ACCOUNTS - Final Accounts preparation

Registered number: 09644372

FLEXIFLY AIRCRAFT HIRE LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2025

TWP Accounting LLP

Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE

FLEXIFLY AIRCRAFT HIRE LIMITED

COMPANY INFORMATION

Directors	Dr K E Graham
	W E Graham


Registered number	09644372


Registered office	20 Cranley Road
	Hersham
	Walton-on-Thames
	Surrey
	KT12 5BP


Independent auditor	TWP Accounting LLP
	Chartered Accountants & Statutory Auditors
	Church Street
	Weybridge
	Surrey
	KT13 8DE

FLEXIFLY AIRCRAFT HIRE LIMITED

REGISTERED NUMBER: 09644372

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		4,977,513		3,697,839
			4,977,513		3,697,839
Current assets
Debtors: amounts falling due within one year	5	288,069		438,068
Cash at bank and in hand	6	38,142		26,748
		326,211		464,816
Creditors: amounts falling due within one year	7	(55,700)		(75,624)
Net current assets			270,511		389,192
Total assets less current liabilities			5,248,024		4,087,031
Creditors: amounts falling due after more than one year	8		(9,255,356)		(7,150,226)
Provisions for liabilities
Deferred tax	9	(929,493)		(777,540)
			(929,493)		(777,540)
Net liabilities			(4,936,825)		(3,840,735)

Capital and reserves
Called up share capital	10	100	100
Revaluation reserve	11	379,257	311,818
Profit and loss account	11	(5,316,182)	(4,152,653)
		(4,936,825)	(3,840,735)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2026.

W E Graham

Director

The notes on pages 4 to 11 form part of these financial statements.

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FLEXIFLY AIRCRAFT HIRE LIMITED

REGISTERED NUMBER: 09644372

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

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		FLEXIFLY AIRCRAFT HIRE LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	100	1,153,877	(3,369,782)	(2,215,805)
Comprehensive income for the year
Loss for the year	-	-	(796,946)	(796,946)
Deficit on revaluation of aircafts	-	(827,984)	-	(827,984)
Total comprehensive income for the year	-	(827,984)	(796,946)	(1,624,930)
Transfer to/from profit and loss account	-	(14,075)	14,075	-

At 1 January 2025	100	311,818	(4,152,653)	(3,840,735)
Comprehensive income for the Year
Loss for the Year	-	-	(1,163,529)	(1,163,529)
Surplus on revaluation of aircrafts	-	67,439	-	67,439
Total comprehensive income for the Year	-	67,439	(1,163,529)	(1,096,090)
At 31 December 2025	100	379,257	(5,316,182)	(4,936,825)

The notes on pages 4 to 11 form part of these financial statements.

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FLEXIFLY AIRCRAFT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Flexifly Aircraft Hire Limited (09644372) is incorporated in England and Wales and limited by shares. The principal activity of the company is the provision of aircraft dry hire services. The address of the registered office is given in the company information of these financial statements.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Going concern

The company made a loss for the year of £1,163,529 and had net liabilities of £4,936,825 at the balance sheet date. Included within creditors are amounts owed to fellow subsidiaries and parent company of £9,255,356.
The parent company, Blackstown Holdings Limited, which is controlled by the directors has substantial assets and income from Group companies, and has confirmed that it will continue to support the company for the foreseeable future. The Group and the company has adequate resources and the director is confident about the company's ability to trade as a going concern and meet its financial obligations.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.4

Turnover

Turnover represents the fair value of the consideration received net of VAT and trade discounts for each time a aircraft is hired recognised on completion of the respective hire period.

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FLEXIFLY AIRCRAFT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Current and deferred taxation

The tax expense for the Year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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FLEXIFLY AIRCRAFT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, either on a reducing balance basis or straight line basis.

Depreciation is provided on the following basis:

				Motor vehicles	-	25% reducing balance
				Equipment	-	Items under £500 - 50% straight line Items above £500 - 15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Revaluation of tangible fixed assets

Individual aircrafts are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
The aircrafts are recognised in the company as tangible fixed assets and any associated gains and losses and deferred taxation thereon are recognised in the revaluation reserve.

2.9

Debtors

Debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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FLEXIFLY AIRCRAFT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).

