REGISTERED NUMBER: OC349556 (England and Wales)

REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

ARILIA SKY LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

3

Income Statement

6

Other Comprehensive Income

7

Balance Sheet

8

Reconciliation of Members' Interests

9

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

14

DESIGNATED MEMBERS:

Indawell Ltd

Vicon Ltd

REGISTERED OFFICE:

1 Kings Avenue

Winchmore Hill

London

N21 3NA

REGISTERED NUMBER:

OC349556 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Level 5A

Maple House

149 Tottenham Court Road

London

W1T 7NF

The members present their report with the financial statements of the LLP for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of the granting of services to aviation groups.

DESIGNATED MEMBERS

The designated members during the year under review were:

Indawell Ltd

Vicon Ltd

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £13,975,167 (2024 - £15,317,834 profit).

MEMBERS' INTERESTS

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members 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 LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

Vicon Ltd - Designated member

31 October 2026

Opinion

We have audited the financial statements of Arilia Sky LLP (the 'LLP') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, 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 LLP's affairs as at 31 March 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP 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 members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs 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

-	we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page two, the members 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 members determine 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 members are responsible for assessing the LLP'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 members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

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 partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations.

- we identified the laws and regulations applicable to the company through discussions with directors and other

management, and from our commercial knowledge and experience of the electronic money institution sector.

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery and employment.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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;

- tested 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, including fraud 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;

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

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Auditors.

Other matters

As disclosed in note 8 to the financial statements, the comparative figures in these financial statements are unaudited. Our opinion is not modified with respect to that matter.

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Perez FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Level 5A

Maple House

149 Tottenham Court Road

London

W1T 7NF

31 October 2026

REVENUE

22,272,746

23,113,514

Cost of sales

4,787,475

4,120,582

GROSS PROFIT

17,485,271

18,992,932

Administrative expenses

2,821,237

3,135,625

OPERATING PROFIT

4

14,664,034

15,857,307

Interest payable and similar expenses

5

688,867

539,473

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

13,975,167

15,317,834

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

13,975,167

15,317,834

OTHER COMPREHENSIVE INCOME

Foreign exchange gains & losses

65,003

164,599

OTHER COMPREHENSIVE INCOME FOR THE YEAR

65,003

164,599

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

14,040,170

15,482,433

FIXED ASSETS

Property, plant and equipment

9

26,827,675

36,769,513

CURRENT ASSETS

Debtors

10

36,918,791

7,033,409

Cash at bank

12,945,166

11,183,321

49,863,957

18,216,730

CREDITORS

Amounts falling due within one year

11

33,009,100

7,984,719

NET CURRENT ASSETS

16,854,857

10,232,011

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

43,682,532

47,001,524

LOANS AND OTHER DEBTS DUE TO MEMBERS

13

29,806,962

47,166,123

MEMBERS' OTHER INTERESTS

Other reserve

14

13,875,570

(164,599

)

43,682,532

47,001,524

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

13

29,806,962

47,166,123

Members' other interests

13,875,570

(164,599

)

43,682,532

47,001,524

The financial statements were approved by the members of the LLP and authorised for issue on 31 October 2026 and were signed by:

Vicon Ltd - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

47,166,123

Amount due from members

-

Balance at 1 April 2024

(164,600

)

47,166,123

47,001,523

Profit for the financial year available for discretionary division among members

13,975,167

-

13,975,167

Members' interests after profit for the year

13,810,567

47,166,123

60,976,690

Exchange gains/(losses)

for the year

65,003

-

65,003

Introduced by members

-

(2,209,143

)

(2,209,143

)

Drawings on account and distributions of profit

-

(15,150,018

)

(15,150,018

)

Amount due to members

29,806,962

Amount due from members

-

Balance at 31 March 2025

13,875,570

29,806,962

43,682,532

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

32,690,072

Amount due from members

-

Balance at 1 April 2023

-

32,690,072

32,690,072

Profit for the financial year available for discretionary division among members

15,317,834

-

15,317,834

Members' interests after profit for the year

15,317,834

32,690,072

48,007,906

Other divisions of profit

(15,317,834

)

15,317,834

-

Exchange gains/(losses)

for the year

(164,599

)

-

(164,599

)

Introduced by members

-

(611,362

)

(611,362

)

Drawings on account and distributions of profit

-

(230,421

)

(230,421

)

Amount due to members

47,166,123

Amount due from members

-

Balance at 31 March 2024

(164,599

)

47,166,123

47,001,524

Cash flows from operating activities

Cash generated from operations

2

11,986,014

13,859,095

Interest paid

(688,867

)

(539,473

)

Net cash from operating activities

11,297,147

13,319,622

Cash flows from investing activities

Purchase of tangible fixed assets

(1,088,942

)

(11,227,723

)

Sale of tangible fixed assets

8,827,044

2,223,756

Net cash from investing activities

7,738,102

(9,003,967

)

Transactions with members and former

members

Payments to members

(15,150,018

)

(230,421

)

Adjustment to profits

(2,209,144

)

(611,362

)

(17,359,162

)

(841,783

)

