Registration number: 02850498

European Skybus Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 9

European Skybus Limited

(Registration number: 02850498)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	76,465	86,520
Current assets
Debtors	5	678,426	423,178
Cash at bank and in hand		77,000	151,657
		755,426	574,835
Creditors: Amounts falling due within one year	6	(713,636)	(536,756)
Net current assets		41,790	38,079
Total assets less current liabilities		118,255	124,599
Creditors: Amounts falling due after more than one year	6	(9,438,622)	(8,932,616)
Net liabilities		(9,320,367)	(8,808,017)
Capital and reserves
Called up share capital	7	2	2
Retained earnings		(9,320,369)	(8,808,019)
Shareholders' deficit		(9,320,367)	(8,808,017)

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 Profit and Loss Account.

Approved and authorised by the Board on 10 September 2026 and signed on its behalf by:
 

......................................... P G Stoddart Director

European Skybus Limited

Notes to the 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:
Ground Floor
Custom House
Waterfront East
Brierley Hill
West Midlands
DY5 1XH
United Kingdom

These financial statements were authorised for issue by the Board on 10 September 2026.

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.

European Skybus Limited

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

Going concern

The financial statements have been prepared on a going concern basis. Further information is provided in note 2a below.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 10 September 2026 was Benjamin Hayes BSc FCA, who signed for and on behalf of Wenn Townsend.

The report did note a material uncertainty related to going concern, and drew attention to the going concern section of note 2a in the financial statements, which indicates that the continued support from the company’s fellow subsidiaries will be required in order for the company to continue its activities. There is no indication at the approval date that this support will be withdrawn. The audit opinion is therefore not modified in respect of this matter.

Judgements

a) Going concern

The directors have considered the loss made in the current financial year, £512k (2024: £67k), and the £9.3m of net liabilities at the 2025 year end (2024: £8.8m) in their assessment of the company’s ability to continue as a going concern. The company expects to retain the support its fellow subsidiary companies and directors who have formally indicated that they will continue to support the company and not require any repayment of the balances due for a period of at least 12 months from the date of approval of these financial statements.

Given the extent to which it will be reliant on the support of its fellow subsidiaries, the Directors recognise a potential material uncertainty exists regarding the company’s ability to continue to operate as a going concern should such support be withdrawn. However, as there is no indication of this being the case as at the date of approval, the directors remain comfortable that the company is a going concern, and are therefore content to prepare the financial statements on a going concern basis with operations confirmed to be supported and continued for a period of at least 12 months.

b) Management charge

ESL's activities are closely related to those of European Aviation Limited, and the two companies are mutually dependent from a regulatory and financial standpoint. ESL has charged EAL £3,000,000 (2024: £2,000,000) for aircraft fleet management services during the period. The directors have used an element of judgement in arriving at this figure which in their opinion reflects market rates for the services supplied.

European Skybus Limited

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

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.

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 respective 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.

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
Plant and machinery	15% on cost
Motor vehicles	20% on cost
Fixtures and fittings	15% on cost
Fleet aircraft	10% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

The company's fixed asset investment is represented by a long term dollar denominated loan to a related undertaking in the USA. This loan is subject to an annual impairment review, the results of which are reflected in the financial statements. The balance is translated into sterling using the exchange rate ruling at the balance sheet date.

European Skybus Limited

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

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 56 (2024 - 58).

European Skybus Limited

Notes to the 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	413,698	99,383	513,081
Additions	18,333	-	18,333
At 31 December 2025	432,031	99,383	531,414
Depreciation
At 1 January 2025	328,993	97,568	426,561
Charge for the year	26,573	1,815	28,388
At 31 December 2025	355,566	99,383	454,949
Carrying amount
At 31 December 2025	76,465	-	76,465
At 31 December 2024	84,705	1,815	86,520

European Skybus Limited

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

5

Debtors

	2025 £	2024 £
Trade debtors	286,120	26,795
Prepayments	196,648	230,267
Other debtors	195,658	166,116
	678,426	423,178

6

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	625,260	381,325
Taxation and social security	72,876	139,931
Accruals and deferred income	15,500	15,500
	713,636	536,756

Creditors: amounts falling due after more than one year

	2025 £	2024 £
Due after one year
Owed to group undertakings	9,438,622	8,932,616

7	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	2	2	2	2

European Skybus Limited

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

8	Related party transactions

Transactions with directors

2025	At 1 January 2025 £	At 31 December 2025 £
P G Stoddart
Loan due from director	1,010,301	1,010,301

2024	At 1 January 2024 £	At 31 December 2024 £
P G Stoddart
Loan due from director	1,010,301	1,010,301

European Skybus Limited

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

Summary of transactions with other related parties

Amounts due to companies related by common directorship and shareholding:

European Aviation limited - At the year end £7,916,045 (2024: £7,416,175) is owed to European Aviation Limited by the company.

Trans Europa Trading Limited - At the year end £31,297 (2024: £24,036) is owed to Trans Europa Trading Limited by the company.

European Minardi Team Limited - At the year end.£1,341,280 (2024: £1,342,405) is owed to European Minardi Team Limited by the company.

Gannet Investments Limited - At the year end £150,000 (2024: £150,000) is owed to Gannet Investments Limited by the company.

The company has made sales of engineering services to European Aviation Limited (EAL) of £nil (2024: £nil). In addition to this, a charge of £3,000,000 (2024 - £2,000,000) has been made to EAL as disclosed in other operating income.

Rent shown in other operating income of £253,918 (2024: £257,200) is in respect of a long leasehold property owned by EAL.

9	Parent and ultimate parent undertaking

The company's immediate parent is Gannet Investments Limited, incorporated in Liberia.

 The ultimate controlling party is The Cosmar Settlement, a discretionary trust.

In August 2018 Companies House was notified that Mr PG Stoddart is a person with significant control.