ACCOUNTS - Final Accounts preparation

Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:

Registered number: 09982586

DEA HOLDINGS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

DEA HOLDINGS LIMITED

COMPANY INFORMATION

Directors	G C J Cooper
	W J Cortazzi
	M A King
	S W Turley
	J C Allen (resigned 31 October 2025)
	S A Banks-Cooper (resigned 31 May 2025)
	G Beattie (resigned 31 May 2025)


Registered number	09982586


Registered office	Hangar 3 Retford (Gamston) Airport
	Retford
	Nottinghamshire
	DN22 0QL


Independent auditor	Shorts
	Chartered Accountants & Statutory Auditor
	Cedar House
	63 Napier Street
	Sheffield
	S11 8HA


Bankers	Santander UK plc

DEA HOLDINGS LIMITED

CONTENTS

	Page
Directors' report	1 - 2
Independent auditor's report	3 - 6
Statement of income and retained earnings	7
Balance sheet	8
Statement of changes in equity	9
Notes to the financial statements	10 - 22

DEA HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

Directors

The directors who served during the year were:

G C J Cooper

W J Cortazzi

M A King

S W Turley

J C Allen (resigned 31 October 2025)

S A Banks-Cooper (resigned 31 May 2025)

G Beattie (resigned 31 May 2025)

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

∙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 to 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,990 thousand (2025 - loss £402 thousand).

A dividend of £3,232 thousand (2025 - £nil) was paid during the year.

Qualifying third-party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies
Act 2006. This indemnity does not provide cover in the event of a director acting fraudulently or dishonestly.

Page 1

DEA HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditors, Shorts Chartered Accountants, will be proposed for reappointment in accordance with section 485
of the Companies Act 2006.

This report was approved by the board on 7 October 2026 and signed on its behalf.

G C J Cooper

Director

Page 2

DEA HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEA HOLDINGS LIMITED

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Opinion

We have audited the financial statements of DEA Holdings Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of changes in equity and the related notes, 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 March 2026 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's 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 financial statements are 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.

Page 3

DEA HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEA HOLDINGS LIMITED (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinion on other matters 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 1, 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.

Page 4

DEA HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEA HOLDINGS LIMITED (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Auditor's 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

∙the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙through discussions with the directors and other management and from our commercial knowledge and experience of the clients business, we identified the laws and regulations applicable to the Company; and

∙focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation.

To address the risk of fraud through management bias and override of controls, we:

∙performed analytical procedures to identify any unusual or unexpected relationships; reviewed journal entries to identify unusual transactions;

∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

∙investigated the rationale behind significant or unusual transactions

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

∙agreeing financial statement disclosures to underlying supporting documentation;

∙reading the minutes of meetings of those charged with governance;

∙enquiring of management as to actual and potential litigation and claims;

∙considering relationships with HMRC and other relevant regulators; and

∙reviewing legal and professional costs to identify any indicators of litigation.

Page 5

DEA HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEA HOLDINGS LIMITED (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

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 or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

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.

Howard Freeman BSc FCA (Senior statutory auditor)

for and on behalf of

Shorts

Chartered Accountants & Statutory Auditor

Cedar House

63 Napier Street

Sheffield

S11 8HA

7 October 2026

Page 6

DEA HOLDINGS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 MARCH 2026

	2026	2025
Note	£000	£000


Turnover		1,000	1,000
Gross profit		1,000	1,000
Administrative expenses		(648)	(1,068)
Exceptional administrative expenses		(192)	(884)
Operating profit/(loss)		160	(952)
Income from fixed assets investments		1,800	-
Profit/(loss) before tax		1,960	(952)
Tax on profit/(loss)	6	30	550
Profit/(loss) after tax		1,990	(402)



Retained earnings at the beginning of the year	1,531	1,933
	1,531	1,933
Profit/(loss) for the year	1,990	(402)
Dividends declared and paid	(3,232)	-
Retained earnings at the end of the year	289	1,531

The notes on pages 10 to 22 form part of these financial statements.

