wk-2025-12-31-ixbrl

Humberside International Airport Limited

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The audited financial statements for the year ended 31 December 2025 are set out on pages 11 to

26.

Business Review

The results of the Company for the year ended 31 December 2025 are disclosed in the attached

financial statements.

Turnover has increased to £11,320,528 from £11,073,755 in the previous year, in both airline

revenue and commercial income.

The airport continues to actively market the investment properties it holds to maximise rental

income. Post COVID 19 pandemic, the Company continues to see an increase in business as flying

activity continues to increase and grow.

Principal risks and uncertainties

The principal risks and uncertainties of the Company are summarised below:-

Breach in security: There is ongoing investment in security technology. There is also an

independent quality assurance programme, which employs both an internal and external process for

independently checking performance standards with a view to identifying potential areas for

improvement. Close co-operation is maintained with Government agencies and the police to ensure

that the security regime is responsive to changes in external threats. Cybersecurity breaches or

business system disruptions may adversely affect our business.

A major health and safety incident impacting our customers or colleagues: There is a group-wide

structure in place to support management through the provision of staff training, auditing and

specialist advice. The assessment of health and safety risks is inbuilt into daily management

routines.

Increased environmental restrictions on noise and pollution potentially place limitations on future

growth: The risk assessed by the management team who monitor trends in air traffic and develop

environmental impact assessments.

Threat of downturn in demand due to adverse global economic factors: The risk is mitigated by the

application of prudent financial controls, the gathering of business intelligence and contingency

planning.

Political and regulatory: The management team ensures full compliance with formal regulatory

requirements and monitor stakeholder and political reactions in order to react to emerging political

and regulatory developments.

Recruitment, development and retention of staff: Talent is identified and nurtured through agreed

development plans including succession planning of our key leadership positions. Our reward

schemes are constantly evaluated and drive and reward performance and ensure retention of key

talent.

Travel restrictions: Risk specific to travel restrictions as a result of a public health crises, such as

pandemics (including COVID-19) and epidemics, and any related government policies.

Humberside International Airport Limited

Financial key performance indicators


	2025	2024	% change
Turnover	11,320,528	11,073,755	2%
Gross profit	15,042	282,526	1%
Gross profit%	–%	3%
(Loss)/profit before tax	(147,787)	227,492	(165)%

Directors’ statement of compliance with duty to promote the success of the Company

The directors must act in a way that they consider, in good faith, would most likely promote the

success of the Company and for the benefit of its members as a whole in accordance with section

172 of the UK Companies Act 2006. References to the Company in the below statements refer to

the Company and its fellow subsidiaries within the Bristow group of companies ("Bristow Group").

The references to employees relate to all employees within the Bristow Group. but not limited to:

1) The likely consequences of long-term decisions

The directors continue to take a long-term view on the business, continuously analysing market

conditions and seeking diversification opportunities when and where they arise in order to

strengthen the business portfolio.

2) The interests of the Company’s employees

The Company prides itself on having a highly skilled, motivated, workforce working in an industry

where safety is paramount. Employees are subject to continuous training and annual reviews where

employees have the opportunity to give feedback as well as to receive feedback.

3) Business relationships with suppliers, customers, and others

The Company’s relationship with customers, Original Equipment Manufacturers (OEM) and other

suppliers are significant in maintaining the Bristow brand with regards to quality, reliability and

safety. The directors also consider the views and interests of other stakeholders relating to the

Company’s business, including the UK Civil Aviation Authority (CAA), other UK government

agencies and regulators, European and other international organisations such as the European

Union Aviation Safety Agency (EASA).

4) Impact of the Company’s operations on the community and the environment

The directors have available information and data relating to all aspects of the business, to enable

them to understand the Company’s operations and the interests and views of the key stakeholders,

including the local community and environment.

The Company has undertaken various energy efficiency measures to contribute to emission

reduction initiatives.

5) Desirability of the Company maintaining a reputation for high standards of business

conduct

The directors continue to review quality and safety in the workplace and ensure compliance under

Bristow’s Code of Business Integrity, through employees completing annual online courses.

6) The need to act fairly between members of the Company

The board of directors participate in board meetings frequently during which operational matters,

strategy, business risks and legal and regulatory matters are discussed. These meetings enable the

Humberside International Airport Limited

directors to keep abreast of the Company’s operations and ongoing engagement with their

stakeholders.

Directors will engage (either individually or together) directly with some of the stakeholders on

certain issues. Other times, engagement will be at an operational level, but always under the

direction and supervision of the board of directors.

This report was approved by the directors on 24 August 2026 and signed on its behalf by.

A Corbett

Director

Humberside International Airport Limited

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

2025.

Directors’ responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the

financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under

that law they have elected to prepare the financial statements in accordance with UK accounting

standards and applicable law (United Kingdom Generally Accepted Accounting Practice), including

Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and

Republic of Ireland’.

Under company law the directors must not approve the financial statements unless they are

satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or

loss of the Company for that year.

