Skyblue Aero Services Limited 05099011 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of aircraft pilot training. Digita Accounts Production Advanced 6.30.9574.0 true true 05099011 2023-04-01 2024-03-31 05099011 2024-03-31 05099011 2 2024-03-31 05099011 core:CurrentFinancialInstruments 2024-03-31 05099011 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05099011 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05099011 core:FurnitureFittings 2024-03-31 05099011 core:PlantMachinery 2024-03-31 05099011 1 2024-03-31 05099011 bus:SmallEntities 2023-04-01 2024-03-31 05099011 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05099011 bus:FilletedAccounts 2023-04-01 2024-03-31 05099011 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05099011 bus:RegisteredOffice 2023-04-01 2024-03-31 05099011 bus:Director1 2023-04-01 2024-03-31 05099011 bus:Director2 2023-04-01 2024-03-31 05099011 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05099011 core:FurnitureFittings 2023-04-01 2024-03-31 05099011 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 05099011 core:PlantMachinery 2023-04-01 2024-03-31 05099011 countries:England 2023-04-01 2024-03-31 05099011 1 2023-04-01 2024-03-31 05099011 2023-03-31 05099011 core:FurnitureFittings 2023-03-31 05099011 core:PlantMachinery 2023-03-31 05099011 1 2023-03-31 05099011 2022-04-01 2023-03-31 05099011 2023-03-31 05099011 2 2023-03-31 05099011 core:CurrentFinancialInstruments 2023-03-31 05099011 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05099011 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05099011 core:FurnitureFittings 2023-03-31 05099011 core:PlantMachinery 2023-03-31 05099011 1 2023-03-31 05099011 1 2022-04-01 2023-03-31 05099011 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05099011

Skyblue Aero Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Skyblue Aero Services Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Skyblue Aero Services Limited

(Registration number: 05099011)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

85,973

93,388

Current assets

 

Stocks

5

-

21,707

Debtors

6

151,201

143,436

Cash at bank and in hand

 

121,470

75,091

 

272,671

240,234

Creditors: Amounts falling due within one year

7

(203,188)

(107,039)

Net current assets

 

69,483

133,195

Total assets less current liabilities

 

155,456

226,583

Creditors: Amounts falling due after more than one year

7

(161,853)

(92,535)

Provisions for liabilities

(21,493)

(23,347)

Net (liabilities)/assets

 

(27,890)

110,701

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(27,990)

110,601

Shareholders' (deficit)/funds

 

(27,890)

110,701

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Skyblue Aero Services Limited

(Registration number: 05099011)
Statement of Financial Position as at 31 March 2024 (continued)

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 


Mr A Foan
Director


Mrs L Williams
Director

 

Skyblue Aero Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite 5, Airport House
Exeter Airport
Devon
EX5 2BD

Principal activity

The principal activity of the company is the provision of aircraft pilot training.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Skyblue Aero Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of training services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Skyblue Aero Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% straight line

Fixtures, fittings and equipment

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Skyblue Aero Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 3).

 

Skyblue Aero Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

8,399

109,500

117,899

Additions

5,826

-

5,826

At 31 March 2024

14,225

109,500

123,725

Depreciation

At 1 April 2023

5,061

19,450

24,511

Charge for the year

2,291

10,950

13,241

At 31 March 2024

7,352

30,400

37,752

Carrying amount

At 31 March 2024

6,873

79,100

85,973

At 31 March 2023

3,338

90,050

93,388

5

Stocks

2024
£

2023
£

Work in progress

-

21,707

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

55,867

122,220

Amounts owed by related parties

9

56,850

1,645

Other debtors

 

11,853

19,571

Prepayments

 

5,375

-

Income tax asset

21,256

-

 

151,201

143,436

 

Skyblue Aero Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

40,182

22,463

Trade creditors

 

23,738

51,911

Taxation and social security

 

6,570

24,420

Accruals and deferred income

 

22,265

7,882

Other creditors

 

110,433

363

 

203,188

107,039

The bank loan of £16,000 (2023: £16,000) is secured by way of a fixed and floating charge over the company's assets.

The bank loan totalling of £6,463 (2023: £6,463) is secured by way of a legal charge over the company's aircraft.

The other loan of £17,719 (2023: £nil) is unsecured.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

161,853

92,535

The bank loan of £21,333 (2023: £37,333) is secured by way of a fixed and floating charge over the company's assets.

The other loan of £48,739 (2023: £55,202) is secured by way of a legal charge over the company's aircraft.

The other loan totalling £91,781 (2023: £nil) is unsecured.

Included within creditors: amounts falling due after more than one year is an amount of £22,193 (2023: £30,302) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

 

Skyblue Aero Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

16,468

(16,468)

-

       
     

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

-

35,233

(18,765)

16,468

 

Interest is charged on any amounts owed to the company at HMRC's official rate of interest.