AIRCRAFT RESEARCH ASSOCIATION LIMITED
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Cash
£658k
-58.6% vs 2024
Net assets
-£3.9m
-10.1% lowest in 3 filed years
Employees
143
-4% vs 2024
Profit before tax
-£137k
+97.5% highest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Negative shareholders' funds
Net assets
3-year trend · vs Industrials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Total income | £13,916,573 | £10,554,405 | £18,057,692 | +71.1% | |
| Operating profit | -£1,090,887 | -£5,582,814 | £31,401 | +100.6% | |
| Profit before tax | -£1,154,929 | -£5,526,503 | -£136,535 | +97.5% | |
| Net profit | -£1,379,929 | -£5,729,822 | -£353,989 | +93.8% | |
| Cash | £426,894 | £1,590,496 | £658,207 | -58.6% | |
| Total assets less current liabilities | £3,867,121 | -£2,359,423 | -£3,769,747 | -59.8% | |
| Net assets | £2,233,098 | -£3,496,724 | -£3,850,713 | -10.1% | |
| Equity | £2,233,098 | -£3,496,724 | -£3,850,713 | -10.1% | |
| Average employees | 136 | 149 | 143 | -4% | |
| Wages | £6,477,008 | £7,244,212 | £8,413,169 | +16.1% | |
| Directors' remuneration | — | £0 | £337,307 | — |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | -7.8% | -52.9% | 0.2% | |
| Net margin | -9.9% | -54.3% | -2.0% | |
| Return on capital employed | -28.2% | — | — | |
| Gearing (liabilities / total assets) | 80.8% | 121.5% | 121.9% | |
| Current ratio | 0.80x | 0.53x | 0.30x | |
| Interest cover | -16.95x | — | 0.19x |
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.
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Standalone (parent only)
- Auditor
- MHA
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The financial statements have been prepared on the going concern basis, not withstanding net current liabilities of £14,894,416. The Company is dependent for its working capital on funds provided to it by BAE Systems plc, the Company's ultimate parent.”
Significant events
- “During 2025, it was announced that the business will be undertaking a significant level of investment in the form of a transformation programme, run over multiple years, to improve the capability and capacity.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
7 active · 49 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BAE SYSTEMS CORPORATE SECRETARY LIMITED | Corporate Secretary | 2025-10-06 | — | — |
| ASHFIELD, Nathan | Director | 2022-04-11 | May 1976 | British |
| BARRATT, Matthew John | Director | 2023-09-21 | Apr 1985 | British |
| GRZYWNA, Jayne Helen | Director | 2023-09-21 | Dec 1977 | British |
| HOLMES, David Samuel John | Director | 2023-09-21 | Nov 1967 | British |
| ROSS BLAND, Oliver | Director | 2026-06-11 | Jul 1983 | British |
| WARBURTON, Jon | Director | 2026-01-01 | Apr 1966 | British |
Show 49 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| CARR, Malcolm Paul | Secretary | 1992-03-10 | 2000-08-31 |
| LLOYD-DAVIES, Ian | Secretary | — | 1991-10-31 |
| RENTLE, Kieron John | Secretary | 2000-09-01 | 2016-07-12 |
| SHRIBBS, Robert Eric | Secretary | 2016-07-12 | 2021-04-27 |
| ARNALL, John | Director | — | 1993-12-31 |
| BALMFORD, David Ernest Hall | Director | — | 1995-11-01 |
| BARTON, Hilary Ann | Director | 2005-03-08 | 2012-12-07 |
| BARZEGAR, Behrooz | Director | 2001-06-01 | 2017-05-26 |
| BYHAM, Geoffrey Malcolm | Director | 1995-11-01 | 2005-05-31 |
| CLARKSON, Christopher Douglas Sylvester | Director | 1999-02-03 | 2008-06-06 |
| COHEN, Kim | Director | 1995-07-14 | 1998-10-05 |
| CUTTEL, Diane | Director | 2010-06-04 | 2012-01-19 |
| DUNMORE, Karen Sarah | Director | 2009-10-19 | 2011-07-31 |
| DUNN, John David, Dr | Director | 2012-03-23 | 2022-09-23 |
| EDWARDS, Michael | Director | — | 1995-07-14 |
| GARDNER, David | Director | — | 1992-05-18 |
| GARWOOD, Keith Ronald | Director | 1995-08-01 | 2002-10-31 |
| GRAHAM, Neil | Director | 2008-06-06 | 2019-01-11 |
| GREGSON, Lorraine | Director | 2011-10-12 | 2019-01-11 |
| HARDING, Steven | Director | 2019-01-11 | 2023-09-21 |
| HILL, Roland John | Director | — | 1995-08-01 |
| HIND, James Malcolm | Director | 2003-08-27 | 2005-04-27 |
| HODGKINSON, Martin Andrew | Director | 1993-10-26 | 2006-07-11 |
| HOLTON, Stephen Anthony | Director | 2007-02-19 | 2017-12-31 |
| HUTCHINGS, Paul | Director | 2021-09-16 | 2023-12-18 |
| JOB, Christopher Stephen | Director | 2006-07-12 | 2022-04-11 |
| JUPP, Jeffrey Addison | Director | 1993-03-09 | 2001-05-31 |
| KEMP, John Douglas | Director | — | 2004-07-31 |
| KIRK, Geoffrey Eric, Professor | Director | — | 2005-03-08 |
| LAUGHER, Richard David Frederick John | Director | — | 1993-10-01 |
| LEE, Raymond Norman | Director | 1998-05-13 | 1999-10-31 |
| LEWIS, Stuart John | Director | 1993-05-04 | 1998-05-13 |
| LOLLER, Carl Peter, Dr | Director | 2009-09-01 | 2019-08-23 |
| METHVEN, Paul | Director | 2004-08-01 | 2010-06-04 |
| PARKINSON, Emma Suzanne | Director | 2024-01-31 | 2026-04-23 |
| PEARCE, Wayne | Director | 2023-09-21 | 2024-03-01 |
| RUFFLES, Philip Charles | Director | — | 1992-03-10 |
| SAUNDERS, Trevor Bantock | Director | 1992-07-14 | 1993-05-04 |
| SCAIFE, Richard | Director | 1999-10-01 | 2000-12-31 |
| SCOTT, Gavin | Director | 2004-12-01 | 2009-10-19 |
| SCOTT-WILSON, Timothy Hew | Director | — | 1999-02-03 |
| SWADLING, Sidney John | Director | — | 1993-05-12 |
| TAYLOR, Victor David | Director | — | 2005-10-06 |
| TERRY, Andrew | Director | 2013-12-06 | 2019-12-31 |
| TIMMS, Stephen | Director | 2005-12-05 | 2007-12-04 |
| WAKE, Alison Jane | Director | 2001-02-01 | 2003-08-27 |
| WHITESIDE, Paul Vernon | Director | 2007-12-04 | 2009-09-01 |
| YOUNG, Geoffrey Maurice | Director | 1994-02-01 | 1998-05-13 |
| YOUNG, Kevin | Director | 2019-01-11 | 2023-09-21 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Bae Systems Plc | Corporate entity | Voting 75–100% | 2016-04-06 | Active |
Filing timeline
Last 20 of 223 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-22 | AA | accounts | Accounts with accounts type full | |
| 2026-07-06 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-07-04 | AP01 | officers | Appoint person director company with name date | |
| 2026-04-24 | TM01 | officers | Termination director company with name termination date | |
| 2026-03-20 | AP04 | officers | Appoint corporate secretary company with name date | |
| 2026-01-21 | AP01 | officers | Appoint person director company with name date | |
| 2025-11-07 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-10-04 | AA | accounts | Accounts with accounts type full | |
| 2025-07-01 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-10-12 | AA | accounts | Accounts with accounts type full | |
| 2024-07-01 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-03-07 | TM01 | officers | Termination director company with name termination date | |
| 2024-02-07 | AP01 | officers | Appoint person director company with name date | |
| 2024-02-01 | TM01 | officers | Termination director company with name termination date | |
| 2023-12-13 | CH01 | officers | Change person director company with change date | |
| 2023-12-12 | CH01 | officers | Change person director company with change date | |
| 2023-12-12 | CH01 | officers | Change person director company with change date | |
| 2023-12-12 | CH01 | officers | Change person director company with change date | |
| 2023-10-09 | CH01 | officers | Change person director company with change date | |
| 2023-09-21 | TM01 | officers | Termination director company with name termination date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 8
- Capital events
- 0
- Officers appointed
- 3
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.