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2023-08-01
Sage Accounts Production 24.0 - FRS102_2024
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2024-07-31
Company registration number:
01508607
Skyline IFE Limited
Unaudited filleted financial statements
31 July 2024
Skyline IFE Limited
Contents
Directors and other information
Director's report
Accountants report
Statement of financial position
Notes to the financial statements
Skyline IFE Limited
Directors and other information
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Director |
Dr Richard Barsby |
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Company number |
01508607 |
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Registered office |
The Enterprise Centre |
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University of East Anglia |
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Norwich |
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Norfolk |
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NR4 7TJ |
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Accountants |
i-Accounting Solutions Ltd |
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The Enterprise Centre |
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University of East Anglia |
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Norwich |
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Norfolk |
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NR4 7TJ |
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Skyline IFE Limited
Director's report
Year ended 31 July 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 July 2024.
Principal Activity
Skyline IFE Ltd provides a wide range of World Cinema for In-flight Entertainment (IFE) in over 30 languages to the commercial airline industry. Our expertise and inclusive specialist service involves sourcing and pre-screening all titles to ensure they meet their high quality standards and pre-specified criteria. We also provide production services including editing, subtitling, encoding in all formats, and the preparation of materials.
In addition, we offer an exceptional range of IFE ancillary services including: customised boarding music, multi-lingual announcements, tailored collections of music videos, bespoke safety videos and safety cards, and iPRAM card reprogramming.
Our clients also enjoy access to our extensive IFE film library on https://inflight.movie.
More information is available on our website https://inflightentertainment.media/.
Review of Business
In 2023-2024, we continued our core activity, supplying quality World Cinema content to the commercial airline industry.
We also continued to develop state of the art production of hyper realistic CGI demonstration videos, audio announcement recording and programming, and media integration services for legacy IFE systems.
Skyline IFE continues to appreciate and value our relationships with our ever-growing international customer and supplier bases, and of our hard-working team.
Director
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
17 April 2025
and signed on behalf of the board by:
Dr Richard Barsby
Director
Skyline IFE Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Skyline IFE Limited
Year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Skyline IFE Limited for the year ended 31 July 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Skyline IFE Limited, as a body, in accordance with the terms of our engagement letter dated 27 August 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Skyline IFE Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Skyline IFE Limited and its director as a body for our work or for this report.
It is your duty to ensure that Skyline IFE Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Skyline IFE Limited. You consider that Skyline IFE Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Skyline IFE Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
i-Accounting Solutions Ltd
Chartered Certified Accountant
The Enterprise Centre
University of East Anglia
Norwich
Norfolk
NR4 7TJ
17 April 2025
Skyline IFE Limited
Statement of financial position
31 July 2024
|
|
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|
2024 |
|
|
|
2023 |
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
298,596 |
|
|
|
311,227 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
298,596 |
|
|
|
311,227 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
169,271 |
|
|
|
133,107 |
|
|
Debtors |
|
6 |
458,105 |
|
|
|
429,908 |
|
|
Cash at bank and in hand |
|
|
435,040 |
|
|
|
304,406 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
1,062,416 |
|
|
|
867,421 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
246,523) |
|
|
|
(
80,398) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
815,893 |
|
|
|
787,023 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
1,114,489 |
|
|
|
1,098,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
33,031) |
|
|
|
(
27,613) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
1,081,458 |
|
|
|
1,070,637 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
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|
|
|
|
|
|
|
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Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
7,525 |
|
|
|
7,525 |
Revaluation reserve |
|
|
|
|
174,361 |
|
|
|
174,361 |
Capital redemption reserve |
|
|
|
|
2,475 |
|
|
|
2,475 |
Profit and loss account |
|
|
|
|
897,097 |
|
|
|
886,276 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
1,081,458 |
|
|
|
1,070,637 |
|
|
|
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|
_______ |
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|
_______ |
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
17 April 2025
, and are signed on behalf of the board by:
Dr Richard Barsby
Director
Skyline IFE Limited
Notes to the financial statements
Year ended 31 July 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/o i-Accounting Solutions Ltd, The Enterprise Centre, University of East Anglia, Norwich, Norfolk, NR4 7TJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Sale of goods - Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer ahs signed for the delivery of the goods. Rendering of services - Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
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|
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|
Freehold property |
- |
4 % |
straight line |
|
Plant and machinery |
- |
25 % |
reducing balance |
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|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments like trade debtors and trade creditors are initially recognised at the transaction price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Staff costs
The average number of persons employed by the company during the year amounted to
3
(2023:
3
).
The aggregate payroll costs incurred during the year were:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
156,752 |
152,279 |
|
Other pension costs |
|
66,676 |
102,300 |
|
|
|
_______ |
_______ |
|
|
|
223,428 |
254,579 |
|
|
|
_______ |
_______ |
|
|
|
|
|
5.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 August 2023 |
378,489 |
421,435 |
799,924 |
|
|
|
|
|
Additions |
- |
4,101 |
4,101 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 July 2024 |
378,489 |
425,536 |
804,025 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 August 2023 |
80,409 |
408,288 |
488,697 |
|
|
|
|
|
Charge for the year |
12,420 |
4,312 |
16,732 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 July 2024 |
92,829 |
412,600 |
505,429 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 July 2024 |
285,660 |
12,936 |
298,596 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 July 2023 |
298,080 |
13,147 |
311,227 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets held at valuation
The property was revalued on 31 07 22 using a gross rent multiplier of 9 by Paul Wright & Co.
6.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
122,396 |
96,757 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
327,563 |
321,792 |
|
Other debtors |
|
8,146 |
11,359 |
|
|
|
_______ |
_______ |
|
|
|
458,105 |
429,908 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
327,563 |
321,792 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
45,956 |
64,585 |
|
Corporation tax |
|
16,011 |
9,624 |
|
Social security and other taxes |
|
3,983 |
4,481 |
|
Other creditors |
|
180,573 |
1,708 |
|
|
|
_______ |
_______ |
|
|
|
246,523 |
80,398 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
Polaris Property Asset Management Ltd |
5,360 |
698 |
323,481 |
318,121 |
|
Sigma One Holdings Ltd |
411 |
1,027 |
4,082 |
3,671 |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
Loans to group undertakings outstanding as at the year end.