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REGISTERED NUMBER: 11206687 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SHY LIFESTYLE LTD

SHY LIFESTYLE LTD (REGISTERED NUMBER: 11206687)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SHY LIFESTYLE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr S Sullivan
Mr G M Vickers-Jones





REGISTERED OFFICE: 233 High Holburn
London
WC1V 7DN





REGISTERED NUMBER: 11206687 (England and Wales)





ACCOUNTANTS: Askews Chartered Certified Accountants
5 The Quadrant
Coventry
West Midlands
CV1 2EL

SHY LIFESTYLE LTD (REGISTERED NUMBER: 11206687)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 62,000 -
Tangible assets 5 2,270 -
64,270 -

CURRENT ASSETS
Debtors 6 601,964 595,766
Cash at bank 87 1,467
602,051 597,233
CREDITORS
Amounts falling due within one year 7 411,564 289,189
NET CURRENT ASSETS 190,487 308,044
TOTAL ASSETS LESS CURRENT
LIABILITIES

254,757

308,044

CREDITORS
Amounts falling due after more than one
year

8

31,642

38,152
NET ASSETS 223,115 269,892

CAPITAL AND RESERVES
Called up share capital 120 120
Retained earnings 222,995 269,772
223,115 269,892

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

The members have not required the company to obtain an audit of its financial statements for the year 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.

SHY LIFESTYLE LTD (REGISTERED NUMBER: 11206687)

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 23 December 2024 and were signed on its behalf by:





Mr G M Vickers-Jones - Director


SHY LIFESTYLE LTD (REGISTERED NUMBER: 11206687)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Shy Lifestyle 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. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - NIL ) .

SHY LIFESTYLE LTD (REGISTERED NUMBER: 11206687)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
Additions 62,000
At 31 December 2023 62,000
NET BOOK VALUE
At 31 December 2023 62,000

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 3,145
At 31 December 2023 3,145
DEPRECIATION
Charge for year 875
At 31 December 2023 875
NET BOOK VALUE
At 31 December 2023 2,270

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 145,986 -
Amounts owed by group undertakings 356,236 595,418
Other debtors 99,742 348
601,964 595,766

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,841 5,841
Payments on account 135,242 24,630
Trade creditors 87,227 51,805
Amounts owed to group undertakings - 55,018
Taxation and social security 83,097 73,813
Other creditors 100,157 78,082
411,564 289,189

SHY LIFESTYLE LTD (REGISTERED NUMBER: 11206687)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 31,642 38,152

9. RELATED PARTY DISCLOSURES

At the year end the company owed Shy Aviation (USA) LLC £55,018 (2021: £55,018), a company where the directors have common control.

At the year end the company was owed £353,672 (2022: £557,099) and £0 (2021: £36,612) by Shy Aviation Ltd and Shy Aviation Spain SL respectively, companies where the directors have common control.