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Registered number: 02671224 DASSAULT AVIATION BUSINESS SERVICES UK, LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
DASSAULT AVIATION BUSINESS SERVICES UK, LTD COMPANY INFORMATION
Directors | F Madignier
| N C Pierrot
Registered number | 02671224
Registered office | Wey Court West
| Union Road
| Farnham
| Surrey
| GU9 7PT
Auditor | Shaw Gibbs (Audit) Limited
| Wey Court West
| Union Road
| Farnham
| Surrey
| GU9 7PT
Solicitors | Addleshaw Goddard LLP
| One St Peter's Square
| Manchester
| M2 3DE
DASSAULT AVIATION BUSINESS SERVICES UK, LTD CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 5
Directors' Responsibilities Statement | 6
Independent Auditors' Report | 7 - 10
Statement of Comprehensive Income | 11
Statement of Financial Position | 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 - 25
DASSAULT AVIATION BUSINESS SERVICES UK, LTD STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report for the year ended 31 December 2025.
Business review
Dassault Aviation Business Services UK (or DABS UK or the Company) is a wholly owned subsidiary of Dassault Aviation Business Services, SA, based in Switzerland, 100% owned by Dassault Aviation SA since 2019. The company is a multibrand aircraft MRO provider active for over 20 years, with stations in Farnborough and Luton airports. It is part of Dassault Aviation MRO network. DABS UK focus on aircraft line maintenance activities serving its customers during their trips to the UK. Base maintenance activities can also be provided at other stations of the group, Backed up by a leading plane maker, DABS UK remains well positioned to further develop by expanding its capabilities and customer base in a consolidating sector, through investment in training, equipment and resources, as well as through developing strategic partnerships. The Company's Profit and loss account is shown on page 10; for the year 2025 DABS UK generated sales of £5,602,523, a 21.4%% increase against sales of £4,613,977 in 2024, driven by the focus on Line Maintenance activities and related services. Net profit for the year was £638,073, compared to a net profit of £791,784 in 2024. Total Productive manhours hours increased by 10.2% year over year (and a gross profit of £1,486,162 was achieved (vs £1,466,367 in 2024). In 2025, the Company invested £121,237 in tangible fixed assets (2024: £89,858) and £70,271 in staff training (2024: £71,021), with the same number of employees.
Principal risks and uncertainties
The biggest threat to the Company is competition. This can manifest itself in many ways, the most significant ones being the rate per hour charged for labour services and the availability of resources and facilities (qualified technicians and maintenance hangar space). To mitigate risk the Company concentrates on the quality of the product and services by ensuring the highest standards in the skill set of its staff and long lasting relationship with its customers. In addition, the integration with Dassault Aviation has brought additional activity to the company. Related to hangars, the company can be impacted from the airport revision in hangar rates, which also depends on its own strategic developments. Credit risk within the business is partially mitigated by the fact that many debtors are long term recurring customers, some of which owning aircraft based on sites. While external risks can also impact the business, based on the information available as of the reporting date, the activity is expected to be busy through 2026. Page 1
DASSAULT AVIATION BUSINESS SERVICES UK, LTD STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Business strategy and future developments
The Company's strategy is to be a European premier jet maintenance facility delivering a quality product to our customers with safety being our top priority. The Company focuses on Line Maintenance activities in the United Kingdom and can fulfil international missions when called upon by its diverse customer base. The goal for 2026 is to continue the execution on the company strategy while adjusting and optimizing its operations to serve its customers. The integration of DABS UK within DABS Line maintenance organization and within Dassault Aviation MRO network facilitates organic growth on Dassault products, as well as synergies within the group. With Farnborough airport expected continued development and macro-economic context, we anticipate that DABS UK will continue to play an important role in the DABS network of maintenance stations
Key performance indicators
The Company monitors its performance through several indicators. Performance during 2024 and 2023 are shown below: - Change in productive man hours was +10% in 2025 (vs -86% in 2024 due to the change of scope vs 2023). Production hours were 10,372 in 2025 vs 9,509 in 2024, reflecting the growth under the new business model. - Change in revenue was +25% in 2025 (vs -66% in 2024). Growth returned in 2025 as expected following the change of scope at the end of 2023 that impacted the 2024 comparables. Growth is expected to continue in 2026, but will depend on the mix of parts. - Gross margins decreased to 27% in 2025 (vs 30% in 2024). Gross margin variations were due to the sales mix in 2025, as larger sales of parts with lower gross margins had a net impact of decreasing the business gross margin.
