Skyborne Aviation Training Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10561676 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SKYBORNE AVIATION TRAINING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr L J Woodward

Mr M Bettelli

REGISTERED OFFICE:

Skypark Flight Centre

Gloucestershire Airport

Staverton

Cheltenham

GL51 6SR

REGISTERED NUMBER:

10561676 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Mark Nicholas Winks FCCA

AUDITORS:

Bronsens

Chartered Certified Accountants

Statutory Auditors

Eden House

Two Rivers Business Park

Witney

Oxfordshire

OX28 4BL

FIXED ASSETS

Intangible assets

4

328,217

93,798

Tangible assets

5

2,147,344

2,239,776

2,475,561

2,333,574

CURRENT ASSETS

Stocks

110,259

63,554

Debtors

6

7,334,806

3,065,023

Cash at bank and in hand

1,775,137

928,044

9,220,202

4,056,621

CREDITORS

Amounts falling due within one year

7

15,103,965

9,456,145

NET CURRENT LIABILITIES

(5,883,763

)

(5,399,524

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,408,202

)

(3,065,950

)

CREDITORS

Amounts falling due after more than one
year

8

2,579,265

2,028,230

NET LIABILITIES

(5,987,467

)

(5,094,180

)

CAPITAL AND RESERVES

Called up share capital

12

200

Share premium

1,599,900

Fair value reserve

13

289,601

318,937

Retained earnings

(7,877,168

)

(7,013,217

)

SHAREHOLDERS' FUNDS

(5,987,467

)

(5,094,180

)

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 15 September 2025 and were signed on its behalf by:

Mr L J Woodward - Director

1.	STATUTORY INFORMATION

Skyborne Aviation Training Limited 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 principal activity of the Company throughout the period was that of aviation training. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

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 as modified by the revaluation of certain assets.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services:

the amount of revenue can be measured reliably;

it is probable that the company will receive the consideration due under the contract;

the stage of completion of the contract at the end of the reporting period can be measured

reliably; and

the costs incurred and the costs to complete the contract can be measured reliably.

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.

Development costs are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Leasehold Improvements

-

20% on cost

Aircrafts and engines

-

at varying rates on cost

Fixtures and fittings

-

20% on cost

Office equipment

-

20% on cost

Following a revaluation of the airframes in 2022, airframes are depreciated over 20 years less any residual value. Engines are depreciated in accordance with their flight hours and simulators are depreciated over 10 - 12 years on cost.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

The ultimate shareholders of Skyborne Aviation Group Ltd, the parent company, have confirmed that they will provide support to the group and will continue to do so for the foreseeable future.

The directors, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2023 - 48 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 January 2024

166,196

Additions

275,968

At 31 December 2024

442,164

AMORTISATION

At 1 January 2024

72,398

Amortisation for year

41,549

At 31 December 2024

113,947

NET BOOK VALUE

At 31 December 2024

328,217

At 31 December 2023

93,798

5.	TANGIBLE FIXED ASSETS

Aircrafts

Fixtures

Leasehold

and

Office

Improvements

engines

fittings

equipment

Totals

£

COST OR VALUATION

At 1 January 2024

68,285

3,187,103

106,277

123,745

3,485,410

Additions

-

285,686

14,294

42,686

342,666

Disposals

-

(246,357

)

-

(13,646

)

(260,003

)

At 31 December 2024

68,285

3,226,432

120,571

152,785

3,568,073

DEPRECIATION

At 1 January 2024

14,959

1,091,901

80,970

57,804

1,245,634

Charge for year

14,325

285,318

13,011

40,357

353,011

Eliminated on disposal

-

(164,270

)

-

(13,646

)

(177,916

)

At 31 December 2024

29,284

1,212,949

93,981

84,515

1,420,729

NET BOOK VALUE

At 31 December 2024

39,001

2,013,483

26,590

68,270

2,147,344

At 31 December 2023

53,326

2,095,202

25,307

65,941

2,239,776

Cost or valuation at 31 December 2024 is represented by:

Aircrafts

Fixtures

Leasehold

and

Office

Improvements

engines

fittings

equipment

Totals

£

Valuation in 2022

-

289,601

-

289,601

Cost

68,285

2,936,831

120,571

152,785

3,278,472

68,285

3,226,432

120,571

152,785

3,568,073

6.

