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INFORMATION The consolidated audited financial statements (\u2018financial statements\u2019) incorporate the results of DP \n \n \n \n Aircraft I Limited\n \n \n (the \u201cCompany\u201d) and that of wholly owned subsidiary entities, DP Aircraft Guernsey III Limited and DP Aircraft Guernsey IV Limited (collectively, the \u201cBorrowers\u201d), both of which are Guernsey-incorporated companies limited by shares. The Borrowers hold their aircraft investments through intermediate lessor DP Aircraft UK Limited (the \u201cLessor\u201d), a UK-incorporated private limited \n \n company\n . DP Aircraft Ireland MSN 35320 Limited and DP Aircraft Ireland MSN 36110 Limited, both Irish- incorporated subsidiaries, were incorporated into the Group on 21 February 2025 and 5 March 2025, respectively and remains non-operational until the final quarter of 2026. The Company and its consolidated subsidiaries, DP Aircraft Guernsey III Limited, DP Aircraft Guernsey IV Limited, DP Aircraft UK Limited, DP Aircraft Ireland MSN 35320 Limited, and DP Aircraft Ireland MSN 36110 Limited, together comprise the consolidated group (the \u2018Group\u2019). The Company was incorporated on 5 July 2013 with registered number 56941. The Company is admitted to trading on the Specialist Fund Segment of the London Stock Exchange. The Share Capital of the Company comprises 256,000,000 ordinary shares of no-par value and one Subordinated Administrative Share of no-par value. \n \n The Company\u2019s investment objective is to obtain income and capital returns for its shareholders by acquiring, leasing and then, when the Board considers it appropriate, selling aircraft. \n \n \n The financial statements were approved by the Board of directors and authorised for issue on April 2026.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428095932329": { "value": "DP\n \n \n Aircraft I Limited\n \n \n ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428100028015": { "value": "DP\n \n Aircraft I Limited\n \n ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428100129057": { "value": "DP\n Aircraft I Limited\n ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428100916555": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428101026214": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428100502990": { "value": "limited\n company\n ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428101333696": { "value": "\n The Company\u2019s investment objective is to obtain income and capital returns for its shareholders by acquiring, leasing and then, when the Board considers it appropriate, selling aircraft. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428102730631": { "value": "\n 2) MATERIAL ACCOUNTING POLICY INFORMATION \n \n a) Basis of preparation \n \n These financial statements are prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (\u2018IFRS\u2019) issued by the International Accounting Standards Board (\u2018IASB\u2019) and the Disclosure Guidance and Transparency Rules (the \u2018DTRs\u2019) of the UK\u2019s Financial Conduct Authority (the \u2018FCA\u2019).\n The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires the directors to exercise judgement in applying the Company\u2019s accounting policies. The areas where significant judgements and estimates have been made in preparing the financial statements and their effect are disclosed in note 3. \n \n The financial statements are presented in United States Dollars (US$) which is also the functional currency of the Company and its subsidiaries. \n \n \n \n 2) MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) \n \n a) Basis of preparation (continued) \n \n \n Material Uncertainty relating to going concern The Board considers that a material uncertainty exists related to going concern as at the reporting date, as the refinancing of the existing Deka loans has not yet been finalised. However, the Board is currently in advanced negotiations with a reputable financial institution, and is endeavouring to complete the refinancing in the coming weeks. Notwithstanding the existence of this material uncertainty, the Board believes it is appropriate to prepare the financial statements on a going concern basis, having regard to the cash flow forecasts which incorporate the expected refinancing, operational arrangements and subsequent Group\u2019s financial position which demonstrate that the Group has sufficient liquidity to meet its obligations as they fall due for a period of at least twelve months from the signing of the consolidated financial statements. In making this conclusion, the Board has taken into consideration that: \u25cf The Group delivered a profit of US$4.07 million for the year and is progressing well toward refinancing its existing debt and is endeavouring to complete the refinancing in the coming weeks, with first drawdown targeted for May 2026. While the Group currently reports net current liabilities due to the reclassification of borrowings, the new facility is intended to fully cover the outstanding Deka loan and settle deferred liabilities. Liquidity is further supported by any excess Maintenance Reserves upon expiry of the Thai leases in late 2026. This surplus money will also be used to repay the amounts drawn from the loan facility plus interest incurred. \u25cf Lease payments from Thai continue to be received in full and on time, and Thai\u2019s operational recovery and re-listing reflect a strengthened position, although industry-wide risks remain. The new 12-year LOT leases provide enhanced long-term income visibility and materially improved lease rates. \u25cf Transition arrangements for the aircraft at the end of the Thai leases are clearly defined, with title transfers, new security arrangements and delivery to LOT expected to proceed in an orderly manner. The Group\u2019s Guernsey entities are expected to remain operational until at least 31 December 2027 due to potential timing of aircraft transfers and final maintenance reserve receipts. \u25cf The Board has addressed short-term liquidity requirements through the establishment of a US$1.5 million shareholder credit facility to fund the required aircraft upgrade and to provide working capital during the completion of the refinancing and the transition of the aircraft. External geopolitical events, including the conflict in the Middle East, have not had a material impact on the Group\u2019s aircraft operations. Overall, the Board considers the Group to be financially and operationally well positioned, with appropriate plans in place to support ongoing operations and upcoming transitions. \n \n \n \n \n 2) MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) \n \n \n \n New Accounting Standards and interpretations adopted in the reporting period The following standards and interpretations have been applied where relevant in these consolidated Financial Statements: \u25cf IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective for periods commencing 1 January 2025. The adoption of these standards has not had a material impact on the consolidated Financial Statements of the Group. \n New Accounting Standards and interpretations applicable to future reporting periods The following standards and amendments have been issued but are not yet effective for the current reporting period. IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new accounting standard introduces the following key new requirements: \u25cf Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly defined operating profit subtotal. Entities\u2019 net profit will not change. \u25cf Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. \u25cf Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Group is still in the process of assessing the impact of the new accounting standard, particularly with respect to the structure of the Group\u2019s statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as \u2018other\u2019. Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 comprise minor amendments intended to clarify wording and correct unintended consequences in several standards. The amendments are effective for annual reporting periods beginning on or after 1 January 2026 and are not expected to have a material impact on the Group\u2019s financial statements. IFRS 19 Subsidiaries without Public Accountability: Disclosures permits eligible subsidiaries to apply reduced disclosure requirements while continuing to apply IFRS recognition and measurement principles. The standard is effective for annual reporting periods beginning on or after 1 January 2027 and is not expected to be applicable to the Group. These standards, amendments or interpretations, except for IFRS18, are not expected to have a material impact on the Group financial statements in the future reporting periods or on foreseeable future transactions. \n \n \n \n 2) MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) \n \n b) Basis of consolidation The financial statements incorporate the financial statements of the Company and the subsidiary undertakings controlled by the Company made up to 31 December each year. Control is achieved where the Company has power over the investee, exposure or rights to variable returns from its involvement with the investee and the ability to use its power to affect the amount of the investor\u2019s returns. When control of a subsidiary undertaking is lost, the assets and liabilities of that subsidiary are deconsolidated at the date of loss of control and a resulting loss or gain on loss of control is reported in profit or loss. The results of subsidiary undertakings acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition or up to the effective date of disposal as appropriate. All intra-group transactions, balances, income and expenses are eliminated on consolidation. \n \n \n c) Property, Plant and Equipment (PPE) \u2013 Aircraft and Related Components Upon delivery, aircraft (the \u2018Assets\u2019) are initially recognised at cost plus initial direct costs which may be capitalised under IAS 16. In accounting for property, plant and equipment, the Group makes estimates about the expected useful lives, the fair value of attached leases and the estimated residual value of aircraft. In estimating useful lives, fair value of leases and residual value of aircraft, the Group relies upon actual industry experience, supported by estimates received from independent appraisers. Items of PPE are measured at cost less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of PPE have different useful lives, then they are accounted for as separate items of PPE. In accordance with IAS 36, the Company\u2019s aircraft that are to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the aircraft may not be recoverable. An impairment review involves consideration as to whether the carrying value of an aircraft is not recoverable and is in excess of its fair value. In such circumstances a loss is recognised as a write down of the carrying value of the aircraft to the higher of value in use and fair value less cost to sell. The review for recoverability has a level of subjectivity and requires the use of judgement in the assessment of estimated future cash flows associated with the use of an item of property, plant and equipment and its eventual disposition. See note 3 for further details regarding impairment assessment. \n \n \n d) Depreciation Depreciation is calculated to write off the cost of items of PPE less their residual values under the straight-line method over their estimated useful lives and is generally recognised in profit or loss. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. \n \n \n 2) MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) \n \n e) Lease When an aircraft is acquired with a lease attached, an evaluation of whether the lease is at fair value is undertaken. A lease premium is recognised when it is determined that the acquired lease terms are above fair value. Lease premiums are recognised as a component of aircraft and are amortised to profit or loss on a straight-line basis over the term of the lease. The two aircraft leased to Thai Airways International were acquired in 2015 and had a useful economic lease life of 12 years at acquisition. The useful economic lease life since acquisition of 12 years is unchanged as at year end. The Group\u2019s policy is to depreciate the Assets over their remaining lease life (given the intention to sell the Assets at the end of each respective lease) to an appraised residual value at the end of the lease. Residual values are reviewed annually at the beginning of each year, and such estimates are supported by future values determined by three external valuations and discounted by the inflation rate incorporated into those valuations, see note 3 for further details. f) Operating lease \u2013 Group as lessor At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. The Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, it is an operating lease. \n \n g) Lease rental income Leases relating to the Aircraft are classified as operating leases where the terms of the lease do not transfer substantially all the risks and rewards of ownership to the lessee. Fixed rental income from operating leases is recognised on a straight-line basis over the term of the lease. Variable rental income is accounted for on an accrual basis. Any modifications to operating leases are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. Initial direct costs incurred in setting up a lease are capitalised to Property, Plant and Equipment and amortised over the lease term.\n \n \n \n \n \n h) Bank Borrowings and interest expense\n \n Bank borrowings are recognised initially at fair value, net of transaction costs incurred. Bank borrowings are subsequently measured at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised through profit or loss in the consolidated statement of comprehensive income over the period of borrowing using the effective interest rate method. \n \n \n 2) MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) \n \n h) Bank Borrowings and interest expense (Continued) Bank borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least one year after the reporting date. \n \n Initial direct costs related to bank borrowings are capitalised, presented net against the bank borrowings in the consolidated statement of financial position and amortised to the consolidated statement of comprehensive income over the period of the related loan as part of the effective interest rate. \n Where loans are modified, the modification is assessed in line with IFRS 9 to determine whether the modification is substantial. Where the modification is substantial, the existing loan is derecognised, and the new loan is recognised at fair value. Where the modification is not substantial, the existing loan is not derecognised. Any difference arising on modification is recognised as a gain or loss within the consolidated statement of comprehensive income regardless of whether the modification is substantial or not. \n \n Interest expense is calculated using the effective interest rate method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments (including all fees or amounts paid or received that form an integral part of the effective interest rate, including transaction costs and other premiums or discounts) through the expected life of the financial asset or liability. \n \n \n \n i) Restricted Cash Restricted cash comprises cash held by the Group, but which is ring-fenced or used as security for specific financing arrangements, and to which the Group does not have unfettered access. Restricted cash includes monies received in relation to maintenance provisions and security deposits. \n \n \n j) Maintenance Reserves Provision Maintenance reserves are lessee contributions to a retention account held by the lessor which are calculated by reference to the budgeted cost of maintenance and overhaul events (the \u2018supplemental rentals\u2019). They are intended to ensure that at all times the lessor holds sufficient funds to cover the proportionate cost of maintenance and overhaul of the Asset relating to the life used on the airframe, engines and parts since new or since the last overhaul. During the term of the lease, all maintenance is required to be carried out at the cost of the lessee, and maintenance provisions are required to be released only upon receipt of satisfactory evidence that the relevant qualifying maintenance or overhaul has been completed. Maintenance reserves are recorded in the consolidated statement of financial position during the term of the lease as a liability. Reimbursements will be charged against this liability as qualifying maintenance work is performed. \n \n \n 2) MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) \n \n j) Maintenance Reserves Provision (continued) Maintenance reserves are restricted and not distributable until, at the end of the lease, the Group is released from the obligation to make any further reimbursements in relation to the aircraft, and the remaining balance of maintenance provisions, if any, is released through profit or loss as lease related income. On termination of the lease maintenance reserves balance is also released to profit or loss as lease related income. \n \n \n k) Segmental reporting The directors are of the opinion that the Group is engaged in a single segment of business, being acquiring, leasing and subsequent selling of aircraft. All significant operating decisions are based upon analysis of the Group as one segment. The financial results from this segment are equivalent to the financial statements of the Group as a whole. \n \n \n l) Cash and Cash equivalents Cash and cash equivalents comprise cash balances held for the purpose of meeting short term cash commitments and investments which are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. \n \n \n m) Taxation Tax is recognised in the Statement of Comprehensive Income, except that a change 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 reporting date in the countries where the Company operates and generates income. \n \n \n n) Trade and other payables Trade and other payables are initially recognised at the transaction price. If there are any directly attributable transaction costs, they should be included in the initial measurement. After initial recognition, they are measured at amortised cost using the effective interest method. \n \n \n o) Trade and other receivables Trade and other receivables are initially recognised at the transaction price plus any directly attributable transaction costs. After initial recognition, they are measured at amortised cost using the effective interest method, adjusted for any impairments. \n \n \n p) Share Capital Ordinary shares are classified as equity. \n \n \n MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) \n \n q) Foreign currency Foreign currency transactions are translated into the functional currency at exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are retranslated at the reporting date using closing exchange rates, with resulting differences recognised in profit or loss. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428104306031": { "value": "\n a) Basis of preparation \n \n These financial statements are prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (\u2018IFRS\u2019) issued by the International Accounting Standards Board (\u2018IASB\u2019) and the Disclosure Guidance and Transparency Rules (the \u2018DTRs\u2019) of the UK\u2019s Financial Conduct Authority (the \u2018FCA\u2019).\n The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires the directors to exercise judgement in applying the Company\u2019s accounting policies. The areas where significant judgements and estimates have been made in preparing the financial statements and their effect are disclosed in note 3. \n \n The financial statements are presented in United States Dollars (US$) which is also the functional currency of the Company and its subsidiaries. \n \n \n a) Basis of preparation (continued) \n \n \n Material Uncertainty relating to going concern The Board considers that a material uncertainty exists related to going concern as at the reporting date, as the refinancing of the existing Deka loans has not yet been finalised. However, the Board is currently in advanced negotiations with a reputable financial institution, and is endeavouring to complete the refinancing in the coming weeks. Notwithstanding the existence of this material uncertainty, the Board believes it is appropriate to prepare the financial statements on a going concern basis, having regard to the cash flow forecasts which incorporate the expected refinancing, operational arrangements and subsequent Group\u2019s financial position which demonstrate that the Group has sufficient liquidity to meet its obligations as they fall due for a period of at least twelve months from the signing of the consolidated financial statements. In making this conclusion, the Board has taken into consideration that: \u25cf The Group delivered a profit of US$4.07 million for the year and is progressing well toward refinancing its existing debt and is endeavouring to complete the refinancing in the coming weeks, with first drawdown targeted for May 2026. While the Group currently reports net current liabilities due to the reclassification of borrowings, the new facility is intended to fully cover the outstanding Deka loan and settle deferred liabilities. Liquidity is further supported by any excess Maintenance Reserves upon expiry of the Thai leases in late 2026. This surplus money will also be used to repay the amounts drawn from the loan facility plus interest incurred. \u25cf Lease payments from Thai continue to be received in full and on time, and Thai\u2019s operational recovery and re-listing reflect a strengthened position, although industry-wide risks remain. The new 12-year LOT leases provide enhanced long-term income visibility and materially improved lease rates. \u25cf Transition arrangements for the aircraft at the end of the Thai leases are clearly defined, with title transfers, new security arrangements and delivery to LOT expected to proceed in an orderly manner. The Group\u2019s Guernsey entities are expected to remain operational until at least 31 December 2027 due to potential timing of aircraft transfers and final maintenance reserve receipts. \u25cf The Board has addressed short-term liquidity requirements through the establishment of a US$1.5 million shareholder credit facility to fund the required aircraft upgrade and to provide working capital during the completion of the refinancing and the transition of the aircraft. External geopolitical events, including the conflict in the Middle East, have not had a material impact on the Group\u2019s aircraft operations. Overall, the Board considers the Group to be financially and operationally well positioned, with appropriate plans in place to support ongoing operations and upcoming transitions. \n \n \n \n \n \n New Accounting Standards and interpretations adopted in the reporting period The following standards and interpretations have been applied where relevant in these consolidated Financial Statements: \u25cf IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective for periods commencing 1 January 2025. The adoption of these standards has not had a material impact on the consolidated Financial Statements of the Group. \n New Accounting Standards and interpretations applicable to future reporting periods The following standards and amendments have been issued but are not yet effective for the current reporting period. IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new accounting standard introduces the following key new requirements: \u25cf Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly defined operating profit subtotal. Entities\u2019 net profit will not change. \u25cf Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. \u25cf Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Group is still in the process of assessing the impact of the new accounting standard, particularly with respect to the structure of the Group\u2019s statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as \u2018other\u2019. Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 comprise minor amendments intended to clarify wording and correct unintended consequences in several standards. The amendments are effective for annual reporting periods beginning on or after 1 January 2026 and are not expected to have a material impact on the Group\u2019s financial statements. IFRS 19 Subsidiaries without Public Accountability: Disclosures permits eligible subsidiaries to apply reduced disclosure requirements while continuing to apply IFRS recognition and measurement principles. The standard is effective for annual reporting periods beginning on or after 1 January 2027 and is not expected to be applicable to the Group. These standards, amendments or interpretations, except for IFRS18, are not expected to have a material impact on the Group financial statements in the future reporting periods or on foreseeable future transactions. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428105200081": { "value": "\n These financial statements are prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (\u2018IFRS\u2019) issued by the International Accounting Standards Board (\u2018IASB\u2019) and the Disclosure Guidance and Transparency Rules (the \u2018DTRs\u2019) of the UK\u2019s Financial Conduct Authority (the \u2018FCA\u2019).\n ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428105226602": { "value": "\n The financial statements are presented in United States Dollars (US$) which is also the functional currency of the Company and its subsidiaries. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428105305092": { "value": "\n \n Material Uncertainty relating to going concern The Board considers that a material uncertainty exists related to going concern as at the reporting date, as the refinancing of the existing Deka loans has not yet been finalised. However, the Board is currently in advanced negotiations with a reputable financial institution, and is endeavouring to complete the refinancing in the coming weeks. Notwithstanding the existence of this material uncertainty, the Board believes it is appropriate to prepare the financial statements on a going concern basis, having regard to the cash flow forecasts which incorporate the expected refinancing, operational arrangements and subsequent Group\u2019s financial position which demonstrate that the Group has sufficient liquidity to meet its obligations as they fall due for a period of at least twelve months from the signing of the consolidated financial statements. In making this conclusion, the Board has taken into consideration that: \u25cf The Group delivered a profit of US$4.07 million for the year and is progressing well toward refinancing its existing debt and is endeavouring to complete the refinancing in the coming weeks, with first drawdown targeted for May 2026. While the Group currently reports net current liabilities due to the reclassification of borrowings, the new facility is intended to fully cover the outstanding Deka loan and settle deferred liabilities. Liquidity is further supported by any excess Maintenance Reserves upon expiry of the Thai leases in late 2026. This surplus money will also be used to repay the amounts drawn from the loan facility plus interest incurred. \u25cf Lease payments from Thai continue to be received in full and on time, and Thai\u2019s operational recovery and re-listing reflect a strengthened position, although industry-wide risks remain. The new 12-year LOT leases provide enhanced long-term income visibility and materially improved lease rates. \u25cf Transition arrangements for the aircraft at the end of the Thai leases are clearly defined, with title transfers, new security arrangements and delivery to LOT expected to proceed in an orderly manner. The Group\u2019s Guernsey entities are expected to remain operational until at least 31 December 2027 due to potential timing of aircraft transfers and final maintenance reserve receipts. \u25cf The Board has addressed short-term liquidity requirements through the establishment of a US$1.5 million shareholder credit facility to fund the required aircraft upgrade and to provide working capital during the completion of the refinancing and the transition of the aircraft. External geopolitical events, including the conflict in the Middle East, have not had a material impact on the Group\u2019s aircraft operations. Overall, the Board considers the Group to be financially and operationally well positioned, with appropriate plans in place to support ongoing operations and upcoming transitions. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428232122669": { "value": "\n Material Uncertainty relating to going concern The Board considers that a material uncertainty exists related to going concern as at the reporting date, as the refinancing of the existing Deka loans has not yet been finalised. However, the Board is currently in advanced negotiations with a reputable financial institution, and is endeavouring to complete the refinancing in the coming weeks. Notwithstanding the existence of this material uncertainty, the Board believes it is appropriate to prepare the financial statements on a going concern basis, having regard to the cash flow forecasts which incorporate the expected refinancing, operational arrangements and subsequent Group\u2019s financial position which demonstrate that the Group has sufficient liquidity to meet its obligations as they fall due for a period of at least twelve months from the signing of the consolidated financial statements. In making this conclusion, the Board has taken into consideration that: \u25cf The Group delivered a profit of US$4.07 million for the year and is progressing well toward refinancing its existing debt and is endeavouring to complete the refinancing in the coming weeks, with first drawdown targeted for May 2026. While the Group currently reports net current liabilities due to the reclassification of borrowings, the new facility is intended to fully cover the outstanding Deka loan and settle deferred liabilities. Liquidity is further supported by any excess Maintenance Reserves upon expiry of the Thai leases in late 2026. This surplus money will also be used to repay the amounts drawn from the loan facility plus interest incurred. \u25cf Lease payments from Thai continue to be received in full and on time, and Thai\u2019s operational recovery and re-listing reflect a strengthened position, although industry-wide risks remain. The new 12-year LOT leases provide enhanced long-term income visibility and materially improved lease rates. \u25cf Transition arrangements for the aircraft at the end of the Thai leases are clearly defined, with title transfers, new security arrangements and delivery to LOT expected to proceed in an orderly manner. The Group\u2019s Guernsey entities are expected to remain operational until at least 31 December 2027 due to potential timing of aircraft transfers and final maintenance reserve receipts. \u25cf The Board has addressed short-term liquidity requirements through the establishment of a US$1.5 million shareholder credit facility to fund the required aircraft upgrade and to provide working capital during the completion of the refinancing and the transition of the aircraft. External geopolitical events, including the conflict in the Middle East, have not had a material impact on the Group\u2019s aircraft operations. Overall, the Board considers the Group to be financially and operationally well positioned, with appropriate plans in place to support ongoing operations and upcoming transitions. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428232156308": { "value": "\n \n New Accounting Standards and interpretations adopted in the reporting period The following standards and interpretations have been applied where relevant in these consolidated Financial Statements: \u25cf IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective for periods commencing 1 January 2025. The adoption of these standards has not had a material impact on the consolidated Financial Statements of the Group. \n New Accounting Standards and interpretations applicable to future reporting periods The following standards and amendments have been issued but are not yet effective for the current reporting period. IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new accounting standard introduces the following key new requirements: \u25cf Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly defined operating profit subtotal. Entities\u2019 net profit will not change. \u25cf Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. \u25cf Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Group is still in the process of assessing the impact of the new accounting standard, particularly with respect to the structure of the Group\u2019s statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as \u2018other\u2019. Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 comprise minor amendments intended to clarify wording and correct unintended consequences in several standards. The amendments are effective for annual reporting periods beginning on or after 1 January 2026 and are not expected to have a material impact on the Group\u2019s financial statements. IFRS 19 Subsidiaries without Public Accountability: Disclosures permits eligible subsidiaries to apply reduced disclosure requirements while continuing to apply IFRS recognition and measurement principles. The standard is effective for annual reporting periods beginning on or after 1 January 2027 and is not expected to be applicable to the Group. These standards, amendments or interpretations, except for IFRS18, are not expected to have a material impact on the Group financial statements in the future reporting periods or on foreseeable future transactions. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428105351876": { "value": "\n New Accounting Standards and interpretations adopted in the reporting period The following standards and interpretations have been applied where relevant in these consolidated Financial Statements: \u25cf IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective for periods commencing 1 January 2025. The adoption of these standards has not had a material impact on the consolidated Financial Statements of the Group. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428111049553": { "value": "\n b) Basis of consolidation The financial statements incorporate the financial statements of the Company and the subsidiary undertakings controlled by the Company made up to 31 December each year. Control is achieved where the Company has power over the investee, exposure or rights to variable returns from its involvement with the investee and the ability to use its power to affect the amount of the investor\u2019s returns. When control of a subsidiary undertaking is lost, the assets and liabilities of that subsidiary are deconsolidated at the date of loss of control and a resulting loss or gain on loss of control is reported in profit or loss. The results of subsidiary undertakings acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition or up to the effective date of disposal as appropriate. All intra-group transactions, balances, income and expenses are eliminated on consolidation. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428111140991": { "value": "\n c) Property, Plant and Equipment (PPE) \u2013 Aircraft and Related Components Upon delivery, aircraft (the \u2018Assets\u2019) are initially recognised at cost plus initial direct costs which may be capitalised under IAS 16. In accounting for property, plant and equipment, the Group makes estimates about the expected useful lives, the fair value of attached leases and the estimated residual value of aircraft. In estimating useful lives, fair value of leases and residual value of aircraft, the Group relies upon actual industry experience, supported by estimates received from independent appraisers. Items of PPE are measured at cost less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of PPE have different useful lives, then they are accounted for as separate items of PPE. In accordance with IAS 36, the Company\u2019s aircraft that are to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the aircraft may not be recoverable. An impairment review involves consideration as to whether the carrying value of an aircraft is not recoverable and is in excess of its fair value. In such circumstances a loss is recognised as a write down of the carrying value of the aircraft to the higher of value in use and fair value less cost to sell. The review for recoverability has a level of subjectivity and requires the use of judgement in the assessment of estimated future cash flows associated with the use of an item of property, plant and equipment and its eventual disposition. See note 3 for further details regarding impairment assessment. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428111512685": { "value": "\n d) Depreciation Depreciation is calculated to write off the cost of items of PPE less their residual values under the straight-line method over their estimated useful lives and is generally recognised in profit or loss. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428113809830": { "value": "\n e) Lease When an aircraft is acquired with a lease attached, an evaluation of whether the lease is at fair value is undertaken. A lease premium is recognised when it is determined that the acquired lease terms are above fair value. Lease premiums are recognised as a component of aircraft and are amortised to profit or loss on a straight-line basis over the term of the lease. The two aircraft leased to Thai Airways International were acquired in 2015 and had a useful economic lease life of 12 years at acquisition. The useful economic lease life since acquisition of 12 years is unchanged as at year end. The Group\u2019s policy is to depreciate the Assets over their remaining lease life (given the intention to sell the Assets at the end of each respective lease) to an appraised residual value at the end of the lease. Residual values are reviewed annually at the beginning of each year, and such estimates are supported by future values determined by three external valuations and discounted by the inflation rate incorporated into those valuations, see note 3 for further details. f) Operating lease \u2013 Group as lessor At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. The Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, it is an operating lease. \n \n g) Lease rental income Leases relating to the Aircraft are classified as operating leases where the terms of the lease do not transfer substantially all the risks and rewards of ownership to the lessee. Fixed rental income from operating leases is recognised on a straight-line basis over the term of the lease. Variable rental income is accounted for on an accrual basis. Any modifications to operating leases are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. Initial direct costs incurred in setting up a lease are capitalised to Property, Plant and Equipment and amortised over the lease term.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260429131340897": { "value": "\n g) Lease rental income Leases relating to the Aircraft are classified as operating leases where the terms of the lease do not transfer substantially all the risks and rewards of ownership to the lessee. Fixed rental income from operating leases is recognised on a straight-line basis over the term of the lease. Variable rental income is accounted for on an accrual basis. Any modifications to operating leases are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. Initial direct costs incurred in setting up a lease are capitalised to Property, Plant and Equipment and amortised over the lease term.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428111556530": { "value": "\n \n \n h) Bank Borrowings and interest expense\n \n Bank borrowings are recognised initially at fair value, net of transaction costs incurred. Bank borrowings are subsequently measured at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised through profit or loss in the consolidated statement of comprehensive income over the period of borrowing using the effective interest rate method. \n \n h) Bank Borrowings and interest expense (Continued) Bank borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least one year after the reporting date. \n \n Initial direct costs related to bank borrowings are capitalised, presented net against the bank borrowings in the consolidated statement of financial position and amortised to the consolidated statement of comprehensive income over the period of the related loan as part of the effective interest rate. \n Where loans are modified, the modification is assessed in line with IFRS 9 to determine whether the modification is substantial. Where the modification is substantial, the existing loan is derecognised, and the new loan is recognised at fair value. Where the modification is not substantial, the existing loan is not derecognised. Any difference arising on modification is recognised as a gain or loss within the consolidated statement of comprehensive income regardless of whether the modification is substantial or not. \n \n Interest expense is calculated using the effective interest rate method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments (including all fees or amounts paid or received that form an integral part of the effective interest rate, including transaction costs and other premiums or discounts) through the expected life of the financial asset or liability. \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428111650596": { "value": "\n \n h) Bank Borrowings and interest expense\n \n \n Initial direct costs related to bank borrowings are capitalised, presented net against the bank borrowings in the consolidated statement of financial position and amortised to the consolidated statement of comprehensive income over the period of the related loan as part of the effective interest rate. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428112504974": { "value": "\n h) Bank Borrowings and interest expense\n \n Interest expense is calculated using the effective interest rate method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments (including all fees or amounts paid or received that form an integral part of the effective interest rate, including transaction costs and other premiums or discounts) through the expected life of the financial asset or liability. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428112704895": { "value": "\n i) Restricted Cash Restricted cash comprises cash held by the Group, but which is ring-fenced or used as security for specific financing arrangements, and to which the Group does not have unfettered access. Restricted cash includes monies received in relation to maintenance provisions and security deposits. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428115125322": { "value": "\n j) Maintenance Reserves Provision Maintenance reserves are lessee contributions to a retention account held by the lessor which are calculated by reference to the budgeted cost of maintenance and overhaul events (the \u2018supplemental rentals\u2019). They are intended to ensure that at all times the lessor holds sufficient funds to cover the proportionate cost of maintenance and overhaul of the Asset relating to the life used on the airframe, engines and parts since new or since the last overhaul. During the term of the lease, all maintenance is required to be carried out at the cost of the lessee, and maintenance provisions are required to be released only upon receipt of satisfactory evidence that the relevant qualifying maintenance or overhaul has been completed. Maintenance reserves are recorded in the consolidated statement of financial position during the term of the lease as a liability. Reimbursements will be charged against this liability as qualifying maintenance work is performed. \n \n j) Maintenance Reserves Provision (continued) Maintenance reserves are restricted and not distributable until, at the end of the lease, the Group is released from the obligation to make any further reimbursements in relation to the aircraft, and the remaining balance of maintenance provisions, if any, is released through profit or loss as lease related income. On termination of the lease maintenance reserves balance is also released to profit or loss as lease related income. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428115234440": { "value": "\n k) Segmental reporting The directors are of the opinion that the Group is engaged in a single segment of business, being acquiring, leasing and subsequent selling of aircraft. All significant operating decisions are based upon analysis of the Group as one segment. The financial results from this segment are equivalent to the financial statements of the Group as a whole. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428115255737": { "value": "\n l) Cash and Cash equivalents Cash and cash equivalents comprise cash balances held for the purpose of meeting short term cash commitments and investments which are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428115329344": { "value": "\n m) Taxation Tax is recognised in the Statement of Comprehensive Income, except that a change 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 reporting date in the countries where the Company operates and generates income. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428115352510": { "value": "\n n) Trade and other payables Trade and other payables are initially recognised at the transaction price. If there are any directly attributable transaction costs, they should be included in the initial measurement. After initial recognition, they are measured at amortised cost using the effective interest method. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428115714218": { "value": "\n o) Trade and other receivables Trade and other receivables are initially recognised at the transaction price plus any directly attributable transaction costs. After initial recognition, they are measured at amortised cost using the effective interest method, adjusted for any impairments. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428115742243": { "value": "\n p) Share Capital Ordinary shares are classified as equity. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428115947275": { "value": "\n q) Foreign currency Foreign currency transactions are translated into the functional currency at exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are retranslated at the reporting date using closing exchange rates, with resulting differences recognised in profit or loss. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428120111746": { "value": "\n \n \n \n \n 3) USE OF JUDGEMENTS AND ESTIMATES\n \n \n The preparation of financial statements in conformity with IFRS requires that the directors make judgements and estimates about the future, that affect the application of the Group\u2019s accounting policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. \n \n \n Information about assumptions and estimation uncertainty at 31 December 2025 that have a significant effect of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year are: Assumptions and estimation uncertainties in the impairment testing of PPE and key assumptions underlying recoverable amounts and cost of disposal. \n \n \n Impairment of property, plant and equipment An impairment is recognised if the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in profit or loss. At each reporting date, the Group reviews the carrying amounts of its PPE to determine whether there is any indication of impairment. If any such indication exists, then the assets\u2019 recoverable amount is estimated. The recoverable amount of an asset is the higher of the value in use and fair value less cost to disposal. In considering the impairment assessment of the Aircraft, the Board concluded that the fair value less costs of disposal was the recoverable amount. The fair value less costs of disposal used in the assessment is based on the full-life market value of each aircraft as determined by two independent appraisers given the aircraft have a lease with a full-life return condition attached to them. The Board considered all possible valuation ranges and concluded that the Thai Aircraft were not impaired as at 31 December 2025 given the average fair value less costs of disposal was greater than the book value of the aircraft. Two independent appraisers determined that the full life market value of each aircraft as at 31 December 2025 ranges from US$ 68.50m to US$ 75.40m. \n \n Note, every appraiser has its own opinion of the market and how the market will develop. On a specific aircraft type one appraiser might be more favourable compared to another firm and vice versa. In addition, appraisers obtain their market information from different sources and use different calculation models. This has an influence on future and current market values hence the wide range.\n \n \n \n 3) USE OF JUDGEMENTS AND ESTIMATES (CONTINUED) \n \n \n Impairment of property, plant and equipment (continued) In order to eliminate peaks in one or the other direction the Board take the average of the two appraisers in determining market values for the aircraft. This approach is consistent with the approach adopted by other market participants (lessors, lenders, etc) and is consistent with prior periods. Given the nature and life of the aircraft this approach is considered to be reasonable. The average market value less selling costs for each aircraft is more than each Aircraft\u2019s carrying value. Therefore, no impairment loss has been recognised during the financial year ended 31 December 2025 (2024: US$ nil). The Board also considered if there was any indication that the accumulated impairment recognised in previous years on the Aircraft of US$ 58,839,697 had reversed partially or in full. The Board has concluded that based on the possible ranges of the aircraft valuations, there was no reversal during the year ended 31 December 2025. The airframe and engines status are outlined on the asset managers report. Note that the aircraft will be returned in a full-life condition on termination of the leases hence full-life market value was used in the impairment assessment. \n \n \n Depreciation of aircraft As described in note 2, the Group depreciates the Aircraft on a straight-line basis over the remaining lease life and taking into consideration the estimated residual value at the end of the lease term. The Group engages independent expert valuers (appraisers) each year to provide a valuation of the Aircraft and take into account the average of the valuations provided. Residual value estimates of the Aircraft were determined by the full life inflated base values at the end of the leases from external valuations and discounted by the inflation rate incorporated into those valuations. The full life inflated base value is the appraiser\u2019s opinion of the underlying economic value of the aircraft in an open, unrestricted, stable market environment with a reasonable balance of supply and demand and assumes full consideration of its \u2018highest and best use\u2019. The full life inflated values used within the financial statements match up the two lease termination dates (October 2026 and December 2026) and have been discounted by the inflation rate incorporated into the valuations. The residual value of the aircraft does not represent the current fair value of the aircraft. The residual value estimates at the end of each year are used to determine the aircraft depreciation of future periods. The residual value estimates for aircraft as at 1 January 2025 was US$ 130,173,016 (2024: US$ 122,852,389), carrying value as at 31 December 2025 was US$ 123,681,799 (2024: US$ 123,681,799). No depreciation has been recognised in the current period as the residual value is higher than the carrying value of the aircraft. \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428120315933": { "value": "\n \n \n \n 3) USE OF JUDGEMENTS AND ESTIMATES\n \n \n The preparation of financial statements in conformity with IFRS requires that the directors make judgements and estimates about the future, that affect the application of the Group\u2019s accounting policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. \n \n Information about assumptions and estimation uncertainty at 31 December 2025 that have a significant effect of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year are: Assumptions and estimation uncertainties in the impairment testing of PPE and key assumptions underlying recoverable amounts and cost of disposal. \n ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428120336104": { "value": "\n \n \n 3) USE OF JUDGEMENTS AND ESTIMATES\n \n \n \n Note, every appraiser has its own opinion of the market and how the market will develop. On a specific aircraft type one appraiser might be more favourable compared to another firm and vice versa. In addition, appraisers obtain their market information from different sources and use different calculation models. This has an influence on future and current market values hence the wide range.\n \n \n Impairment of property, plant and equipment (continued) In order to eliminate peaks in one or the other direction the Board take the average of the two appraisers in determining market values for the aircraft. This approach is consistent with the approach adopted by other market participants (lessors, lenders, etc) and is consistent with prior periods. Given the nature and life of the aircraft this approach is considered to be reasonable. The average market value less selling costs for each aircraft is more than each Aircraft\u2019s carrying value. Therefore, no impairment loss has been recognised during the financial year ended 31 December 2025 (2024: US$ nil). The Board also considered if there was any indication that the accumulated impairment recognised in previous years on the Aircraft of US$ 58,839,697 had reversed partially or in full. The Board has concluded that based on the possible ranges of the aircraft valuations, there was no reversal during the year ended 31 December 2025. The airframe and engines status are outlined on the asset managers report. Note that the aircraft will be returned in a full-life condition on termination of the leases hence full-life market value was used in the impairment assessment. \n \n \n Depreciation of aircraft As described in note 2, the Group depreciates the Aircraft on a straight-line basis over the remaining lease life and taking into consideration the estimated residual value at the end of the lease term. The Group engages independent expert valuers (appraisers) each year to provide a valuation of the Aircraft and take into account the average of the valuations provided. Residual value estimates of the Aircraft were determined by the full life inflated base values at the end of the leases from external valuations and discounted by the inflation rate incorporated into those valuations. The full life inflated base value is the appraiser\u2019s opinion of the underlying economic value of the aircraft in an open, unrestricted, stable market environment with a reasonable balance of supply and demand and assumes full consideration of its \u2018highest and best use\u2019. The full life inflated values used within the financial statements match up the two lease termination dates (October 2026 and December 2026) and have been discounted by the inflation rate incorporated into the valuations. The residual value of the aircraft does not represent the current fair value of the aircraft. The residual value estimates at the end of each year are used to determine the aircraft depreciation of future periods. The residual value estimates for aircraft as at 1 January 2025 was US$ 130,173,016 (2024: US$ 122,852,389), carrying value as at 31 December 2025 was US$ 123,681,799 (2024: US$ 123,681,799). No depreciation has been recognised in the current period as the residual value is higher than the carrying value of the aircraft. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428120727268": { "value": "\n \n 3) USE OF JUDGEMENTS AND ESTIMATES\n \n \n Impairment of property, plant and equipment An impairment is recognised if the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in profit or loss. At each reporting date, the Group reviews the carrying amounts of its PPE to determine whether there is any indication of impairment. If any such indication exists, then the assets\u2019 recoverable amount is estimated. The recoverable amount of an asset is the higher of the value in use and fair value less cost to disposal. In considering the impairment assessment of the Aircraft, the Board concluded that the fair value less costs of disposal was the recoverable amount. The fair value less costs of disposal used in the assessment is based on the full-life market value of each aircraft as determined by two independent appraisers given the aircraft have a lease with a full-life return condition attached to them. The Board considered all possible valuation ranges and concluded that the Thai Aircraft were not impaired as at 31 December 2025 given the average fair value less costs of disposal was greater than the book value of the aircraft. Two independent appraisers determined that the full life market value of each aircraft as at 31 December 2025 ranges from US$ 68.50m to US$ 75.40m. \n \n Note, every appraiser has its own opinion of the market and how the market will develop. On a specific aircraft type one appraiser might be more favourable compared to another firm and vice versa. In addition, appraisers obtain their market information from different sources and use different calculation models. This has an influence on future and current market values hence the wide range.\n \n \n Impairment of property, plant and equipment (continued) In order to eliminate peaks in one or the other direction the Board take the average of the two appraisers in determining market values for the aircraft. This approach is consistent with the approach adopted by other market participants (lessors, lenders, etc) and is consistent with prior periods. Given the nature and life of the aircraft this approach is considered to be reasonable. The average market value less selling costs for each aircraft is more than each Aircraft\u2019s carrying value. Therefore, no impairment loss has been recognised during the financial year ended 31 December 2025 (2024: US$ nil). The Board also considered if there was any indication that the accumulated impairment recognised in previous years on the Aircraft of US$ 58,839,697 had reversed partially or in full. The Board has concluded that based on the possible ranges of the aircraft valuations, there was no reversal during the year ended 31 December 2025. The airframe and engines status are outlined on the asset managers report. Note that the aircraft will be returned in a full-life condition on termination of the leases hence full-life market value was used in the impairment assessment. \n \n \n \n \n 9) PROPERTY, PLANT & EQUIPMENT \u2013 AIRCRAFT & RELATED COMPONENTS\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Aircraft Lease Premium Total
