Financial Statements
For the financial period from 1 October 2024 to 31 December 2025
Registered number: 12302344
Company Information
Contents
Strategic report
For the financial period from 1 October 2024 to 31 December 2025
The sole director is pleased to present its Strategic Report for the Company for the period ended 31 December 2025.
The financial period ended 31 December 2025 represented the fifth year of operations since Exeter Aerospace commenced trading. During the period, the Company also changed its financial year end from 30 September to 31 December.
Over this period, the Company has successfully established itself as a credible and competitive player in the UK and European maintenance, repair and overhaul markets, particularly as a service provider to the regional jet market segment.
Management continue to expand the Company’s activities, having initially begun trading in the financial year ended September 2021. The Company remains focused on delivering a high quality service to its customers in a highly efficient and cost effective manner.
The results for the financial period and the statement of affairs of the Company at the year-end date are set out in the Statement of Comprehensive Income and Statement of Financial Position. Turnover of £29,838,779 (2024 - £20,073,228) was £9,765,551 (or 49%) higher than the prior financial year. The Company earned a profit after taxation of £2,380,222 (2024 - £2,020,520) in the period and was in a net assets position of £4,918,579 (2024 - £2,538,357) at the period end.
There were no dividends declared or paid during the period (2024 - £NIL).
The directors intend to continue to expand the Company’s existing activities in the future and remain positive about the Company’s prospects and potential for future growth.
Over this period, the Company has successfully established itself as a credible and competitive player in the UK and European maintenance, repair and overhaul markets, particularly as a service provider to the regional jet market segment.
Management continue to expand the Company’s activities, having initially begun trading in the financial year ended September 2021. The Company remains focused on delivering a high quality service to its customers in a highly efficient and cost effective manner.
The results for the financial period and the statement of affairs of the Company at the year-end date are set out in the Statement of Comprehensive Income and Statement of Financial Position. Turnover of £29,838,779 (2024 - £20,073,228) was £9,765,551 (or 49%) higher than the prior financial year. The Company earned a profit after taxation of £2,380,222 (2024 - £2,020,520) in the period and was in a net assets position of £4,918,579 (2024 - £2,538,357) at the period end.
There were no dividends declared or paid during the period (2024 - £NIL).
The directors intend to continue to expand the Company’s existing activities in the future and remain positive about the Company’s prospects and potential for future growth.
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Strategic report (continued)
For the financial period from 1 October 2024 to 31 December 2025
The Company is exposed to a variety of financial risks that include credit risk, liquidity risk and cash flow risk. The sole director has programmes and controls in place to manage the financial risk exposures of the Company.
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 Statement of Financial Position are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The Company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long-term and short-term debt finance.
Cash flow risk
The Company does not have any material exposure to cash flow risk. Cash flow from operations continues to remain strong.
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 Statement of Financial Position are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The Company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long-term and short-term debt finance.
Cash flow risk
The Company does not have any material exposure to cash flow risk. Cash flow from operations continues to remain strong.
This report was approved by the board and signed on its behalf.
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Director's report
For the financial period from 1 October 2024 to 31 December 2025
The sole director present their annual report and the audited financial statements for the extended period ended 31 December 2025, following a change in the Company’s financial year end from 30 September to 31 December.
The profit for the financial period, after taxation, amounted to £2,380,222 (2024 - £2,020,520 ).
The director has not recommended a dividend (2024 - £NIL).
The director and secretary who served at any time during the period was:
Conor McCarthy
The director and secretary at 31 December 2025 held no beneficial interest in the shares of the Company.
Interests in parent undertaking
As at 31 December 2025, the sole director, Conor McCarthy, beneficially held 2,000,010 ordinary shares of €0.10 each in the parent undertaking, Dublin Aerospace Limited (30 September 2024 - 2,000,010).
Interests in ultimate parent undertaking
As at 31 December 2025, the sole director, Conor McCarthy, beneficially held 1 “A” ordinary share of €1 each in the ultimate parent undertaking, MCC Townsend Limited (30 September 2024 - 1).
Interests in parent undertaking
As at 31 December 2025, the sole director, Conor McCarthy, beneficially held 2,000,010 ordinary shares of €0.10 each in the parent undertaking, Dublin Aerospace Limited (30 September 2024 - 2,000,010).
Interests in ultimate parent undertaking
As at 31 December 2025, the sole director, Conor McCarthy, beneficially held 1 “A” ordinary share of €1 each in the ultimate parent undertaking, MCC Townsend Limited (30 September 2024 - 1).
