Gloucester Jet Test Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Merlin House
Merlin Way
Manston
Kent
CT12 5FE

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Going concern

The financial statements have been prepared on a going concern basis as the directors have confirmed they will continue to support the company in meeting its obligations for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Revenue is recognised for services in the period in which the services are provided in accordance with the stage of completion of the contract. This is subject to the amount of revenue, costs incurred, future costs to complete and stage of completion can all be measure reliably; and it is probable that the company will receive the consideration.

Tax

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

Gloucester Jet Test Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	Straight line 5 years
Plant and machinery	Straight line 10 years
Jet engine beds	Straight line 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

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

Gloucester Jet Test Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2025 - 8).

4	Profit/loss before tax

Arrived at after charging/(crediting)

	2026 £	2025 £
Depreciation expense	4,436	3,575

Gloucester Jet Test Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

5	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Jet engine beds £	Total £
Cost or valuation
At 1 April 2025	9,889	24,162	117,688	151,739
Additions	5,543	-	-	5,543
At 31 March 2026	15,432	24,162	117,688	157,282
Depreciation
At 1 April 2025	6,425	20,000	117,688	144,113
Charge for the year	2,978	1,458	-	4,436
At 31 March 2026	9,403	21,458	117,688	148,549
Carrying amount
At 31 March 2026	6,029	2,704	-	8,733
At 31 March 2025	3,464	4,162	-	7,626

6

Debtors

	2026 £	2025 £
Trade debtors	95,578	43,455
Prepayments	10,475	10,298
Other debtors	36,278	5,221
	142,331	58,974

Gloucester Jet Test Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

7

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	8	277,034	310,034
Trade creditors		55,761	51,214
Taxation and social security		20,174	14,189
Accruals and deferred income		3,498	8,555
Other creditors		827	659
		357,294	384,651

8	Loans and borrowings

	2026 £	2025 £
Current loans and borrowings
Directors' loan account and other loans	277,034	310,034

The directors' loan accounts and other loans are non-interest bearing and have no formal repayments terms.

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total future minimum lease payments under non-cancellable operating leases are £640,000 (2025 - £680,000).

Gloucester Jet Test Centre Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2026