Cash flows from other financing activities

Other loans

-

(4,849,853

)

Net cash from financing activities

(17,359,162

)

(5,691,636

)

Increase/(decrease) in cash and cash equivalents

1,676,087

(1,375,981

)

Cash and cash equivalents at beginning of year

3

11,183,321

12,394,703

Effect of foreign exchange rate changes

65,003

164,599

Cash and cash equivalents at end of year

3

12,924,411

11,183,321

1.	CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

All amounts due to members that are classified as liabilities are presented within 'loans and other debts due to members' and are treated as an expense in the profit and loss account to the extent that they exceed any amount subscribed or contributed by members that is classified as equity. Members' profit shares are discretionary and are recognised as a liability, and therefore treated as debt, when allocated. There were no amounts classified as equity as at the balance sheet date.

2.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

2025

2024

as restated

£

£

Profit for the financial year before members' remuneration and profit shares available for discretionary division among members

13,975,167

15,317,834

Depreciation charges

1,489,509

1,894,862

Loss on disposal of fixed assets

37,984

372,037

Impairment losses on fixed assets

676,243

-

Finance costs

688,867

539,473

16,867,770

18,124,206

Increase in trade and other debtors

(29,885,382

)

(1,536,612

)

Increase/(decrease) in trade and other creditors

25,003,626

(2,728,499

)

Cash generated from operations

11,986,014

13,859,095

3.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

12,945,166

11,183,321

Loan and bank overdrafts

(20,755

)

-

12,924,411

11,183,321

Year ended 31 March 2024

31.3.24

1.4.23

as restated

£

£

Cash and cash equivalents

11,183,321

12,394,703

4.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

11,183,321

1,761,845

12,945,166

Loan and bank overdrafts

-

(20,755

)

(20,755

)

11,183,321

1,741,090

12,924,411

Net funds (before members' debt)

11,183,321

1,741,090

12,924,411

Loans and other debts

due to members

Other amounts due to members

(47,166,123

)

17,359,161

(29,806,962

)

Net debt

(35,982,802

)

19,100,251

(16,882,551

)

1.	STATUTORY INFORMATION

Arilia Sky LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" , the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships and Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant judgements or estimates involved in the preparation of the financial statements.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and Machinery - Helicopters

4% straight-line method

Plant and Machinery - Helicopter parts

8% straight-line method

Financial instruments

Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2024 - 2).

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

as restated

£

£

Depreciation - owned assets

1,489,510

1,894,862

Loss on disposal of fixed assets

37,984

372,037

Auditors' remuneration

11,000

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

as restated

£

£

Other interest

688,867

539,473

6.	INFORMATION IN RELATION TO MEMBERS

2025

2024

as restated

£

£

The amount of profit attributable to the member with the largest entitlement was

-

9,190,700

2025

2024

as restated

The average number of members during the year was

2

2

7.	PRIOR YEAR ADJUSTMENTS

During the year, the company identified an error in the translation of fixed assets purchased in US dollars. The error has been corrected retrospectively using the historic exchange rates applicable at the acquisition dates. The adjustment increased fixed asset cost by £1,103,079 and accumulated depreciation by £45,990, with members’ interests reduced by £1,057,088. Comparative figures have been restated accordingly.

8.	COMPARATIVES

The comparative figures in these financial statements are unaudited.

9.	PROPERTY, PLANT AND EQUIPMENT

Helicopter

and

helicopter

spare

parts

£

COST

At 1 April 2024

41,780,562

Additions

1,088,942

Disposals

(11,799,422

)

Impairments

(1,677,753

)

At 31 March 2025

29,392,329

DEPRECIATION

At 1 April 2024

5,011,049

Charge for year

1,489,510

Eliminated on disposal

(2,934,394

)

Impairments

(1,001,511

)

At 31 March 2025

2,564,654

NET BOOK VALUE

At 31 March 2025

26,827,675

At 31 March 2024

36,769,513

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade debtors

15,877,806

2,330,230

Other debtors

18,491,496

4,703,179

Prepayments and accrued income

2,549,489

-

36,918,791

7,033,409

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Bank loans and overdrafts (see note 12)

20,755

-

Trade creditors

3,207,230

4,684,217

Other creditors

29,767,022

2,841,821

Accrued expenses

14,093

458,681

33,009,100

7,984,719

12.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

as restated

£

£

Amounts falling due within one year or on demand:

Loan and bank overdrafts

20,755

-

13.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2025

2024

as restated

£

£

Amounts owed to members in respect of profits

29,806,962

47,166,123

Falling due within one year

29,806,962

47,166,123

14.	OTHER RESERVES

Other

reserve

£

At 1 April 2024

(164,600

)

Undivided profit

13,975,167

Exchange gains/(losses)

for the year

65,003

At 31 March 2025

13,875,570

15.	RELATED PARTY DISCLOSURES

Included in debtors, amounts falling due within one year, is an amount of £14,901,310 (2024 - £Nil) due from a connected company. This loan is interest free and repayable on demand.

During the year, the LLP provided services to a connected company amounting to £4,926,500. (2024 - £Nil)