The following shares in MCC Townsend Limited were held jointly by Conor McCarthy and Anne Townsend, a fellow director of MCC Townsend Limited:
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Director's report (continued)
For the financial period from 1 October 2024 to 31 December 2025
On 28 February 2026, significant geopolitical tensions escalated in the Middle East region. This event arose after the reporting date and is therefore classified as a non adjusting event under IAS 10.
Management has assessed the potential implications of these developments and notes that the Company's operations, liquidity, and financial position are not materially impacted as at the date of approval of these financial statements. However, the situation remains fluid, and management will continue to monitor developments and assess any future implications.
There have been no other significant events affecting the Company since the financial period end.
Management has assessed the potential implications of these developments and notes that the Company's operations, liquidity, and financial position are not materially impacted as at the date of approval of these financial statements. However, the situation remains fluid, and management will continue to monitor developments and assess any future implications.
There have been no other significant events affecting the Company since the financial period end.
The financial statements have been prepared on the going concern basis. The sole director reports that they have satisfied themselves at the time of approving the financial statements that the company is a going concern, having adequate financial resources. In forming this view, the sole director has considered the future cash requirements of the business in the context of the economic environments of 2025 and 2026, risks and uncertainties facing the company, and the medium-term strategy of the company.
Grant Thornton were appointed as auditors during the financial period and have expressed their willingness to be proposed for reappointment as auditor of the Company in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Director's responsibilities statement
For the financial period from 1 October 2024 to 31 December 2025
This report was approved by the board and signed on its behalf.
..................................................................
Conor McCarthy
Director
Date: 28 May 2026
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Independent auditor's report to the members of Exeter Aerospace Limited
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 'Responsibilities of the auditor 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, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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.
In auditing the financial statements, we have concluded that the director's 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 the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the director, with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of Exeter Aerospace Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Director's reportand the Strategic Report. The sole director is responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
∙the information given in the Director's reportand the Strategic Report for the period for which the financial statements are prepared is consistent with the financial statements, and
∙the Director's report and the Strategic Report have been prepared in accordance with applicable legal requirements.
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Independent auditor's report to the members of Exeter Aerospace Limited (continued)
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Independent auditor's report to the members of Exeter Aerospace Limited (continued)
In response to these principal risks, our audit procedures included but were not limited to:
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.
for and on behalf of
Chartered Accountants &
Statutory Auditors
13-18 City Quay
13-18 City Quay
Date:
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Statement of comprehensive income
For the financial period from 1 October 2024 to 31 December 2025
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Statement of financial position
As at 31 December 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 28 form part of these financial statements.
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Statement of changes in equity
For the financial period from 1 October 2024 to 31 December 2025
Statement of changes in equity
For the year ended 30 September 2024
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Notes to the financial statements
For the financial period from 1 October 2024 to 31 December 2025
Exeter Aerospace Limited is a private company limited by shares and incorporated and domiciled in England under the Companies Act 2006. The Company's registered office is at Hangar 1, Exeter Airport, Exeter, United Kingdom.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
During the year, the Company changed its accounting reference date from 30 September to 31 December. Accordingly, the current accounting period covers the 15-month period ended 31 December 2025, compared with the prior year financial statements which covered the 12-month period ended 30 September 2024. As a result, the amounts presented for the current period are not directly comparable with those of the prior year.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. These financial statements have been prepared on the historical cost basis. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
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Notes to the financial statements
For the financial period from 1 October 2024 to 31 December 2025
2.Accounting policies (continued)
The most significant amendments are the replacement of Section 23 Revenue from Contracts with Customers (replacing the previous revenue section), and Section 20 Leases (introducing a new on-balance sheet model for most leases). These revisions aim to improve consistency and bring FRS 102 closer to international standards, notably IFRS 15 and IFRS 16. Other changes, such as the introduction of Section 2A - Fair Value Measurement, are not currently expected to have a material impact on the company.
The company is planning for the implementation of these changes and is at an early stage in evaluating their financial impact.
Management is undertaking a comprehensive review of existing revenue contracts to assess the implications of the new Section 23 requirements. This review includes evaluating whether current performance obligations need to be identified and separated, determining the appropriate timing of revenue recognition (e.g., at a point in time versus over time), and reassessing variable consideration, contract modifications, and principal versus agent relationships. The company expects that these changes may affect the allocation of transaction prices across performance obligations, the pattern of revenue recognition, and related disclosures. Management is also considering the impact on systems, processes, and internal controls to ensure compliance with the enhanced presentation and disclosure requirements introduced by the revised standard.