Environment
The disposal of used aircraft engine oil and engine ground running noise pollution are the Company's main environmental issues. Regarding the disposal of used engine oil, fuels and other liquids the Company has in place a contract with a third party for the legal disposal of hazardous wastes. In relation to engine ground running noise pollution, the Company keeps ground running times to the legal minimum as required by aircraft maintenance manual checks. This report was approved by the board and signed on its behalf.
F Madignier Director
Date: 26 June 2026
Page 2
DASSAULT AVIATION BUSINESS SERVICES UK, LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Matters covered in the Strategic Report
Certain information required to be disclosed in the director's report is considered of strategic importance to the company, and therefore disclosure is given in the strategic report. The specific items disclosed in the strategic report are: - Business review and environment - Principal risks and uncertainties - Business strategy and future developments - Key Performance Indicators
Principal activity
The principal activity of the company in the year under review was that of Aircraft maintenance.
Results and dividends
The profit for the year, after taxation, amounted to £638,073 (2024 - £791,781). The Directors do not propose the payment of a dividend (2024:£nil).
Directors
The directors who served during the year were:
F Madignier
N C Pierrot
Events since the end of the year
Given the significant change in size of the company at the end of 2023, DABS UK is still adjusting to its new scope and strategy to best serve its customers. 2024 and 2025 showed encouraging metrics when human and facilities/equipment resources are available, and management expects this trend to continue in 2026. With Farnborough airport expected continued development and macro-economic context, we anticipate that DABS UK will continue to play an important role in the DABS network of maintenance stations.
Going concern
As in previous years the immediate parent company, Dassault Aviation Business Services SA, has agreed to provide financial support, as required, to enable the Company to meet its financial obligations as and when they fall due for a period of at least twelve months from the date of the approval of these financial statements. Having given due consideration to the above factors and the anticipated future performance of the Company, taking into account the reasonably possible changes in trading performance in the light of uncertainty related to current economic conditions, the Directors have been able to form a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they adopt the going concern basis in preparing the accounts. Further details can be found in note 2 to the financial statements. Page 3
DASSAULT AVIATION BUSINESS SERVICES UK, LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial risk management policies and objectives
The Company through its operations is exposed to financial credit risk, liquidity risk and exchange risk. The Company has in place a number of protocols to monitor and to mitigate where possible any effects from these risks. Due to the size of the Company, the Directors have not delegated responsibility for monitoring and managing the financial risk to a sub committee of the Board. The policies set by the Board are managed by the finance department. Credit risk The Company's principal financial assets are bank balances and cash, trade and other receivables. The Company's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which could result in a reduction in the recoverability of the cash flows. The Company performs reference checking with its customers however, due to the diverse nature of the Company's clients, this is not always possible. The credit exposure is spread over a number of counterparties and customers, which vary at any given time, depending on the nature and duration of open projects. Liquidity risk The liquidity risk for the Company has decreased due to integration with Dassault Aviation and the available cash balance. Exchange risk The Company generally operates on a cost plus basis and is largely protected from significant currency movements. It incurs certain costs in United States Dollars and Euros and records any exchange gains or losses as incurred.
Information provided to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Auditors
Shaw Gibbs were appointed as auditors in October 2025, and have expressed their willingness to continue in office and a resolution to reappoint them will be included at the forthcoming Annual General Meeting. Page 4
DASSAULT AVIATION BUSINESS SERVICES UK, LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board and signed on its behalf.
F Madignier Director
Date: 26 June 2026
Page 5
DASSAULT AVIATION BUSINESS SERVICES UK, LTD DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙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. Page 6
DASSAULT AVIATION BUSINESS SERVICES UK, LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DASSAULT AVIATION BUSINESS SERVICES UK, LTD
Opinion
We have audited the financial statements of Dassault Aviation Business Services UK, LTD (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 7
DASSAULT AVIATION BUSINESS SERVICES UK, LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DASSAULT AVIATION BUSINESS SERVICES UK, LTD (CONTINUED)
Other information
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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime Page 8
DASSAULT AVIATION BUSINESS SERVICES UK, LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DASSAULT AVIATION BUSINESS SERVICES UK, LTD (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditors' 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 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: We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management for any instances of non-compliance. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. While we considered this throughout our audit work we specifically considered this when completing testing for the provisions as this is a judgemental area. 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. Page 9
DASSAULT AVIATION BUSINESS SERVICES UK, LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DASSAULT AVIATION BUSINESS SERVICES UK, LTD (CONTINUED)
Use of our 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. Mark Dickinson (Senior Statutory Auditor) for and on behalf of Shaw Gibbs (Audit) Limited Wey Court West Union Road Farnham Surrey GU9 7PT 3 July 2026 Page 10
DASSAULT AVIATION BUSINESS SERVICES UK, LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 5,602,523 | 4,613,977
Cost of sales |  | (4,116,361) | (3,147,609)
Gross profit |  | 1,486,162 | 1,466,368
Administrative expenses |  | (1,054,651) | (1,062,814)
Other operating income |  | 396,100 | 582,880
Operating profit | 5 | 827,611 | 986,434
Interest receivable and similar income | 8 | 25,565 | 17,731
Interest payable and similar expenses | 9 | (2,400) | (149,919)
Profit before tax |  | 850,776 | 854,246
Tax on profit |  | (212,703) | (62,465)
Profit for the financial year |  | 638,073 | 791,781
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 14 to 25 form part of these financial statements.
