Registered number: 16037033
FOR THE YEAR ENDED 31 MARCH 2026
HAMSARD 3804 LIMITED
COMPANY INFORMATION
HAMSARD 3804 LIMITED
CONTENTS
HAMSARD 3804 LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their strategic report for the year ended 31 March 2026.
The principal activity of the Company is that of a holding Company.
The Company acquired DEA Holdings Limited group (DEA) on 25 March 2025. The transaction was executed by issuing new share capital with each shareholder of DEA receiving five Preference Shares and five A Ordinary Shares in the Company in return for each DEA share.
DEA is a world leading technology-led provider of specialised aerial data acquisition services to a diverse breadth of clients across a wide range of markets. DEA deploys state-of-the-art aerial sensing and digital processing technology in dynamic, challenging environments worldwide and is frequently relied upon to provide critical security services of national importance, demanding class-leading safety and compliance processes.
Through its principal operating subsidiaries, DEA Aviation Limited (UK) and European SAO Limited (Malta) DEA's primary activities are intelligence, surveillance & reconnaissance (ISR), Aerial Survey and Engineering services.
Investment in people and capability that commenced in prior years continued through the year. As anticipated, the Group successfully expanded its ISR activity and benefited from recent investments in capacity as demand under new customer frameworks grew. Revenue increased to £45.9 million (2024: £36.8 million).
The Group was awarded the prestigious Defence Employers Recognition Scheme Gold Award in 2024, having held Silver since 2019. To achieve any level of the award, an organisation must be a signatory of the Armed Forces Covenant, an obligation to recognise those who have performed military duty and a commitment to support them through opportunities such as work. Over 30% of DEA’s workforce are veterans with many more having serving partners as well as volunteers that are instructors in the cadet forces and the Group’s policies in support of this group of team members around additional leave, transition support and working patterns are well established and recognise the significant contribution these individuals and those close to them make to the armed forces.
The average global team increased to 221 from 214 in 2025 reflecting significant efficiency improvement initiatives implemented during the year. We thank all our people for their hard work and dedication. The Group reported a significantly improved operating result with a net profit of £4.8m (2025 £1.0 million net loss).
Capital expenditure on new capacity and capability in the year was £4.9 million (2025: £13.1 million).
In September 2025 the Company published its latest Carbon Reduction Plan which is available at www.dea.aero/about. We take our impact on our environment and our communities very seriously and remain focussed on improving this over time, reviewing and applying strong Environmental, Social and Governance principles across the breadth of our business. The company's use of efficient platforms running on Jet A1 provides a lower carbon footprint than comparable fleets in the sector. When working with customers and potential customers we continue to offer a low carbon flight plan option to increase opportunities to reduce carbon emissions and encourage the use of Sustainable Aviation Fuel.
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HAMSARD 3804 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The key financial risks and uncertainties facing the Company are set out below.
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HAMSARD 3804 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Adjusted operating profit is disclosed as an alternative performance measure, calculated by adding back exceptional items to operating profit.
Adjusted EBITDA is disclosed as an alternative performance measure, calculated by adding back interest, tax, depreciation, amortisation, and exceptional cost items to profit before tax.
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HAMSARD 3804 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Group uses cash and other financial instruments such as trade debtors and trade creditors which arise directly from its operations. The main risks arising from these financial instruments are liquidity risk and credit risk. The Directors review and agree policies for managing these risks and they are summarised below:
Liquidity risk
The Group manages financial risk by monitoring actual and forecast cash flows to ensure that sufficient liquidity is available to meet foreseeable expenditure commitments
Credit risk
The Group operates robust credit control processes and manages credit risk by monitoring the aggregate amount and duration of exposure to any one client depending on their credit rating.
DEA is a world leading specialist technology-led provider of complex aerial data acquisition services. A pioneer in airborne data gathering, DEA uses ground-breaking techniques and the most advanced and innovative technologies in the industry and our mission is to help our service users answer complex questions and make informed decisions in real time.
As trusted experts who provide turn-key services to our customers, DEA have a clear and ambitious strategy in place to respond to the growing market demands of the Intelligence, Surveillance and Reconnaissance (ISR) and Aerial Survey markets.
Our core values agility, trust, innovation, flexibility and ethics underpin our approach to doing business and social values and our culture, brand, reputation and goodwill is built on these.
Success for ourselves and our stakeholders is predicated on the long-term support of customers. Our operating model is built upon a modern fleet of efficient, environmentally advanced and versatile aircraft equipped with advanced technology that provides real-time airborne intelligence. This is achieved through developed solutions that deliver the most effective flight platform for the task, tailoring a complex solution to our customers’ specific requirements in the most advantageous ways to achieve commercial, social and environmental goals for all stakeholders.
Our knowledge and expertise spans every aspect of technology and aviation, collectively drawing upon decades of experience in both civilian and military operations. The team blends hands-on experience and strategic leadership and governance to provide actionable insight and security for our clients.
Operating in the aviation sector brings with it specific challenges and opportunities and maintaining the highest standards as an aviation operator for safety, and having in place robust management systems throughout our organisation at all times is critical. We have a dedicated Health & Safety Committee that meets regularly and embraces audit findings of external regulators to uphold the highest standards that underpin our UK Air Operator Certificate and associated standards including AS9100, ISO27001 and Cyber Essentials Plus (CE+). There are robust and mature management systems to respond to reports and a culture of continuous improvement across the business.
