JMC Aviation Limited

Contents

Company Information	1
Strategic Report	2 to 5
Directors' Report	6
Statement of Directors' Responsibilities	7
Independent Auditor's Report	8 to 11
Profit and Loss Account	12
Statement of Comprehensive Income	13
Balance Sheet	14
Statement of Changes in Equity	15
Notes to the Financial Statements	16 to 31

JMC Aviation Limited

Company Information

Directors

Mrs H Prendergast Mr M A Laing

Registered office

Third Floor Hanger 1 Exeter Airport Exeter EX5 2BA

Auditors

PKF Francis Clark Statutory AuditorCentenary House Peninsular Park Rydon Lane Exeter EX2 7XE

JMC Aviation Limited

Strategic Report for the Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

Principal activity

The principal activity of the company is the provision of manpower and engineering services to the aviation Maintenance, Repair, Production and Defence sectors.

Fair review of the business

The Directors are satisfied with the Company's performance for the year, as the business has continued to see an increase in revenues and profits. The Company's long-term strategy continues to be that of sustainable profitable growth and the enhancement of Shareholder value.

The Company experienced an increase in revenues and profit, which continues to expand following the Coronavirus pandemic. The Directors are confident about the continued revenues and profits across 2026.

The Directors continue to believe that being an ethical, financially stable and fully compliant business will ensure further opportunities will continue in the foreseeable future.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2025	2024
Turnover growth	%	17	13
Gross profit percentage	%	16	16
Operating EBITDA	£	7,519,825	3,055,454

Principal risks and uncertainties

Commercial risk:
Inline with many businesses our cash flow and income fluctuates as a result of factors outside of our control. To minimise this risk, we operate across an international client base and several sub-sectors within the aviation industry. The Company continues to develop key relationships by seeking to provide value added services to our clients across all our markets.

Following the UK’s decision to leave the EU and as a result of the COVID pandemic, there has been a shortage of manpower within the UK Marketplace for Engineers. The company has utilised it’s Home Office Sponsorship License to immigrate engineers into the UK to help alleviate this shortage.

Economic risk:
The Company's funding is primarily provided by its Ultimate ownership Company, Launch Technical Workforce Solutions LLC with a variable interest rate and as such, large movements in LiBOR can affect the Company's profitability. The company is also aware of the potential risks associated with a change in Government and potential changes to immigration laws and working standards.

Operational risk:
The Company remains committed to the training, development and welfare of its staff and recognises their importance, in the continued success of the Company.

Future developments:
The Group has continued to develop its management information systems in order to improve operating efficiency and to ensure the highest levels of compliance standards. The Group will continue to develop and enhance its systems and commercial offerings, in order to enhance both its and its client's sustainable profitability.

JMC Aviation Limited

Strategic Report for the Year Ended 31 December 2025

Section 172(1) statement

The Directors are required to act in accordance with Section 172 of the Companies Act 2006 and, in doing so, to promote the success of the Company for the benefit of its members as a whole. In making decisions, the Directors have regard, amongst other matters;
• To the likely long-term consequences of decisions,
• The interests of employees,
• Relationships with customers and suppliers,
• Environmental impacts,
• High standards of business conduct and
• Fairness between shareholders.

The Primary objective of the Company is to provide manpower solutions into the Global Aviation Maintenance, Repair, Overhaul and Production sector. This objective is achieved with Commercial Awareness whilst maintaining the necessary Regulatory and Legal requirements relevant to the business activity, ensuring that we preserve our Core Values in our service offering.

The Core Values of the Company are as follows:
• Collaboration
• Innovation
• Integrity
• Passion
• Unique
• Employees

Engagement with employees

The Company recognises that its employees are critical to the success of the business. The Board receives regular updates on Staff Recruitment and Retention.
During the year, the Company continued to invest in employee training and development, maintained regular communication with staff and offered incentives to contribute to the growth and success of the business.

Engagement with suppliers, customers and other relationships

Customers
The Company's success depends on maintaining strong relationships with its customers. The Board regularly reviews service performance, customer satisfaction and contractual commitments to ensure that customer needs are met and that long-term relationships are maintained.