Page 11
DASSAULT AVIATION BUSINESS SERVICES UK, LTD REGISTERED NUMBER: 02671224 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 229,687 |  | 206,990
|  |  | 229,687 |  | 206,990
Current assets |  |  |  |  |
Stocks | 12 | 113,627 |  | 364,334 |
Debtors: amounts falling due within one year | 13 | 780,954 |  | 1,279,388 |
Cash at bank and in hand |  | 4,158,630 |  | 3,722,507 |
|  | 5,053,211 |  | 5,366,229 |
Creditors: amounts falling due within one year | 14 | (1,265,731) |  | (2,199,883) |
Net current assets |  |  | 3,787,480 |  | 3,166,346
Total assets less current liabilities |  |  | 4,017,167 |  | 3,373,336
Provisions for liabilities |  |  |  |  |
Deferred tax | 15 |  | (52,369) |  | (46,611)
Net assets |  |  | 3,964,798 |  | 3,326,725
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2,000,000 |  | 2,000,000
Profit and loss account |  |  | 1,964,798 |  | 1,326,725
|  |  | 3,964,798 |  | 3,326,725
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
F Madignier
Director
Date: 26 June 2026
The notes on pages 14 to 25 form part of these financial statements. Page 12
DASSAULT AVIATION BUSINESS SERVICES UK, LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 2,000,000 | 534,944 | 2,534,944
Comprehensive income for the year |  |  |
Profit for the year | - | 791,781 | 791,781
Total comprehensive income for the year | - | 791,781 | 791,781
At 1 January 2025 | 2,000,000 | 1,326,725 | 3,326,725
Comprehensive income for the year |  |  |
Profit for the year | - | 638,073 | 638,073
Total comprehensive income for the year | - | 638,073 | 638,073
At 31 December 2025 | 2,000,000 | 1,964,798 | 3,964,798
| The notes on pages 14 to 25 form part of these financial statements.
Page 13
DASSAULT AVIATION BUSINESS SERVICES UK, LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Dassault Aviation Business Services UK, Ltd (02671224) is a private company limited by shares and incorporated in England & Wales. Its registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT. 2.Accounting policies
| 2.1 | 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 management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Summary of disclosure exemptions
The company, being a subsidiary of Dassault Aviation SA, whose consolidated financial statements are publicly available. has taken advantage of the following disclosure exemptions: (a) the requirement of Section 7 Statement of Cash Flows; (b) the requirements of Section 11 Financial Instruments; (c) the requirements of Section 12 Other Financial Instruments; (d) the requirements of Section 26 Share based Payments; and (e) the requirement of Section 33 Related Party Disclosures.
| 2.3 | Going concern
The immediate parent company, Dassault Aviation Business Services SA, has agreed to provide financial support, as required, to enable the company to meet its financial obligations as and when they fall due for a period of at least twelve months from the date of approval of these financial statements. Page 14
DASSAULT AVIATION BUSINESS SERVICES UK, LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company'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 profit or loss 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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 15
DASSAULT AVIATION BUSINESS SERVICES UK, LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss 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.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss 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. Page 16
DASSAULT AVIATION BUSINESS SERVICES UK, LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss 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 Company in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 operates and generates 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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. Page 17
DASSAULT AVIATION BUSINESS SERVICES UK, LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets
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. During the year ended 31 December 2025, the Company re-evaluated the estimate useful life of its Tangible Fixed Assets. Previously the assets were depreciated using the reducing balance method. Effective 1 January 2025, the assets are depreciated using the straight line method. As a result of this change, depreciation expense for the current year is £43,306 higher than it would have under the previous estimate. It is estimated that this charge will increase depreciation expense by approximately £91,613 in the next period. 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:
|  |  |  | Plant and machinery | - | 25% | Straight Line
|  |  |  | Motor vehicles | - | 20% | Straight Line
|  |  |  | Fixtures and fittings | - | 17% | Straight Line
|  |  |  | Computer equipment | - | 33% | Straight Line
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.
