Company registration number 10438325 (England and Wales)
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Ms C Vandedrinck
(Appointed 24 June 2025)
Mr G A Failler
(Appointed 24 June 2025)
Mr M Pemberton
(Appointed 24 June 2025)
Mr M Thomas
(Appointed 14 July 2026)
Company number
10438325
Registered office
Aviation House
Brocastle Avenue
Waterton Industrial Estate
Bridgend
Mid Glamorgan
United Kingdom
CF31 3XR
Auditor
Azets Audit Services
Wynyard Park House
Wynyard Avenue
Wynyard
United Kingdom
TS22 5TB
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Willis Engine Repair Centre (WERC) is a wholly owned subsidiary of Willis Lease Finance Corporation (WLFC), a company registered in Delaware, USA.

In 2025, the company was renamed WERC from Willis Asset Management Limited as a result of the organisation selling its technical records and consultancy business to Willis Mitsui & Co. The business is now wholly focussed on the maintenance, storage and disassembly of aircraft engines.

Review of the business
Principal risks and uncertainties

There are three principal risks to highlight for the business.

The first is the short-term visibility of the order pipeline. The business has a healthy business development funnel underpinned by a strong market back-drop. The move into heavier engine maintenance creates more balance in the income portfolio whilst storage revenues create a consistent baseline. Despite this, with some of the pipeline described as “hospital shop visits”, it is not always possible to have certainty over some revenue streams beyond 6 months. The increasing diversity of the revenue model mitigates this risk and the directors continually monitor the situation.

The second key risk is ensuring the business is not impacted by the loss of key individuals. The business mitigates by ensuring strong staff engagement through training and progression opportunities and by giving regular opportunities to give feedback and to influence future business developments. The Company has a strong culture which the management actively look to promote.

WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Finally, the principal financial risk revolves around foreign exchange. The company’s revenues are generally in USD but our underlying costs are in GBP. No foreign exchange hedging has been implemented to date but the Directors and Management review this continuously.

On behalf of the board

Mr M Pemberton
Director
7 August 2026
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company is the provision of asset management, technical, CAMO, consultancy and 145 maintenance services to the aviation industry.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to $42,000,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C F Willis
(Resigned 9 June 2025)
Mr D M Poulakidas
(Resigned 12 June 2025)
Mr B R Hole
(Resigned 24 June 2025)
Ms C Vandedrinck
(Appointed 24 June 2025)
Mr G A Failler
(Appointed 24 June 2025)
Mr M Pemberton
(Appointed 24 June 2025)
Mr A Willis
(Appointed 24 June 2025 and resigned 16 June 2026)
Mr M Thomas
(Appointed 14 July 2026)
Post reporting date events

Post year end, the consultancy and advisory trade of Willis Engine Repair Centre (UK) Limited was transferred to it's newly formed subsidiary Bridgend Asset Management Limited. On 8th May 2025, it was subsequently agreed to sell Bridgend Asset Management Limited to Willis Mitsui & Co. Engine Support Limited, a joint venture 50% owned by Willis Lease Finance Corporation. The sale completed on 30 June 2025.

Future developments

The strategy and future developments in the business are set out in the Strategic Report.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr M Pemberton
Director
7 August 2026
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 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.

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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 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.

WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
- 6 -
Opinion

We have audited the financial statements of Willis Engine Repair Centre (UK) Limited (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 notes to the financial statements, including 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 Auditor's 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILLIS ENGINE REPAIR CENTRE (UK) LIMITED (CONTINUED)
- 7 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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.

Responsibilities of directors

As explained more fully in the statement of directors' responsibilities, 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILLIS ENGINE REPAIR CENTRE (UK) LIMITED (CONTINUED)
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Graham Fitzgerald BA FCA DChA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Wynyard Park House
Wynyard Avenue
Wynyard
TS22 5TB
7 August 2026
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
$
$
Revenue
3
6,497,329
18,164,504
Cost of sales
(3,732,060)
(10,136,377)
Gross profit
2,765,269
8,028,127
Administrative expenses
(3,973,119)
(6,681,782)
Other operating income
676,408
584,343
Exceptional item
4
(950,497)
-
0
Operating (loss)/profit
5
(1,481,939)
1,930,688
Finance costs
6
(123,679)
(250,091)
Other gains and losses
7
43,876,507
-
Profit before taxation
42,270,889
1,680,597
Tax on profit
9
(135,499)
(750)
Profit for the financial year
42,135,390
1,679,847

The statement of comprehensive income has been presented in US Dollars.

WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
$
$
$
$
Non-current assets
Goodwill
11
-
0
230,257
Property, plant and equipment
12
13,112,413
9,546,089
Investments
13
-
0
1
13,112,413
9,776,347
Current assets
Inventories
15
566,408
240,428
Trade and other receivables
16
2,479,242
13,430,455
Cash and cash equivalents
1,537,031
2,689,035
4,582,681
16,359,918
Current liabilities
17
(5,840,931)
(11,219,479)
Net current (liabilities)/assets
(1,258,250)
5,140,439
Total assets less current liabilities
11,854,163
14,916,786
Non-current liabilities
19
(278,859)
(3,595,273)
Provisions for liabilities
Deferred tax liability
21
1,112,984
994,583
(1,112,984)
(994,583)
Net assets
10,462,320
10,326,930
Equity
Called up share capital
23
1
1
Other reserves
6,874,976
6,874,976
Retained earnings
3,587,343
3,451,953
Total equity
10,462,320
10,326,930

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 7 August 2026 and are signed on its behalf by:
Mr M Pemberton
Director
Company registration number 10438325 (England and Wales)
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Capital contribution reserve
Retained earnings
Total
Notes
$
$
$
$
Balance at 1 January 2024
1
6,874,976
1,772,106
8,647,083
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,679,847
1,679,847
Balance at 31 December 2024
1
6,874,976
3,451,953
10,326,930
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
42,135,390
42,135,390
Dividends
10
-
-
(42,000,000)
(42,000,000)
Balance at 31 December 2025
1
6,874,976
3,587,343
10,462,320
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

On 2 July 2025, Willis Engine Repair Centre (UK) Limited changed its name from Willis Asset Management Limited.

Willis Engine Repair Centre (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Aviation House, Brocastle Avenue, Waterton Industrial Estate, Bridgend, Mid Glamorgan, United Kingdom, CF31 3XR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in US dollars, the functional currency of the company is US dollars. Monetary a mounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Willis Lease Finance Corporation, which is an overseas company incorporated in the United States of America. The consolidated financial statements are available from the office of its UK establishment: Aviation House, Brocastle Avenue, Waterton Industrial Estate, Bridgend, UK, CF31 3XR

1.2
Going concern

When considering the appropriateness of the going concern basis, management and the directors have prepared and reviewed budgets and cashflow forecasts for a period of 12 months from sign off of the financial statements.true

The company has continued ongoing support from its parent company Willis Lease Finance Corporation. The Directors have obtained written confirmation from its parent of the intention to continue to provide support where required to its wholly owned subsidiary Willis Engine Repair Centre (UK) Limited for a period of at least 12 months from the date of approval of the financial statements.

A t the time of approving the financial statements, there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and expenditure, as a proportion of total costs.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Contractual relationships
8 years
Non-contractual relationships
2.5 years
Developed technology
2 years
1.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
25 years
Plant and equipment
3 - 10 years
Fixtures and fittings
3 - 7 years
Computers
1 - 5 years

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.7
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.18
Foreign exchange

Transactions in currencies other than US Dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
2
Judgements 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 amount 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 to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements have a significant impa ct on amounts recognised in the financial statements.

Accruals

Provision is made for costs that have been incurred but not yet billed. Provisioning requires managements best estimate of the final costs that have been incurred based on the fulfilment by suppliers of their contractual agreements.

Depreciation of fixed assets

The estimates and underlying assumptions applied to determine depreciation are reviewed on an on-going basis. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

Revenue from contracts

The estimates and associated assumptions used to determine contract provisions are based on knowledge of individual projects and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed continuously.

3
Revenue
2025
2024
$
$
Revenue analysed by class of business
Consultancy
-
9,046,981
Technical records
-
1,945,529
Maintenance services
6,497,329
7,171,994
6,497,329
18,164,504
2025
2024
$
$
Revenue analysed by geographical market
UK
1,694,306
1,812,155
Europe
1,366,196
2,470,817
North America
3,197,645
9,662,411
Africa
-
22,859
Asia
97,219
4,196,262
Oceania
141,963
-
6,497,329
18,164,504
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Revenue
(Continued)
- 19 -
2025
2024
$
$
Other revenue
Grants received
33,383
98,456
Sublease rental income
437,018
485,897
4
Exceptional item
2025
2024
$
$
Expenditure
Exceptional item - Integration costs
950,497
-

Exceptional costs relate to one-off, integration costs following the acquisition of the business by WLFC. Costs include legal and professional fees and additional expenses associated with personnel changes.