Page 7

DEA HOLDINGS LIMITED

REGISTERED NUMBER: 09982586

BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£000		£000

Fixed assets
Investments	9		1,690		1,693
			1,690		1,693
Current assets
Debtors: amounts falling due within one year	10	6,336		7,247
Cash at bank and in hand		37		53
		6,373		7,300
Creditors: amounts falling due within one year	12	(676)		(364)
Net current assets			5,697		6,936
Total assets less current liabilities			7,387		8,629

Net assets			7,387		8,629

Capital and reserves
Called up share capital	14	598	598
Share premium account	15	3,764	3,764
Share option reserve	15	-	2,736
Capital contribution reserve	15	2,736	-
Profit and loss account	15	289	1,531
		7,387	8,629

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 October 2026.

G C J Cooper

Director

The notes on pages 10 to 22 form part of these financial statements.

Page 8


		DEA HOLDINGS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Share premium account	Share options reserve	Capital contribution reserve	Profit and loss account	Total equity
	£000	£000	£000	£000	£000	£000
At 1 April 2024	452	1,737	1,707	-	1,933	5,829

Loss for the year	-	-	-	-	(402)	(402)
Shares issued during the year	146	2,027	-	-	-	2,173
Reserves movement	-	-	1,029	-	-	1,029

At 1 April 2025	598	3,764	2,736	-	1,531	8,629

Profit for the year	-	-	-	-	1,990	1,990
Dividends: Equity capital	-	-	-	-	(3,232)	(3,232)
Reserves movement	-	-	(2,736)	2,736	-	-
At 31 March 2026	598	3,764	-	2,736	289	7,387

The notes on pages 10 to 22 form part of these financial statements.

Page 9

DEA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

DEA Holdings Limited is a private company limited by shares, incorporated in England and Wales
(registered number: 09982586). Its registered office is Hangar 3 Retford (Gamston) Airport, Retford, DN22 0QL. The principal activity of the Company throughout the year continued to be that of a holding company.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Hamsard 3804 Limited as at 31/03/2026 and these financial statements may be obtained from Companies House.

The company is exempt from the requirement to prepare a strategic report under section 414A of the Companies Act 2006 as it is a subsidiary undertaking and is included in the consolidated financial statements prepared by Hamsard 3804 Limited.

Page 10

DEA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Research and development

Research is written off in the same year in which it is incurred.

Development expenditure is written off in the same year unless the Directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period from which the Company is expected to benefit.

Page 11

DEA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Share-based payments

Equity-settled share based payments are measured at fair value at the date of grant by reference to
the fair value of the equity instruments granted using the Black-Scholes model. The fair value
determined at the grant date is expensed on a straight-line basis over the life of the option. A
corresponding adjustment is made to equity.

2.8

Taxation

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.

2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 12

DEA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.11

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 13

DEA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the Parent Company.

Wages and salaries	424	814
Social security costs	12	116
Cost of defined contribution scheme	23	30
	459	960

The average monthly number of employees, including the directors, during the year was as follows:

	2026	2025
	No.	No.

Employees	6	7

Page 14

DEA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

5.	Directors' remuneration
		2026	2025
		£000	£000

Directors' emoluments	424	814
Company contributions to defined contribution pension schemes	23	30
	447	844

	During the year retirement benefits were accruing to 3 directors (2025 - 3) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £171 thousand (2025 - £270 thousand).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £21 thousand (2025 - £21 thousand).

Corporation tax
Current tax on profits for the year	-	(550)
Total current tax	-	(550)

	Origination and reversal of timing differences	(30)	-
	Total deferred tax	(30)	-


	Profit/(loss) after tax	(30)	(550)

Page 15

DEA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

6.Taxation (continued)

Profit/(loss) on ordinary activities before tax

1,961

(952)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	490	(238)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(1)	424
Other permanent differences	-	(765)
Group income	(450)	-
Adjustments to tax charge in respect of prior periods	(69)	-
Other differences	-	29
Total tax charge for the year	(30)	(550)

Factors that may affect future tax charges

The company has trading losses of £197 thousand (2025: £197 thousand) available to be offset against future profits.

