PROJECT SWAN TOPCO LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Forvis Mazars LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.”

Group structure

1. PROJECT SWAN TOPCO LIMITED · parent
   1. Project Swan Midco Limited 100% · UK · Holding company
   2. Project Swan Bidco Limited 100% · UK · Holding company
   3. eCube Holdings Limited 100% · UK · Holding company
   4. eCube Solutions Limited 100% · UK · Aircraft disassembly services
   5. eCube Maintenance Limited 100% · UK · Aircraft maintenance
   6. eCube Solutions SLU 100% · Spain · Aircraft disassembly services
   7. eCube Solutions LLC 100% · USA · Aircraft disassembly services

Significant events

• “During the year, the Group continued its expansion strategy to provide market leading, high quality services of disassembly, aircraft storage, maintenance, recycling and upcycling services to aircraft owners of mature assets.”
• “The opening of the Coolidge Arizona, USA site has provided the Group access to the largest global market.”
• “In 2022 the business gained EASA line maintenance approval in the UK, AFRA accreditation for all bases and In 2023 the business has attained UK CAA approval and the US gains FAA approval in 2025.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

2

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +17.7%

  £20,912,155 → £24,606,304

• Cash

  +2%

  £3,047,987 → £3,108,456

• Net assets

  +61%

  £12,984,923 → £20,902,617

• Employees

  +7.8%

  141 → 152

• Operating profit

  +1,939.3%

  £30,853 → £629,186

• Profit before tax

  +577.3%

  -£135,230 → £645,401

• Wages

  +43.3%

  £5,695,047 → £8,161,712

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers