Company No: 02242862 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	2,143,004		2,136,084
Investments	4	940		940
		2,143,944		2,137,024
Current assets
Stocks		10,000		8,850
Debtors	5	193,043		394,083
Cash at bank and in hand		608,319		285,733
		811,362		688,666
Creditors: amounts falling due within one year	6	( 988,022)		( 1,029,115)
Net current liabilities		(176,660)		(340,449)
Total assets less current liabilities		1,967,284		1,796,575
Creditors: amounts falling due after more than one year	7	( 835,940)		( 717,746)
Provision for liabilities	8	( 211,900)		( 149,112)
Net assets		919,444		929,717
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		919,344		929,617
Total shareholders' funds		919,444		929,717

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of SJ Contracting Services Ltd (registered number: 02242862) were approved and authorised for issue by the Board of Directors on 28 October 2026. They were signed on its behalf by:

Mr S M Ring Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

SJ Contracting Services Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Cedar House, Woodperry Road, Beckley, Oxford, OX3 9SZ, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	20 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Office equipment	25 % reducing balance
Other property, plant and equipment	10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Other property, plant and equipment		Total
	£		£		£		£		£		£
Cost
At 01 April 2025	603,259		783,213		239,380		21,821		5,185,686		6,833,359
Additions	0		1,570		5,800		0		400,000		407,370
At 31 March 2026	603,259		784,783		245,180		21,821		5,585,686		7,240,729
Accumulated depreciation
At 01 April 2025	252,776		648,401		209,407		17,821		3,568,870		4,697,275
Charge for the financial year	30,183		33,976		7,936		1,001		327,354		400,450
At 31 March 2026	282,959		682,377		217,343		18,822		3,896,224		5,097,725
Net book value
At 31 March 2026	320,300		102,406		27,837		2,999		1,689,462		2,143,004
At 31 March 2025	350,483		134,812		29,973		4,000		1,616,816		2,136,084

The helicopters have an approximate open market value of between £4 - £4.5m (2025: £4 - £4.5m).

4. Fixed asset investments

Investments in subsidiaries

	2026
	£
Cost
At 01 April 2025	940
At 31 March 2026	940
Carrying value at 31 March 2026	940
Carrying value at 31 March 2025	940

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.03.2026	Held
Heli Services Limited	England	Helicopter compliance services	Ordinary	100.00%	Direct
Heli Solution Limited	Cyprus	Helicopter compliance services	Ordinary	100.00%	Direct

5. Debtors

	2026		2025
	£		£
Trade debtors	89,548		200,759
Corporation tax	0		37,041
Other debtors	103,495		156,283
	193,043		394,083

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans	60,779		60,780
Trade creditors	29,943		58,969
Corporation tax	8,950		0
Other taxation and social security	92,385		98,631
Obligations under finance leases and hire purchase contracts	17,906		24,489
Other creditors	778,059		786,246
	988,022		1,029,115

7. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans	595,977		663,131
Obligations under finance leases and hire purchase contracts	0		17,968
Other creditors	239,963		36,647
	835,940		717,746

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured totalling £1,165,353 (2025: £1,132,407).

The company's loans and borrowings are all secured over the assets of the company by a fixed and floating charge, and personal guarantees provided by the directors Mr and Mrs Ring.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2026		2025
	£		£
Bank loans (repayable by instalments)	474,133		483,697

8. Deferred tax

	2026		2025
	£		£
At the beginning of financial year	( 149,112)		( 201,029)
(Charged)/credited to the Profit and Loss Account	( 62,788)		51,917
At the end of financial year	( 211,900)		( 149,112)

9. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary of the group.

The company is controlled by Mr & Mrs Ring who between them own 100% of the issued share capital.

Transactions with the entity's directors

Dividends totalling £70,000 (2025 - £70,000) were paid in the year in respect of shares held by the company's directors.

Key management personnel

Mr S M Ring and Mrs J Ring - Directors

Summary of transactions with key management

Working capital advance from the directors
Other creditors includes a loan advance from the directors in the sum of £432,939 (2025: £355,429). The loan advance is interest-free and repayable on demand.