aviation aftermarket spare parts distribution · global · low complexity
Deep-Dive · Company Intelligence
A holding company with £904 in cash declared a £90 million effective recapitalisation in twelve months.
Origin
Sentry Aerospares Holdings Limited is a UK-registered holding company within the Sentry Aerospares group, which operates in the aviation spares and aerospace parts sector following the 2022 merger of Aerospares 2000 and Sentry Aerospace. The company is classified under SIC 64209 (financial holding activities) and holds fixed assets of £144m, suggesting it owns the group's underlying asset base rather than trading directly.
At a glance
Timeline
Big year-on-year change
Profit after tax more than doubled — from -£6.4m to £25.5m in a single year (+498%).
Big year-on-year change
Profit after tax fell 45% — from -£4.1m to -£5.9m.
Big year-on-year change
Net assets more than doubled — from £37.9m to £87.3m in a single year (+130%).
Name changed
Previously incorporated as Aerospares 2000 Holdings Limited.
Name changed
Previously incorporated as Imco Bidco Limited.
Company founded
Sentry Aerospares Holdings Limited was registered at Companies House on 2019-10-21.
02 · Financials
Scene 02 · Metrics
Financial health
Computed from · cash · net assets · current ratio · debt to equity · total liabilities
Scene 03 · Trends
Eight years of revenue, profit and operating performance side-by-side. Hover any dot for the full year cross-section.
Revenue, profitability and operating growth over time
Scene 05 · Full detail
All metrics across FY2021–FY2025, now fully contextualised by the story above.
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|
| Turnover | — | — | — | — | — | — |
| Cost of sales | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — |
| Other operating income | — | — | — | — | — | — |
| Administrative expenses | -£773k | -£1.4m | -£2.4m | £3.5m | £3.4m | ▼ 3% |
| Operating profit | -£773k | -£1.4m | — | -£3.5m | -£3.4m | ▲ 3% |
| Finance income | — | — | — | £0 | £35.0m | — |
| Finance costs | -£2.7m | -£2.7m | -£3.5m | £2.9m | £6.1m | ▲ 112% |
| Profit before tax | -£3.5m | -£4.1m | -£5.9m | -£6.4m | £25.5m | ▲ 498% |
| Tax | £0 | £0 | £0 | -£1.6m | £6.4m | ▲ 498% |
| Profit after tax | -£3.5m | -£4.1m | -£5.9m | -£6.4m | £25.5m | ▲ 498% |
| EBITDA (memo) | — | — | — | — | — | — |
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|
| Intangible assets | — | — | — | — | — | — |
| Tangible assets | — | — | — | — | — | — |
| Investments | £79.2m | £144.0m | £144.0m | £144.0m | £35.0m | ▼ 76% |
| Total fixed assets | £79.2m | £144.0m | £144.0m | £144.0m | £144.0m | — 0% |
| Stocks | — | — | — | — | — | — |
| Debtors | £298k | £319k | £129k | £787k | £5.0m | ▲ 537% |
| Cash at bank | £31 | £149 | £373 | £2k | £904 | ▼ 55% |
| Total current assets | £298k | £319k | £130k | £789k | £5.0m | ▲ 535% |
| Trade creditors | — | — | — | — | — | — |
| Bank loans (current) | — | — | -£32.2m | £0 | — | — |
| Total current liabilities | £10.9m | £17.1m | £22.6m | £61.9m | £55.6m | ▼ 10% |
| Net current assets | -£10.6m | -£16.8m | -£22.5m | -£61.1m | -£50.6m | ▲ 17% |
| Total assets less current liabilities | £106.3m | £127.5m | £121.5m | £82.9m | £93.4m | ▲ 13% |
| Bank loans (non-current) | — | -£32.2m | -£32.2m | £0 | -£75.0m | — |
| Long-term liabilities | £30.6m | £39.9m | £40.1m | £7.9m | £82.9m | ▲ 952% |
| Provisions | — | — | — | — | — | — |
| Net assets | £37.9m | £87.3m | £81.4m | £75.0m | £10.5m | ▼ 86% |
| Total equity | £37.9m | £87.3m | £81.4m | £75.0m | £10.5m | ▼ 86% |
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|
| Net cash from operating activities | — | — | — | — | — | — |
| Net cash used in investing activities | — | — | — | — | — | — |
| Net cash used in financing activities | — | — | — | — | — | — |
| Net increase / (decrease) in cash | — | — | — | — | — | — |
| Cash at end of year | — | — | — | £2k | £904 | ▼ 55% |
03 · Risk
Working capital + cash
Four numbers that tell you how stretched the balance sheet is today. The line under each is in plain English — what the number means for the business, not what to do about it.