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;

• state whether applicable UK Accounting Standards have been followed, subject to any

material departures disclosed and explained in the financial statements;

• assess the Company's ability to continue as a going concern, disclosing, as applicable,

matters relating to going concern; and

• use the going concern basis of accounting unless they either intend to liquidate the Company

or to cease operations, or have no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records that are sufficient to show

and explain the Company's transactions and disclose with reasonable accuracy at any time the

financial position of the Company and to enable them to ensure that the financial statements comply

with the Companies Act 2006. They are responsible for such internal control as they determine is

necessary to enable the preparation of financial statements that are free from material

misstatement, whether due to fraud or error, and have general responsibility for taking such steps

as are reasonably open to them to safeguard the assets of the Company and to prevent and detect

fraud and other irregularities.

Principal activity

The Company's principal activity is the operation of Humberside International Airport.

Results and dividends

The loss for the year, after taxation, amounted to £96,552 (31 December 2024: profit £152,471).

The Company did not pay dividends during the year ended 31 December 2025 (31 December 2024:

£nil).

The directors do not recommend the payment of a final dividend for the year under review

(31 December 2024: £nil).

Humberside International Airport Limited

Directors

The directors who served during the year and up to the date of this report were:

A Waltham

A Corbett

K Lawson

The directors benefit from qualifying third party indemnity provisions in place during the financial

year and at the date of this report.

Political contributions

The Company made no political donations or incurred any political expenditure during the year

(31 December 2024: £nil).

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue

in operational existence for at least 12 months from the date of approval of these financial

statements. As set out in note 1 to the financial statements, the directors continue to adopt the going

concern basis of accounting in preparing the financial statements.

Future developments

The directors expect the Company to continue in its current trade for the foreseeable future.

Financial instruments

Details of the Company’s principal financial instruments are given in notes 11 and 12 to the financial

statements.

Engagement with suppliers, customers, and others

Relationships with stakeholders are of strategic importance to the Company and these matters are

therefore dealt with in the strategic report (under section 172 obligations).

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors’ report is approved has

confirmed that:

• so far as the director is aware, there is no relevant audit information of which the Company’s

auditor is unaware, and

• the director has taken all the steps that ought to have been taken as a director in order to be

aware of any relevant audit information and to establish that the Company’s auditor is aware

of that information.

•

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Humberside International Airport Limited

Auditor

Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed

and RNS will therefore continue in office.

This report was approved by the directors on 24 August 2026 and signed on its behalf by:

A Corbett

Director

Humberside International Airport Limited

Independent Auditor's Report to the Members of Humberside International Airport Limited

OPINION

We have audited the financial statements of Humberside International Airport Limited ("the

Company") for the year ended 31 December 2025 which comprise the Profit and loss account and

other comprehensive income, Balance Sheet, Statement of changes in equity and related notes,

including the accounting policies in note 1.

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 loss for the year then ended;

• have been properly prepared in accordance with UK accounting standards, including FRS

102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; 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 are described below. We have fulfilled our ethical

responsibilities under, and are independent of the Company in accordance with, UK ethical

requirements including the FRC Ethical Standard. We believe that the audit evidence we have

obtained is a sufficient and appropriate basis for our opinion.

GOING CONCERN

The directors have prepared the financial statements on the going concern basis as they do not

intend to liquidate the Company or to cease its operations, and as they have concluded that the

Company's financial position means that this is realistic. They have also concluded that there are no

material uncertainties that could have cast significant doubt over its ability to continue as a going

concern for at least a year from the date of approval of the financial statements ("the going concern

period").

In our evaluation of the directors' conclusions, we considered the inherent risks to the Company's

business model and analysed how those risks might affect the Company's financial resources or

ability to continue operations over the going concern period.

Our conclusions based on this work:

• we consider that the directors' use of the going concern basis of accounting in the

preparation of the financial statements is appropriate;

• we have not identified, and concur with the directors' assessment that there is not, a

material uncertainty related to events or conditions that, individually or collectively, may

cast significant doubt on the Company's ability to continue as a going concern for the going

concern period.

However, as we cannot predict all future events or conditions and as subsequent events may result

in outcomes that are inconsistent with judgements that were reasonable at the time they were

made, the above conclusions are not a guarantee that the Company will continue in operation.

Humberside International Airport Limited

FRAUD AND BREACHES OF LAWS AND REGULATIONS - ABILITY TO DETECT

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions

that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud.

Our risk assessment procedures included:

• Enquiring of directors and inspection of policy documentation as to the Company and Bristow

Group Inc's high-level policies and procedures to prevent and detect fraud, including Bristow's

channel for "whistleblowing", as well as whether they have knowledge of any actual,

suspected or alleged fraud.

• Reading Board minutes.

• Using analytical procedures to identify any unusual or unexpected relationships.

We communicated identified fraud risks throughout the audit team and remained alert to any

indications of fraud throughout the audit.

As required by auditing standards, and taking into account possible pressures to meet profit targets,

we perform procedures to address the risk of management override of controls, in particular the risk

that management may be in a position to make inappropriate accounting entries. On this audit we do

not believe there is a fraud risk related to revenue recognition because of the non-complex and non-

judgmental nature of the Company's revenue streams and revenue recognition policies.