US$ US$ US$
COST
As at 1 January 2025 and 31 December 2025 238,731,161 17,398,493 256,129,654
___________ __________ __________
ACCUMULATED DEPRECIATION / AMORTISATION
As at 1 January 2025 56,209,665 8,200,047 64,409,712
Charge for the year - - -
___________ __________ __________
As at 31 December 2025 56,209,665 8,200,047 64,409,712
___________ __________ __________
IMPAIRMENT
As at 1 January 2025 58,839,697 9,198,446 68,038,143
___________ __________ __________
As at 31 December 2025 58,839,697 9,198,446 68,038,143
___________ __________ __________
CARRYING AMOUNT
As at 31 December 2025 123,681,799 - 123,681,799
___________ __________ __________
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Aircraft Lease Premium Total
US$ US$ US$
COST
As at 1 January 2024 and 31 December 2024 238,731,161 17,398,493 256,129,654
___________ __________ __________
ACCUMULATED DEPRECIATION / AMORTISATION
As at 1 January 2024 55,768,882 8,200,047 63,968,929
Charge for the year 440,783 - 440,783
___________ __________ __________
As at 31 December 2024 56,209,665 8,200,047 64,409,712
___________ __________ __________
IMPAIRMENT
As at 1 January 2024 58,839,697 9,198,446 68,038,143
___________ __________ __________
As at 31 December 2024 58,839,697 9,198,446 68,038,143
___________ __________ __________
CARRYING AMOUNT
As at 31 December 2024 123,681,799 - 123,681,799
___________ __________ __________
\n \n \n \n As detailed in note 3, as at 31 December 2025 there is no impairment charge for the year on the aircraft and there are no indications of reversal of prior year impairment either. Refer to note 3 for further details. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428121919945": { "value": "\n 3) USE OF JUDGEMENTS AND ESTIMATES\n \n Depreciation of aircraft As described in note 2, the Group depreciates the Aircraft on a straight-line basis over the remaining lease life and taking into consideration the estimated residual value at the end of the lease term. The Group engages independent expert valuers (appraisers) each year to provide a valuation of the Aircraft and take into account the average of the valuations provided. Residual value estimates of the Aircraft were determined by the full life inflated base values at the end of the leases from external valuations and discounted by the inflation rate incorporated into those valuations. The full life inflated base value is the appraiser\u2019s opinion of the underlying economic value of the aircraft in an open, unrestricted, stable market environment with a reasonable balance of supply and demand and assumes full consideration of its \u2018highest and best use\u2019. The full life inflated values used within the financial statements match up the two lease termination dates (October 2026 and December 2026) and have been discounted by the inflation rate incorporated into the valuations. The residual value of the aircraft does not represent the current fair value of the aircraft. The residual value estimates at the end of each year are used to determine the aircraft depreciation of future periods. The residual value estimates for aircraft as at 1 January 2025 was US$ 130,173,016 (2024: US$ 122,852,389), carrying value as at 31 December 2025 was US$ 123,681,799 (2024: US$ 123,681,799). No depreciation has been recognised in the current period as the residual value is higher than the carrying value of the aircraft. \n \n \n \n 9) PROPERTY, PLANT & EQUIPMENT \u2013 AIRCRAFT & RELATED COMPONENTS\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Aircraft Lease Premium Total
US$ US$ US$
COST
As at 1 January 2025 and 31 December 2025 238,731,161 17,398,493 256,129,654
___________ __________ __________
ACCUMULATED DEPRECIATION / AMORTISATION
As at 1 January 2025 56,209,665 8,200,047 64,409,712
Charge for the year - - -
___________ __________ __________
As at 31 December 2025 56,209,665 8,200,047 64,409,712
___________ __________ __________
IMPAIRMENT
As at 1 January 2025 58,839,697 9,198,446 68,038,143
___________ __________ __________
As at 31 December 2025 58,839,697 9,198,446 68,038,143
___________ __________ __________
CARRYING AMOUNT
As at 31 December 2025 123,681,799 - 123,681,799
___________ __________ __________
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Aircraft Lease Premium Total
US$ US$ US$
COST
As at 1 January 2024 and 31 December 2024 238,731,161 17,398,493 256,129,654
___________ __________ __________
ACCUMULATED DEPRECIATION / AMORTISATION
As at 1 January 2024 55,768,882 8,200,047 63,968,929
Charge for the year 440,783 - 440,783
___________ __________ __________
As at 31 December 2024 56,209,665 8,200,047 64,409,712
___________ __________ __________
IMPAIRMENT
As at 1 January 2024 58,839,697 9,198,446 68,038,143
___________ __________ __________
As at 31 December 2024 58,839,697 9,198,446 68,038,143
___________ __________ __________
CARRYING AMOUNT
As at 31 December 2024 123,681,799 - 123,681,799
___________ __________ __________
\n \n \n Refer to note 3 for details regarding residual value estimates. The Group depreciates the aircraft on a straight-line basis over the remaining lease term. The lease term has been determined to end in 2026. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428122354363": { "value": "\n \n \n 4) LEASE RENTAL INCOME \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Straight lining rental income 8,753,206 8,777,187
Total lease rental income 8,753,206 8,777,187
\n For the year ended 31 December 2025, all lease rental income continued to be derived from Thai Airways International in respect of the two Boeing 787-8 aircraft that remained on lease to Thai throughout the year. Lease rentals under the existing Thai leases have been fixed at US$510,000 per aircraft per month since 31 December 2022 and will continue at this level until the respective lease expires in October 2026 (MSN 36110) and December 2026 (MSN 35320).The non-cancellable lease terms under the Thai arrangements run to these respective expiry dates, and the Group\u2019s UK subsidiary has cancelled all extension options, resulting in both leases ending in 2026. Upon expiry, the aircraft will be 12 years old and are required to be returned by Thai in full-life condition in accordance with the lease obligations. During 2025, the Group entered into new 12-year operating lease agreements with LOT Polish Airlines for both aircraft. Under the new LOT agreements, the lease rental payments are structured over the 12-year term, with a fixed monthly rate for the first eight years, followed by a reduced fixed monthly rate for the final four years, providing rental payments of approximately US$168m in aggregate over the full term. The contracted cash lease rental payments to be received under non-cancellable operating leases at the reporting date are: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Boeing 787-8 Serial No: 35320 Boeing 787-8 Serial No: 36110 Total
31 Dec 2025 US$ US$ US$
2026 6,393,065 6,972,097
13,365,162
2027-2032 45,720,000 45,720,000 91,440,000
2033-2038 37,645,000 36,375,000 74,020,000
___________ ___________ _________
89,758,065 89,067,097 178,825,162
___________ ___________ _________
31 Dec 2024 US$ US$ US$
2025 6,120,000 6,120,000 12,240,000
2026 5,758,065 5,067,097 10,825,162
___________ ___________ _________
11,878,065 11,187,097 23,065,162
___________ ___________ _________
\n US$ 3,089,103 (2024: US$ 6,575,897) of the future contracted lease rental payments are recognised as a straight lining lease asset as at year end.\n \n \n \n 9) PROPERTY, PLANT & EQUIPMENT \u2013 AIRCRAFT & RELATED COMPONENTS\n \n As at year end PPE is comprised of two aircraft leased to Thai Airways under an operating lease. Under the terms of the leases that existed during the year, the cost of repair and maintenance of the Assets is to be borne by Thai Airways and Thai Airways has a contractual obligation to return the Assets in a full life condition. However, after expiry or termination of the leases with Thai, the cost of repair and maintenance will fall upon the Group. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428232233437": { "value": "\n \n 4) LEASE RENTAL INCOME \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Straight lining rental income 8,753,206 8,777,187
Total lease rental income 8,753,206 8,777,187
\n For the year ended 31 December 2025, all lease rental income continued to be derived from Thai Airways International in respect of the two Boeing 787-8 aircraft that remained on lease to Thai throughout the year. Lease rentals under the existing Thai leases have been fixed at US$510,000 per aircraft per month since 31 December 2022 and will continue at this level until the respective lease expires in October 2026 (MSN 36110) and December 2026 (MSN 35320).The non-cancellable lease terms under the Thai arrangements run to these respective expiry dates, and the Group\u2019s UK subsidiary has cancelled all extension options, resulting in both leases ending in 2026. Upon expiry, the aircraft will be 12 years old and are required to be returned by Thai in full-life condition in accordance with the lease obligations. During 2025, the Group entered into new 12-year operating lease agreements with LOT Polish Airlines for both aircraft. Under the new LOT agreements, the lease rental payments are structured over the 12-year term, with a fixed monthly rate for the first eight years, followed by a reduced fixed monthly rate for the final four years, providing rental payments of approximately US$168m in aggregate over the full term. The contracted cash lease rental payments to be received under non-cancellable operating leases at the reporting date are: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Boeing 787-8 Serial No: 35320 Boeing 787-8 Serial No: 36110 Total
31 Dec 2025 US$ US$ US$
2026 6,393,065 6,972,097
13,365,162
2027-2032 45,720,000 45,720,000 91,440,000
2033-2038 37,645,000 36,375,000 74,020,000
___________ ___________ _________
89,758,065 89,067,097 178,825,162
___________ ___________ _________
31 Dec 2024 US$ US$ US$
2025 6,120,000 6,120,000 12,240,000
2026 5,758,065 5,067,097 10,825,162
___________ ___________ _________
11,878,065 11,187,097 23,065,162
___________ ___________ _________
\n US$ 3,089,103 (2024: US$ 6,575,897) of the future contracted lease rental payments are recognised as a straight lining lease asset as at year end.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260429131543317": { "value": "\n 4) LEASE RENTAL INCOME \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Straight lining rental income 8,753,206 8,777,187
Total lease rental income 8,753,206 8,777,187
\n For the year ended 31 December 2025, all lease rental income continued to be derived from Thai Airways International in respect of the two Boeing 787-8 aircraft that remained on lease to Thai throughout the year. Lease rentals under the existing Thai leases have been fixed at US$510,000 per aircraft per month since 31 December 2022 and will continue at this level until the respective lease expires in October 2026 (MSN 36110) and December 2026 (MSN 35320).The non-cancellable lease terms under the Thai arrangements run to these respective expiry dates, and the Group\u2019s UK subsidiary has cancelled all extension options, resulting in both leases ending in 2026. Upon expiry, the aircraft will be 12 years old and are required to be returned by Thai in full-life condition in accordance with the lease obligations. During 2025, the Group entered into new 12-year operating lease agreements with LOT Polish Airlines for both aircraft. Under the new LOT agreements, the lease rental payments are structured over the 12-year term, with a fixed monthly rate for the first eight years, followed by a reduced fixed monthly rate for the final four years, providing rental payments of approximately US$168m in aggregate over the full term. The contracted cash lease rental payments to be received under non-cancellable operating leases at the reporting date are: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Boeing 787-8 Serial No: 35320 Boeing 787-8 Serial No: 36110 Total
31 Dec 2025 US$ US$ US$
2026 6,393,065 6,972,097
13,365,162
2027-2032 45,720,000 45,720,000 91,440,000
2033-2038 37,645,000 36,375,000 74,020,000
___________ ___________ _________
89,758,065 89,067,097 178,825,162
___________ ___________ _________
31 Dec 2024 US$ US$ US$
2025 6,120,000 6,120,000 12,240,000
2026 5,758,065 5,067,097 10,825,162
___________ ___________ _________
11,878,065 11,187,097 23,065,162
___________ ___________ _________
\n US$ 3,089,103 (2024: US$ 6,575,897) of the future contracted lease rental payments are recognised as a straight lining lease asset as at year end.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428122832922": { "value": "\n \n 5) GENERAL AND ADMINISTRATIVE EXPENSES \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Administration fees 330,017 272,434
Aircraft agency fees 6,444 -
Aircraft security trustee fees 11,647 23,988
Aircraft valuation fees 4,617 (2,662)
Audit fees 165,725 155,315
Directors' fees and expenses 245,330 208,782
External accounting services 56,312 12,927
Foreign exchange 23,164 12,602
Insurance costs, including directors' insurance 47,489 56,711
Legal and professional expenses 12,334 55,186
Other expenses 13,080 27,521
Registrar fees 12,809 18,744
Regulatory and Registration fees 22,937 34,494
Company broker fees 167,900 167,900
IT and printing costs - 7,757
__________ __________
Total ongoing costs 1,119,805 1,051,699
__________ __________
Restructuring costs* 601,614 -
__________ __________
Total general and administrative expenses 1,721,419 1,051,699
__________ __________
\n Restructuring costs relate to expenses incurred in connection with the negotiation of the LOT lease, *aircraft transition activities, and the bank refinancing project. \n \n \n \n \n \n \n 6) FINANCE COSTS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Loan interest 3,454,654 3,872,695
__________ _________
Total finance costs 3,454,654 3,872,695
\n __________ _________\n __________ _________\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428123839657": { "value": "\n 5) GENERAL AND ADMINISTRATIVE EXPENSES \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Administration fees 330,017 272,434
Aircraft agency fees 6,444 -
Aircraft security trustee fees 11,647 23,988
Aircraft valuation fees 4,617 (2,662)
Audit fees 165,725 155,315
Directors' fees and expenses 245,330 208,782
External accounting services 56,312 12,927
Foreign exchange 23,164 12,602
Insurance costs, including directors' insurance 47,489 56,711
Legal and professional expenses 12,334 55,186
Other expenses 13,080 27,521
Registrar fees 12,809 18,744
Regulatory and Registration fees 22,937 34,494
Company broker fees 167,900 167,900
IT and printing costs - 7,757
__________ __________
Total ongoing costs 1,119,805 1,051,699
__________ __________
Restructuring costs* 601,614 -
__________ __________
Total general and administrative expenses 1,721,419 1,051,699
__________ __________
\n Restructuring costs relate to expenses incurred in connection with the negotiation of the LOT lease, *aircraft transition activities, and the bank refinancing project. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428124015865": { "value": "\n \n \n \n 6) FINANCE COSTS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Loan interest 3,454,654 3,872,695
__________ _________
Total finance costs 3,454,654 3,872,695
\n __________ _________\n __________ _________\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428124058253": { "value": "\n \n \n 6) FINANCE COSTS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Loan interest 3,454,654 3,872,695
__________ _________
Total finance costs 3,454,654 3,872,695
\n __________ _________\n __________ _________\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260429024321912": { "value": "\n \n 6) FINANCE COSTS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Loan interest 3,454,654 3,872,695
__________ _________
Total finance costs 3,454,654 3,872,695
\n __________ _________\n __________ _________\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428232349155": { "value": "\n 6) FINANCE COSTS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Loan interest 3,454,654 3,872,695
