undertaking

The company's parent undertaking and ultimate controlling party is Scandinavian Airline System, a consortium representing Swedish, Norwegian and Danish interest registered in Sweden.
The most senior parent entity producing publicly available financial statements is Scandinavian Airline System. These financial statements are available upon request from
https://www.sasgroup.net/about-SAS/annual-reports.

11 | Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

12 | Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 29 April 2026 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs (Audit) Limited .