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Skytec Aviation Ltd

Registered Number
SC147731
(Scotland)

Unaudited Financial Statements for the Year ended
30 September 2023

Skytec Aviation Ltd
Company Information
for the year from 1 October 2022 to 30 September 2023

Directors

SHAW, David John
WATSON, Daniel Thomas, Captain

Company Secretary

BARR, Jennifer Anne

Registered Address

23 Langlands Avenue
South Kelvin Business Park
East Kilbride
G75 0YG

Registered Number

SC147731 (Scotland)
Skytec Aviation Ltd
Balance Sheet as at
30 September 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets55,0123,671
Investments6134,623134,623
139,635138,294
Current assets
Stocks823,00023,000
Debtors9100,241128,459
Cash at bank and on hand264,169249,669
387,410401,128
Creditors amounts falling due within one year10(71,096)(81,958)
Net current assets (liabilities)316,314319,170
Total assets less current liabilities455,949457,464
Net assets455,949457,464
Capital and reserves
Profit and loss account455,949457,464
Shareholders' funds455,949457,464
The financial statements were approved and authorised for issue by the Board of Directors on 28 November 2023, and are signed on its behalf by:
SHAW, David John
Director
WATSON, Daniel Thomas, Captain
Director

Registered Company No. SC147731
Skytec Aviation Ltd
Notes to the Financial Statements
for the year ended 30 September 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Office Equipment15
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year66
5.Property, plant and equipment

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 October 2211,91423,94435,858
Additions2,614-2,614
At 30 September 2314,52823,94438,472
Depreciation and impairment
At 01 October 2211,22320,96432,187
Charge for year8264471,273
At 30 September 2312,04921,41133,460
Net book value
At 30 September 232,4792,5335,012
At 30 September 226912,9803,671
6.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 October 22134,623134,623
At 30 September 23134,623134,623
Net book value
At 30 September 23134,623134,623
At 30 September 22134,623134,623

Notes

1Other investments other than loans
7.Dividends proposed and payable

2023

2022

££
Dividends Paid95,000-
Total95,000-
8.Stocks

2023

2022

££
Other stocks23,00023,000
Total23,00023,000
9.Debtors

2023

2022

££
Trade debtors / trade receivables100,241126,037
Prepayments and accrued income-2,422
Total100,241128,459
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables-5,379
Amounts owed to related parties6,4955,004
Taxation and social security46,08135,718
Other creditors2,589507
Accrued liabilities and deferred income15,93135,350
Total71,09681,958
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.