We did not identify any additional fraud risks.

In determining the audit procedures we took into account the results of our evaluation and testing of

the operating effectiveness of some of the Group-wide fraud risk management controls.

We also performed procedures including:

Identifying journal entries and other adjustments to test based on risk criteria and comparing the

identified entries to supporting documentation. These included those revenue entries made to

unrelated accounts and cash journals posted to unusual or unexpected accounts.

Identifying and responding to risks of material misstatement related to compliance with laws and

regulations

We identified areas of laws and regulations that could reasonably be expected to have a material

effect on the financial statements from our general commercial and sector experience, through

discussion with the directors and other management (as required by auditing standards), and from

inspection of the Bristow Group's regulatory and legal correspondence and discussed with the

directors and other management the policies and procedures regarding compliance with laws and

regulations.

We communicated identified laws and regulations throughout our team and remained alert to any

indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements

including financial reporting legislation (including related companies legislation), distributable profits

legislation and taxation legislation and we assessed the extent of compliance with these laws and

regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequences of

non compliance could have a material effect on amounts or disclosures in the financial statements,

Humberside International Airport Limited

for instance through the imposition of fines or litigation or the loss of the Company's licence to

operate. We identified the following areas as those most likely to have such an effect: health and

safety, data protection laws, anti-bribery, employment law and certain aspects of company legislation

recognising the nature of the Company's activities and its legal form. Auditing standards limit the

required audit procedures to identify non-compliance with these laws and regulations to enquiry of the

directors and other management and inspection of regulatory and legal correspondence, if any.

Therefore if a breach of operational regulations is not disclosed to us or evident from relevant

correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have

detected some material misstatements in the financial statements, even though we have properly

planned and performed our audit in accordance with auditing standards. For example, the further

removed non-compliance with laws and regulations is from the events and transactions reflected in

the financial statements, the less likely the inherently limited procedures required by auditing

standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may

involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal

controls. Our audit procedures are designed to detect material misstatement. We are not responsible

for preventing non compliance or fraud and cannot be expected to detect non-compliance with all

laws and regulations.

STRATEGIC REPORT AND DIRECTORS' REPORT

The directors are responsible for the strategic report and directors' report. Our opinion on the financial

statements does not cover those reports and we do not express an audit opinion thereon.

Our responsibility is to read the strategic report and directors' report and, in doing so, consider

whether, based on our financial statements audit work, the information therein is materially misstated

or inconsistent with the financial statements or our audit knowledge.

Based solely on that work:

• we have not identified material misstatements in the strategic report and the directors' report;

• in our opinion the information given in those reports for the financial period is consistent with

the financial statements; and

• in our opinion those reports have been prepared in accordance with the Companies Act 2006.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

Under the Companies Act 2006 we are required 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.

We have nothing to report in these respects.

Humberside International Airport Limited

DIRECTORS' RESPONSIBILITIES

As explained more fully in their statement set out on page 4, the directors are responsible for: the

preparation of the financial statements and for being satisfied that they give a true and fair view;

such internal control as they determine is necessary to enable the preparation of financial

statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the

Company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES

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 our opinion in

an auditor's report. Reasonable assurance is a high level of assurance, but does not 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

aggregate, they could reasonably be expected to influence the economic decisions of users taken

on the basis of the financial statements.

A fuller description of our responsibilities is provided·on the FRC's website at www.frc.org.uk/

auditorsresponsibilities.

THE PURPOSE OF OUR AUDIT WORK AND TO WHOM WE OWE OUR RESPONSIBILITIES

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.

Robert Smith

for and on behalf of RNS, Statutory Auditor

Chartered Accountants

26 August 2026

50-54 Oswald Road

Scunthorpe

North Lincolnshire

DN15 7PQ

Humberside International Airport Limited

PROFIT AND LOSS ACCOUNT AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025


		2025	2024
	Note	£	£

Turnover	2	11,320,528	11,073,755
Cost of sales		(11,305,486)	(10,791,229)
Gross profit		15,042	282,526

Other operating income		-	5,693
Fair value movements		(150,000)	(60,000)
Operating (loss)/profit		(134,958)	228,219

Interest payable and similar expenses	6	(12,829)	(727)
(Loss)/profit before tax		(147,787)	227,492

Tax expense	7	51,235	(75,021)

(Loss)/profit for financial year		(96,552)	152,471


Total comprehensive (expense)/income for the year		(96,552)	152,471

The notes on pages 14 to 26 form part of these financial statements.

All of the results for the current and prior period relate to continuing operations.

Humberside International Airport Limited

BALANCE SHEET

AS AT 31 DECEMBER 2025


	Note	2025	2024
		£	£
Fixed Assets
Tangible fixed assets	8	5,057,176	5,092,241
Investment property	9	8,580,000	8,730,000
		13,637,176	13,822,241

Current assets
Stock	10	171,563	150,044
Debtors: amounts falling due within one year	11	1,850,274	1,943,703
Cash and cash equivalents		767,941	737,756
		2,789,778	2,831,503

Creditors: amounts falling due within one year	12	(1,649,211)	(1,606,829)

Net current assets		1,140,567	1,224,674

Creditors: amounts falling due after more than one year	12	(1,947,186)	(2,004,791)

Provision for liabilities
Deferred tax	13	(604,296)	(719,311)

Net assets		12,226,261	12,322,813

Capital and reserves
Called up share capital	14	8,650,000	8,650,000
Share premium account	15	80,938	80,938
Investment property revaluation reserve	15	6,184,527	6,297,027
Profit and loss account	15	(2,689,204)	(2,705,152)

Shareholder's funds		12,226,261	12,322,813

The financial statements were approved and authorised for issue by the board on the 24 August

2026 and were signed on its behalf on by:

A Corbett

Director

The notes on pages 14 to 26 form part of these financial statements.

Humberside International Airport Limited

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025


	Called up share capital	Share premium	Investment property revaluation reserve	Profit and loss account	Total equity
	£		£	£	£

At 1 January 2024	8,650,000	80,938	6,342,027	(2,902,623)	12,170,342

Comprehensive income for the year
Profit for the year	-	-	-	152,471	152,471

Total comprehensive income for the year	-	-	-	152,471	152,471

Fair value on investment property	-	-	(60,000)	60,000	-
Transfer of taxation relating to investment property	-	-	15,000	(15,000)	-

At 31 December 2024	8,650,000	80,938	6,297,027	(2,705,152)	12,322,813

At 1 January 2025	8,650,000	80,938	6,297,027	(2,705,152)	12,322,813

Comprehensive expense for the year
Loss for the year	-	-	-	(96,552)	(96,552)

Total comprehensive expense for the year	-	-	-	(96,552)	(96,552)

Fair value on investment property	-	-	(150,000)	150,000	-
Transfer of taxation relating to investment property	-	-	37,500	(37,500)	-

At 31 December 2025	8,650,000	80,938	6,184,527	(2,689,204)	12,226,261

The notes on pages 14 to 26 form part of these financial statements.

Humberside International Airport Limited

NOTES TO THE FINANCIAL STATEMENTS

1. Accounting policies

1.1 Basis of preparation of financial statements

Humberside International Airport Limited (the “Company”) is a private limited company incorporated

and registered in England and Wales. The registered number is 02175309 and the registered

address is Redhill Aerodrome, Kings Mill Lane, Redhill, Surrey, RH1 5JZ.

The largest and smallest group in which the results of the Company are consolidated is that headed

by Bristow Group Inc. The consolidated financial statements of Bristow Group Inc. are prepared in

accordance with United States (U.S.) Generally Accepted Accounting Principles and are available to

the public and may be obtained from 3151 Briarpark Drive, Houston, Texas, 77042.

The financial statements have been prepared in accordance with Financial Reporting Standard 102,

the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (“FRS

102”).

These financial statements have been prepared under historical cost convention except where

otherwise stated.

The functional and presentational currency of these financial statements is GBP.

All amounts in these financial statements have been rounded to the nearest GBP.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all

periods presented in these financial statements.

In these financial statements, the Company is considered to be a qualifying entity (for the purposes

of this FRS) and has therefore taken advantage of the disclosure exemptions available to it in

respect of its individual financial statements.

In these financial statements, the Company is considered to be a qualifying entity (for the purposes

of this FRS) and has applied the exemptions available under FRS 102 in respect of the following

disclosures:

• Cash Flow Statement and related notes; and

• Key Management Personnel compensation.

As the consolidated financial statements of Bristow Group Inc. include the disclosures equivalent to

those required by FRS 102, the Company has also taken the exemptions available in respect of the

following disclosures:

• Certain disclosures required by FRS 102.26 Share-based Payments; and,

• Certain disclosures required by FRS 102.11 Basic Financial Instruments

• Certain disclosures required by FRS 102.12 Other Financial Instrument Issues in

respect of financial instruments not falling within the fair value accounting rules of

Paragraph 36(4) of Schedule 1 and

• Certain disclosures required by FRS 102.29 Income Tax in respect of Pllar Two Income

Taxes.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all

periods presented in these financial statements.

The preparation of these financial statements in compliance with FRS 102 requires the use of

certain critical accounts estimates. It also requires management to exercise judgement in applying

the Company’s accounting policies.

Humberside International Airport Limited

NOTES TO THE FINANCIAL STATEMENTS

Estimates and judgements are continually evaluated and based on historical experience and other

factors, including expectations of future events that are believed to be reasonable under the

circumstances.

• Critical judgements in applying the Company’s accounting policies.

In the opinion of the directors no critical accounting judgements have been made in applying the

Company’s accounting policies.

• Critical accounting estimates and assumptions.

The Company carries its investment property at fair value, with changes in fair value being

recognised in the profit and loss account. The Company engaged independent valuation specialists

to determine fair value at 31 December 2025. The valuer used a valuation technique based on

market transactions and other investment methods. Due to the nature of the property being valued

there was little comparable evidence to rely upon which relates to an airport location. Property

transactions in the wider occupational and investment market for non-aviation related properties

were therefore considered. The determined fair value of the investment property is most sensitive to

the estimated yield as well as long term vacancy rate. The valuation of investment property is also

discussed in note 9.

