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COMPANY REGISTRATION NUMBER: 01972741

The Fighter Collection Limited

Unaudited financial statements

30 November 2025

The Fighter Collection Limited

Statement of financial position

30 November 2025

| 2025 | 2024
Note | £ | £ | £ | £

Fixed assets

Intangible assets | 5 |  | 5,552 |  | 7,123
Tangible assets | 6 |  | 135,582 |  | 590,069
|  | --------- |  | ---------
|  | 141,134 |  | 597,192

Current assets

Stocks | 1,209,941 |  | 1,151,743 |
Debtors | 7 | 312,980 |  | 329,057 |
Cash at bank and in hand | 106,062 |  | 258,103 |
| ----------- |  | ----------- |
| 1,628,983 |  | 1,738,903 |

Creditors: Amounts falling due within one year | 8 | ( 302,009) |  | ( 401,937) |
| ----------- |  | ----------- |
Net current assets |  | 1,326,974 |  | 1,336,966
|  | ----------- |  | -----------
Total assets less current liabilities |  | 1,468,108 |  | 1,934,158

Creditors: Amounts falling due after more than one year | 9 |  | ( 10,828,403) |  | ( 11,167,556)
|  | ------------ |  | ------------
Net liabilities |  | ( 9,360,295) |  | ( 9,233,398)
|  | ------------ |  | ------------

Capital and reserves

Called up share capital |  | 100 |  | 100
Profit and loss account |  | ( 9,360,395) |  | ( 9,233,498)
|  | ----------- |  | -----------
Shareholders deficit |  | ( 9,360,295) |  | ( 9,233,398)
|  | ----------- |  | -----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

The Fighter Collection Limited

Statement of financial position (continued)

30 November 2025
These financial statements were approved by the board of directors and authorised for issue on 21 August 2026 , and are signed on behalf of the board by:

N S S Grey |
Director |

Company registration number: 01972741

The Fighter Collection Limited

Notes to the financial statements

Year ended 30 November 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Duxford Airfield Hangar 2, Duxford, Cambridge, CB22 4QR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain aircraft measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity and are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis. At the reporting date, the Company had net liabilities of £9,360,295, which includes a liability of £10,828,403 due to Patina Ltd, an overseas entity controlled by the director of the Company. This entity has sufficient resources to continue financing the company for the foreseeable future and has provided assurance that there is no immediate intention to recall this liability.
Judgements and key sources of estimation uncertainty
Estimates and judgements used in preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition seldom equal the related actual results. Any subsequent changes are accounted for with an effect on income at the time such updated information is available. The estimates and assumptions that have a significant effect on the carrying amounts of assets and liabilities are discussed below: - Aircraft useful economic life The director has determined that the useful economic life of the aircraft and the corresponding depreciation rate applied is appropriate. In assessing this rate, consideration was given to the aircraft's expected period of operational use, anticipated utilisation levels, and industry practice for comparable assets. - Aircraft valuations The director determines that the fair value model is more appropriate than the historical cost model for the valuation of the Company's aircrafts. Valuations are determined by an annual assessment completed by an external specialist for the purposes of verifying the insurance value of the aircraft. These valuations are deemed to be reasonable estimates for the fair value of the aircraft at the reporting date.
Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable in the ordinary course of business, and is shown net of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the sale of services is recognised when the service has been satisfactorily provided, the amount can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Where services are rendered under a contract, revenue is recognised based on the stage of completion at the reporting date-provided the outcome can be reliably estimated. If not, revenue is recognised only to the extent that expenses incurred are expected to be recoverable. When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. When the outcome of a contract cannot be estimated reliably, turnover is recognised only to the extent of costs that it is probable will be recovered.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Trademarks | - | 10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Leasehold property improvements | - | Over the term of the lease
| Tools and equipment | - | 15% reducing balance
| Website | - | 50% straight line
| Aircraft | - | 10% straight line

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value. Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
4. Employee numbers
The average number of employees during the year was 1 (2024: 1 ).
5. Intangible assets

| Trademarks
| £
Cost |
At 1 December 2024 and 30 November 2025 | 15,718
| -------
Amortisation |
At 1 December 2024 | 8,595
Charge for the year | 1,571
| -------
At 30 November 2025 | 10,166
| -------
Carrying amount |
At 30 November 2025 | 5,552
| -------
At 30 November 2024 | 7,123
| -------

6. Tangible assets

| Leasehold property improve-ments | Tools and equipment | Website | Aircraft | Total
| £ | £ | £ | £ | £
Cost or valuation |  |  |  |  |
At 1 December 2024 | 85,334 | 35,858 | 23,663 | 895,908 | 1,040,763
Additions | – | 985 | – | – | 985
Disposals | – | – | – | ( 693,847) | ( 693,847)
Revaluations | – | – | – | ( 5,513) | ( 5,513)
Transfers | – | – | – | ( 42,548) | ( 42,548)
| ------- | ------- | ------- | --------- | -----------
At 30 November 2025 | 85,334 | 36,843 | 23,663 | 154,000 | 299,840
| ------- | ------- | ------- | --------- | -----------
Depreciation |  |  |  |  |
At 1 December 2024 | 85,334 | 30,198 | 23,663 | 311,499 | 450,694
Charge for the year | – | 899 | – | 24,097 | 24,996
Disposals | – | – | – | ( 254,412) | ( 254,412)
Revaluations | – | – | – | ( 57,020) | ( 57,020)
| ------- | ------- | ------- | --------- | -----------
At 30 November 2025 | 85,334 | 31,097 | 23,663 | 24,164 | 164,258
| ------- | ------- | ------- | --------- | -----------
Carrying amount |  |  |  |  |
At 30 November 2025 | – | 5,746 | – | 129,836 | 135,582
| ------- | ------- | ------- | --------- | -----------
At 30 November 2024 | – | 5,660 | – | 584,409 | 590,069
| ------- | ------- | ------- | --------- | -----------

Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

| Aircraft
| £
At 30 November 2025 |
Aggregate cost | 159,513
Aggregate depreciation | (73,038)
| ---------
Carrying value | 86,475
| ---------

At 30 November 2024 |
Aggregate cost | 895,908
Aggregate depreciation | (311,449)
| ---------
Carrying value | 584,459
| ---------

7. Debtors

| 2025 | 2024
| £ | £
Trade debtors | – | 6,283
Other debtors | 312,980 | 322,774
| --------- | ---------
| 312,980 | 329,057
| --------- | ---------

The debtors above include the following amounts falling due after more than one year:

| 2025 | 2024
| £ | £
Other debtors | – | 39,568
| ---- | -------

8. Creditors: Amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 131,341 | 196,552
Other creditors | 170,668 | 205,385
| --------- | ---------
| 302,009 | 401,937
| --------- | ---------

9. Creditors: Amounts falling due after more than one year

| 2025 | 2024
| £ | £
Other creditors | 10,828,403 | 11,167,556
| ------------ | ------------

10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 20,000 | 20,000
| ------- | -------

11. Related party transactions
At the 30th November 2025 the company owed Patina Ltd, a company registered in Jersey and under common control £10,828,403 (2024 - £11,167,556). The loan is interest free, unsecured, and repayable on demand. As part of its operations, the Company uses aircraft owned by a related company, for which there is no charge. The Company incurs certain maintenance and operating costs associated with the use of those aircraft.