DEBTORS

31.12.24

31.12.23

£

Amounts falling due within one year:

Trade debtors

2,072,729

226,309

Amounts owed by group undertakings

100

Other debtors

19,605

14,368

Deferred tax asset

475,000

-

Prepayments and accrued income

2,780,535

732,524

5,347,969

973,301

Amounts falling due after more than one year:

Deferred tax asset

1,986,837

2,091,722

Aggregate amounts

7,334,806

3,065,023

Deferred tax asset

31.12.24

31.12.23

£

Accelerated capital allowances

(405,167

)

(379,498

)

Tax losses carried forward

2,867,004

2,471,220

2,461,837

2,091,722

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Other loans

88,081

300,000

Trade creditors

1,321,575

551,765

Amounts owed to group undertakings

1,199,308

1,744,375

Social security and other taxes

106,098

97,528

VAT

133,548

56,611

Other creditors

19,416

14,936

Accommodation deposits

70,500

42,500

Accruals and deferred income

12,165,439

6,640,032

Accrued expenses

-

8,398

15,103,965

9,456,145

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

£

Other loans - 1-2 years

2,579,265

2,028,230

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

Within one year

819,800

815,560

Between one and five years

1,965,600

2,419,200

In more than five years

-

151,200

2,785,400

3,385,960

10.	SECURED DEBTS

Close Brothers Ltd registered legal charges dated 3 April 2024 against the aircraft and engines of the company.

11.	DEFERRED TAX

£

Balance at 1 January 2024

(2,091,722

)

Credit to Income Statement during year

(370,115

)

Balance at 31 December 2024

(2,461,837

)

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

13,000

Ordinary A

1p

130

3,000

Ordinary B

1p

30

3,000

Ordinary C

1p

30

1,000

Ordinary D

1p

10

200

13.

RESERVES

Fair

value

reserve

£

At 1 January 2024

318,937

Disposal of Aircraft

(29,336

)

At 31 December 2024

289,601

14.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Mark Nicholas Winks FCCA (Senior Statutory Auditor)

for and on behalf of Bronsens

15.	PENSION COMMITMENTS

The company operates a defined contribution pensions scheme for its employees and directors. During the year contributions of £214,838 (2023 - £173,894) were made to the scheme.

As at 31 December 2024 the sum of £19,416 (2023 - £15,828) was outstanding and is included in other creditors.

16.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

In addition, the directors also own shares in Goldfire Properties Ltd and Coldray Ltd and are therefore related parties.

The company leases student accommodation from Coldray Ltd. Rent is charged on a commercial basis, the total costs for the year in relation to this were £604,800. As at 31 December 2024 £52,281 was outstanding.

The company leases its premises at Skypark Flight Centre from Goldfire Properties Ltd. Rent is charged on a commercial basis, the total costs for the year in relation to this were £210,760. As at 31 December 2024 £64,500 was outstanding.

In addition, the company has loans totalling £2,028,230 from Heritage Investments FZE, a company connected to one of the ultimate shareholders. Market rate interest was charged on the loans. The interest charge for the year was £248,608.

Details of remuneration to key management personnel are detailed in note 3 of the accounts.

17.	CONTROLLING PARTY

The company is a wholly owned subsidiary of Skyborne Aviation Group Ltd, a company registered in England.

Accounts for the Group can be obtained form the company's registered office at Skypark Flight Centre, Gloucestershire Airport, Staverton, Cheltenham, GL51 6SR.