REGISTERED NUMBER: SC332375 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2026

for

Islander Aircraft Ltd.

Trading as

Cormack Islander Aircraft

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Miss K Smith

REGISTERED OFFICE:

Cumbernauld Airport

Duncan McIntosh Road

Cumbernauld

Glasgow

G68 0HH

REGISTERED NUMBER:

SC332375 (Scotland)

ACCOUNTANTS:

Clements

Chartered Accountants

39 St Vincent Place

Glasgow

G1 2ER

FIXED ASSETS

Tangible assets

4

18,596

351,836

CURRENT ASSETS

Stocks

225,185

200,763

Debtors

5

265,183

268,248

Cash at bank and in hand

582,035

375,655

1,072,403

844,666

CREDITORS

Amounts falling due within one year

6

479,141

700,326

NET CURRENT ASSETS

593,262

144,340

TOTAL ASSETS LESS CURRENT LIABILITIES

611,858

496,176

PROVISIONS FOR LIABILITIES

4,649

87,960

NET ASSETS

607,209

408,216

CAPITAL AND RESERVES

Called up share capital

250

250

Retained earnings

7

606,959

407,966

SHAREHOLDERS' FUNDS

607,209

408,216

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 October 2026 and were signed by:

Miss K Smith - Director

1.	STATUTORY INFORMATION

Islander Aircraft Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts. Revenue is recognised when the company has the right to receive it.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and at varying rates on cost

Stocks

Stocks are valued at the lower of cost and selling price less costs to complete and sell.

Financial instruments

The company only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2025 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2025

706,528

Additions

166,624

Disposals

(603,944

)

At 31 March 2026

269,208

DEPRECIATION

At 1 April 2025

354,692

Charge for year

34,724

Eliminated on disposal

(138,804

)

At 31 March 2026

250,612

NET BOOK VALUE

At 31 March 2026

18,596

At 31 March 2025

351,836

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Trade debtors

168,617

218,477

Other debtors

96,566

49,771

265,183

268,248

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Trade creditors

63,554

150,911

Taxation and social security

199,282

139,567

Other creditors

216,305

409,848

479,141

700,326

7.

RESERVES

Retained

earnings

£

At 1 April 2025

407,966

Profit for the year

199,113

Employee ownership trust gifts

(120

)

At 31 March 2026

606,959

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is The Islander Aircraft Ltd Employee Ownership Trust.