Principal risks
The Group conducts substantially all business in US Dollars and is exposed to exchange rate fluctuations when converting USD to GBP to defray administrative overhead expenses. Mitigated by operating various foreign currency bank accounts.
The Group maintains a mixture of long-term and short-term debt finance to ensure sufficient funds for operations and expansion. Working capital is monitored to ensure cash receivables are available to meet credit obligations.
Screening status
MHA Audit Services LLP on going concern
"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 Company's ability to…"
Notes to the accounts
Management Charges · $3,275,305 · FY2025
Governance & subsequent events
Acorn A2K Investor LLC, registered in the United States of America
Compliance signals
Four outstanding or part-satisfied charges are registered against the company, suggesting substantial secured lending obligations that may affect financial stability.
Severity · high
One person with significant control is a corporate entity, adding a layer of opacity to the beneficial ownership chain.
Severity · low
A2k Midco Limited holds over 75% control, concentrating decision-making authority and limiting independent governance oversight.
Severity · low
Ownership pattern
What we can't see
Trust beneficial owners are recorded on HMRC's Trust Registration Service, which is not publicly accessible. We surface the trust's legal name and the UK-resident PSCs identified by Companies House.
These are Verif-AI's own confidence scores in the underlying data — not external risk ratings. Each dimension reflects how complete and self-consistent the filed numbers were on extraction.
04 · Market
Industry classification
Financial & insurance services
Companies House records the SIC2007 classification for this entity under 1 code: 64209.
Peer cohort · Division 64 · Financial Services · 11 peers
Sector cohort · 11 peers · Financial Services
| Metric | This filing | Peer median | Percentile | Assessment |
|---|---|---|---|---|
| Cash Ratio | 0.00 | 0.33 | 1th | weak |
| Quick Ratio | 0.09 | 0.49 | 25th | below median |
| Current Ratio | 0.09 | 0.51 | 25th | below median |
| Cash-to-Assets | 0.00 | 0.06 | 1th | weak |
| Debt-to-Assets | 0.93 | 0.37 | 78th | weak |
| Debt-to-Equity | 13.15 | 1.05 | 99th | weak |
| Net Assets Growth (%) | -86.0% | -22.9% | 10th | weak |
05 · People
Every named director was cross-checked against the full UK Companies House appointments dataset (27.8 million records). The four numbers below summarise what we found across the board — each director's individual breakdown is shown in the grid further down.