5
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
$
$
Exchange losses
67,313
15,692
Government grants
(33,383)
(98,456)
Fees payable to the company's auditor for the audit of the company's financial statements
22,500
35,186
Depreciation of owned property, plant and equipment
890,705
843,689
Amortisation of intangible assets
-
143,191
Operating lease charges
468,935
485,887
6
Finance costs
2025
2024
$
$
Interest payable to group undertakings
123,679
250,091
7
Other gains and losses
2025
2024
$
$
Gain on disposal of fixed asset investments
43,876,507
-
0

The above gain relates to the consultancy and advisory trade of Willis Engine Repair Centre (UK) Limited being transferred to its newly formed subsidiary Bridgend Asset Management Limited. On 8th May 2025, it was subsequently agreed to sell Bridgend Asset Management Limited to Willis Mitsui & Co. Engine Support Limited, a joint venture 50% owned by Willis Lease Finance Corporation. The sale completed on 30 June 2025.

WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
8
Employees

The average monthly number of persons employed by the company during the year was:

2025
2024
Management, admin & support
16
16
Operations
37
64
53
80

Their aggregate remuneration comprised:

2025
2024
$
$
Wages and salaries
2,794,000
8,073,152
Pension costs
149,177
310,285
2,943,177
8,383,437

No remuneration was paid to directors during the period. All directors are paid through the parent company Willis Lease Finance Corporation.

9
Taxation
2025
2024
$
$
Current tax
Adjustments in respect of prior periods
-
0
(35,471)
Deferred tax
Origination and reversal of timing differences
116,362
36,221
Adjustment in respect of prior periods
19,137
-
0
Total deferred tax
135,499
36,221
Total tax charge
135,499
750
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
(Continued)
- 21 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
$
$
Profit before taxation
42,270,889
1,680,597
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
10,567,722
420,149
Tax effect of expenses that are not deductible in determining taxable profit
186,281
130,195
Tax effect of income not taxable in determining taxable profit
(10,969,127)
-
0
Unutilised tax losses carried forward
331,487
-
0
Adjustments in respect of prior years
19,137
(35,480)
Group relief
-
0
(514,114)
Roundings
(1)
-
0
Taxation charge for the year
135,499
750
10
Dividends
2025
2024
$
$
Final paid
42,000,000
-
0
11
Intangible fixed assets
Goodwill
Contractual relationships
Total
$
$
$
Cost
At 1 January 2025
1,256,037
540,000
1,796,037
Disposals
(1,256,037)
-
0
(1,256,037)
At 31 December 2025
-
0
540,000
540,000
Amortisation and impairment
At 1 January 2025
1,025,780
540,000
1,565,780
Disposals
(1,025,780)
-
0
(1,025,780)
At 31 December 2025
-
0
540,000
540,000
Carrying amount
At 31 December 2025
-
0
-
0
-
0
At 31 December 2024
230,257
-
0
230,257
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Intangible fixed assets
(Continued)
- 22 -
12
Property, plant and equipment
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Total
$
$
$
$
$
$
Cost
At 1 January 2025
7,166,358
136,261
5,378,231
649,479
536,673
13,867,002
Additions
-
0
3,840,702
589,787
26,540
-
0
4,457,029
Transfers
587,470
(587,470)
-
0
-
0
-
0
-
0
At 31 December 2025
7,753,828
3,389,493
5,968,018
676,019
536,673
18,324,031
Depreciation and impairment
At 1 January 2025
1,668,750
-
0
1,769,224
388,471
494,468
4,320,913
Depreciation charged in the year
290,038
-
0
484,589
74,385
41,693
890,705
At 31 December 2025
1,958,788
-
0
2,253,813
462,856
536,161
5,211,618
Carrying amount
At 31 December 2025
5,795,040
3,389,493
3,714,205
213,163
512
13,112,413
At 31 December 2024
5,497,608
136,261
3,609,007
261,008
42,205
9,546,089

13
Fixed asset investments
2025
2024
Notes
$
$
Investments in subsidiaries
14
-
0
1
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
13
Fixed asset investments
(Continued)
- 23 -
Movements in non-current investments
Shares in subsidiaries
$
Cost or valuation
At 1 January 2025
1
Additions
1,626,319
Disposals
(1,626,320)
At 31 December 2025
-
Carrying amount
At 31 December 2025
-
At 31 December 2024
1
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bridgend Asset Management Limited
United Kingdom
Ordinary shares
0

On 30 June 2025, the subsidiary was sold to Willis Mitsui & Co. Engine Support Limited and renamed Willis Mitsui & Co Asset Management Limited.

