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Registration number: 09958681

Skyspares Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Skyspares Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Skyspares Limited

(Registration number: 09958681)
Statement of Financial Position as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

359,318

224,007

Current assets

 

Stocks

4,870,354

4,260,662

Debtors

5

135,009

275,846

Cash at bank and in hand

 

1,658,999

796,714

 

6,664,362

5,333,222

Creditors: Amounts falling due within one year

6

(947,233)

(715,529)

Net current assets

 

5,717,129

4,617,693

Total assets less current liabilities

 

6,076,447

4,841,700

Creditors: Amounts falling due after more than one year

6

(2,581,813)

(1,912,810)

Provisions for liabilities

(38,605)

(31,264)

Net assets

 

3,456,029

2,897,626

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

3,455,929

2,897,526

Shareholders' funds

 

3,456,029

2,897,626

For the financial year ending 31 March 2025 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 30 June 2025
 


Mr Michael Stephen Saywell
Director

 

Skyspares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Okehampton Point
Exeter Road Industrial Estate
Okehampton
Devon
EX20 1UA

Principal activity

The principal activity of the company is a commercial aerospace division dedicated to the purchase and sale of surplus Airline and MRO inventories.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

 

Skyspares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold property

10 years straight line

Fittings, fixtures and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

3 years straight line

 

Skyspares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Skyspares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 16 (2024 - 12).

4

Tangible assets

Long leasehold property
£

Fixtures, fittings and equipment
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

158,883

88,163

29,247

62,146

338,439

Additions

80,526

32,226

6,100

61,800

180,652

At 31 March 2025

239,409

120,389

35,347

123,946

519,091

Depreciation

At 1 April 2024

30,727

31,429

25,765

26,511

114,432

Charge for the year

19,737

11,323

2,798

11,483

45,341

At 31 March 2025

50,464

42,752

28,563

37,994

159,773

Carrying amount

At 31 March 2025

188,945

77,637

6,784

85,952

359,318

At 31 March 2024

128,156

56,734

3,482

35,635

224,007

 

Skyspares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

5

Debtors

2025
£

2024
£

Trade debtors

96,630

254,010

Other debtors

38,379

21,836

135,009

275,846

6

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

Trade creditors

23,728

182,721

Amounts owed to group undertakings and undertakings in which the company has a participating interest

688,595

445,351

Taxation and social security

184,944

52,632

Accruals and deferred income

8,883

15,888

Other creditors

41,083

18,937

947,233

715,529

Creditors: amounts falling due after more than one year

2025
£

2024
£

Due after one year

Bank borrowings

218,102

317,744

Amounts owed to group undertakings and undertakings in which the company has a participating interest

2,363,711

1,595,066

2,581,813

1,912,810

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Skyspares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

8

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is South West Aerospace Holdings Limited, incorporated in England and Wales.