Page 16

DEA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

7.	Dividends
		2026	2025
		£000	£000

	Ordinary dividends	3,232	-
		3,232	-

8.	Exceptional items
		2026	2025
		£000	£000

Redundancy costs	132	28
Share Based Payment charges (including additional Vesting charges)	-	856
Group reorganisation costs	60	-
	192	884

9.	Fixed asset investments

		Investments in subsidiary companies
		£000
	Cost or valuation
	At 1 April 2025	1,693
	Additions	2
	Disposals	(5)
	At 31 March 2026	1,690

Page 17

DEA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

DEA Aviation	Hanger 3 Retford (Gamston) Airport, Retford, DN22 0QL	Aviation services	Ordinary	100%
European SAO Limited	Baldacchino Building, 13, Valletta Road, Zurrieq, ZRQ9011, Malta	Aviation services	Ordinary	100%
Specialised Operations Ltd	Hanger 3 Retford (Gamston) Airport, Retford, DN22 0QL	Dormant	Ordinary	100%
ESAO Holdings Limited	Baldacchino Building, 13, Valletta Road, Zurrieq, ZRQ9011, Malta	Intermediate holding company	Ordinary	100%
ESAO AOC Limited	Baldacchino Building, 13, Valletta Road, Zurrieq, ZRQ9011, Malta	Dormant	Ordinary	100%

Page 18

DEA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

10.

Debtors

					2026	2025
					£000	£000


Amounts owed by group undertakings	5,346	6,071
Other debtors	990	1,164
Prepayments and accrued income	-	12
	6,336	7,247

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

11.	Cash and cash equivalents
		2026	2025
		£000	£000

Cash at bank and in hand	37	53
	37	53

12.	Creditors: Amounts falling due within one year
		2026	2025
		£000	£000

Trade creditors	4	-
Amounts owed to group undertakings	461	-
Corporation tax	-	(3)
Other taxation and social security	81	185
Other creditors	2	5
Accruals and deferred income	128	177
	676	364

Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.

Page 19

DEA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

13.	Guarantees

The company has entered a guarantee arrangement with Close Brothers Limited in respect of borrowings of DEA Aviation Limited.

Under the terms of the agreement, the company has irrevocably and unconditionally guaranteed the payment of all amounts due by DEA Aviation Limited to Close Brothers Limited, including any future liabilities arising under the relevant finance agreements.

At the reporting date, the directors have assessed the likelihood of the guarantee being called and based on their review of the financial position of DEA Aviation, consider the risk to be low. Accordingly, no provision has been recognised in the financial statements.

14.	Share capital
		2026	2025
		£000	£000

Allotted, called up and fully paid

5,973,705 (2025 - 5,973,705) Ordinary shares shares of £0.10 each	598	598

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DEA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

15.

Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Share option reserve

The share option reserve represents the cumulative charge in respect of the share options awarded to employees of the Company.

Capital contribution reserve

The capital contribution reserve is used to record transactions arising from investments by the Parent Company and share based payments charges.

During the prior year, a change of control occurred resulting in the early exercise of share options granted to employees under a share-based payment arrangement establised by DEA Holdings Limited. These options were originally subject to service-based vesting conditions over a period of 10 years. As a result of the buyout, all unvested options became immediately excerisable. In accordance with FRS 102 Section 26, the company recognised the remaining unrecognised expenses in full.

A total of 868,300 options were exercised at the exercise price of £0.60, totalling £520,980. A total of 590,147 options were exercised at the exercise price of £2.80, totalling £1,652,412. Total proceeds were received of £2,173,392.

A total of 308,682 options were cancelled during the year.

The total expense recognised in profit or loss for the year in respect of equity-settled share-based payment transactions was £1,029k (2024 - £310k). This reflects the final portion of the fair value of options spread over the vesting period, adjusted for forfeitures. The cumulative expense recognised in respect of these awards is £2,736k.

The corresponding credit has been recognised in equiry as a capital contribution from the parent.

Profit and loss account

The profit and loss account includes all current and prior period realised and retained profits and losses.

16.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £22k (2025: £30k). Contributions totalling £2k (2025: £4k) were payable to the fund at the reporting date and are included in creditors.

17.	Related party transactions
	The company has taken advantage of the exemptions in FRS102 paragraph 33.1A and has not disclosed transactions with other group undertakings, as those transactions were entered into between members of a wholly-owned group.

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DEA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

18.	Controlling party

The company is a wholly owned subsidiary of Hamsard 3804 Limited, a company incorporated in England and Wales, with a registered office address of Hangar 3 Retford (Gamston) Airport, Retford, Nottinghamshire, England, DN22 0QL.

Hamsard 3804 Limited is the parent undertaking of the smallest group of undertakings for which consolidated financial statements are prepared and of which the company is a member. Those consolidated financial statements are publicly available from Companies House.

The view of the Directors is that there is no ultimate controlling party.

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