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REGISTERED NUMBER: 07802103 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SHY AVIATION LTD

SHY AVIATION LTD (REGISTERED NUMBER: 07802103)

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 AVIATION LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr G M Vickers-Jones
Mr F H J Maidens
Mr S J Sullivan





REGISTERED OFFICE: 233 High Street
Holborn
London
WC1V 7DN





REGISTERED NUMBER: 07802103 (England and Wales)





ACCOUNTANTS: Flint & Thompson
2 Manor Square
Solihull
West Midlands
B91 3PX

SHY AVIATION LTD (REGISTERED NUMBER: 07802103)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 386,828 225,190
Tangible assets 5 39,142 6,996
425,970 232,186

CURRENT ASSETS
Debtors 6 1,970,860 3,046,002
Investments 7 2,387,349 2,387,349
Cash at bank 249,109 614,668
4,607,318 6,048,019
CREDITORS
Amounts falling due within one year 8 3,828,549 2,591,275
NET CURRENT ASSETS 778,769 3,456,744
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,204,739

3,688,930

CREDITORS
Amounts falling due after more than one
year

9

(1,144,501

)

(1,294,829

)

PENSION LIABILITY - (1,457,156 )
NET ASSETS 60,238 936,945

CAPITAL AND RESERVES
Called up share capital 2,364 2,364
Share premium 249,978 249,978
Retained earnings (192,104 ) 684,603
SHAREHOLDERS' FUNDS 60,238 936,945

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 AVIATION LTD (REGISTERED NUMBER: 07802103)

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 27 March 2025 and were signed on its behalf by:




Mr F H J Maidens - Director Mr G M Vickers-Jones - Director




Mr S J Sullivan - Director


SHY AVIATION LTD (REGISTERED NUMBER: 07802103)

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


1. STATUTORY INFORMATION

Shy Aviation 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 ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% Straight line
Computer equipment - 33% per annum of cost

SHY AVIATION LTD (REGISTERED NUMBER: 07802103)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
i) Loans and receivables

All loans and borrowings are initially recognised at fair value, net of transaction costs incurred. Following initial recognition interest-bearing loans and borrowings are subsequently stated at amortised cost using the effective interest method.

Gains and losses are recognised in the income statement when the instruments are derecognised or impaired. Premia, discounts and other costs and fees are recognised in the income statement through the amortisation process.

Borrowings are classified as current liabilities unless the Company has unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

ii) Trade receivables

Trade receivables do not carry any interest receivable and are initially recognised at fair value and subsequently at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

iii) Trade payables

Trade payables are not interest bearing and are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method.

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
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.

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.

SHY AVIATION LTD (REGISTERED NUMBER: 07802103)

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


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company provides pension benefits for senior employees, under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an increase in respect of indexation over and above the initial contracted amount.

Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company`s contributions are fixed until the point of retirement at which point any further contributions of annual increases cease.

Going concern
The company will continue to trade with the support of its directors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 225,190
Additions 204,619
At 31 December 2023 429,809
AMORTISATION
Amortisation for year 42,981
At 31 December 2023 42,981
NET BOOK VALUE
At 31 December 2023 386,828
At 31 December 2022 225,190

SHY AVIATION LTD (REGISTERED NUMBER: 07802103)

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


5. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 - 6,162 31,786 37,948
Additions 24,562 3,703 13,226 41,491
At 31 December 2023 24,562 9,865 45,012 79,439
DEPRECIATION
At 1 January 2023 - 5,643 25,309 30,952
Charge for year - 1,342 8,003 9,345
At 31 December 2023 - 6,985 33,312 40,297
NET BOOK VALUE
At 31 December 2023 24,562 2,880 11,700 39,142
At 31 December 2022 - 519 6,477 6,996

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 300,939 399,244
Amounts owed by group undertakings 465,582 2,273,976
Other debtors 1,204,339 372,782
1,970,860 3,046,002

7. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Other investments other than
loans 2,387,349 2,387,349
2,387,349 2,387,349

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 158,939 151,788
Trade creditors 898,324 287,835
Amounts owed to group undertakings 353,673 557,098
Taxation and social security 112,389 118,137
Other creditors 2,305,224 1,476,417
3,828,549 2,591,275

SHY AVIATION LTD (REGISTERED NUMBER: 07802103)

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


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 144,501 294,829
Other creditors 1,000,000 1,000,000
1,144,501 1,294,829

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr S J Sullivan
Balance outstanding at start of year - -
Amounts advanced 278,706 -
Amounts repaid (279,650 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (944 ) -

Mr G M Vickers-Jones
Balance outstanding at start of year - -
Amounts advanced 358,351 -
Amounts repaid (458,453 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (100,102 ) -

Mr F H J Maidens
Balance outstanding at start of year - -
Amounts advanced 34,690 -
Amounts repaid (35,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (310 ) -

SHY AVIATION LTD (REGISTERED NUMBER: 07802103)

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


11. RELATED PARTY DISCLOSURES

At the year end the company was owed £NIL (2022: £2,062,325) from Shy Aviation (USA) LLB, a company where the directors have common control. This company is now dissolved.

At the year end the company was owed £NIL (2022: £79,942) from Shy Aviation Spain SL, a company where the directors have common control.

At the year end the company was owed £NIL (2022: £124,401) from Shy Aviation Canada, a company where the directors have common control.

At the year end the company owed £353,673 (2022: £557,099) to Shy Lifestyle Ltd, a company where the directors have common control.

At the year end the company was owed £465,582 (2022: £7,307) from DMCC, a company where the directors have common control.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company are Mr G Vickers-Jones and Mr S Sullivan.