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Notes to the financial statements
For the financial period from 1 October 2024 to 31 December 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
For the financial period from 1 October 2024 to 31 December 2025
2.Accounting policies (continued)
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.
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Notes to the financial statements
For the financial period from 1 October 2024 to 31 December 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.
At each reporting date, tangible fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss.
At each reporting date, tangible fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
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Notes to the financial statements
For the financial period from 1 October 2024 to 31 December 2025
2.Accounting policies (continued)
Basic financial instruments
Recognition and measurement
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks. Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original effective interest rate.
Financial assets and liabilities are offset, and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. At present, the company has not offset any items.
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Notes to the financial statements
For the financial period from 1 October 2024 to 31 December 2025
2.Accounting policies (continued)
Derecognition
A financial asset is derecognised only when:
∙the contractual rights to the cash flows from the financial asset expire or are settled; or
∙substantially all of the risks and rewards of ownership of the financial asset have been transferred to another party; or
∙when despite having retained some, but not substantially all, risks and rewards of ownership, control of the asset has been transferred to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company derecognises the asset and recognises separately any rights and obligations retained or created in the transfer.
A financial liability is derecognised when the contract that gives rise to it is settled, sold, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss.
Payments made in full or part settlement are set off against the related provision and reported as amounts utilised in the notes to the accounts.
Called-up share capital
Profit and loss account
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Notes to the financial statements
For the financial period from 1 October 2024 to 31 December 2025
3.Judgements in applying accounting policies and key sources of estimation uncertainty (continued)
Revenue recognition
In determining the timing of revenue recognition for contracts involving staged delivery of services, the directors exercised judgment. Based on the nature of the services and the fact that the customer receives and consumes benefits as the work progresses, directors concluded that recognising revenue over time for these contracts is appropriate under FRS 102 Section 23.
The following are areas of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year:
In determining the timing of revenue recognition for contracts involving staged delivery of services, the directors exercised judgment. Based on the nature of the services and the fact that the customer receives and consumes benefits as the work progresses, directors concluded that recognising revenue over time for these contracts is appropriate under FRS 102 Section 23.
The following are areas of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year:
Stock is stated at the lower of cost (first-in-first-out method) or net realisable value. The cost of stock comprises net prices paid for materials purchased, charges for freight, customs duties and labour cost. Net realisable value represents the estimated selling price less all estimated costs of completion.
Stock provisions are recognised for slow-moving, obsolete or unusable stock and are reviewed on a quarterly basis. In determining stock provisions, management evaluate stock in excess of the Company’s forecasted needs on both technological and economic criteria and make appropriate provisions to reflect the risk of obsolescence.
This methodology is significantly affected by management’s forecasted needs for stock. If actual demand or usage were to be lower than estimated, additional stock provisions for excess or obsolete stock may be required, which could have a material adverse effect on the business, financial condition and results of operations.
The company estimates the allowance for doubtful trade receivables based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances including but not limited to, the length of relationship and past payment history pattern. At 31 December 2025, impairment for doubtful debts amounted to £186,426 (2024 - £NIL).
The company assesses tangible fixed assets for indicators of impairment at each reporting date. Where such indicators exist, the recoverable amount is determined based on the higher of fair value less costs to sell and value in use. Estimating value in use involves forecasting future cash flows and selecting an appropriate discount rate. These assumptions are inherently uncertain and could change as market conditions evolve. At 31 December 2025, tangible assets with a carrying amount of £610,594 (2024 - £507,039) are subject to this estimation uncertainty. No impairment charge was recognised as of 31 December 2025 (2024 - £NIL).
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Notes to the financial statements
For the financial period from 1 October 2024 to 31 December 2025
3.Judgements in applying accounting policies and key sources of estimation uncertainty (continued)
The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted.
Accrued income
Recognised amounts of accrued revenues and related receivables reflect management’s best estimate of each contract’s outcome and stage of completion. This includes the assessment of the profitability of ongoing contracts and the order backlog. For more complex contracts in particular, costs to complete and contract profitability are subject to significant estimation uncertainty.
Recognised amounts of accrued revenues and related receivables reflect management’s best estimate of each contract’s outcome and stage of completion. This includes the assessment of the profitability of ongoing contracts and the order backlog. For more complex contracts in particular, costs to complete and contract profitability are subject to significant estimation uncertainty.
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Notes to the financial statements
For the financial period from 1 October 2024 to 31 December 2025
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Notes to the financial statements
For the financial period from 1 October 2024 to 31 December 2025
6.Employees (continued)
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Notes to the financial statements
For the financial period from 1 October 2024 to 31 December 2025
7.Taxation (continued)
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