__________ _________
Total finance costs 3,454,654 3,872,695
\n __________ _________\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428124656997": { "value": "\n 7) TAXATION With the exception of DP Aircraft UK Limited, DP Aircraft Ireland MSN 35320 Limited and DP Aircraft Ireland MSN 36110 Limited, all companies within the Group are exempt from taxation in Guernsey and are charged an annual exemption fee of \u00a31,600 each (2024: \u00a31,600). DP Aircraft UK Limited is subject to taxation at the applicable rate in the United Kingdom. It recorded a tax expense of US$4,380 during the year compared to a tax expense of US$4,635 in 2024. The directors do not expect the taxation payable to be material to the Group. DP Aircraft Ireland MSN 35320 Limited and DP Aircraft Ireland MSN 36110 Limited are subject to taxation at the applicable Irish corporation tax rate. No tax expense was incurred during the year, and there was no tax payable as at the year end. A tax reconciliation has not been presented in these Financial Statements as the effective tax rate is not material and the reconciliation is not relevant to the understanding of the Company\u2019s results for the year end. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428124741189": { "value": "\n 8) EARNINGS PER SHARE \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Profit for the year 4,072,634 4,525,060
Weighted average number of shares 256,000,001 239,989,041
__________ __________
Earnings per Share 0.01591 0.01886
__________ __________
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428124852991": { "value": "\n \n 9) PROPERTY, PLANT & EQUIPMENT \u2013 AIRCRAFT & RELATED COMPONENTS\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Aircraft Lease Premium Total
US$ US$ US$
COST
As at 1 January 2025 and 31 December 2025 238,731,161 17,398,493 256,129,654
___________ __________ __________
ACCUMULATED DEPRECIATION / AMORTISATION
As at 1 January 2025 56,209,665 8,200,047 64,409,712
Charge for the year - - -
___________ __________ __________
As at 31 December 2025 56,209,665 8,200,047 64,409,712
___________ __________ __________
IMPAIRMENT
As at 1 January 2025 58,839,697 9,198,446 68,038,143
___________ __________ __________
As at 31 December 2025 58,839,697 9,198,446 68,038,143
___________ __________ __________
CARRYING AMOUNT
As at 31 December 2025 123,681,799 - 123,681,799
___________ __________ __________
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Aircraft Lease Premium Total
US$ US$ US$
COST
As at 1 January 2024 and 31 December 2024 238,731,161 17,398,493 256,129,654
___________ __________ __________
ACCUMULATED DEPRECIATION / AMORTISATION
As at 1 January 2024 55,768,882 8,200,047 63,968,929
Charge for the year 440,783 - 440,783
___________ __________ __________
As at 31 December 2024 56,209,665 8,200,047 64,409,712
___________ __________ __________
IMPAIRMENT
As at 1 January 2024 58,839,697 9,198,446 68,038,143
___________ __________ __________
As at 31 December 2024 58,839,697 9,198,446 68,038,143
___________ __________ __________
CARRYING AMOUNT
As at 31 December 2024 123,681,799 - 123,681,799
___________ __________ __________
\n \n 9) PROPERTY, PLANT & EQUIPMENT \u2013 AIRCRAFT & RELATED COMPONENTS (CONTINUED)\n \n \n As at year end PPE is comprised of two aircraft leased to Thai Airways under an operating lease. Under the terms of the leases that existed during the year, the cost of repair and maintenance of the Assets is to be borne by Thai Airways and Thai Airways has a contractual obligation to return the Assets in a full life condition. However, after expiry or termination of the leases with Thai, the cost of repair and maintenance will fall upon the Group. \n \n \n Refer to note 3 for details regarding residual value estimates. The Group depreciates the aircraft on a straight-line basis over the remaining lease term. The lease term has been determined to end in 2026. \n \n \n As detailed in note 3, as at 31 December 2025 there is no impairment charge for the year on the aircraft and there are no indications of reversal of prior year impairment either. Refer to note 3 for further details. \n The loans entered into by the Group to complete the purchase of the two Thai aircraft are cross collateralised. Each of the loans are secured by way of security taken over each of the two aircraft. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428125155831": { "value": "\n 10) RESTRICTED CASH \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Current assets US$ US$
Security deposit accounts 105 101
Lease rental accounts 814,905 1,161,561
Maintenance reserves accounts 17,464,760 -
__________ __________
18,279,770 1,161,662
Non-current assets
Maintenance reserves accounts - 16,624,501
__________ __________
Total restricted cash 18,279,770 17,786,163
__________ __________
\n Maintenance reserves held at reporting date, are to be used solely to cover costs related to the maintenance of the two aircraft. Maintenance reserve was moved from noncurrent to current in the year and this is now due to be received in the next 12 months. The majority of security deposits were transferred to Lease Rental Accounts in the 2023 period and are being used to service loan payments due to DekaBank in accordance with the DekaBank financing arrangements. Monies received into the Lease Rental Accounts during the fixed rent period are to be transferred into Borrower Rental Accounts and applied in a specific manner as agreed between DekaBank and the Group. Access to the Lease Rental Accounts, Security deposit accounts and Maintenance reserves accounts is physically restricted by DekaBank therefore these monies are classified as restricted cash and are now current as a result of the lease term coming to an end in 2026. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428125540180": { "value": "\n 11) TRADE AND OTHER RECEIVABLES \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Prepayments 73,474 50,624
Maintenance reserve receivable 345,779 484,092
Straight-lining lease asset 3,089,103 6,575,897
__________ __________
Total trade and other receivables 3,508,356 7,110,613
Less: Expected credit loss on straight lining lease asset (185,346) (394,554)
Less: Expected credit loss on maintenance reserve receivable (20,747) (29,045)
__________ __________
Net trade and other receivables 3,302,263 6,687,014
\n __________ __________ Current and non-current split as at year end is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Current assets US$ US$
Prepayments 73,474 50,624
Maintenance reserve receivable 325,031 -
Straight-lining lease asset 2,903,758 3,277,586
__________ __________
3,302,263 3,328,210
Non-current assets
Straight-lining lease asset - 2,903,757
Maintenance reserve receivable - 455,047
- 3,358,804
__________ __________
Trade and other receivables 3,302,263 6,687,014
\n __________ __________\n \n The Group has assessed the straight-lining lease asset and maintenance provision receivables for impairment. This balance represents the result of straight lining of future fixed Thai lease payments over the lease term. The Group has performed an assessment on the straight-lining lease asset taking into account current and future information relating to the airline industry as well as the lessee specifically and concluded that the impairment provision as at 31 December 2025 is US$ 185,346 (2024: US$ 394,554). For the maintenance reserve receivable, the Company has also assessed the receivable balance for impairment, as at 31 December 2025, an impairment provision of US$ 8,298 was credited to statement of comprehensive income. It has been agreed that the Group is entitled to recover unpaid maintenance reserves owed by Thai Airways from previous years amounting to US$ 553,248. This amount will be paid in eight equal instalments beginning in June 2024 and will continue every 6 months up to December 2027. The outstanding receivable as at 31 December 2025 is US$ 345,779(2024:484,092). \n \n \n 11) TRADE AND OTHER RECEIVABLES (CONTINUED)\n \n \n Movements in the impairment provision for trade receivables is as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Opening provision on Straight lining lease asset (394,554) (1,103,254)
Expected credit loss on straight lining lease asset 209,208 708,700
__________ __________
Closing provision on Straight lining lease asset (185,346) (394,554)
__________ __________
Opening provision on maintenance reserve receivable (29,045) -
Expected credit loss on maintenance reserve receivable 8,298 (29,045)
__________ __________
Closing provision on maintenance reserve (20,747) (29,045)
__________ __________
Total impairment provision for trade receivables (206,093) (423,599)
__________ __________
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428131811669": { "value": "\n The Group has assessed the straight-lining lease asset and maintenance provision receivables for impairment. This balance represents the result of straight lining of future fixed Thai lease payments over the lease term. The Group has performed an assessment on the straight-lining lease asset taking into account current and future information relating to the airline industry as well as the lessee specifically and concluded that the impairment provision as at 31 December 2025 is US$ 185,346 (2024: US$ 394,554). For the maintenance reserve receivable, the Company has also assessed the receivable balance for impairment, as at 31 December 2025, an impairment provision of US$ 8,298 was credited to statement of comprehensive income. It has been agreed that the Group is entitled to recover unpaid maintenance reserves owed by Thai Airways from previous years amounting to US$ 553,248. This amount will be paid in eight equal instalments beginning in June 2024 and will continue every 6 months up to December 2027. The outstanding receivable as at 31 December 2025 is US$ 345,779(2024:484,092). \n \n Movements in the impairment provision for trade receivables is as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Opening provision on Straight lining lease asset (394,554) (1,103,254)
Expected credit loss on straight lining lease asset 209,208 708,700
__________ __________
Closing provision on Straight lining lease asset (185,346) (394,554)
__________ __________
Opening provision on maintenance reserve receivable (29,045) -
Expected credit loss on maintenance reserve receivable 8,298 (29,045)
__________ __________
Closing provision on maintenance reserve (20,747) (29,045)
__________ __________
Total impairment provision for trade receivables (206,093) (423,599)
__________ __________
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428132739123": { "value": "\n \n 12) MAINTENANCE RESERVES PROVISION The maintenance reserves liability relates to funds received from Thai Airways reserved for covering the cost of maintenance. Effective 15 June 2021, the Group no longer receives maintenance reserves contributions from the lessee in line with the updated lease terms. In 2024, the Company was notified by Thai Airways of US$553,248 that is to be recovered following the Thai Business Rehabilitation which had previously been written off. Accordingly, the amount has been reinstated in 2024 (note 11). \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428132808623": { "value": "\n 12) MAINTENANCE RESERVES PROVISION The maintenance reserves liability relates to funds received from Thai Airways reserved for covering the cost of maintenance. Effective 15 June 2021, the Group no longer receives maintenance reserves contributions from the lessee in line with the updated lease terms. In 2024, the Company was notified by Thai Airways of US$553,248 that is to be recovered following the Thai Business Rehabilitation which had previously been written off. Accordingly, the amount has been reinstated in 2024 (note 11). \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428132845400": { "value": "\n \n 13) TRADE AND OTHER PAYABLES \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Current US$ US$
Deferred income* 1,020,000 -
Accruals and other payables 118,655 266,204
Asset Manager fees payable (note 22) 684,337 431,651
Broker fees payable 686,601 518,701
Director fees payable (note 21) 267,044 221,251
Taxation payable 3,342 3,784
__________ __________
2,779,979 1,441,591
Non-current - -
__________ __________
Total trade and other payables 2,779,979 1,441,591
__________ __________
\n \n All directors, brokers fees and most of the asset manager fees have been classified as current liabilities under IFRS but these creditors have agreed the amounts are not payable within twelve months unless there is a sale of the aircraft or a refinancing enabling repayment. It is however noted that these liabilities take preference over any distributions to shareholders. \n \n *Deferred income relate to payment received by DP UK for the lease rental in advance for January 2026.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260429124204637": { "value": "\n 13) TRADE AND OTHER PAYABLES \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Current US$ US$
Deferred income* 1,020,000 -
Accruals and other payables 118,655 266,204
Asset Manager fees payable (note 22) 684,337 431,651
Broker fees payable 686,601 518,701
Director fees payable (note 21) 267,044 221,251
Taxation payable 3,342 3,784
__________ __________
2,779,979 1,441,591
Non-current - -
__________ __________
Total trade and other payables 2,779,979 1,441,591
__________ __________
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260429024852193": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Current US$ US$
Deferred income* 1,020,000 -
Accruals and other payables 118,655 266,204
Asset Manager fees payable (note 22) 684,337 431,651
Broker fees payable 686,601 518,701
Director fees payable (note 21) 267,044 221,251
Taxation payable 3,342 3,784
__________ __________
2,779,979 1,441,591
Non-current - -
__________ __________
Total trade and other payables 2,779,979 1,441,591
__________ __________
\n \n *Deferred income relate to payment received by DP UK for the lease rental in advance for January 2026.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428132938437": { "value": "\n 14) BANK BORROWINGS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Current liabilities: Bank interest payable and Bank
borrowings 77,239,573 8,096,300
Non-current liabilities: Bank borrowings - 77,088,618
__________ __________
Total liabilities 77,239,573 85,184,918
__________ __________
The borrowings are repayable as follows:
Interest payable 150,955 158,546
Within one year 77,088,618 7,937,754
In two to five years - 77,088,618
__________ __________
Total Bank borrowings 77,239,573 85,184,918
__________ __________
\n The table below analyses the movements in the Group\u2019s bank borrowings: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Opening balance 85,026,372 92,528,231
Repayment of loan (6,477,656) (6,035,672)
Amortisation of deferred finance costs (1,460,098) (1,466,187)
___________ ___________
Principal Bank borrowings 77,088,618 85,026,372
Interest payable 150,955 158,546
___________ ___________
Total Bank borrowings 77,239,573 85,184,918
___________ ___________
\n The table below sets out an analysis of net debt and the movements in net debt for the year ended 31 December 2025. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Cash and cash equivalents Principal Interest Net Debt
US$ US$ US$ US$
At 1 January 2025 1,652,645 (85,026,373) (158,547) (83,532,275)
Cash flows 356,821 6,477,656 4,922,344 11,756,821
Non cash: -
Amortisation adjustment - 1,460,098 (1,460,098) -
Interest charge - - (3,454,654) (3,454,654)
__________ ____________ ___________ ___________
At 31 December 2025 2,009,466 (77,088,619) (150,955) (75,230,108)
__________ ____________ ___________ ___________
\n \n 14) BANK BORROWINGS (CONTINUED)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Cash and cash equivalents Principal Interest Net Debt
US$ US$ US$ US$
At 1 January 2024 914,505 (92,528,233) (183,992) (91,797,720)
Cash flows 738,140 6,035,672 5,364,328 12,138,140
Non cash: -
Amortisation adjustment - 1,466,188 (1,466,188) -
Interest charge - - (3,872,695) (3,872,695)
_________ ____________ ___________ ____________
At 31 December 2024 1,652,645 (85,026,373) (158,547) (83,532,275)
_________ ____________ ___________ ____________
\n DekaBank On 7 February 2023, the Group and DekaBank entered into a Second Amendment and Restatement to the Loan Agreement in which the parties agreed on the following main terms: \u25cf The total loan amount outstanding was split into two tranches: o Facility A loan of US$ 61,144,842, made up of MSN 35320 loan of US$ 31,099,453 and MSN 36110 loan of US$ 30,045,389. The Facility A loan amortises to a combined balloon of US$ 33,947,878 and represents the scheduled debt. o Facility B loan of US$ 35,504,024 (non-amortizing), made up of MSN 35320 loan of US$ 17,366,650 and MSN 36110 loan of US$ 18,137,374. The Facility B loan will be settled as a balloon payment at the end of the loan term in 2026. \u25cf USD 2.36m of surplus cash generated under the PBH period was used to immediately repay debt on the amortizing Facility A loan in February 2023, while an agreed cash reserve of US$ 500,000 per aircraft will be retained to cover unforeseen costs going forward. \u25cf the interest rate swap in place for the scheduled debt was dissolved at no net gain or loss. \u25cf the MSN 35320 and MSN 36110 Facility A loans bear fixed interest rates of 6.61% and 6.89% respectively. \u25cf the MSN 35320 and MSN 36110 Facility B loans bear fixed interest rates of 5.26% and 5.42% respectively. \u25cf From the monthly fixed lease rental of US$ 510,000 per aircraft (which denotes the maximum amount the Company can earn in operations per month), US$ 475,000 is contractually restricted so that those funds are only payable to the lenders, while the remaining US$ 35,000 per aircraft can be retained by the company to contribute towards ongoing fixed costs of the Company. The MSN 35320 loan and the MSN 36110 loan have a final maturity date of 9 December 2026 and 29 October 2026 respectively. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428133645078": { "value": "\n \n 15) SHARE CAPITAL Company\u2019s authorised share capital is unlimited. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December 2025 Issued and fully paid (no par value shares): Subordinated Administrative Share Number Ordinary Shares Number Total Number
Shares as at 1 January 2025 1 256,000,000 256,000,001
_________ ___________ __________
Shares as at 31 December 2025 1 256,000,000 256,000,001
_________ ___________ __________
US$ US$ US$
Share capital as at 1 January 2025 - 212,253,746 212,253,746
_________ ___________ __________
Share capital as at 31 December 2025 - 212,253,746 212,253,746
_________ ___________ __________
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December 2024 Issued and fully paid (no par value shares): Subordinated Administrative Share Number Ordinary Shares Number Total Number
Shares as at 1 January 2024 1 239,333,333 239,333,334
Shares issued during the year - 16,666,667 16,666,667
_________ ___________ __________
Shares as at 31 December 2024 1 256,000,000 256,000,001
_________ ___________ __________
US$ US$ US$
Share capital as at 1 January 2024 - 211,279,828 211,279,828
- 1,000,000 1,000,000
- (26,082) (26,082)
_________ ___________ __________
Share capital as at 31 December 2024 - 212,253,746 212,253,746
_________ ___________ __________
\n Subject to the applicable company law and the Company\u2019s Articles of Incorporation, the Company may issue an unlimited number of shares of par value and/or no par value or a combination of both. The Subordinated Administrative Share is held by DS Aviation GMBH.co.kg (the Asset Manager). \n \n \n 15) SHARE CAPITAL (Continued)\n \n \n Holders of Subordinated Administrative Shares are not entitled to participate in any dividends and other distributions of the Company. On a winding up of the Company the holders of the Subordinated Administrative Shares are entitled to an amount out of the surplus assets available for distribution equal to the amount paid up, or credited as paid up, on such shares after payment of an amount equal to the amount paid up, or credited as paid up, on the Ordinary Shares to the Shareholders. Holders of Subordinated Administrative Shares shall not have the right to receive notice of and have no right to attend, speak and vote at general meetings of the Company except if there are no Ordinary Shares in existence. The directors are entitled to issue and allot C Shares. No C Shares have been issued since the Company was incorporated. On 11 November 2024, the Company raised gross proceeds of US$ 1 million through the issue of 16,666,667 new ordinary shares in the capital of the Company at a price of US$0.06 per new ordinary share.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428133752477": { "value": "\n 15) SHARE CAPITAL Company\u2019s authorised share capital is unlimited. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December 2025 Issued and fully paid (no par value shares): Subordinated Administrative Share Number Ordinary Shares Number Total Number
Shares as at 1 January 2025 1 256,000,000 256,000,001
_________ ___________ __________
Shares as at 31 December 2025 1 256,000,000 256,000,001
_________ ___________ __________
US$ US$ US$
Share capital as at 1 January 2025 - 212,253,746 212,253,746
_________ ___________ __________
Share capital as at 31 December 2025 - 212,253,746 212,253,746
_________ ___________ __________
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December 2024 Issued and fully paid (no par value shares): Subordinated Administrative Share Number Ordinary Shares Number Total Number
Shares as at 1 January 2024 1 239,333,333 239,333,334
Shares issued during the year - 16,666,667 16,666,667
_________ ___________ __________
Shares as at 31 December 2024 1 256,000,000 256,000,001
_________ ___________ __________
US$ US$ US$
Share capital as at 1 January 2024 - 211,279,828 211,279,828
- 1,000,000 1,000,000
- (26,082) (26,082)
_________ ___________ __________
Share capital as at 31 December 2024 - 212,253,746 212,253,746
_________ ___________ __________
\n Subject to the applicable company law and the Company\u2019s Articles of Incorporation, the Company may issue an unlimited number of shares of par value and/or no par value or a combination of both. The Subordinated Administrative Share is held by DS Aviation GMBH.co.kg (the Asset Manager). \n \n \n 15) SHARE CAPITAL (Continued)\n \n \n Holders of Subordinated Administrative Shares are not entitled to participate in any dividends and other distributions of the Company. On a winding up of the Company the holders of the Subordinated Administrative Shares are entitled to an amount out of the surplus assets available for distribution equal to the amount paid up, or credited as paid up, on such shares after payment of an amount equal to the amount paid up, or credited as paid up, on the Ordinary Shares to the Shareholders. Holders of Subordinated Administrative Shares shall not have the right to receive notice of and have no right to attend, speak and vote at general meetings of the Company except if there are no Ordinary Shares in existence. The directors are entitled to issue and allot C Shares. No C Shares have been issued since the Company was incorporated. On 11 November 2024, the Company raised gross proceeds of US$ 1 million through the issue of 16,666,667 new ordinary shares in the capital of the Company at a price of US$0.06 per new ordinary share.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428133839242": { "value": "\n 16) ACCUMULATED LOSSES The movements in the Group\u2019s accumulated losses are shown on page 59. Accumulated losses comprise accumulated profits and losses over time. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428133910909": { "value": "\n 17) DIVIDENDS The dividends declared and paid during the year ended 31 December 2025 are US$ nil (2024: US$ nil). On 3 April 2020, the Company announced a suspension of dividends until further notice due to the impact of Covid-19 in global aviation and especially with long haul operations. Furthermore, in accordance with the second amended loan agreement with DekaBank, the Group will make no dividend payments. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428134748861": { "value": "\n \n 18) INVESTMENT IN SUBSIDIARY UNDERTAKINGS The Company\u2019s investments in subsidiaries, all of which have been included in these consolidated financial statements, are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Name Date of Incorporation Country of Incorporation Proportion of ownership interest at 31 December 2025
DP Aircraft Guernsey III Limited 21 May 2015 Guernsey 100%
DP Aircraft Guernsey IV Limited 21 May 2015 Guernsey 100%
DP Aircraft UK Limited 14 April 2015 United Kingdom 100%
DP Aircraft Ireland MSN 35320 Limited 21 February 2025 Ireland 100%
DP Aircraft Ireland MSN 36110 Limited5 March 2025 Ireland 100%
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428134931843": { "value": "\n 18) INVESTMENT IN SUBSIDIARY UNDERTAKINGS The Company\u2019s investments in subsidiaries, all of which have been included in these consolidated financial statements, are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Name Date of Incorporation Country of Incorporation Proportion of ownership interest at 31 December 2025
DP Aircraft Guernsey III Limited 21 May 2015 Guernsey 100%
DP Aircraft Guernsey IV Limited 21 May 2015 Guernsey 100%
DP Aircraft UK Limited 14 April 2015 United Kingdom 100%
DP Aircraft Ireland MSN 35320 Limited 21 February 2025 Ireland 100%
DP Aircraft Ireland MSN 36110 Limited5 March 2025 Ireland 100%
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428135058020": { "value": "\n \n 19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The following table details the categories of financial instruments held by the Group at the reporting date: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Cash and cash equivalents 2,009,466 1,652,645
Restricted cash 18,279,770 17,786,163
Trade and other receivables (excluding prepayments and straight-lining lease asset) 345,778 484,092
___________ ___________
Financial assets measured at amortised cost 20,635,014 19,922,900
___________ ___________
Financial liabilities
Bank borrowings 77,239,573 85,184,917
Maintenance reserves provision 15,451,700 15,451,700
Trade and other payables (excluding tax) 2,776,637 1,437,807
___________ ___________
Financial liabilities measured at amortised cost 95,467,910 102,074,424
___________ ___________
\n The primary risks arising from the Group\u2019s financial instruments are capital management, credit risk, market risk and liquidity risk. The principal nature of such risks is summarised below. The Group\u2019s main financial instruments as at year end comprised of cash and cash equivalents, restricted cash, maintenance reserves payable and bank loans. \n \n Capital Management The capital managed by the Group comprises the ordinary shares and the subordinated administrative shares. The Company is not subject to externally imposed capital requirements. Until COVID-19 and the impact on the aircraft industry and the lessees, income distributions were generally made quarterly, subject to compliance with Applicable Law and regulations, in February, May, August and November of each year. The Company aimed to make a distribution to investors of US$ 0.0225 per share per quarter. As a result of the COVID-19 pandemic impact on global aviation especially its lessees and also as a result of Deka bank agreement the Group has suspended dividends until further notice to help preserve liquidity. \n \n \n Credit risk Credit risk is the risk that a significant counterparty will default on its contractual obligations. The Group\u2019s main counterparty during the year was Thai Airways as lessee and provider of income. The Group, through the Asset Manager, mitigates credit risk related to Thai Airways through regular monitoring of Thai\u2019s use of the aircraft, review of Thai\u2019s financial position, performance, and prospects and through a general review of the performance of the airline market. \n \n \n \n 19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED) \n \n Credit risk (continued)\n \n \n \n The Group assesses the probability of Thai defaulting under different scenarios and the losses that would be incurred under those different scenarios. The probability of each default scenario occurring and the related loss that would be incurred under that scenario is determined taking into account Thai\u2019s historic financial position, performance and future prospects. The general performance of the Thai economy and the overall airline industry is also considered in the assessment. The Group has recognised a gross straight lining lease asset as at 31 December 2025 of US$ 3,089,103 (2024: US$ 6,575,897). A provision is recognised against this straight lining lease asset as at 31 December 2025 of US$ 185,346 (2024: US$ 394,554). ECL of US$ 14,855 was also recognised on the maintenance reserve receivable of the gross amount of US$ 247,579 in the year. Refer to note 11 for further details. Thai Airways reached a major milestone this year by successfully exiting its Rehabilitation plan after fulfilling all legal and financial requirements. The carrier has returned to trading on the Stock Exchange of Thailand, where investor confidence was reflected in a strong initial share price performance. At the same time, Thai has significantly reduced its debt burden, though a sizeable balance remains to be repaid in the coming years refer to the Asset Manager Report on pages 13 to 29 for more details regarding the rehabilitation. Cash and restricted cash are all held at DekaBank. The credit rating of DekaBank by Moody\u2019s is Aa1 (2024: Aa1). The lessees do not maintain a credit rating. The carrying amount of financial assets measured at amortised cost recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk. The Group holds no collateral as security or any other credit enhancements. \n \n \n 19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED)\n \n \n Market risk \u2013 interest rate risk Interest rate risk arises on the Group\u2019s various interest-bearing assets and liabilities from changes in the general economic conditions of the market from time to time. The bank borrowings have the most significant interest impact on the Group. As detailed in note 14, the Group\u2019s bank borrowings were amended and restated in 2023 year end. As part of the amendment and restatement, interest rates were set at fixed rates. Therefore, the Group\u2019s interest rate exposure is currently limited only to the restricted cash and bank balances which earn an immaterial amount of interest. As a result, the Group has no material exposure to interest rate risk subsequent to year end. A 0.25% (2024:0.25%) increase or decrease in interest rates on all interest-bearing financial instruments would result in an increase or decrease in net finance costs for the year of US$ 141,380 (2024: US$ 162,759). The following table details the Group\u2019s exposure to interest rate risk as at year end: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2025 Fixed rate instruments Variable rate instruments Non-interest bearing instruments Total
US$ US$ US$ US$
Restricted cash - 18,279,770 - 18,279,770
Trade and other receivables (excluding prepayments and straight-lining lease asset) - 345,778 - 345,778
Cash and cash equivalents - 2,009,466 - 2,009,466
__________ __________ __________ __________
Total financial assets - 20,635,014 - 20,635,014
__________ __________ __________ __________
Trade and other payables (excluding tax payable) - - (2,776,637) (2,776,637)
Maintenance reserves provision - - (15,451,700) (15,451,700)
Bank borrowings (77,088,618) - (150,955) (77,239,573)
__________ __________ __________ __________
Total financial liabilities (77,088,618) - (18,379,292) (95,467,910)
__________ __________ __________ __________
Total interest rate sensitivity gap (77,088,618) 20,635,014
__________ __________ __________ __________
\n \n \n 19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED) \n \n Market risk \u2013 interest rate risk (continued)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 Fixed rate instruments Variable rate instruments Non-interest bearing instruments Total
US$ US$ US$ US$
Restricted cash - 17,786,163 - 17,786,163
Trade and other receivables - 484,092 - 484,092
Cash and cash equivalents - 1,652,645 - 1,652,645
__________ __________ __________ __________
Total financial assets - 19,922,900 - 19,922,900
__________ __________ __________ __________
Trade and other payables - - (1,437,807) (1,437,807)
Maintenance reserves provision - - (15,451,700) (15,451,700)
Bank borrowings (85,026,371) - (158,546) (85,184,917)
__________ __________ __________ __________
Total financial liabilities (85,026,371) - (17,048,053) (102,074,424)
__________ __________ __________ __________
Total interest rate sensitivity gap (85,026,371) 19,922,900
__________ __________
\n\n \n Market risk \u2013 foreign currency risk The Group\u2019s exposure to foreign currency risk is not significant as its cash flows are predominantly in US$ which is the functional currency of the company and subsidiaries, and presentation currency of the Group. \n \n \n \n \n Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting its obligations in respect of its financial liabilities. The Group\u2019s main financial commitments are the loans due to DekaBank as well as meeting its ongoing operating expenses. Liquidity risk management In the event that the leases are terminated because of a default by Thai, the Group will not have sufficient liquidity to comply with its obligation under the current loan agreements. This risk has been mitigated by the continued operation of our aircraft and by the timely uninterrupted lease payments from Thai to the Group. The remaining lease period with Thai ends in Q4 of 2026 whereupon the aircraft will commence new and enhanced leases with LOT over a contracted 12-year period. The Group monitors the impact of its obligations, including existing Deka bank loan, on liquidity through cashflow forecasts which are prepared on a monthly basis. Further, the Group is in advanced negotiations with a new lender to refinance the current Deka led lending facility. The new facility is planned to finance the Group through the remaining Thai lease period and through to the new LOT lease period. \n \n \n 19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED) \n \n Liquidity risk management (continued)\n \n \n \n The following table details the contractual maturity analysis of the Group\u2019s financial liabilities as at 31 December 2025. The amounts are contractual undiscounted cash flows and therefore will not agree directly to the balances in the consolidated statement of financial position as at 31 December 2025. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2025 Next 12 months 2-5 years Total
US$ US$ US$
Bank borrowings and interest (79,901,902) - (79,901,902)
Maintenance reserves provision (15,451,700) - (15,451,700)
Trade and other payables (2,776,637) - (2,776,637)
____________ _____________ ____________
Total (98,130,239) - (98,130,239)
____________ _____________ ____________
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 Next 12 months 2-5 years Total
US$ US$ US$
Bank borrowings and interest (11,400,000) (79,901,902) (91,301,902)
Maintenance reserves provision - (15,451,700) (15,451,700)
Trade and other payables (1,437,807) - (1,437,807)
____________ _____________ ____________
Total (12,837,807) (95,353,602) (108,191,409)
____________ _____________ ____________
\n In addition to the bank loans, the Group may from time-to-time use borrowings. To this end the Group may arrange an overdraft facility for efficient cash management. The directors intend to restrict borrowings other than the bank loans to an amount not exceeding 15 percent of the net asset value of the Group at the time of drawdown. Borrowing facilities will only be drawn down with the approval of the directors on a case-by- case basis. The directors may also draw down on an overdraft facility for extraordinary expenses determined by them, on the advice of the Asset Manager, to be necessary to safeguard the overall investment objective. With the exception of the loans, the directors have no intention, as at the date of this report, to use such borrowings or overdraft facility for structural investment purposes. No right of redemption or repurchase Shareholders have no right to have their shares redeemed or repurchased by the Company at any time. Shareholders wishing to realise their investment in the Company would be required to dispose of their shares on the stock market. Accordingly, the ability of shareholders to realise the Net Asset Value of, or any value in respect of, their shares is mainly dependent on the existence of a liquid market in the shares and the market price of such shares. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428135336787": { "value": "\n 19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The following table details the categories of financial instruments held by the Group at the reporting date: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Cash and cash equivalents 2,009,466 1,652,645
Restricted cash 18,279,770 17,786,163
Trade and other receivables (excluding prepayments and straight-lining lease asset) 345,778 484,092
___________ ___________
Financial assets measured at amortised cost 20,635,014 19,922,900
___________ ___________
Financial liabilities
Bank borrowings 77,239,573 85,184,917
Maintenance reserves provision 15,451,700 15,451,700
Trade and other payables (excluding tax) 2,776,637 1,437,807
___________ ___________
Financial liabilities measured at amortised cost 95,467,910 102,074,424
___________ ___________
\n The primary risks arising from the Group\u2019s financial instruments are capital management, credit risk, market risk and liquidity risk. The principal nature of such risks is summarised below. The Group\u2019s main financial instruments as at year end comprised of cash and cash equivalents, restricted cash, maintenance reserves payable and bank loans. \n \n Capital Management The capital managed by the Group comprises the ordinary shares and the subordinated administrative shares. The Company is not subject to externally imposed capital requirements. Until COVID-19 and the impact on the aircraft industry and the lessees, income distributions were generally made quarterly, subject to compliance with Applicable Law and regulations, in February, May, August and November of each year. The Company aimed to make a distribution to investors of US$ 0.0225 per share per quarter. As a result of the COVID-19 pandemic impact on global aviation especially its lessees and also as a result of Deka bank agreement the Group has suspended dividends until further notice to help preserve liquidity. \n \n \n Credit risk Credit risk is the risk that a significant counterparty will default on its contractual obligations. The Group\u2019s main counterparty during the year was Thai Airways as lessee and provider of income. The Group, through the Asset Manager, mitigates credit risk related to Thai Airways through regular monitoring of Thai\u2019s use of the aircraft, review of Thai\u2019s financial position, performance, and prospects and through a general review of the performance of the airline market. \n \n \n \n 19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED) \n \n Credit risk (continued)\n \n \n \n The Group assesses the probability of Thai defaulting under different scenarios and the losses that would be incurred under those different scenarios. The probability of each default scenario occurring and the related loss that would be incurred under that scenario is determined taking into account Thai\u2019s historic financial position, performance and future prospects. The general performance of the Thai economy and the overall airline industry is also considered in the assessment. The Group has recognised a gross straight lining lease asset as at 31 December 2025 of US$ 3,089,103 (2024: US$ 6,575,897). A provision is recognised against this straight lining lease asset as at 31 December 2025 of US$ 185,346 (2024: US$ 394,554). ECL of US$ 14,855 was also recognised on the maintenance reserve receivable of the gross amount of US$ 247,579 in the year. Refer to note 11 for further details. Thai Airways reached a major milestone this year by successfully exiting its Rehabilitation plan after fulfilling all legal and financial requirements. The carrier has returned to trading on the Stock Exchange of Thailand, where investor confidence was reflected in a strong initial share price performance. At the same time, Thai has significantly reduced its debt burden, though a sizeable balance remains to be repaid in the coming years refer to the Asset Manager Report on pages 13 to 29 for more details regarding the rehabilitation. Cash and restricted cash are all held at DekaBank. The credit rating of DekaBank by Moody\u2019s is Aa1 (2024: Aa1). The lessees do not maintain a credit rating. The carrying amount of financial assets measured at amortised cost recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk. The Group holds no collateral as security or any other credit enhancements. \n \n \n 19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED)\n \n \n Market risk \u2013 interest rate risk Interest rate risk arises on the Group\u2019s various interest-bearing assets and liabilities from changes in the general economic conditions of the market from time to time. The bank borrowings have the most significant interest impact on the Group. As detailed in note 14, the Group\u2019s bank borrowings were amended and restated in 2023 year end. As part of the amendment and restatement, interest rates were set at fixed rates. Therefore, the Group\u2019s interest rate exposure is currently limited only to the restricted cash and bank balances which earn an immaterial amount of interest. As a result, the Group has no material exposure to interest rate risk subsequent to year end. A 0.25% (2024:0.25%) increase or decrease in interest rates on all interest-bearing financial instruments would result in an increase or decrease in net finance costs for the year of US$ 141,380 (2024: US$ 162,759). The following table details the Group\u2019s exposure to interest rate risk as at year end: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2025 Fixed rate instruments Variable rate instruments Non-interest bearing instruments Total
US$ US$ US$ US$
Restricted cash - 18,279,770 - 18,279,770
Trade and other receivables (excluding prepayments and straight-lining lease asset) - 345,778 - 345,778
Cash and cash equivalents - 2,009,466 - 2,009,466
__________ __________ __________ __________
Total financial assets - 20,635,014 - 20,635,014
__________ __________ __________ __________
Trade and other payables (excluding tax payable) - - (2,776,637) (2,776,637)
Maintenance reserves provision - - (15,451,700) (15,451,700)
Bank borrowings (77,088,618) - (150,955) (77,239,573)
__________ __________ __________ __________
Total financial liabilities (77,088,618) - (18,379,292) (95,467,910)
__________ __________ __________ __________
Total interest rate sensitivity gap (77,088,618) 20,635,014
__________ __________ __________ __________
\n \n \n 19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED) \n \n Market risk \u2013 interest rate risk (continued)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 Fixed rate instruments Variable rate instruments Non-interest bearing instruments Total
US$ US$ US$ US$
Restricted cash - 17,786,163 - 17,786,163
Trade and other receivables - 484,092 - 484,092
Cash and cash equivalents - 1,652,645 - 1,652,645
__________ __________ __________ __________
Total financial assets - 19,922,900 - 19,922,900
__________ __________ __________ __________
Trade and other payables - - (1,437,807) (1,437,807)
Maintenance reserves provision - - (15,451,700) (15,451,700)
Bank borrowings (85,026,371) - (158,546) (85,184,917)
__________ __________ __________ __________
Total financial liabilities (85,026,371) - (17,048,053) (102,074,424)
__________ __________ __________ __________
Total interest rate sensitivity gap (85,026,371) 19,922,900
__________ __________
\n\n \n Market risk \u2013 foreign currency risk The Group\u2019s exposure to foreign currency risk is not significant as its cash flows are predominantly in US$ which is the functional currency of the company and subsidiaries, and presentation currency of the Group. \n \n \n Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting its obligations in respect of its financial liabilities. The Group\u2019s main financial commitments are the loans due to DekaBank as well as meeting its ongoing operating expenses. Liquidity risk management In the event that the leases are terminated because of a default by Thai, the Group will not have sufficient liquidity to comply with its obligation under the current loan agreements. This risk has been mitigated by the continued operation of our aircraft and by the timely uninterrupted lease payments from Thai to the Group. The remaining lease period with Thai ends in Q4 of 2026 whereupon the aircraft will commence new and enhanced leases with LOT over a contracted 12-year period. The Group monitors the impact of its obligations, including existing Deka bank loan, on liquidity through cashflow forecasts which are prepared on a monthly basis. Further, the Group is in advanced negotiations with a new lender to refinance the current Deka led lending facility. The new facility is planned to finance the Group through the remaining Thai lease period and through to the new LOT lease period. \n \n \n 19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED) \n \n Liquidity risk management (continued)\n \n \n \n The following table details the contractual maturity analysis of the Group\u2019s financial liabilities as at 31 December 2025. The amounts are contractual undiscounted cash flows and therefore will not agree directly to the balances in the consolidated statement of financial position as at 31 December 2025. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2025 Next 12 months 2-5 years Total
US$ US$ US$
Bank borrowings and interest (79,901,902) - (79,901,902)
Maintenance reserves provision (15,451,700) - (15,451,700)
Trade and other payables (2,776,637) - (2,776,637)
____________ _____________ ____________
Total (98,130,239) - (98,130,239)
____________ _____________ ____________
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 Next 12 months 2-5 years Total
US$ US$ US$
Bank borrowings and interest (11,400,000) (79,901,902) (91,301,902)
Maintenance reserves provision - (15,451,700) (15,451,700)
Trade and other payables (1,437,807) - (1,437,807)
____________ _____________ ____________
Total (12,837,807) (95,353,602) (108,191,409)
____________ _____________ ____________
\n In addition to the bank loans, the Group may from time-to-time use borrowings. To this end the Group may arrange an overdraft facility for efficient cash management. The directors intend to restrict borrowings other than the bank loans to an amount not exceeding 15 percent of the net asset value of the Group at the time of drawdown. Borrowing facilities will only be drawn down with the approval of the directors on a case-by- case basis. The directors may also draw down on an overdraft facility for extraordinary expenses determined by them, on the advice of the Asset Manager, to be necessary to safeguard the overall investment objective. With the exception of the loans, the directors have no intention, as at the date of this report, to use such borrowings or overdraft facility for structural investment purposes. No right of redemption or repurchase Shareholders have no right to have their shares redeemed or repurchased by the Company at any time. Shareholders wishing to realise their investment in the Company would be required to dispose of their shares on the stock market. Accordingly, the ability of shareholders to realise the Net Asset Value of, or any value in respect of, their shares is mainly dependent on the existence of a liquid market in the shares and the market price of such shares. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428140143426": { "value": "\n Capital Management The capital managed by the Group comprises the ordinary shares and the subordinated administrative shares. The Company is not subject to externally imposed capital requirements. Until COVID-19 and the impact on the aircraft industry and the lessees, income distributions were generally made quarterly, subject to compliance with Applicable Law and regulations, in February, May, August and November of each year. The Company aimed to make a distribution to investors of US$ 0.0225 per share per quarter. As a result of the COVID-19 pandemic impact on global aviation especially its lessees and also as a result of Deka bank agreement the Group has suspended dividends until further notice to help preserve liquidity. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428140205380": { "value": "\n Credit risk Credit risk is the risk that a significant counterparty will default on its contractual obligations. The Group\u2019s main counterparty during the year was Thai Airways as lessee and provider of income. The Group, through the Asset Manager, mitigates credit risk related to Thai Airways through regular monitoring of Thai\u2019s use of the aircraft, review of Thai\u2019s financial position, performance, and prospects and through a general review of the performance of the airline market. \n \n Credit risk (continued)\n \n \n \n The Group assesses the probability of Thai defaulting under different scenarios and the losses that would be incurred under those different scenarios. The probability of each default scenario occurring and the related loss that would be incurred under that scenario is determined taking into account Thai\u2019s historic financial position, performance and future prospects. The general performance of the Thai economy and the overall airline industry is also considered in the assessment. The Group has recognised a gross straight lining lease asset as at 31 December 2025 of US$ 3,089,103 (2024: US$ 6,575,897). A provision is recognised against this straight lining lease asset as at 31 December 2025 of US$ 185,346 (2024: US$ 394,554). ECL of US$ 14,855 was also recognised on the maintenance reserve receivable of the gross amount of US$ 247,579 in the year. Refer to note 11 for further details. Thai Airways reached a major milestone this year by successfully exiting its Rehabilitation plan after fulfilling all legal and financial requirements. The carrier has returned to trading on the Stock Exchange of Thailand, where investor confidence was reflected in a strong initial share price performance. At the same time, Thai has significantly reduced its debt burden, though a sizeable balance remains to be repaid in the coming years refer to the Asset Manager Report on pages 13 to 29 for more details regarding the rehabilitation. Cash and restricted cash are all held at DekaBank. The credit rating of DekaBank by Moody\u2019s is Aa1 (2024: Aa1). The lessees do not maintain a credit rating. The carrying amount of financial assets measured at amortised cost recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk. The Group holds no collateral as security or any other credit enhancements. \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428140309286": { "value": "\n \n \n Market risk \u2013 interest rate risk Interest rate risk arises on the Group\u2019s various interest-bearing assets and liabilities from changes in the general economic conditions of the market from time to time. The bank borrowings have the most significant interest impact on the Group. As detailed in note 14, the Group\u2019s bank borrowings were amended and restated in 2023 year end. As part of the amendment and restatement, interest rates were set at fixed rates. Therefore, the Group\u2019s interest rate exposure is currently limited only to the restricted cash and bank balances which earn an immaterial amount of interest. As a result, the Group has no material exposure to interest rate risk subsequent to year end. A 0.25% (2024:0.25%) increase or decrease in interest rates on all interest-bearing financial instruments would result in an increase or decrease in net finance costs for the year of US$ 141,380 (2024: US$ 162,759). The following table details the Group\u2019s exposure to interest rate risk as at year end: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2025 Fixed rate instruments Variable rate instruments Non-interest bearing instruments Total
US$ US$ US$ US$
Restricted cash - 18,279,770 - 18,279,770
Trade and other receivables (excluding prepayments and straight-lining lease asset) - 345,778 - 345,778
Cash and cash equivalents - 2,009,466 - 2,009,466
__________ __________ __________ __________
Total financial assets - 20,635,014 - 20,635,014
__________ __________ __________ __________
Trade and other payables (excluding tax payable) - - (2,776,637) (2,776,637)
Maintenance reserves provision - - (15,451,700) (15,451,700)
Bank borrowings (77,088,618) - (150,955) (77,239,573)
__________ __________ __________ __________
Total financial liabilities (77,088,618) - (18,379,292) (95,467,910)
__________ __________ __________ __________
Total interest rate sensitivity gap (77,088,618) 20,635,014
__________ __________ __________ __________
\n \n \n \n Market risk \u2013 interest rate risk (continued)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 Fixed rate instruments Variable rate instruments Non-interest bearing instruments Total
US$ US$ US$ US$
Restricted cash - 17,786,163 - 17,786,163
Trade and other receivables - 484,092 - 484,092
Cash and cash equivalents - 1,652,645 - 1,652,645
__________ __________ __________ __________
Total financial assets - 19,922,900 - 19,922,900
__________ __________ __________ __________
Trade and other payables - - (1,437,807) (1,437,807)
Maintenance reserves provision - - (15,451,700) (15,451,700)
Bank borrowings (85,026,371) - (158,546) (85,184,917)
__________ __________ __________ __________
Total financial liabilities (85,026,371) - (17,048,053) (102,074,424)
__________ __________ __________ __________
Total interest rate sensitivity gap (85,026,371) 19,922,900
__________ __________
\n\n \n Market risk \u2013 foreign currency risk The Group\u2019s exposure to foreign currency risk is not significant as its cash flows are predominantly in US$ which is the functional currency of the company and subsidiaries, and presentation currency of the Group. \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428140358369": { "value": "\n Market risk \u2013 foreign currency risk The Group\u2019s exposure to foreign currency risk is not significant as its cash flows are predominantly in US$ which is the functional currency of the company and subsidiaries, and presentation currency of the Group. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428140832712": { "value": "\n \n \n Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting its obligations in respect of its financial liabilities. The Group\u2019s main financial commitments are the loans due to DekaBank as well as meeting its ongoing operating expenses. Liquidity risk management In the event that the leases are terminated because of a default by Thai, the Group will not have sufficient liquidity to comply with its obligation under the current loan agreements. This risk has been mitigated by the continued operation of our aircraft and by the timely uninterrupted lease payments from Thai to the Group. The remaining lease period with Thai ends in Q4 of 2026 whereupon the aircraft will commence new and enhanced leases with LOT over a contracted 12-year period. The Group monitors the impact of its obligations, including existing Deka bank loan, on liquidity through cashflow forecasts which are prepared on a monthly basis. Further, the Group is in advanced negotiations with a new lender to refinance the current Deka led lending facility. The new facility is planned to finance the Group through the remaining Thai lease period and through to the new LOT lease period. \n \n \n \n Liquidity risk management (continued)\n \n \n \n The following table details the contractual maturity analysis of the Group\u2019s financial liabilities as at 31 December 2025. The amounts are contractual undiscounted cash flows and therefore will not agree directly to the balances in the consolidated statement of financial position as at 31 December 2025. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2025 Next 12 months 2-5 years Total