Suppliers and Business Partners
The Company works closely with it’s Contractor Base who are integral to its Services Offering ensuring that a higher level of service is maintained at all times.

Through the Company’s ISO EN9100 accreditation, Supplier Monitoring is regularly performed.

Shareholders
The Board maintains regular engagement with shareholders and keeps them informed of the Company's performance, strategy and significant developments throughout the year.

The Directors seek to create sustainable long-term value whilst maintaining an appropriate balance between growth, profitability and prudent risk management.

JMC Aviation Limited

Strategic Report for the Year Ended 31 December 2025

Communities and the Environment
The Company recognises its responsibility to minimise the environmental impact of its operations and to contribute positively to the communities in which it operates.

Environmental performance, including energy usage and greenhouse gas emissions, is monitored through the Company's Streamlined Energy and Carbon Reporting (SECR) disclosures. The Board considers environmental impacts when making business decisions and continues to identify opportunities to improve sustainability performance.

Principal decisions during the year
Some of the key decisions made during the year for the benefit of the long-term success of the company are described below.
 

Principle Decision	Impact on Long term Success of the business	Stakeholder Considerations
To maintain competitive advantage it is important of the Company to invest in new IT Systems including Microsoft Business Central, Bullhorn and other risk mitigating Infrastructure projects.	This will improve the infrastructure of the business to support its continued growth strategy through greater reporting and KPI visibility. It will enable the business to operate in a more cost effective manner.	This will involve Customers, Supplier, Employees and Shareholders
New Service Offering for an existing Client meant that revenues have increased for both the short and long term.	This has increased Revenues and Profits for both this year and subsequent years	Customers, Suppliers, Employee engagement.
The Company recognises the importance of its employees and continued with its investment in Training Programmes with both internal and external programmes.	To ensure Retention of key Staff members that play a key role in the long term success of the business.	Employees, Management

JMC Aviation Limited

Strategic Report for the Year Ended 31 December 2025

Energy and carbon report

The Company is committed to monitoring and managing its energy consumption and greenhouse gas emissions as part of its wider environmental responsibilities and reporting requirements under SECR.
The company is largely office based and therefore has a relatively low carbon footprint. As per the reporting requirements, we disclose energy consumption and business mileage for the company.

Emissions and energy consumption

Summary of greenhouse gas emissions and energy consumption for the year ended 31 December 2025:

Data	Unit of measurement	2025
Energy consumption used to calculate emissions - Purchased fuels for Vehicles and Fuel	kWh	259,107
Energy consumption used to calculate emissions - Purchased Electricity	kWh	24,240
Energy consumption used to calculate emissions - Business Travel	kWh	32,639
Energy consumption used to calculate emissions - Total	kWh	315,986
Emissions from combustion of Fuels for Vehicles and Fuel	tCO2e	57.40
Emissions from purchase of Electricity	tCO2e	4.30
Emissions from combustion of fuel for Busines Travel	tCO2e	8.50
Total gross CO2e	tCO2e	70.20

Intensity ratio

The Company's chosen intensity metric is tonnes of carbon dioxide equivalent (tCO₂e) per £m of turnover. For 2025, the intensity ratio was 0.96 tCO₂e per £m turnover based on turnover of £73.5 million.

Energy efficient actions

The Company is committed to monitoring and managing its energy consumption and greenhouse gas emissions as part of its wider environmental responsibilities and reporting requirements under SECR.

The company is largely office based and therefore has a relatively low carbon footprint. As per the reporting requirements, we disclose energy consumption and business mileage for the company.

No material energy efficiency actions were undertaken during the year ended 31 December 2025. The Company will continue to review opportunities to improve energy efficiency and reduce greenhouse gas emissions.

Approved by the Board on 7 October 2026 and signed on its behalf by:

......................................... Mr M A Laing Director

JMC Aviation Limited

Directors' Report for the Year Ended 31 December 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors of the company

The directors who held office during the year were as follows:

Mrs H Prendergast

Mr M A Laing

Financial instruments

Objectives and policies

The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The company does not use derivative financial instruments.

The company's activities expose it to a number of financial risks including credit and liquidity risks. The company's approach to dealing with these risks is detailed below.

