Castle Air Academy Limited

Notes to the Financial Statements for the Year Ended 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:
Castle Hangar Horningtops
Trebrown
Liskeard
Cornwall
PL14 3PX

Principal activity

The principal activity of the company is that of a training provider for helicopter pilots.

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.

Castle Air Academy Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

2	Accounting policies (continued)

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.

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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.

Turnover

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.

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
Leasehold improvements	5% straight line
Plant and machinery	15% straight line & 20% straight line
Fittings, fixtures and equipment	25% straight line
Office equipment	25% straight line

Impairment

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.

Castle Air Academy Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

2	Accounting policies (continued)

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 year, was 5 (2024 - 4).

Castle Air Academy Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

4	Tangible assets

	Leasehold Improvements £	Fixtures, fittings and equipment £	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 December 2024	168,772	59,922	332,934	8,514	570,142
Additions	12,408	13,603	235,000	-	261,011
Disposals	-	(2,090)	-	-	(2,090)
At 30 November 2025	181,180	71,435	567,934	8,514	829,063
Depreciation
At 1 December 2024	24,441	14,062	293,346	3,715	335,564
Charge for the year	9,059	14,858	50,434	1,406	75,757
Eliminated on disposal	-	(2,090)	-	-	(2,090)
At 30 November 2025	33,500	26,830	343,780	5,121	409,231
Carrying amount
At 30 November 2025	147,680	44,605	224,154	3,393	419,832
At 30 November 2024	144,331	45,860	39,588	4,799	234,578

5

Debtors

	2025 £	2024 £
Trade debtors	108,667	2,340
Other debtors	4,941	35,440
Prepayments	84,127	93,203
Accrued income	65,128	11,750
	262,863	142,733

Castle Air Academy Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

6

Creditors

	2025 £	2024 £
Due within one year
Trade creditors	100,569	39,480
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,256,679	1,406,639
Taxation and social security	7,856	6,105
Accruals and deferred income	967,502	508,301
Other creditors	18,943	19,150
	2,351,549	1,979,675