See impairment of financial and non-financial assets and notes 8 and 9 in respect of tangible fixed

assets and investment property.

The Company has taken advantage of the exemption available under FRS102 from disclosing

transactions with its parent undertaking and other subsidiary undertakings where 100% of the voting

rights are controlled within the group.

1.2 Foreign currency

Items included in the financial statements of the Company are measured using the currency of the

primary economic environment in which the respective Company operates. The financial statements

are presented in GBP, which is the functional and presentation currency of Humberside International

Airport Limited.

Transactions in foreign currencies are translated to the Company’s functional currency at the foreign

exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in

foreign currencies at the balance sheet date are retranslated to the functional currency at the

foreign exchange rate ruling at that date.

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign

currency are translated using the exchange rate at the date of the transaction. Foreign exchange

differences arising on revaluation or from the settlement of such transactions are recognised in the

profit and loss account unless hedge-accounting is applied.

1.3 Going concern

The financial statements have been prepared on a going concern basis which the directors consider

to be appropriate for the following reasons.

The directors have forecast cash flows for a period of 12 months from the date of approval of these

financial statements. These forecasts indicate that, taking account of reasonably possible

downsides, the Company will have sufficient resources, to meet its liabilities as they fall due for that

period. Whilst the Company has cash resources of £767,941 at 31 December 2025, a reasonably

possible severe but plausible downside forecast scenario could cause a significant reduction in

revenue or delay in customer receipts from investment property rental income and airport fees as a

result of less favourable economic conditions resulting in reduced airport flying activity.

The Company’s forecasts are dependent on Bristow Group providing, in such a downside scenario,

additional financial support during that period. Bristow Group has indicated its intention to continue

to make available such funds as are needed by the Company. As with any company placing reliance

on other group companies for financial support, the directors acknowledge that there can be no

Humberside International Airport Limited

NOTES TO THE FINANCIAL STATEMENTS

certainty that this support will continue although, at the date of approval of these financial

statements, having made enquiries, they have no reason to believe that it will not do so.

Consequently, the directors are confident that the Company will have sufficient funds to continue to

meet its liabilities as they fall due for at least twelve months from the date of approval of the

financial

statements and therefore have prepared the financial statements on a going concern basis.

1.4 Turnover

Turnover, which excludes value added tax, represents amounts received and receivable by the

Company for services provided in the normal course of business, rent receivable and income from

commercial concessions. The following revenue recognition criteria apply to the Company's main

income streams:

• Various passenger charges for handling and security based upon the number of

departing passengers, recognised at point of departure;

• Aircraft departure charges levied according to weight, recognised at point of departure;

• Aircraft parking charges based upon a combination of weight and time parked,

recognised at time of parking;

• Baggage handling, recognised at point of departure;

• Car-parking income recognised at the point of parking for Short and Long Stay parking.

Contract parking recognised over the period to which it relates on a straight-line basis;

• Concession income from retail and commercial concessionaries is recognised in the

period to which it relates on an accrual basis;

• Rental income arising from operating leases on investment properties is accounted for

on a straight-line basis over the lease term; and

• Fuel income recognised when the fuel is provided to the customer.

1.5 Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the

profit and loss account except to the extent that it relates to items recognised directly in equity or

other comprehensive income, in which case it is recognised directly in equity or other

comprehensive income.

Current tax

Current tax is the expected tax payable or receivable on the taxable income or loss for the

year, using tax rates enacted or substantially enacted at the balance sheet date, and any

adjustments to tax payable in respect of previous years.

Deferred tax

Deferred tax is provided on timing differences which arise from the inclusion of income and

expenses in tax assessments in periods different from those in which they are recognised in

the financial statements. The following timing differences are not provided for: differences

between accumulated depreciation and tax allowances for the cost of a fixed asset if and

when all conditions for retaining the tax allowances have been met; and differences relating to

investments in subsidiaries, to the extent that it is not probable that they will reverse in the

foreseeable future and the reporting entity is able to control the reversal of the timing

difference.

Deferred tax is not recognised on permanent differences arising because certain types of

income or expense are non-taxable or are disallowable for tax or because certain tax charges

or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is provided in respect of the additional tax that will be paid or avoided on

differences between the amount at which an asset (other than goodwill) or liability is

Humberside International Airport Limited

NOTES TO THE FINANCIAL STATEMENTS

recognised in a business combination and the corresponding amount that can be deducted or

assessed for tax.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related

difference, using tax rates enacted or substantively enacted at the balance sheet date.

Deferred tax balances are not discounted.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is

probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits.

1.6 Impairment of financial and non-financial assets

Financial assets (including trade and other debtors)

A financial asset not carried at a fair value through profit or loss is assessed at each reporting

date to determine whether there is objective evidence that it is impaired, including but not

limited to considerations around cash sweep account system, the net asset or liability position

of the debtor, and forward-looking information such as cashflow projections. A financial asset

is impaired if objective evidence indicates that a loss event has occurred after the initial

recognition of the asset, and that the loss event had a negative effect on the estimated future

cash flows of that asset that can be estimated reliably.

An impairment loss in respect of a financial asset measured at amortised cost is calculated at

the difference between its carrying amount and the present value of estimated future cash

flows discounted at the asset’s original effective interest rate. For financial instruments

measured at cost less impairment an impairment is calculated as the difference between its

carrying amount and the best estimate of the amount that the company would receive for the

asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be

recognised through the unwinding of the discount. Impairment losses are recognised in profit

or loss. When a subsequent event causes the amount of impairment loss to decrease, the

decrease in impairment loss is reversed through profit and loss.

Non-financial assets

The carrying amount of the Company’s non-financial assets, other than inventories and

deferred tax assets, are reviewed at each reporting date to determine whether there is any

indication of impairment. If any such indication exists, then the asset’s recoverable amount is

estimated. The recoverable amount of an asset is the greater of its value in use and its fair

value less costs to sell. 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 risk specific to the asset. For the purpose of

impairment testing, assets that cannot be tested individually are grouped together into the

smallest group of assets that generates cash inflows from continuing use that are largely

independent of the cash inflows of other assets or groups of assets (the “cash-generating

unit”).

An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its

estimated recoverable amount. Impairment losses are recognised in profit or loss.

Impairment losses recognised are reversed only if the reasons for the impairment have

ceased to apply.

Impairment losses recognised in prior periods are assessed at each reporting date for any

indications that the loss has decreased or no longer exists. An impairment loss is reversed

only to the extent that the asset’s carrying amount does not exceed the carrying amount that

would have been determined, net of depreciation or amortisation, if no impairment loss has

been recognised.

Humberside International Airport Limited

NOTES TO THE FINANCIAL STATEMENTS

1.7 Interest receivable and payable

Interest income and interest payable is recognised in the profit and loss account as they accrue

using the effective interest method. Dividend income is recognised in the profit and loss account on

the date the Company's right to receive payment is established.

1.8 Classification of financial instruments

In accordance with FRS 102.22, financial instruments issued by the Company are treated as equity

only to the extent that they meet the following two conditions:

(a) they include no contractual obligations upon the Company to deliver cash or other financial

assets or to exchange financial assets or financial liabilities with another party under conditions that

are potentially unfavourable to the Company; and

(b) where the instrument will or may be settled in the Company’s own equity instruments, it is either

a non-derivative that includes no obligation to deliver a variable number of the

Company’s own equity instruments or is a derivative that will be settled by the Company’s

exchanging a fixed amount of cash or other financial assets for a fixed number of its own

equity instruments.

To the extent that this definition is not met, the proceeds of issue are classified as a financial liability.

Where the instrument so classified takes the legal form of the Company’s own shares, the amounts

presented in these financial statements for called up share capital and share premium account

exclude amounts in relation to those shares.

1.9 Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest

method so that the amount charged is at a constant rate on the carrying amount. Issue costs are

initially recognised as a reduction in the proceeds of the associated capital instrument.

1.10 Operating leases

Payments (excluding costs for services and insurance) made under operating leases are

recognised in the profit and loss account on a straight-line basis over the term of the lease unless

the payments to the lessor are structured to increase in line with expected general inflation; in which

case the payments related to the structured increases are recognised as incurred. Lease incentives

received are recognised in profit and loss over the term of the lease as an integral part of the total

lease expense.

1.11 Employee benefits

A defined contribution plan is a post-employment benefit plan under which the Company pays fixed

contributions into a separate entity and will have no legal or constructive obligation to pay further

amounts. Obligations for contributions to defined contribution pension plans are recognised as an

expense in the profit and loss account in the periods during which services are rendered by

employees.

1.12 Tangible Fixed Assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated

depreciation and any accumulated impairment losses. Historical cost includes expenditure that is

directly attributable to bringing the asset to the location and condition necessary for it to be capable

of operating in the manner intended by management.

Humberside International Airport Limited

NOTES TO THE FINANCIAL STATEMENTS

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:

Freehold and long leasehold property - 10 - 100 years

Runways, taxiways and aprons - 7 - 100 years

Main services - 5 - 50 years

Plant and machinery - 5 - 50 years

Fixtures, fittings, tools and equipment - 5 - 50 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted

prospectively if appropriate, or if there is an indication of a significant change since the last reporting

date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount

and are recognised in profit or loss.

1.13 Investment property

Investment properties are properties which are held either to earn rental income or for capital

appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition

i. investment properties whose fair value can be measured reliably without undue cost or effort are

held at fair value. Any gains or losses arising from changes in the fair value are recognised in the

profit or loss account in the period that they arise; and

ii. no depreciation is provided in respect of investment properties applying the fair value model.

If a reliable measure is not available without undue cost or effort for an item of investment property,

this item is thereafter accounted for as tangible fixed assets in accordance with section 17 until a

reliable measure of fair value becomes available.

Each property within the portfolio is valued individually to market value. Whilst the premises in the

portfolio are valued individually, it is assumed that the portfolio will not be split and that any potential

buyer would have the benefit of common estate management arrangement and that all access

rights would be transferred with the property. No positive or negative allowance has been made to

reflect a portfolio sale of the assets. Assumption is that Humberside International Airport continues

to operate fully as an airport with all associated facilities.

1.14 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less

costs to complete and sell. Cost is based on the cost of purchase and other costs in bringing them

to their existing location and condition on a weighted average basis. At each balance sheet date,

stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its

selling price less costs to complete and sell. The impairment loss is recognised immediately in profit

or loss.

1.15 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are

measured initially at fair value, net of transaction costs, and are measured subsequently at

amortised cost using the effective interest method, less any impairment.

Humberside International Airport Limited

NOTES TO THE FINANCIAL STATEMENTS

1.16 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without

penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that

mature in no more than three months from the date of acquisition and that are readily convertible to

known amounts of cash with insignificant risk of change in value.

1.17 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank

loans, are measured initially at fair value, net of transaction costs, and are measured subsequently

at amortised cost using the effective interest method.

2. Turnover

An analysis of turnover by class of business is as follows:


	2025	2024
	£	£
Airline revenue	3,906,543	3,714,855
Commercial income including investment property income	7,413,985	7,358,900
	11,320,528	11,073,755
Analysis of turnover by country of destination:
	31 December 2025	31 December 2024
	£	£
United Kingdom	11,320,528	11,073,755
	11,320,528	11,073,755

3. Operating (loss)/profit

The operating (loss)/profit is stated after charging:


	2025	2024
	£	£
Depreciation on tangible fixed assets	522,830	496,637

4. Auditors' remuneration

Audit fees for the Company of £9,000 (31 December 2024: £9,000) were borne by another company

within the group, Bristow Helicopters Limited.

Humberside International Airport Limited

NOTES TO THE FINANCIAL STATEMENTS

5. Employees

Staff costs were as follows:-


	2025	2024
	£	£
Wages and salaries	4,292,775	3,968,703
Social security costs	445,992	335,644
Cost of defined contribution scheme	151,745	138,137
	4,890,512	4,442,484

The average monthly number of employees, including the directors, during the year was as follows:


	2025	2024
	No.	No.
Operational	131	130
Management and administrative	9	9
	140	139

The directors of the Company are also directors or officers of a number of companies within the

Bristow Group. The directors' services to the Company do not occupy a significant amount of their

time. As such the directors do not consider that they have received any remuneration for any

qualifying services to the Company for the periods ended 31 December 2025 or 31 December 2024.

6. Interest payable and similar expenses


	2025	2024
	£	£
Bank interest payable	12,829	727
	12,829	727

7. Taxation


	2025	2024
	£	£
Corporation tax
Current tax on profits for the year	63,780	139,959
Adjustments in respect of previous periods	–	36,744
	63,780	176,703

Total current tax	63,780	176,703

Deferred tax
Origination and reversal of timing differences	(115,015)	(97,321)
Prior year origination and reversal of timing differences	–	(4,361)
Total deferred tax	(115,015)	(101,682)

Taxation on (loss)/profit	(51,235)	75,021

Humberside International Airport Limited

NOTES TO THE FINANCIAL STATEMENTS

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax

in the UK of 25% (2024 - 25%). The differences are explained below:


	2025	2024
	£	£
(Loss)/profit before tax	(147,787)	227,492
(Loss)/profit multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(36,947)	56,873
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	–	563
Adjustments to tax charge in respect of prior periods	–	32,383
Non-taxable income	(14,288)	(14,798)
Fixed asset differences	37,500	15,000
Deferred tax on investment property	(37,500)	(15,000)
Total tax charge for the year	(51,235)	75,021

Factors that may affect future tax charges

Global minimum top-up tax (Pillar Two)

The Group operates in jurisdictions, including the UK, that have enacted legislation implementing

the OECD Pillar Two global minimum tax rules, effective from 1 January 2024.

For the year ended 31 December 2025, the Group has reassessed its exposure to the Pillar Two

rules. Based on the Group’s current assessment, any Pillar Two top-up tax exposure is expected to

be immaterial. No significant current or deferred tax impacts have arisen for this entity as a result of

the legislation.

The Pillar Two Global Anti-Base Erosion (GloBE) rules introduced by the Organisation for Economic

Co-operation and Development apply to multinational enterprise groups with consolidated annual

revenue of at least €750 million.

Humberside International Airport Limited

NOTES TO THE FINANCIAL STATEMENTS

8. Tangible fixed assets


	Freehold land and property	Plant, fixtures and equipment	Assets in the course of construction	Airport infrastructure	Total
	£	£	£	£	£
Cost
At 1 January 2025	6,599,009	10,171,546	425,250	17,835,046	35,030,851
Additions	–	–	487,765	–	487,765
Transfers between classes	135,901	206,764	(474,271)	131,606	–
At 31 December 2025	6,734,910	10,378,310	438,744	17,966,652	35,518,616

Depreciation
At 1 January 2025	4,948,303	8,541,705	–	16,448,602	29,938,610
Charge for the year on owned assets	86,526	260,372	–	175,932	522,830
At 31 December 2025	5,034,829	8,802,077	–	16,624,534	30,461,440

Net book value
At 31 December 2025	1,700,081	1,576,233	438,744	1,342,118	5,057,176

At 31 December 2024	1,650,706	1,629,841	425,250	1,386,444	5,092,241

9. Investment property


	Long term leasehold investment property
	£
Valuation
At 1 January 2025	8,730,000
Deficit on revaluation	(150,000)

At 31 December 2025	8,580,000

The 2025 valuations were made by an external independent valuer, on an open market value for

existing use basis.


	2025	2024
	£000	£000
Historical cost of revalued assets	1,087	1,087
Aggregate depreciation thereon
	1,087	1,087

Humberside International Airport Limited

NOTES TO THE FINANCIAL STATEMENTS

10. Stocks


	2025	2024
	£	£
Raw materials and consumables	171,563	150,044
	171,563	150,044

11. Debtors


	2025	2024
	£	£

Due within one year
Trade debtors	1,110,326	1,115,038
Amounts owed by group undertakings	9,535	55,163
Group relief	210,690	274,470
Other debtors	6,285	3,942
Prepayments and accrued income	451,214	440,182
VAT	62,224	54,908
	1,850,274	1,943,703

12. Creditors


	2025	2024
	£	£

Creditors: amounts falling due within one year
Trade creditors	422,204	308,385
Taxation and social security	131,333	127,048
Other creditors	–	45,593
Accruals and deferred income	1,038,522	1,069,104
Capital based grants	57,152	56,699
	1,649,211	1,606,829

Creditors: amounts falling due after more than one year
Capital based grants	1,947,186	2,004,791
	1,947,186	2,004,791

Humberside International Airport Limited

NOTES TO THE FINANCIAL STATEMENTS

13. Deferred taxation


	2025	2024
	£	£
At beginning of year	(719,311)	(820,993)
Credited/(charged) to profit or loss	115,015	101,682
At end of year	(604,296)	(719,311)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£
Accelerated capital allowances	(176,917)	(329,308)
Tax losses carried forward	870,588	946,912
Revaluation reserve	(1,308,213)	(1,345,713)
Other timing differences	10,246	8,798
	(604,296)	(719,311)

14. Share capital


	2025	2024
	£	£
Allotted, called up and fully paid
4,325,000 (2023 - 4,325,000) Ordinary shares of £1.00 each	4,325,000	4,325,000
4,325,000 (2023 - 4,325,000) Deferred shares of 1.00 each	4,325,000	4,325,000
	8,650,000	8,650,000

The 4,325,000 deferred shares do not carry any voting rights, rights to receive a dividend nor rights

of redemption. They carry a right to participate in a capital distribution but only after payments have

been made to ordinary shareholders.

15. Reserves

Share premium account

Represents the additional amount shareholders paid for their issued shares that was in excess of

the par value of those shares.

Investment property revaluation reserve

Investment property is measured at fair value, the cumulative increase in the fair value of the

property in excess of any previous impairment losses, net of deferred tax on investment property, is

included in the revaluation reserve.

Profit and loss account

Includes all current and prior period retained profits and losses.

Humberside International Airport Limited

NOTES TO THE FINANCIAL STATEMENTS

16. Commitments under operating leases

Leases as the lessee

At 31 December 2025 the Company had future minimum lease payments due under non-

cancellable operating leases for each of the following periods:


	2025	2024
	£	£
Not later than 1 year	1,171	7,801
Later than 1 year and not later than 5 years	–	1,171
	1,171	8,972

Leases as the lessor

The investment properties are let under operating leases. The future minimum lease payments

receivable under non-cancellable leases are as follows:-


	2025	2024
	£	£
Not later than 1 year	751,726	633,242
Later than 1 year and not later than 5 years	2,013,866	1,983,041
Later than 5 years	40,338,759	31,794,538
	43,104,351	34,410,821

17. Controlling party

The directors regard Bristow Aviation Holdings Limited, a company incorporated and registered in

England and Wales, as the ultimate parent company and ultimate controlling party.

The Immediate Parent Undertaking is Bristow Helicopters Limited, a company incorporated and

registered in England and Wales.

The largest and smallest group in which the results of the Company are consolidated is that headed

by Bristow Group Inc., incorporated in the State of Delaware, United States of America. No other

financial statements include the results of the Company. Copies of Bristow Group Inc., consolidated

financial statements are available from 3151 Briarpark Drive, Houston, Texas, 77042.


Registered office		Redhill Aerodrome
		Kings Mill Lane
		Redhill
		Surrey
		RH1 5JZ


	Page
Strategic report	1
Directors' report	4
Independent auditors' report	7
Profit and loss account and other comprehensive income	11
Balance sheet	12
Statement of changes in equity	13
Notes to the financial statements	14