Maintaining the highest professional and ethical standards and being honest, open and transparent in our business dealings is always at the forefront and we seek and act upon feedback from stakeholders’ regarding their interactions with our business. We strive to build sustainable, long-term relationships with all our customers, partners and stakeholders and ensure in our business dealings. We uphold our Modern Slavery Statement and all our people adhere to our policies and codes of conduct. It is also important to us to procuring goods and services that create work opportunities for local businesses, particularly where they are small or medium sized
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HAMSARD 3804 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
enterprises.
Our commitment to our own team is evident in our reward packages, training & development opportunities and other benefits that support and promote healthy and prosperous lifestyles. More widely our social values are clear in our social values policy and our charitable and local engagement efforts through a charity committee and regular programme of events to inspire the next generation in careers in aviation.
The Directors’ are satisfied that they have met the requirements of the Companies Act in particular the requirements of section 172(1).
Demand for ISR in a number of areas globally the business is expected to continue on its growth path during the 2027 financial year and beyond. The opportunity pipeline remains strong and a significant portion of the forecast revenue is secured on committed contracts resulting in trading and profitability exceeding 2026 levels in the 2027 financial year.
This report was approved by the board on 7 October 2026 and signed on its behalf.
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HAMSARD 3804 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.
The profit for the year, after taxation, amounted to £4,839 thousand (2025 - loss £954 thousand).
Particulars of dividends are disclosed in note 13.
The directors who served during the year were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Details about future developments are included in the strategic report.
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HAMSARD 3804 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The DEA Aviation Group (DEA) is committed to Net Zero emissions by 2050 which is enabled through its agile approach to deploying a carefully chosen fleet of efficient, flexible and modern aircraft designed and tailored airborne technology solutions that meet and anticipate specific and diverse requirements of its Customers in the sectors in which it operates. Please refer to our latest Carbon Reduction Plan available on the website www.dea.aero for more information.
DEA deploys state-of-the-art aerial sensing and digital processing technology in dynamic, challenging environments worldwide and is relied upon to provide critical security services of national importance. These services in themselves have a positive environmental and social impact. Less than 1% of the group’s capacity is typically used for the commercial transportation of people and the majority of all our flying activity is in support of the services provided to our customers outside of the UK through overseas subsidiaries. The group companies operate aircraft to deliver these global customer service contracts, as the wholly owned group companies own and/or operate these aircraft we include the emissions in the Scope 1 declaration.
DEA continues to grow to service new and existing customers, the consequences of this are that carbon emissions are likely to increase and the nature and mix of this growth will also have an impact on the carbon intensity. Two key areas of focus have been identified to drive decarbonisation in the group:
1. Increasing the use of sustainable aviation fuels in line with growing SAF availability across the UK (minimum 10% SAF usage by 2030). Allowing for increased SAF usage following the 2025 2% SAF Mandate across UK Airports and EU Airports and 3.6% SAF Mandate across UK Airports from 2026.
2. Commitment to conducting and actioning the findings from annual Environmental Impact Assessments (EIA) in accordance with NEBOSH Environmental Management training standards.
The nature of the company’s business makes it reliant upon the development and availability of low and zero emission technologies in the aviation sector that will provide a significant contribution to DEA’s carbon reduction ambitions, e.g. Sustainable Aviation Fuel (SAF), electric engines, zero carbon (synthetic) fuels. As SAF is not yet readily available in the operating locations of the customer delivery contracts, the Group is reliant upon a viable and abundant SAF market to speed up its decarbonisation. Use of SAF across the DEA fleet of aircraft (all of which are SAF accredited) could see up to a possible 40% carbon emissions reduction relative to Jet A-1 (based on the currently available 50% SAF/Jet A-1 mix).
The group does not use natural gas at any of its business premises and, despite the growing workforce and estate, are low electricity users which is reflected in the low Scope 2 emissions. Benefited by 100% renewable electricity used at DEA’s Gamston and Lincoln premises via Octopus Energy.
This SECR presents information on Scope 1 (direct) and Scope 2 (indirect) energy consumption. We use tCO2e per £millions of turnover as the measure of Intensity Ratio which is a common and widely used metric. The intensity of emissions are calculated by dividing the absolute emissions in the financial year by the reported turnover in millions of Pounds Sterling. Aircraft fleet fuels are converted from litres to kilo-watt hours (kWh) and land fuels have been converted from miles to kWh using gov.uk fuel conversion factors.
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HAMSARD 3804 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
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HAMSARD 3804 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
There have been no significant events affecting the Group since the year end.
The auditors, Shorts, 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.
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HAMSARD 3804 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMSARD 3804 LIMITED
We have audited the financial statements of Hamsard 3804 Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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.
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 Group's or the Parent 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.
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HAMSARD 3804 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMSARD 3804 LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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HAMSARD 3804 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMSARD 3804 LIMITED (CONTINUED)
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 Auditors' 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 Group 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 and recognise non-compliance with applicable laws and regulations; and
∙through discussions with the directors and other management and from our commercial knowledge, we identified the laws and regulations applicable to the Company.
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 regulations.
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 the general ledger entries during the year to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
∙investigated the rationale behind significant or unusual transactions; and
∙performed substantive testing on a random sample of expenditure and agreed income to external reports.
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HAMSARD 3804 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMSARD 3804 LIMITED (CONTINUED)
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.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants and Statutory Auditors
63 Napier Street
S11 8HA
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HAMSARD 3804 LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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HAMSARD 3804 LIMITED
REGISTERED NUMBER: 16037033
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 October 2026.
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HAMSARD 3804 LIMITED
REGISTERED NUMBER: 16037033
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
The notes on pages 23 to 45 form part of these financial statements.
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HAMSARD 3804 LIMITED
REGISTERED NUMBER: 16037033
COMPANY BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 October 2026 .
The notes on pages 23 to 45 form part of these financial statements.
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