PAS Aviation (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Winslade House
Manor Drive
Clyst St Mary
Exeter
EX5 1FY

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 Company's functional and presentational currency is Sterling. The prior year comparatives have been reflected in Sterling to be comparable.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have confirmed that outstanding creditors relate to parent/subsidiary balances which will not be collected to the detriment to the company.

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.

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.

Tax

The tax expense for the period comprises current and 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.

PAS Aviation (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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
Motor vehicles	25% straight line
Office equipment	25% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

PAS Aviation (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

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.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2024 - 5).

PAS Aviation (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2025	3,515	62,820	66,335
At 31 December 2025	3,515	62,820	66,335
Depreciation
At 1 January 2025	1,711	23,249	24,960
Charge for the year	933	12,079	13,012
At 31 December 2025	2,644	35,328	37,972
Carrying amount
At 31 December 2025	871	27,492	28,363
At 31 December 2024	1,804	39,571	41,375

5

Debtors

	Note	2025 £	2024 £
Trade debtors		3,383	34,760
Amounts owed by group undertakings and undertakings in which the company has a participating interest		1,107,265	246,209
Other debtors		4,173	3,362
Prepayments and accrued income		10,468	12,458
Total current trade and other debtors		1,125,289	296,789

PAS Aviation (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

6

Creditors

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	7	192	1,658
Trade creditors		1,063	12,910
Amounts owed to group undertakings and undertakings in which the company has a participating interest		340,047	339,036
Taxation and social security		24,153	22,219
Other creditors		256,733	158,032
Accrued expenses		822,259	775,447
Deferred income		137,128	55,478
		1,581,575	1,364,780

7	Loans and borrowings

Current loans and borrowings

	2025 £	2024 £
Bank overdrafts	192	1,658

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £31,048 (2024 - £43,067), of which £12,019 (2024 - £12,019) is due within a year.

9	Parent and ultimate parent undertaking

The ultimate controlling party is PAS Aviation Holding AG, a company incorporated in Switzerland.