15
Inventories
2025
2024
$
$
Finished goods and goods for resale
566,408
240,428
16
Trade and other receivables
2025
2024
Amounts falling due within one year:
$
$
Trade receivables
972,430
1,477,479
Gross amounts owed by contract customers
632,657
1,464,881
Amounts owed by group undertakings
131,472
9,634,197
Other receivables
73,808
58,819
Prepayments and accrued income
632,136
741,241
2,442,503
13,376,617
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
16
Trade and other receivables
(Continued)
- 24 -
2025
2024
Amounts falling due after more than one year:
$
$
Deferred tax asset (note 21)
36,739
53,838
Total debtors
2,479,242
13,430,455

Amounts owed by group undertakings due after more than one year are unsecured and repayable on demand except that thirteen months notice in writing is required prior to repayment having to be made. No interest has been charged on the balance.

17
Current liabilities
2025
2024
Notes
$
$
Trade payables
965,060
525,582
Amounts owed to group undertakings
4,083,368
9,090,144
Taxation and social security
-
0
194,204
Deferred income
20
148,621
224,009
Other payables
115,926
147,817
Accruals and deferred income
527,956
1,037,723
5,840,931
11,219,479
18
Borrowings
2025
2024
$
$
Loans from group undertakings
-
0
3,200,000
Payable after one year
-
0
3,200,000

Borrowings represent funding advanced by Willis Lease Finance Corporation, in the form of an intercompany promissory loan note. The note is interest bearing at a rate of 7.794% after the 9th November 2023 (3.559% prior to), payable on a quarterly basis. The principal was due for repayment on 31 January 2026, however, it was fully repaid in year.

WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
19
Non-current liabilities
2025
2024
Notes
$
$
Other borrowings
18
-
0
3,200,000
Deferred income
20
278,859
395,273
278,859
3,595,273
20
Deferred income
2025
2024
$
$
Arising from government grants
407,480
515,067
Other deferred income
20,000
104,215
427,480
619,282
Included in the financial statements as follows:
Current liabilities
148,621
224,009
Non-current liabilities
278,859
395,273
427,480
619,282
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
$
$
$
$
Accelerated capital allowances
1,112,984
994,583
-
-
Short term timing differences - trading
-
-
36,739
53,838
1,112,984
994,583
36,739
53,838
2025
Movements in the year:
$
Liability at 1 January 2025
940,745
Charge to profit or loss
135,499
Other
1
Liability at 31 December 2025
1,076,245
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
149,177
310,285

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

23
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary share of $1 each
1
1
1
1

The company has one class of ordinary shares with full voting, dividend and capital distribution rights.

24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
$
$
Within one year
412,907
384,567
Between two and five years
1,358,735
1,524,523
In over five years
-
0
145,630
1,766,762
2,054,720

Included in the above are lease payments for the Teesside Hangar which Willis Aviation Services Limited (Fellow group undertaking) operate out of. At the reporting end date the total future minimum sublease payments expected to be received from Willis Aviation Services Limited are as follows

2025
2024
$
$
Within one year
404,765
376,984
Between two and five years
1,349,068
1,507,937
In over five years
-
145,630
1,753,833
2,030,551
WILLIS ENGINE REPAIR CENTRE (UK) LIMITED
FORMERLY KNOWN AS WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
$
$
Acquisition of property, plant and equipment
852,833
3,639,574
26
Ultimate controlling party

The parent company and ultimate controlling party is considered to be Willis Lease Finance Corporation, 4700 Lyons Technology Parkway, Coconut Creek, Florida 33073, USA who own 100% of the shares in the company.

