EUROPEAN CARGO LIMITED

• ◆

  Audit opinion: Qualified

  Latest auditor's report carried a non-clean opinion.

• ◆

  2 PSCs ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  +157.2%

  £39,609,778 → £101,872,617

• Cash

  +53.6%

  £1,020,408 → £1,567,616

• Net assets

  -165.8%

  -£11,747,028 → -£31,224,490

• Employees

  +62.1%

  66 → 107

• Operating profit

  +5.6%

  -£19,169,470 → -£18,092,995

• Profit before tax

  +14.8%

  -£22,863,871 → -£19,476,714

• Wages

  +94.5%

  £5,031,771 → £9,786,948

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

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

Standalone (parent only)

Auditor

Wenn Townsend

Audit opinion

Qualified

Going concern

Affirmed

“The financial statements have been prepared on a going concern basis. Given the continued losses in the period, and the net liabilities position on the balance sheet of $35,099,000 at 31st December 2024, the directors have undertaken a full review of the entity in terms of a going concern assessment as at the date of the approval of these financial statements.”

Significant events

• “EASA approved the A340-600 STC on 14 December 2022 followed by the UK CAA on 27 February 2023.”
• “At the 31 December 2024, the Company had five aircraft under lease with access to a further seven A340-600 and three A340-500 aircraft. As at July 2025, six of the total aircraft have been converted with another aircraft scheduled for conversion by the end of 2025.”
• “The business saw turnover increase by 157% to $136,275,000 (2023: $52,986,000) generated from 444 rotations (2023: 171).”
• “In June 2023, the business became a designated UK carrier under the China/UK Air Service Agreement enabling more flexible and frequent flying.”
• “The loan waiver relates to the waiver of loans and other balances due to European Aviation Limited and associated companies in exchange for additional funding from related parties and as part of the acquisition by Priority 1 Leasing Holding Ireland Limited.”
• “In February 2025, the company received $3,000,000 of additional funding from Priority 1 Issuer Logistics DAC under the existing interest bearing loan arrangement. Further additional funding was also received in March, April and May for $2,000,000, $2,000,000 and $1,000,000 respectively.”

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

Filings

11

last 12 months

Capital events

1

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.