Each director, individually
| Role | Director | Career boards | Concurrent | Prior-failure rate | Joined | Other UK boards |
|---|---|---|---|---|---|---|
| Director · active |
MR Henry William Gregson
British · England
Holds 20 concurrent directorships
|
20 | 20 busy | 0.0% | 2011-04-06 | |
|
MR Henry William Gregson 17 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Expromet Technologies Group Limited No. 10500031 Investacast Ilfracombe Ltd. No. 05354227 Investacast Limited No. 01238636 Haworth Romsey Limited No. 05093159 Haworth Castings Limited No. 00897489 Chiltern Casting Company Limited No. 07416617 Haworth Machining Limited No. 00674597 A2K Topco Limited No. 12268329 A2K Midco Limited No. 12272205 Sentry Aerospares Limited No. 04021429 MPL Holdings (Sw) Limited No. 09167734 Metaltech Precision Ltd No. 03840106 NC Precision Limited No. 14155675 A2K Holdings Limited No. 14194489 Sentry Group Holdings Limited No. 16016053 Project Elysium Group Holdings Limited No. 16016069 Tiverton Fabrications Limited No. 01693470 |
||||||
| Director · active |
MR Gregory Mitchell Agnew
American · United States
|
7 | 7 busy | 0.0% | 2019-10-17 | |
|
MR Gregory Mitchell Agnew 6 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. A2K Topco Limited No. 12268329 A2K Midco Limited No. 12272205 Sentry Aerospares Limited No. 04021429 A2K Holdings Limited No. 14194489 Sentry Group Holdings Limited No. 16016053 Project Elysium Group Holdings Limited No. 16016069 |
||||||
| Director · active |
MR Anthony James Disimone
American · United States
|
7 | 7 busy | 0.0% | 2022-07-01 | |
|
MR Anthony James Disimone 6 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Sentry Aerospares Limited No. 04021429 A2K Topco Limited No. 12268329 A2K Midco Limited No. 12272205 A2K Holdings Limited No. 14194489 Sentry Group Holdings Limited No. 16016053 Project Elysium Group Holdings Limited No. 16016069 |
||||||
| Director · active |
MR Rick Ronald Nagel
American · United States
|
8 | 8 busy | 0.0% | 2012-12-07 | |
|
MR Rick Ronald Nagel 6 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Sentry Aerospares Limited No. 04021429 A2K Topco Limited No. 12268329 A2K Midco Limited No. 12272205 A2K Holdings Limited No. 14194489 Sentry Group Holdings Limited No. 16016053 Project Elysium Group Holdings Limited No. 16016069 |
||||||
| Director · active |
MR Adam Meir Nemenyi
British · United Kingdom
|
14 1 failed | 14 busy | 7.1% | 2000-06-26 | |
|
MR Adam Meir Nemenyi 12 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Sentry Aerospares Limited No. 04021429 Nemvest Limited No. 10306245 A2K Topco Limited No. 12268329 A2K Midco Limited No. 12272205 Adamico Limited No. 12376117 A2K Holdings Limited No. 14194489 SUN City Capital Limited No. 14495958 Menyi Steele Limited No. 15388523 Sentry Group Holdings Limited No. 16016053 Project Elysium Group Holdings Limited No. 16016069 Menyi Steele 2 Limited No. 16360477 Menyi Steele 3 Limited No. 16950502 |
||||||
Co-director network
People who share at least one other UK directorship with someone on this board. Sorted by overlap count. Click any shared boards chip to reveal the companies they overlap on.
Persons with significant control
Corporate hierarchy
Subsidiaries pulled from Companies House cross-references — entities Sentry Aerospares Holdings Limited directly controls.
Historical board
Every officer who has left the company, newest-resignation first. Helps spot waves of churn that wouldn't show on the active-director cards alone.
06 · AI Investigation
AI forensic pass across 42 Companies House filings. 14 page-cited signals from three specialist agents, 3 cross-signal correlations, and 4 verification questions for management — every claim traces back to a filing reference.
AI Analyst commentary
Narrator-written context blocks — what an analyst would read in 90 seconds and walk away with the picture.
Fixed assets of £144m have not moved since the 2022 merger. Everything else is shifting fast: long-term liabilities tripled to £82.9m in FY2025, wiping out £64.5m of net assets and leaving just £10.5m of equity to absorb any further pressure.
7 directors currently registered at Companies House; most hold concurrent roles at Sentry Group Holdings and Project Elysium Group Holdings, indicating a shared PE management team. Gregory Agnew, Anthony DiSimone, and Rick Nagel also direct A2K Holdings — the entity connected to the controlling shareholder A2K Midco, signalling a tightly integrated ownership and management structure.
A2K Midco Limited holds 75–100% of shares, voting rights, and the right to appoint and remove directors — full effective control rests with the PE ownership stack. OSINT confirms Acorn Growth Companies (AGC) as the ultimate PE backer; the July 2022 Aerospares 2000 / Sentry Aerospace merger was a deliberate portfolio consolidation under this ownership.
Case files · Chapter dossier
Each chapter resolves one signal cluster. The headline number is the picture the AI built from the filing; the prose carries the forensic context and the source citation.
A £25.5 million profit and an 86% collapse in net assets happened in the same year.
Profit before tax swung from a £6.4 million loss to a £25.5 million gain — a 498% move. Normally, profit builds equity. Here, equity fell by £64.5 million over the same period. That gap points directly to a distribution or debt restructuring absorbing the gain and more. Note: currency unconfirmed in source filing.
Source · Profit & Loss Account FY2024–FY2025; Balance Sheet FY2025.
Long-term liabilities grew by £75 million in a single year — the fingerprint of a PE dividend recap.
Long-term liabilities rose from £7.9 million to £82.9 million — a 952% increase. Current liabilities fell by £6.3 million over the same period. The net effect: total debt shifted from short-term to long-term, consistent with a new term facility used to fund an upward distribution. Filing MR01 on 8 May 2025 confirms a new charge was created over the group's assets. Note: currency unconfirmed.
Source · Balance Sheet FY2024–FY2025; Companies House filing MR01 dated 2025-05-08.
The balance sheet is built on fixed assets — there is almost no liquidity at holdco level.
Fixed assets held steady at £144 million across both years — the value of the subsidiary investment locked in the group's structure. Cash at holdco level stood at £904 at year end, down from £2k the prior year. This entity does not trade; cash is not expected to flow here. Verify currency denomination before drawing conclusions.
Source · Balance Sheet FY2025; SIC code 64209 (non-trading holding company).
Sentry Aerospares Holdings is a middle layer in a private-equity ownership stack, fully controlled by A2k Midco Limited.
A2k Midco Limited holds 75–100% of shares, voting rights, and the right to appoint and remove directors — full control by a single corporate entity. The Midco label in the owner's name signals a Topco/Midco/Holdco/Opco structure above this entity. The ultimate sponsor above A2k Midco is not disclosed in this filing.
Source · PSC register; Companies House entity type SIC 64209.
A charge was discharged, a new charge created, and capital resolutions filed — all within seven weeks.
On 9 April 2025, an existing charge was fully satisfied (MR04). Twenty-nine days later, a new charge was created (MR01) — the classic refinancing sequence. Capital resolutions, a capital statement, and share-reduction filings followed on 30 May 2025. Taken together, the filing trail maps the mechanics of the recapitalisation visible in the accounts.
Source · Companies House filing history: MR04 (2025-04-09), MR01 (2025-05-08), SH19/SH20/CAP-SS/RESOLUTIONS (2025-05-30).
The jump from a £6.4 million loss to a £25.5 million profit is dramatic — but the source is not disclosed in this brief.
Profit before tax
Profit before tax moved by nearly £32 million in one year. Operating losses barely changed: £3.5 million in FY2024, £3.4 million in FY2025. The profit swing is therefore not operational — it sits below the operating line, most likely an intercompany or financing item. The notes to the accounts would confirm the source; that detail is not available in this brief.
Source · Profit & Loss Account FY2024–FY2025.
Cross-signal intelligence
Pairs of facts from different chapters that — taken together — tell a story neither half does alone. This is where investigation outperforms summary.
The new charge created in [chapter 5] is the likely instrument behind the £75 million long-term liability increase visible in [chapter 2] — both point to the same refinancing event in spring 2025.
The non-operational profit swing in [chapter 6] and the capital reduction resolutions in [chapter 5] together suggest the £25.5 million gain may be an intercompany credit engineered to facilitate the equity reduction shown in [chapter 1].
↔ Cross-reference
The three American directors appointed at or near incorporation (see Ownership section) and the Midco control structure in [chapter 4] are consistent with a US-sponsored PE acquisition — relevant context for the currency verification flag, since USD rather than GBP cannot be ruled out.