2025-12-31 2025-01-01 false false false CCH Software CCH Accounts Production 2026.100 Mr C F Willis Mr D M Poulakidas Mr B R Hole Ms C Vandedrinck Mr G A Failler Mr M Pemberton Mr A Willis Mr C Weston Mr M Thomas 10438325 2025-01-01 2025-12-31 10438325 bus:Director4 2025-01-01 2025-12-31 10438325 bus:Director5 2025-01-01 2025-12-31 10438325 bus:Director6 2025-01-01 2025-12-31 10438325 bus:Director9 2025-01-01 2025-12-31 10438325 bus:Director1 2025-01-01 2025-12-31 10438325 bus:Director2 2025-01-01 2025-12-31 10438325 bus:Director3 2025-01-01 2025-12-31 10438325 bus:Director7 2025-01-01 2025-12-31 10438325 bus:Director8 2025-01-01 2025-12-31 10438325 bus:RegisteredOffice 2025-01-01 2025-12-31 10438325 2025-12-31 10438325 2024-01-01 2024-12-31 10438325 1 2025-01-01 2025-12-31 10438325 1 2024-01-01 2024-12-31 10438325 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 10438325 core:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 10438325 core:Goodwill 2025-12-31 10438325 core:Goodwill 2024-12-31 10438325 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2025-12-31 10438325 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-12-31 10438325 2024-12-31 10438325 core:LandBuildings core:OwnedOrFreeholdAssets 2025-12-31 10438325 core:ConstructionInProgressAssetsUnderConstruction 2025-12-31 10438325 core:PlantMachinery 2025-12-31 10438325 core:FurnitureFittings 2025-12-31 10438325 core:ComputerEquipment 2025-12-31 10438325 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 10438325 core:ConstructionInProgressAssetsUnderConstruction 2024-12-31 10438325 core:PlantMachinery 2024-12-31 10438325 core:FurnitureFittings 2024-12-31 10438325 core:ComputerEquipment 2024-12-31 10438325 core:WithinOneYear 2025-12-31 10438325 core:WithinOneYear 2024-12-31 10438325 core:AfterOneYear 2025-12-31 10438325 core:AfterOneYear 2024-12-31 10438325 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 10438325 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 10438325 core:Non-currentFinancialInstruments 2025-12-31 10438325 core:Non-currentFinancialInstruments 2024-12-31 10438325 core:ShareCapital 2025-12-31 10438325 core:ShareCapital 2024-12-31 10438325 core:OtherMiscellaneousReserve 2025-12-31 10438325 core:OtherMiscellaneousReserve 2024-12-31 10438325 core:RetainedEarningsAccumulatedLosses 2025-12-31 10438325 core:RetainedEarningsAccumulatedLosses 2024-12-31 10438325 core:ShareCapital 2023-12-31 10438325 core:RetainedEarningsAccumulatedLosses 2023-12-31 10438325 core:ShareCapitalOrdinaryShareClass1 2025-12-31 10438325 core:ShareCapitalOrdinaryShareClass1 2024-12-31 10438325 core:Goodwill 2025-01-01 2025-12-31 10438325 core:IntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 10438325 core:LandBuildings core:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 10438325 core:PlantMachinery 2025-01-01 2025-12-31 10438325 core:FurnitureFittings 2025-01-01 2025-12-31 10438325 core:ComputerEquipment 2025-01-01 2025-12-31 10438325 core:UKTax 2025-01-01 2025-12-31 10438325 core:UKTax 2024-01-01 2024-12-31 10438325 core:Goodwill 2024-12-31 10438325 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-12-31 10438325 2024-12-31 10438325 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 10438325 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 10438325 core:ConstructionInProgressAssetsUnderConstruction 2024-12-31 10438325 core:PlantMachinery 2024-12-31 10438325 core:FurnitureFittings 2024-12-31 10438325 core:ComputerEquipment 2024-12-31 10438325 core:ConstructionInProgressAssetsUnderConstruction 2025-01-01 2025-12-31 10438325 core:Subsidiary1 2025-01-01 2025-12-31 10438325 core:Subsidiary1 1 2025-01-01 2025-12-31 10438325 core:CurrentFinancialInstruments 2025-12-31 10438325 core:CurrentFinancialInstruments 2024-12-31 10438325 core:Non-currentFinancialInstruments core:AfterOneYear 2025-12-31 10438325 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 10438325 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 10438325 bus:OrdinaryShareClass1 2025-12-31 10438325 bus:OrdinaryShareClass1 2024-12-31 10438325 core:BetweenTwoFiveYears 2024-12-31 10438325 core:MoreThanFiveYears 2025-12-31 10438325 core:MoreThanFiveYears 2024-12-31 10438325 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 10438325 bus:FRS102 2025-01-01 2025-12-31 10438325 bus:Audited 2025-01-01 2025-12-31 10438325 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP