REGISTERED NUMBER: 16180873 (England and Wales)

GENAIR ASSET LEASING LTD

FINANCIAL STATEMENTS FOR THE PERIOD 13 JANUARY 2025 TO 30 APRIL 2026

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P J Starling

A J Wright

B A Robinson

REGISTERED OFFICE:

Marston House

5 Elmdon Lane

Marston House

Solihull

B37 7DL

BUSINESS ADDRESS:

Unit 2-3 Prothero Works

Bilport Lane

Wednesbury

WS10 0NT

REGISTERED NUMBER:

16180873 (England and Wales)

AUDITORS:

Cooper Parry Group Limited

1st Floor, Abbey Square,

Davidson House, The Forbury

Reading

RG1 3EU

FIXED ASSETS

Tangible assets

4

12,284,266

CURRENT ASSETS

Debtors: amounts falling due within one year

5

118,782

Debtors: amounts falling due after more than one year

5

6,027,164

Cash in hand

100

6,146,046

CREDITORS

Amounts falling due within one year

6

5,250

NET CURRENT ASSETS

6,140,796

TOTAL ASSETS LESS CURRENT LIABILITIES

18,425,062

CREDITORS

Amounts falling due after more than one year

7

(14,445,039

)

PROVISIONS FOR LIABILITIES

9

(1,267,056

)

NET ASSETS

2,712,967

CAPITAL AND RESERVES

Called up share capital

10

100

Retained earnings

2,712,867

SHAREHOLDERS' FUNDS

2,712,967

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2026 and were signed on its behalf by:

B A Robinson - Director

1.	STATUTORY INFORMATION

Genair Asset Leasing Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The figures in the financial statement are rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following key judgement and estimatehas been made in the process of applying the company's accounting policies that has had the most significant effect on amounts recognised in the financial statements:

Depreciationpolicy - Management have changed the depreciation policy to reflect the net realisable value of assets more accurately over the economic life.

Turnover

Turnover comprises income earned from the hire of the company's fleet of assets to GenAir UK Limited, a fellow group undertaking, under the terms of an intercompany leasing arrangement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery - Straight line over 10 years to 30% residual value

Motor vehicles - 20% on cost

At each balance sheet date, the group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to or from related parties. All such instruments are measured initially and subsequently at the transaction price.

At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment is recognised in the profit and loss account.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

Additions

14,036,823

408,216

14,445,039

Disposals

(271,653

)

(33,869

)

(305,522

)

At 30 April 2026

13,765,170

374,347

14,139,517

DEPRECIATION

Charge for period

1,771,649

103,508

1,875,157

Eliminated on disposal

(14,342

)

(5,564

)

(19,906

)

At 30 April 2026

1,757,307

97,944

1,855,251

NET BOOK VALUE

At 30 April 2026

12,007,863

276,403

12,284,266

5.

DEBTORS

£

Amounts falling due within one year:

Tax receivable

118,782

Amounts falling due after more than one year:

Amounts owed by group undertakings

6,027,164

Aggregate amounts

6,145,946

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other creditors

5,250

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Amounts owed to group undertakings

14,445,039

8.	SECURED DEBTS

Glas Trust Corporation Limited holds a fixed and floating charge over the assets of the company dated 5 February 2025, due to loans taken out in a related undertaking.

9.	PROVISIONS FOR LIABILITIES

£

Deferred tax

1,267,056

Deferred

tax

£

Charge to Income Statement during period

1,267,056

Balance at 30 April 2026

1,267,056

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Roslyn McFarlane (Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited

12.	ULTIMATE PARENT COMPANY

Star Capital Partnership LLP is regarded by the directors as being the company's ultimate parent company. The registered office is 15th Floor 33 Cavendish Square, London, England, W1G 0PW.

The name of the parent company which draws up the consolidated financial statements is Star Willow Topco Limited. The registered office of Star Willow Topco Limited is 15th Floor 33 Cavendish Square, London, England, W1G 0PW.