REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
MYHELI LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
MYHELI LTD |
MYHELI LTD (REGISTERED NUMBER: 11038943) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Balance sheet | 1 |
Notes to the financial statements | 2 |
MYHELI LTD (REGISTERED NUMBER: 11038943) |
BALANCE SHEET |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Investments | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MYHELI LTD (REGISTERED NUMBER: 11038943) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | Statutory information |
Myheli Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 11038943. The registered office and business address is Hanger 14, Langford Lane, Oxford Airport, Kidlington, Oxfordshire, OX5 1QX. |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
The company measures turnover at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when the amount can be reliably estimated and the inherent risk and rewards of ownership have been to the other party. |
Revenue earned from services is primarily derived from the management or provision of aircraft which includes revenues generated by logistics support, chartering and maintenance. Revenue includes fixed contracts fees and variable fees such as revenue earned through reference to flying hours together with recharges for costs and expenses incurred relating to the management and/or provision of aircraft. |
Revenue from aircraft services is recognised when the service has been performed in accordance with the terms of the contractual arrangement. |
Revenues from aircraft maintenance and repairs is stated at cost appropriate to their stage of completion plus attributable profits. It is recognised by reference to the initial amount agreed in the contract plus any variation in contract work to the extent that it is probable that they will result in revenue and can be measured reliably. The stage of completion is assessed by reference to completion of a physical proportion of the contract work measured with reference to hours and materials incurred to date as a percentage of total estimated costs for each contract. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
All costs incurred in respect of attaining licences are capitalised as such, and are amortised over the estimated life of the licence, being 10 years. |
Tangible fixed assets |
Aircraft assets are depreciated over varying periods based on their expected useful life, allowing for an anticipated residual value of 10% of cost. All other minor maintenance and repair costs are charged to the income statement as incurred. |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
MYHELI LTD (REGISTERED NUMBER: 11038943) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | Accounting policies - continued |
Stocks |
Stock and Work In Progress are valued at the lower of cost and net realisable value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Financial instruments |
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
Group accounts |
The company is exempt from the requirements to prepare consolidated financial statements as its parent company, Inuit Holdings Ltd, is a company registered in Guernsey and the members of the parent company have waived the requirement to prepare consolidated financial statements and to have the company audited. |
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiaries comprise a small-sized group. The group has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts. |
3. | Employees and directors |
The average number of employees during the year was |
MYHELI LTD (REGISTERED NUMBER: 11038943) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
4. | Intangible fixed assets |
Other |
intangible |
assets |
£ |
Cost |
At 1 November 2022 |
and 31 October 2023 |
Amortisation |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
5. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 November 2022 |
and 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments & accrued income |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
VAT | 30,171 | 67,298 |
Other creditors |
Directors' current accounts | 240,000 | 240,000 |
Accruals and deferred income |
MYHELI LTD (REGISTERED NUMBER: 11038943) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,000,000 | 1,000,000 |
9. | Ultimate controlling party |
The company is under the control of the directors due to their combined 100% beneficial holdings of the issued share capital of the parent company Inuit Holdings Ltd, a Guernsey registered company. |