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. 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 profit or loss.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 18
DASSAULT AVIATION BUSINESS SERVICES UK, LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | 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.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. 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 profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Page 19
DASSAULT AVIATION BUSINESS SERVICES UK, LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actuals results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: Stock provision: The directors are aware of the life of stock items and expected timing for use of stock and have estimated a provision to ensure stock is stated at the lower of cost and realisable value. Warranty provision: The directors have estimated a warranty provision based on expected warranty costs from historical knowledge. Other cost provisions: Based on specific circumstances, best estimate of value and expected outcomes, the directors have included other provision for expected future costs.
4. | Turnover
The whole of the turnover is attributable to servicing of Aircraft maintenance and arose in the UK. Page 20
DASSAULT AVIATION BUSINESS SERVICES UK, LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation | 93,191 | 52,499
| Exchange differences | (27,446) | 47,265
| Other operating lease rentals | 268,372 | 16,250
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 30,000 | 48,765
7. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,225,682 | 1,210,914
| Social security costs | 149,129 | 122,130
| Cost of defined contribution scheme | 50,516 | 39,083
|  | 1,425,327 | 1,372,127
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 12 | 12
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 25,565 | 17,731
Page 21
DASSAULT AVIATION BUSINESS SERVICES UK, LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 2,400 | 149,919
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 206,945 | 15,854
| Total current tax | 206,945 | 15,854
| Deferred tax |  |
| Origination and reversal of timing differences | 5,758 | 46,611
| Total deferred tax | 5,758 | 46,611
| Tax on profit | 212,703 | 62,465
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 850,776 | 854,246
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 212,694 | 213,562
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 10 | (8,716)
| Capital allowances for year in excess of depreciation | (5,759) | -
| Deferred tax movement | 5,758 | (142,381)
| Total tax charge for the year | 212,703 | 62,465
Page 22
DASSAULT AVIATION BUSINESS SERVICES UK, LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10.Taxation (continued)
| Factors that may affect future tax charges
There are no factors affecting future tax charges.
11. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 409,021 | 20,159 | 11,610 | 7,921 | 448,711
| Additions | 114,402 | - | 1,458 | 5,377 | 121,237
| Disposals | (7,274) | (4,409) | (3,175) | (2,149) | (17,007)
| At 31 December 2025 | 516,149 | 15,750 | 9,893 | 11,149 | 552,941
| Depreciation |  |  |  |  |
| At 1 January 2025 | 221,598 | 13,645 | 3,155 | 3,324 | 241,722
| Charge for the year on owned assets | 85,436 | 4,360 | 1,139 | 2,256 | 93,191
| Disposals | (5,652) | (2,255) | (1,645) | (2,107) | (11,659)
| At 31 December 2025 | 301,382 | 15,750 | 2,649 | 3,473 | 323,254
| Net book value |  |  |  |  |
| At 31 December 2025 | 214,767 | - | 7,244 | 7,676 | 229,687
| At 31 December 2024 | 187,423 | 6,515 | 8,455 | 4,597 | 206,990
12. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 113,627 | 364,334
Page 23
DASSAULT AVIATION BUSINESS SERVICES UK, LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 276,319 | 570,314
| Amounts owed by group undertakings | 5,267 | 7,388
| Other debtors | 36,849 | 36,044
| Prepayments and accrued income | 462,519 | 665,642
|  | 780,954 | 1,279,388
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 67,121 | 3,401
| Amounts owed to group undertakings | 8,940 | 54,596
| Corporation tax | 21,253 | 15,854
| Other taxation and social security | 45,611 | 39,102
| Other creditors | 681 | 111
| Accruals and deferred income | 1,122,125 | 2,086,819
|  | 1,265,731 | 2,199,883
15. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (46,611)
| Charged to profit or loss | (5,758)
| At end of year | (52,369)
Page 24
DASSAULT AVIATION BUSINESS SERVICES UK, LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 15.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (55,169) | (49,411)
| Short term timing differences | 2,800 | 2,800
|  | (52,369) | (46,611)
16. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary share of £2,000,000.00 | 2,000,000 | 2,000,000
17. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £50,516 (2024 - £39,083). Contributions totalling £nil (2024 - £nil) were payable to the fund at the reporting date and are included in creditors.
18. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 262,723 | 173,915
| Later than 1 year and not later than 5 years | 758,467 | -
|  | 1,021,190 | 173,915
19. | Controlling party
The immediate parent company is Dassault Aviation Business Services and the ultimate parent company is Dassault Aviation SA.
Page 25