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REGISTERED NUMBER: 04682337 (England and Wales)













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: Mr JG Williams
Mr AP Webb
Mr M Westley
Mr N Westley





REGISTERED OFFICE: 12 Flitch Industrial Estate
Chelmsford Road
Great Dunmow
Essex
CM6 1XJ





REGISTERED NUMBER: 04682337 (England and Wales)





ACCOUNTANTS: Elliott, Mortlock, Busby & Co Limited
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 1,601,711 1,334,593
1,601,711 1,334,593

CURRENT ASSETS
Stocks 252,832 549,703
Debtors 7 709,733 761,302
Cash at bank 383,883 520,886
1,346,448 1,831,891
CREDITORS
Amounts falling due within one year 8 1,229,593 514,429
NET CURRENT ASSETS 116,855 1,317,462
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,718,566

2,652,055

CREDITORS
Amounts falling due after more than one
year

9

-

(1,464,391

)

PROVISIONS FOR LIABILITIES 11 (532,652 ) (426,544 )
NET ASSETS 1,185,914 761,120

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,185,814 761,020
SHAREHOLDERS' FUNDS 1,185,914 761,120

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





Mr JG Williams - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Capital expenditure on landlord's property - 10% straight line basis
Plant and machinery - 20% on reducing balance
Office equipment and fixtures - 20% reducing balance and 4 years on cost
Motor vehicles - 10% on reducing balance

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 24 (2023 - 22 ) .

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 35,000
AMORTISATION
At 1 March 2023
and 31 December 2023 35,000
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 59,665 1,583,200 71,950 141,168 1,855,983
Additions - 336,246 10,700 43,467 390,413
At 31 December 2023 59,665 1,919,446 82,650 184,635 2,246,396
DEPRECIATION
At 1 March 2023 34,908 443,262 43,220 - 521,390
Charge for period 4,972 111,908 6,415 - 123,295
At 31 December 2023 39,880 555,170 49,635 - 644,685
NET BOOK VALUE
At 31 December 2023 19,785 1,364,276 33,015 184,635 1,601,711
At 28 February 2023 24,757 1,139,938 28,730 141,168 1,334,593

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade debtors 620,214 561,071
Other debtors 89,519 200,231
709,733 761,302

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 524,582 -
Trade creditors 345,854 310,521
Corporation tax - 48,991
Social security and other taxes 20,534 15,438
Other creditors 298,077 99,448
Directors' current accounts 40,546 40,031
1,229,593 514,429

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2023
£    £   
Other loans - 1,464,391

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 36,031 23,740
Between one and five years 44,804 28,911
80,835 52,651

11. PROVISIONS FOR LIABILITIES
2023 2023
£    £   
Deferred tax 396,251 321,864
Warranty provision 136,401 104,680
532,652 426,544

Deferred Warranty
tax provision
£    £   
Balance at 1 March 2023 321,864 104,680
Charge to Income Statement during period 74,387 31,721
Balance at 31 December 2023 396,251 136,401

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:

31.12.202328.02.2023
£   £   

Balance outstanding at start of year10,000-
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.