US$ US$ US$
Bank borrowings and interest (79,901,902) - (79,901,902)
Maintenance reserves provision (15,451,700) - (15,451,700)
Trade and other payables (2,776,637) - (2,776,637)
____________ _____________ ____________
Total (98,130,239) - (98,130,239)
____________ _____________ ____________
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 Next 12 months 2-5 years Total
US$ US$ US$
Bank borrowings and interest (11,400,000) (79,901,902) (91,301,902)
Maintenance reserves provision - (15,451,700) (15,451,700)
Trade and other payables (1,437,807) - (1,437,807)
____________ _____________ ____________
Total (12,837,807) (95,353,602) (108,191,409)
____________ _____________ ____________
\n In addition to the bank loans, the Group may from time-to-time use borrowings. To this end the Group may arrange an overdraft facility for efficient cash management. The directors intend to restrict borrowings other than the bank loans to an amount not exceeding 15 percent of the net asset value of the Group at the time of drawdown. Borrowing facilities will only be drawn down with the approval of the directors on a case-by- case basis. The directors may also draw down on an overdraft facility for extraordinary expenses determined by them, on the advice of the Asset Manager, to be necessary to safeguard the overall investment objective. With the exception of the loans, the directors have no intention, as at the date of this report, to use such borrowings or overdraft facility for structural investment purposes. No right of redemption or repurchase Shareholders have no right to have their shares redeemed or repurchased by the Company at any time. Shareholders wishing to realise their investment in the Company would be required to dispose of their shares on the stock market. Accordingly, the ability of shareholders to realise the Net Asset Value of, or any value in respect of, their shares is mainly dependent on the existence of a liquid market in the shares and the market price of such shares. \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428141221582": { "value": "\n \n 20) FAIR VALUE MEASUREMENT The accounting policies and basis of measurement in respect of financial instruments are detailed in note 2. Financial assets and financial liabilities at amortised cost The fair value of cash and cash equivalents, trade and other receivables (excluding prepayment and straight lining lease asset), restricted cash and interest payable approximate their carrying amounts due to the short-term maturities of these instruments. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428141248686": { "value": "\n 20) FAIR VALUE MEASUREMENT The accounting policies and basis of measurement in respect of financial instruments are detailed in note 2. Financial assets and financial liabilities at amortised cost The fair value of cash and cash equivalents, trade and other receivables (excluding prepayment and straight lining lease asset), restricted cash and interest payable approximate their carrying amounts due to the short-term maturities of these instruments. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428141819108": { "value": "\n 21) RELATED PARTY TRANSACTIONS \n \n The directors who served during the year received the following remuneration in form of Director\u2019s fees and reimbursement: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Jonathan Bridel (Chairman) 81,979 86,039
Jeremy Thompson (Chairman of the Audit and Risk Committee and Senior Independent Director) 65,267 63,445
Harald Brauns (Chairman of the Management Engagement Committee) 68,824 59,298
Robert Knapp - -
Howard Millar 29,260 -
__________ __________
Total 245,330 208,782
__________ __________
\n From December 2020 up to 30 September 2022, 10% of base fees and all extra fees were not paid by way of cash payments but were deferred to be settled in the future or to be paid by way of equity. There has been no settlement of director remuneration via the issue of equity in the current year (2024: US$ nil) and the deferred fees remain outstanding as at 31 December 2025 (see note 13). Robert Knapp was appointed with effect from 23 May 2024, he will not receive any fees but is able to claim for any expenses incurred in relation to DP Aircraft up to $15,000 per annum, plus the cost of attending one industry conference per annum. Howard Millar was appointed with effect from 24 July 2025, he will receive an annual fee of \u00a349,450 per annum payable monthly. However, it is agreed that this fee shall be deferred until such time as all other deferred fees due to the directors have been paid. During the year, the total fees and expenses for directors amounted to US$238,748 (2024: US$208,782). Due to the deferral of fees from 2021, the outstanding directors\u2019 fees payable at year end was US$245,356 less Howard fee of US$21,688 (2024: US$221,251). \n \n \n 21) RELATED PARTY TRANSACTIONS (CONTINUED)\n \n \n Base annual fees are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Annual Fees Jan 25 to Dec 25 Jan 24 to Dec 24
Jonathan Bridel \u00a361,750 \u00a361,750
Jeremy Thompson \u00a349,450 \u00a349,450
Harald Brauns \u00a349,450 \u00a349,450
Howard Millar \u00a349,450 -
Robert Knapp N/A N/A
\n *Note: directors fees were payable in GBP, the financial statements are presented in USD The directors\u2019 interests in the shares of the Company as at 31 December 2025 are set out below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Number of ordinary shares 31 December 2025 Number of ordinary shares 31 December 2024
Connected parties of Jon Bridel 90,000 90,000
Jeremy Thompson 15,000 15,000
Robert Knapp 73,186,272 73,186,272
Howard Millar 13,648,000 N/A
\n Mr Knapp represents Ironsides Partners LLC who currently have an interest of 73,186,272 shares in the Company. Mr. Howard represents Brightstar Capital, who currently have an interest of 13,648,000 shares in the Company. He owns a 50% equity interest in Brightstar Capital. Mr. Millar also purchased an additional 1,600,000 shares in his own name after the year end, bringing his total holding of ordinary shares connected to him to 15,248,000 as at 27 April 2026. There has been no distribution of dividends to the directors during the year ended 31 December 2025 (2024:US$ nil)\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428142559174": { "value": "\n The directors who served during the year received the following remuneration in form of Director\u2019s fees and reimbursement: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
US$ US$
Jonathan Bridel (Chairman) 81,979 86,039
Jeremy Thompson (Chairman of the Audit and Risk Committee and Senior Independent Director) 65,267 63,445
Harald Brauns (Chairman of the Management Engagement Committee) 68,824 59,298
Robert Knapp - -
Howard Millar 29,260 -
__________ __________
Total 245,330 208,782
__________ __________
\n From December 2020 up to 30 September 2022, 10% of base fees and all extra fees were not paid by way of cash payments but were deferred to be settled in the future or to be paid by way of equity. There has been no settlement of director remuneration via the issue of equity in the current year (2024: US$ nil) and the deferred fees remain outstanding as at 31 December 2025 (see note 13). Robert Knapp was appointed with effect from 23 May 2024, he will not receive any fees but is able to claim for any expenses incurred in relation to DP Aircraft up to $15,000 per annum, plus the cost of attending one industry conference per annum. Howard Millar was appointed with effect from 24 July 2025, he will receive an annual fee of \u00a349,450 per annum payable monthly. However, it is agreed that this fee shall be deferred until such time as all other deferred fees due to the directors have been paid. During the year, the total fees and expenses for directors amounted to US$238,748 (2024: US$208,782). Due to the deferral of fees from 2021, the outstanding directors\u2019 fees payable at year end was US$245,356 less Howard fee of US$21,688 (2024: US$221,251). \n \n Base annual fees are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Annual Fees Jan 25 to Dec 25 Jan 24 to Dec 24
Jonathan Bridel \u00a361,750 \u00a361,750
Jeremy Thompson \u00a349,450 \u00a349,450
Harald Brauns \u00a349,450 \u00a349,450
Howard Millar \u00a349,450 -
Robert Knapp N/A N/A
\n *Note: directors fees were payable in GBP, the financial statements are presented in USD The directors\u2019 interests in the shares of the Company as at 31 December 2025 are set out below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Number of ordinary shares 31 December 2025 Number of ordinary shares 31 December 2024
Connected parties of Jon Bridel 90,000 90,000
Jeremy Thompson 15,000 15,000
Robert Knapp 73,186,272 73,186,272
Howard Millar 13,648,000 N/A
\n Mr Knapp represents Ironsides Partners LLC who currently have an interest of 73,186,272 shares in the Company. Mr. Howard represents Brightstar Capital, who currently have an interest of 13,648,000 shares in the Company. He owns a 50% equity interest in Brightstar Capital. Mr. Millar also purchased an additional 1,600,000 shares in his own name after the year end, bringing his total holding of ordinary shares connected to him to 15,248,000 as at 27 April 2026. There has been no distribution of dividends to the directors during the year ended 31 December 2025 (2024:US$ nil)\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428233442683": { "value": "\n 22) MATERIAL CONTRACTS Asset Management Agreement The Asset Management Agreement dated 19 September 2013, between the Group and DS Aviation was initially amended on 5 June 2015 to reflect the acquisition of two new aircraft. A second amendment via a side letter, effective 1 January 2021, was made to the Asset Management Agreement on 7 May 2021.\n \n 22) MATERIAL CONTRACTS (CONTINUED) \n \n Disposal fee The initial amendment provides a calculation methodology for the disposal fee which will only become payable when both Assets have been sold after the expiry of the second Thai Airways lease in December 2026. The fee will be calculated as a percentage of the aggregate net sale proceeds of the asset, such percentage rate depending upon the Initial Investor Total Asset Return per share being the total amount distributed to an initial investor by way of dividend, capital return or otherwise over the life of the Company. If each of the Assets is sold subsequent to the expiry of their respective leases, the percentage rate shall be: \u25cf Nil if the Initial Investor Total Asset Return per Share is less than 205%; \u25cf 1.5% if the Initial Total Asset Return per Share equals or exceeds 205% but is less than 255%; \u25cf 2% if the Initial Total Asset Return per Share equals or exceeds 255% but is less than 305%; or \u25cf 3% if the Initial Total Asset Return per Share equals or exceeds 305%. Management fees In the event that any of the Assets are sold prior to the expiry of its lease the percentage hurdles set out above will be adjusted on the following basis: \u25cf An amount will be deducted in respect of each Asset sold prior to the expiry of its lease, equal to the net present value of the aggregate amount of dividends per Share that were targeted to be paid but were not paid as a result of the early divestment of the relevant Asset; and \u25cf A further amount will be deducted, in respect of each Asset sold prior to the expiry of its lease, equal to the amount by which the proportion of the non-dividend component of the relevant percentage hurdle attributable to the relevant Asset would need to be reduced in order to meet its net present value. Per the second amendment, payment of any Disposal Fee per above (if any) in connection with the sale of any of the Assets that were under receivership is subordinated to the DekaBank loans and will only become payable after the loans (including the deferred element) have been repaid or prepaid in full. The disposal fee is a cash-settled payment to the Asset Manager. The Asset Manager is paid a monthly base fee of US$ 15,085 (US$ 16,666 up to 31 December 2020) per asset in respect of the two Assets that are currently held by the Group, increasing by 2.5 per cent per annum from May 2021. For the year ended 31 December 2025, Asset Management fees amounted to US$ 507,851 (2024: US$ 478,407). In addition to the Asset Management fees US$32,620 was charged in relation to other charges and reimbursements incurred by the Asset Manager and recharged to the Group (2024: US$ nil). A restructuring fee of US$ 127,528 was also paid to the Asset Manager which is included in general and administrative expenses. A deferred fee of US$ 684,337 (Note 13) is payable to the Asset Manager as at 31 December 2025 (31 December 2024: US$ 431,651). \n \n \n 22) MATERIAL CONTRACTS (CONTINUED) \n \n Administration Agreement The Administrator of the Company is Aztec Financial Services (Guernsey) Limited. Aztec Financial Services (Guernsey) Limited and Aztec Financial Services (UK) Limited provide administration services to the Company\u2019s underlying subsidiaries. These administrator companies are collectively known as the \u201cAdministrators\u201d. Total fees charged by the Administrators during the year were US$ 330,017 (2024:US$ 272,434). US$ 17,075 remained payable at 31 December 2025. The Administrators have the right to be reimbursed from the Company for any reasonable out of pocket expenses incurred in carrying out their responsibilities. Directors\u2019 fees Details of the fees paid to the directors are included in note 21. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428142704476": { "value": "\n Disposal fee The initial amendment provides a calculation methodology for the disposal fee which will only become payable when both Assets have been sold after the expiry of the second Thai Airways lease in December 2026. The fee will be calculated as a percentage of the aggregate net sale proceeds of the asset, such percentage rate depending upon the Initial Investor Total Asset Return per share being the total amount distributed to an initial investor by way of dividend, capital return or otherwise over the life of the Company. If each of the Assets is sold subsequent to the expiry of their respective leases, the percentage rate shall be: \u25cf Nil if the Initial Investor Total Asset Return per Share is less than 205%; \u25cf 1.5% if the Initial Total Asset Return per Share equals or exceeds 205% but is less than 255%; \u25cf 2% if the Initial Total Asset Return per Share equals or exceeds 255% but is less than 305%; or \u25cf 3% if the Initial Total Asset Return per Share equals or exceeds 305%. Management fees In the event that any of the Assets are sold prior to the expiry of its lease the percentage hurdles set out above will be adjusted on the following basis: \u25cf An amount will be deducted in respect of each Asset sold prior to the expiry of its lease, equal to the net present value of the aggregate amount of dividends per Share that were targeted to be paid but were not paid as a result of the early divestment of the relevant Asset; and \u25cf A further amount will be deducted, in respect of each Asset sold prior to the expiry of its lease, equal to the amount by which the proportion of the non-dividend component of the relevant percentage hurdle attributable to the relevant Asset would need to be reduced in order to meet its net present value. Per the second amendment, payment of any Disposal Fee per above (if any) in connection with the sale of any of the Assets that were under receivership is subordinated to the DekaBank loans and will only become payable after the loans (including the deferred element) have been repaid or prepaid in full. The disposal fee is a cash-settled payment to the Asset Manager. The Asset Manager is paid a monthly base fee of US$ 15,085 (US$ 16,666 up to 31 December 2020) per asset in respect of the two Assets that are currently held by the Group, increasing by 2.5 per cent per annum from May 2021. For the year ended 31 December 2025, Asset Management fees amounted to US$ 507,851 (2024: US$ 478,407). In addition to the Asset Management fees US$32,620 was charged in relation to other charges and reimbursements incurred by the Asset Manager and recharged to the Group (2024: US$ nil). A restructuring fee of US$ 127,528 was also paid to the Asset Manager which is included in general and administrative expenses. A deferred fee of US$ 684,337 (Note 13) is payable to the Asset Manager as at 31 December 2025 (31 December 2024: US$ 431,651). \n \n Administration Agreement The Administrator of the Company is Aztec Financial Services (Guernsey) Limited. Aztec Financial Services (Guernsey) Limited and Aztec Financial Services (UK) Limited provide administration services to the Company\u2019s underlying subsidiaries. These administrator companies are collectively known as the \u201cAdministrators\u201d. Total fees charged by the Administrators during the year were US$ 330,017 (2024:US$ 272,434). US$ 17,075 remained payable at 31 December 2025. The Administrators have the right to be reimbursed from the Company for any reasonable out of pocket expenses incurred in carrying out their responsibilities. Directors\u2019 fees Details of the fees paid to the directors are included in note 21. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428142758190": { "value": "\n 23) SUBSEQUENT EVENTS On 28 February 2026, coordinated military action in the Middle East led to increased regional geopolitical tensions and renewed volatility in global financial markets. Disruptions have primarily affected major Middle Eastern aviation hubs. The Group\u2019s operations have not been directly impacted at this time, although aircraft occasionally used on Brussels routes have been rerouted to avoid affected airspace. The Board has assessed these events and concluded that there is no direct economic impact on the Group, as it has no operations or revenue sources in the affected regions. While broader effects on global markets, energy prices, and trade routes may emerge, the potential indirect impact cannot yet be reliably estimated. On 15 April 2026, the Company announced that it had entered into a twelve\u2011month loan facility agreement with Ironside Holdings LLC for up to $1.5 million on commercial terms. The loan will be used to facilitate operational required enhancements to the Boeing 787-8\u2019s which are being transferred from Thai Airways International to LOT Polish Airlines. As at the reporting date, $1.2 million had been drawn under the facility. As all these conditions arose after the reporting date, this is treated as a non-adjusting subsequent event, and no amendments have been made to the financial statements. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260428143014114": { "value": "\n East Wing Trafalgar Court Les Banques St Peter Port Guernsey GY1 3PP, Channel Islands\n ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800IJ1Q9HI499AE41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }