Heliwork (Services) Limited

Contents

Statement of Financial Position	1
Notes to the Financial Statements	2 to 9

Heliwork (Services) Limited

(Registration number: 01948441)
Statement of Financial Position as at 30 November 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	226,309	284,890
Current assets
Stocks		1,298,554	870,852
Debtors	5	1,480,848	776,388
Cash at bank and in hand		92,755	22,597
		2,872,157	1,669,837
Creditors: Amounts falling due within one year	6	(3,189,169)	(1,563,208)
Net current (liabilities)/assets		(317,012)	106,629
Total assets less current liabilities		(90,703)	391,519
Creditors: Amounts falling due after more than one year	6	(13,334)	(50,000)
Net (liabilities)/assets		(104,037)	341,519
Capital and reserves
Called up share capital		10	10
Profit and loss account	7	(104,047)	341,509
Shareholders' (deficit)/funds		(104,037)	341,519

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 28 August 2026 and signed on its behalf by:
 

S I Fowell Director

Heliwork (Services) Limited

Notes to the Financial Statements for the Period from 1 January 2025 to 30 November 2025

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:
Thruxton Airport
Andover
Hampshire
SP11 8PN
United Kingdom

Principal activity

The principal activity of the company is that of the manufacture of aircraft and related machinery.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Heliwork (Services) Limited

Notes to the Financial Statements for the Period from 1 January 2025 to 30 November 2025 (continued)

2	Accounting policies (continued)

Going concern

The company has incurred a net loss during the year ended 30 November 2025 and, as of that date, the company's total liabilities exceeded its total assets by £20,768. These events or conditions indicate that uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

However, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future (being at least 12 months from the date of approval of these financial statements). The assessment is dependent on the continuing financial support of the parent undertaking, Castle Air Limited, which has confirmed in writing its intention to provide such financial assistance as the company requires to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements.

The parent company has reviewed its own cash flows and financial position and has demonstrated the appropriate financial capacity to provide this support. For these reasons, the directors continue to adopt the going concern basis in preparing the financial statements.

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 28 August 2026 was Adam Croney ACA, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Heliwork (Services) Limited

Notes to the Financial Statements for the Period from 1 January 2025 to 30 November 2025 (continued)

2	Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the retrospective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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 statement of financial position 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
Plant and equipment	15% - 20% reducing balance / 20% straight line

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

Heliwork (Services) Limited

Notes to the Financial Statements for the Period from 1 January 2025 to 30 November 2025 (continued)

2	Accounting policies (continued)

Impairment

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

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

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

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

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Heliwork (Services) Limited

Notes to the Financial Statements for the Period from 1 January 2025 to 30 November 2025 (continued)

2	Accounting policies (continued)

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 statement of comprehensive income 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 20 (2024 - 24).

Heliwork (Services) Limited

Notes to the Financial Statements for the Period from 1 January 2025 to 30 November 2025 (continued)

4	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 January 2025	1,366,477	1,366,477
Additions	940	940
At 30 November 2025	1,367,417	1,367,417
Depreciation
At 1 January 2025	1,081,587	1,081,587
Charge for the period	59,521	59,521
At 30 November 2025	1,141,108	1,141,108
Carrying amount
At 30 November 2025	226,309	226,309
At 31 December 2024	284,890	284,890

Included within the above net book value is £35,307 (2024: £53,093) relating to assets held under hire purchase agreements.

5

Debtors

	2025 £	2024 £
Trade debtors	1,049,166	465,491
Amounts owed by group undertakings	100	-
Other debtors	10,902	1,907
Prepayments	171,449	135,323
Accrued income	166	44,761
Deferred tax assets	249,065	128,906
	1,480,848	776,388

Heliwork (Services) Limited

Notes to the Financial Statements for the Period from 1 January 2025 to 30 November 2025 (continued)

6

Creditors

	2025 £	2024 £
Due within one year
Loans and borrowings	40,000	329,434
Trade creditors	1,845,945	930,043
Amounts owed to group undertakings	679,594	-
Taxation and social security	74,238	43,084
Accruals and deferred income	501,499	246,730
Other creditors	47,893	13,917
	3,189,169	1,563,208