4.	Tangible fixed assets

	Motor vehicles	Equipment	Aircrafts	Total
	£	£	£	£
Cost or valuation
At 1 January 2025	313,999	40,900	3,466,215	3,821,114
Additions	781,972	659	629,554	1,412,185
Disposals	(191,709)	-	-	(191,709)
Revaluations	-	-	89,918	89,918
At 31 December 2025	904,262	41,559	4,185,687	5,131,508
Depreciation
At 1 January 2025	104,857	18,418	-	123,275
Charge for the Year on owned assets	108,995	3,532	-	112,527
Disposals	(81,807)	-	-	(81,807)
At 31 December 2025	132,045	21,950	-	153,995
Net book value
At 31 December 2025	772,217	19,609	4,185,687	4,977,513
At 31 December 2024	209,142	22,482	3,466,215	3,697,839

Cost or valuation at 31 December 2025 is as follows:

			Aircrafts
			£

		At cost	3,680,015
		At valuation:
		Revaluation gains at 31 December 2025	505,672

			4,185,687

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FLEXIFLY AIRCRAFT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

4.Tangible fixed assets (continued)

The existing aircraft were revalued as at 31 December 2025 by the directors using Aircraft Bluebook values for each aircraft, on an open market value for existing use basis. If the other fixed assets had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	2024
	£	£


Cost	3,680,015	3,050,461
Accumulated depreciation	(1,360,257)	(1,286,375)
Net book value	2,319,758	1,764,086

Debtors

					2025	2024
					£	£


Trade debtors	42,736	278,006
Amounts owed by group undertakings	53,222	55,355
Other debtors	141,937	104,707
Prepayments and accrued income	50,174	-
	288,069	438,068

6.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	38,142	26,748
	38,142	26,748

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	18,012	29,934
Other taxation and social security	4,181	-
Other creditors	281	-
Accruals and deferred income	33,226	45,690
	55,700	75,624

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FLEXIFLY AIRCRAFT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Amounts owed to group undertakings	9,255,356	7,150,226
	9,255,356	7,150,226

9.	Deferred taxation

		2025
		£

	At beginning of year	(777,540)
	Charged in the year	(151,953)
	At end of year	(929,493)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(803,075)	(673,601)
Deferred taxation on revaluation gains	(126,418)	(103,939)
	(929,493)	(777,540)

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FLEXIFLY AIRCRAFT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary Shares shares of £1.00 each	100	100

11.

Reserves

Revaluation reserve

The revaluation reserve represents the cumulate effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of adjustments.

12.	Transactions with directors

During the year, the company made rental sales totalling £54,729 (2024 - £82,080) to the directors W E Graham and K Graham on normal commercial terms. There are no balances due to the company at the balance sheet date.

13.

Related party transactions

The company is a wholly owned subsidiary and accordingly has taken the exemptions provided within paragraph 33.1A of FRS 102 and therefore transactions with group companies have not been disclosed.
The director W E Graham has agreed to supply the use of his personally owned vehicles (marketing equipment) in exchange for the company to support the costs towards branding, modifications and transportation of the marketing equipment at European rally events. In return, the company receives advertisement and promotion under normal commercial terms. The company paid £571,255 (2024 - £418,051) during the year for advertising and promotion costs in direct relation to the agreement.

14.	Controlling party

The company is a wholly owned subsidiary of Blackstown Holdings Limited, a company incorporated in England and Wales, which is under the control of K E Graham and W E Graham who are the directors of the company.
Blackstown Holdings Limited is the parent of the largest group in which the Company is consolidated. Copies of the accounts of Blackstown Holdings Limited are available at the Companies House website.

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FLEXIFLY AIRCRAFT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Auditor's information

The auditor's report on the financial statements for the Year ended 31 December 2025 was unqualified.

The audit report was signed on 22 September 2026 by Philip Munk FCA, FCCA (Senior Statutory Auditor) on behalf of TWP Accounting LLP.

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. The audit work has been undertaken so that Auditors' might state to the company’s members those matters the Auditors' are required to state in an auditor’s report and for no other purpose. To the fullest extent permitted by law, TWP Accounting LLP will not accept or assume responsibility to anyone other than the company and the company’s members as a body, for the audit work, for the Independent Auditors' Report, or for the opinions formed.

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