REGISTERED NUMBER: 07802103 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SHY AVIATION LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G M Vickers-Jones

Mr F H J Maidens

Mr S J Sullivan

REGISTERED OFFICE:

233 High Holborn

London

WC1V 7DN

REGISTERED NUMBER:

07802103 (England and Wales)

ACCOUNTANTS:

Flint & Thompson

2 Manor Square

Solihull

West Midlands

B91 3PX

FIXED ASSETS

Intangible assets

4

527,120

386,828

Tangible assets

5

39,639

39,142

566,759

425,970

CURRENT ASSETS

Debtors

6

3,406,259

1,970,860

Investments

7

-

2,387,349

Cash at bank

204,776

249,109

3,611,035

4,607,318

CREDITORS

Amounts falling due within one year

8

5,752,487

3,828,549

NET CURRENT (LIABILITIES)/ASSETS

(2,141,452

)

778,769

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,574,693

)

1,204,739

CREDITORS

Amounts falling due after more than one year

9

1,005,582

1,144,501

NET (LIABILITIES)/ASSETS

(2,580,275

)

60,238

CAPITAL AND RESERVES

Called up share capital

2,364

2,364

Share premium

249,978

249,978

Retained earnings

(2,832,617

)

(192,104

)

SHAREHOLDERS' FUNDS

(2,580,275

)

60,238

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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.

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 September 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

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

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.

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 22 (2023 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2024

429,809

Additions

203,637

At 31 December 2024

633,446

AMORTISATION

At 1 January 2024

42,981

Amortisation for year

63,345

At 31 December 2024

106,326

NET BOOK VALUE

At 31 December 2024

527,120

At 31 December 2023

386,828

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

24,562

9,865

45,012

79,439

Additions

-

146

13,268

13,414

At 31 December 2024

24,562

10,011

58,280

92,853

DEPRECIATION

At 1 January 2024

-

6,985

33,312

40,297

Charge for year

-

1,378

11,539

12,917

At 31 December 2024

-

8,363

44,851

53,214

NET BOOK VALUE

At 31 December 2024

24,562

1,648

13,429

39,639

At 31 December 2023

24,562

2,880

11,700

39,142

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

403,419

300,939

Amounts owed by group undertakings

484,012

465,582

Other debtors

2,518,828

1,204,339

3,406,259

1,970,860

7.	CURRENT ASSET INVESTMENTS

2024

2023

£

£

Other investments other than

loans

-

2,387,349

-

2,387,349

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

697,858

158,939

Trade creditors

1,196,698

898,324

Amounts owed to group undertakings

478,842

353,673

Taxation and social security

133,732

112,389

Other creditors

3,245,357

2,305,224

5,752,487

3,828,549

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

5,582

144,501

Other creditors

1,000,000

1,000,000

1,005,582

1,144,501

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

Mr S J Sullivan

Balance outstanding at start of year

(944

)

-

Amounts advanced

230,782

278,706

Amounts repaid

(228,926

)

(279,650

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

912

(944

)

Mr G M Vickers-Jones

Balance outstanding at start of year

(100,102

)

-

Amounts advanced

470,187

358,351

Amounts repaid

(369,947

)

(458,453

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

138

(100,102

)

Mr F H J Maidens

Balance outstanding at start of year

(310

)

-

Amounts advanced

42,900

34,690

Amounts repaid

(43,830

)

(35,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,240

)

(310

)

11.	RELATED PARTY DISCLOSURES

At the year end the company owed £478,842 (2023: £353,673) to Shy Lifestyle Ltd, a company where the directors have common control.

At the year end the company was owed £484,012 (2023: £465,582) 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.