REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 MARCH 2023 TO 31 DECEMBER 2023 |
FOR |
SKYSMART MRO LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 MARCH 2023 TO 31 DECEMBER 2023 |
FOR |
SKYSMART MRO LTD |
SKYSMART MRO LTD (REGISTERED NUMBER: 04682337) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SKYSMART MRO LTD |
COMPANY INFORMATION |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
12 High Street |
Stanford le Hope |
Essex |
SS17 0EY |
SKYSMART MRO LTD (REGISTERED NUMBER: 04682337) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
SKYSMART MRO LTD (REGISTERED NUMBER: 04682337) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SKYSMART MRO LTD (REGISTERED NUMBER: 04682337) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Skysmart MRO Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is the amount derived from ordinary activities, and is measured at the fair value of the consideration received and receivable in respect of services and goods supplied by the company during the year excluding value added tax and trade discounts. |
Licences |
Licences are amortised over a period of 5 years on a straight line basis, as it is the opinion of the directors that the licence will hold the most value during this time. |
Tangible fixed assets |
Capital expenditure on landlord's property | - |
Plant and machinery | - |
Office equipment and fixtures | - |
Motor vehicles | - |
Motor vehicles comprise the company's development expenditure on its aircraft. These aircraft are currently under construction and are not yet available for use. Consequently no depreciation has been charged. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Basic financial instruments are initially recognised at transaction price and then subsequently at amortised cost with the exception of equity investments that are initially measured at fair value (being the transaction price excluding any transaction costs) with subsequent measurements at fair value, with changes recognised in profit and loss. |
SKYSMART MRO LTD (REGISTERED NUMBER: 04682337) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 taxation |
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 period 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Operating leases |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred. |
Provisions |
A provision is recognised when the company has a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not recognised for future operating losses. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
SKYSMART MRO LTD (REGISTERED NUMBER: 04682337) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 March 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 March 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 28 February 2023 |
6. | TANGIBLE FIXED ASSETS |
Capital |
expenditure | Office |
on | equipment |
landlord's | Plant and | and | Motor |
property | machinery | fixtures | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 March 2023 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 28 February 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
SKYSMART MRO LTD (REGISTERED NUMBER: 04682337) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Other loans |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2023 |
£ | £ |
Other loans |
Other loans are loans received from a company in which some of the directors have an interest. These loans are not repayable by instalment but do incur a market rate of interest. The balance of the loans outstanding at the 31 December was £524,582 (28 February 2023: £1,464,391). The loans have been repaid, in full, after the period end. |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2023 |
£ | £ |
Within one year |
Between one and five years |
11. | PROVISIONS FOR LIABILITIES |
2023 | 2023 |
£ | £ |
Deferred tax | 396,251 | 321,864 |
Warranty provision | 136,401 | 104,680 |
Deferred | Warranty |
tax | provision |
£ | £ |
Balance at 1 March 2023 |
Charge to Income Statement during period |
Balance at 31 December 2023 |
The provision for deferred taxation is made up of accelerated capital allowances. |
The company accrues warranty reserves for estimated costs of future repairs, based on historical experience and terms of warranties granted. |
SKYSMART MRO LTD (REGISTERED NUMBER: 04682337) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 31 DECEMBER 2023 |
12. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme, for the employees and directors. The assets of the scheme are held separately from those of the company in independently administered funds. At the balance sheet date there were unpaid contributions amounting to £2,316 (28.02.2023: £1,851). |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 31 December 2023 and the year ended 28 February 2023: |
31.12.2023 | 28.02.2023 |
£ | £ |
Balance outstanding at start of year | 10,000 | - |
Amounts advanced | - | 10,000 |
Amounts repaid | (10,000 | ) | - |
Balance outstanding at end of year | - | 10,000 |
The above loan to the director was interest free and repayable on demand. |