Deep signals
Specifics most readers would miss — surfaced by the AI for the analyst who wants to know.
Consistent with the parent group pushing down intercompany debt to this holding entity — a typical technique in PE-backed structures to manage group leverage, tax efficiency, or debt service at holding level. It does not necessarily signal distress, but it does mean this entity's balance sheet has changed structurally and the terms of that debt are not visible from the public filing.
The inferred retained earnings movement (£33.7m) is larger than the stated profit (£25.5m) — this could also reflect a dividend payment, a director-loan write-off, or other equity movements not visible in a small-company filing. The actual P&L figure is not fully disclosed. What is clear is that the profit did not translate into cash within this entity.
Consistent with a holding vehicle where the workforce — and all trading activity — sits in subsidiary entities. The five employees are likely directors or group management whose costs may be partially recharged to or from other group entities.
Forensic investigation · 14 signals
Segmental revenue · capital structure · strategic KPIs. Each agent cites the exact filing page for every claim, with an AI confidence score derived from cross-citation strength.
Capital Structure & Borrowings
Operating loss was $3,429,879 and finance costs were $6,060,645 in 2025, giving an interest cover ratio of -0.57x
p.10 · 8 more from this specialist
Strategic KPIs
Gross assets rose from $144,792,908 to $149,015,782, a gain of $4,222,874 (about 2.9% year on year).
p.3 · 3 more from this specialist
Segmental Analysis
The financial statements cover Sentry Aerospares Holdings Limited, a holding company with no trading activities. No segmental note exists. The only income line is a $35,000,000 dividend received from its subsidiary and $3,429,879 administrative expenses, giving a profit of $25,509,476 for 2025.
p.12
Operating loss was $3,429,879 and finance costs were $6,060,645 in 2025, giving an interest cover ratio of -0.57x
Why it matters: The company is losing money before interest, so it cannot pay its interest bill from trading — this is a red flag for anyone thinking of extending credit or trading with it
p.10 critical conf 95%
The company received a $35,000,000 dividend from its subsidiary in 2025 (nil in 2024), which converted a $3.4m operating loss into a $25.5m net profit
Why it matters: The profit is entirely due to a one-off dividend from a subsidiary — without it, the company would have made a loss of over $9.4m, so the headline profit is misleading as a guide to ongoing performance
p.10 critical conf 98%
Interest payable rose from $2,862,457 in 2024 to $6,060,645 in 2025 — an increase of $3,198,188 or 112%
Why it matters: Finance costs more than doubled in a year, suggesting the company took on significantly more debt or interest rates on existing debt rose sharply, putting more strain on cash flow
p.10 critical conf 97%
Long-term liabilities stand at $82,879,410 against net assets of $10,530,187, giving a ratio of roughly 7.9x
Why it matters: The company owes nearly eight times more in long-term debt than its total net worth — this is a very high level of borrowing and means creditors would be exposed if the company ran into trouble
p.10 critical conf 90%
Cash on the balance sheet is $904 at 31 December 2025
Why it matters: With barely any cash, the company has no buffer against unexpected costs and depends entirely on its subsidiary or debt facilities to meet day-to-day obligations
p.10 critical conf 95%
Directors concluded no material uncertainty over going concern but specifically mentioned the Middle East oil crisis as part of their wider economic assessment
Why it matters: The directors are comfortable the business can keep trading, but they flagged an external geopolitical risk that could affect the aviation sector where this group operates
p.14 important conf 85%
The notes do not provide a maturity profile for borrowings, covenant terms, or details of any undrawn facilities
Why it matters: Without knowing when the debt falls due or what loan conditions apply, it is impossible to judge how close the company might be to a breach or a repayment crunch
p.9, p.10 important conf 90%
The financial statements record no dividend paid by Sentry Aerospares Holdings Limited to its own shareholders in either 2025 or 2024
Why it matters: Shareholders in the holding company have received no cash return, and all retained profits (or losses) stay within the group structure
p.10 useful conf 80%
The financial statements contain no reference to lease liabilities or right-of-use assets at the holding company level
Why it matters: The holding company has no trading operations, so it is expected to carry no leases — this is not a concern at this level
p.9 low conf 85%
Gross assets rose from $144,792,908 to $149,015,782, a gain of $4,222,874 (about 2.9% year on year).
Why it matters: The balance sheet is growing, which suggests the business is expanding its stock holdings and capacity to serve customers rather than shrinking.
p.3 useful conf 92%
The report states commercial flights in 2025 were up 4% on 2024, with further growth expected in 2026.
Why it matters: More flights mean more aircraft needing spare parts, which is directly good for Sentry's core business of supplying aviation components.
p.3 useful conf 80%
The report highlights Sentry Aerospares Limited serves nearly 700 customers in over 85 countries as a measure of its global reach.
Why it matters: A wide and geographically spread customer base reduces the risk that losing one or two customers would badly hurt the business.
p.3 useful conf 75%
The strategic report discloses only gross asset growth as a KPI. No revenue, operating profit, shipment volumes, customer fill rates or margin figures are provided.
Why it matters: Without revenue or margin numbers, it is impossible to judge how profitable or efficient the business really is — anyone trading with or lending to this company has very limited financial performance data to work with.
p.3 low conf 97%
The financial statements cover Sentry Aerospares Holdings Limited, a holding company with no trading activities. No segmental note exists. The only income line is a $35,000,000 dividend received from its subsidiary and $3,429,879 administrative expenses, giving a profit of $25,509,476 for 2025.
Why it matters: There is no split of revenue or profit by business area or geography, so it is impossible to see which parts of the business are growing or struggling from these accounts alone.
p.12 low conf 98%
Specialist deep panels · Structured price capture
Below the prose findings, each agent publishes a structured numeric metrics block. Segmental revenue, named KPIs with YoY %, and capital-structure metrics — direct from the source filings.
Strategic KPIs
Capital structure
Management questions · Open inquiry
Generated by the AI from the disclosure gaps it detected. Hover or tap each card to surface the underlying evidence that triggered the question.
Verification gaps
High-trust analysis names its own blind spots. These are metrics the AI looked for and couldn't find — anything material to the verdict needs management or independent verification.
No subsidiary-level revenue, margin or debt maturity data is disclosed in these holding company accounts, leaving the true trading health of the operating business almost entirely opaque.
07 · Documents
Filing pattern + upcoming windows
Due at Companies House by 2027-09-30 for the period ending 2026-12-31.
Annual confirmation due by 2026-11-29 (made up to 2026-11-15).
Final chapter — The verdict
Moderate Risk
A classic PE holding shell — all the assets, none of the cash — and the equity is nearly gone.
Why this score
Score capped due to zero turnover combined with positive assets (typical shell or dormant structure). | Score capped due to massive year-on-year collapse in net assets (≥50% reduction).
FY2025 audited accounts
Signal Radar
Decisive findings
The hard-hit facts that drove the score. Full breakdown — chapters, between-the-lines, all specialist findings — sits on AI Insights.
The company received a $35,000,000 dividend from its subsidiary in 2025 (nil in 2024), which converted a $3.4m operating loss into a $25.5m net profit
Why it matters: The profit is entirely due to a one-off dividend from a subsidiary — without it, the company would have made a loss of over $9.4m, so the headline profit is misleading as a guide to ongoing performance
p.10
Interest payable rose from $2,862,457 in 2024 to $6,060,645 in 2025 — an increase of $3,198,188 or 112%
Why it matters: Finance costs more than doubled in a year, suggesting the company took on significantly more debt or interest rates on existing debt rose sharply, putting more strain on cash flow
p.10
09 · Verification
What we read
Who we cross-checked
Screening status
Steps we ran
Each step in detail
1 Deep Dive £9.99 · 2 for £15.99 · 3 for £20.99 · then +£4 each. Subscriptions get every Deep Dive cheaper.
Continue to checkout → Review full basket