Credit risk and liquidity risk

The company's principal financial assets are cash and trade debtors as the company seeks to ensure sufficient liquidity is available to meet the company's foreseeable cash requirements. The company is in regular communication with its ownership to ensure it has the available working capital to operate. The company manages credit risk through the adherence to credit limits, the regular review of payment history and debt collection targets.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 7 October 2026 and signed on its behalf by:

......................................... Mr M A Laing Director

JMC Aviation Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

JMC Aviation Limited

Independent Auditor's Report to the Members of JMC Aviation Limited

Opinion

We have audited the financial statements of JMC Aviation Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

JMC Aviation Limited

Independent Auditor's Report to the Members of JMC Aviation Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

JMC Aviation Limited

Independent Auditor's Report to the Members of JMC Aviation Limited

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations as relating to breaches around health and safety regulations and breaches of The General Data Protection Regulation (“GDPR”). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as The Companies Act 2006, and relevant tax legislation. We considered the extent to which non-compliance with these laws and regulations may have a material effect on the financial statements.

We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to the overstatement of profit, either through overstating revenue, understating expenditure or management bias in accounting estimates.

Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:

• Enquiries to members of Senior Management, regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements;

• Review of any health and safety incidents which have been reported under The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (“RIDDOR”) during the period;

• Review of the company’s controls in relation to GDPR and enquiries to Senior Management as to the occurrence and outcome of any reportable breaches;

• Review of the company’s product safety certification ensuring compliance with applicable standards;

• Challenging assumptions and judgements made by management in its significant accounting estimates;

• Testing the recognition of revenue and costs, in particular around the year end date;

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; and

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

JMC Aviation Limited

Independent Auditor's Report to the Members of JMC Aviation Limited

Use of our report

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. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Neil Hitchings (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Centenary House
Peninsular Park
Rydon Lane
Exeter
EX2 7XE

7 October 2026

JMC Aviation Limited

Profit and Loss Account

Year Ended 31 December 2025

	Note	2025 £	2024 £
Turnover		73,480,118	63,062,014
Cost of sales		(61,817,447)	(53,068,766)
Gross profit		11,662,671	9,993,248
Administrative expenses including exceptional items	4	(4,396,027)	(7,113,682)
Operating profit	4	7,266,644	2,879,566
Other interest receivable and similar income	8	119	89
Interest payable and similar expenses	9	(575,019)	(699,075)
Profit before tax		6,691,744	2,180,580
Tax on profit	10	(1,645,957)	(630,908)
Profit for the financial year		5,045,787	1,549,672

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

JMC Aviation Limited

Statement of Comprehensive Income

Year Ended 31 December 2025

	2025 £	2024 £
Profit for the year	5,045,787	1,549,672
Total comprehensive income for the year	5,045,787	1,549,672

JMC Aviation Limited

Balance Sheet

31 December 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	11	4,417	9,110
Tangible assets	12	816,751	846,947
Investments	13	1,440,279	436
		2,261,447	856,493
Current assets
Debtors	14	18,961,047	18,079,344
Cash at bank and in hand		3,594,525	159,486
		22,555,572	18,238,830
Creditors: Amounts falling due within one year	15	(22,130,113)	(12,913,066)
Net current assets		425,459	5,325,764
Total assets less current liabilities		2,686,906	6,182,257
Creditors: Amounts falling due after more than one year	15	(17,911)	(41,284)
Provisions for liabilities		(148,540)	(51,620)
Net assets		2,520,455	6,089,353
Capital and reserves
Called up share capital		1,772,029	100
Profit and loss account		748,426	6,089,253
Shareholders' funds		2,520,455	6,089,353

Approved and authorised by the Board on 7 October 2026 and signed on its behalf by:
 

......................................... Mr M A Laing Director

Company Registration Number: 06583787

JMC Aviation Limited

Statement of Changes in Equity

Year Ended 31 December 2025

	Share capital £	Profit and loss account £	Total £
At 1 January 2025	100	6,089,253	6,089,353
Profit for the year	-	5,045,787	5,045,787
Dividends	-	(10,386,614)	(10,386,614)
New share capital subscribed	1,771,929	-	1,771,929
At 31 December 2025	1,772,029	748,426	2,520,455