REGISTERED NUMBER: 11038943 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

MYHELI LTD

Page

Balance sheet

1

Notes to the financial statements

2

Fixed assets

Intangible assets

4

238,674

279,014

Investments

5

-

1

238,674

279,015

Current assets

Stocks

474,756

482,061

Debtors

6

2,683,354

1,922,958

Cash at bank

2,283

43,665

3,160,393

2,448,684

Creditors

Amounts falling due within one year

7

3,088,414

2,125,819

Net current assets

71,979

322,865

Total assets less current liabilities

310,653

601,880

Capital and reserves

Called up share capital

8

1,000,000

1,000,000

Retained earnings

(689,347

)

(398,120

)

Shareholders' funds

310,653

601,880

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

Mr D Dryden - Director

1.	Statutory information

Myheli Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 11038943. The registered office and business address is Hanger 14, Langford Lane, Oxford Airport, Kidlington, Oxfordshire, OX5 1QX.

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

The company measures turnover at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the amount can be reliably estimated and the inherent risk and rewards of ownership have been to the other party.

Revenue earned from services is primarily derived from the management or provision of aircraft which includes revenues generated by logistics support, chartering and maintenance. Revenue includes fixed contracts fees and variable fees such as revenue earned through reference to flying hours together with recharges for costs and expenses incurred relating to the management and/or provision of aircraft.

Revenue from aircraft services is recognised when the service has been performed in accordance with the terms of the contractual arrangement.

Revenues from aircraft maintenance and repairs is stated at cost appropriate to their stage of completion plus attributable profits. It is recognised by reference to the initial amount agreed in the contract plus any variation in contract work to the extent that it is probable that they will result in revenue and can be measured reliably. The stage of completion is assessed by reference to completion of a physical proportion of the contract work measured with reference to hours and materials incurred to date as a percentage of total estimated costs for each contract.

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.

All costs incurred in respect of attaining licences are capitalised as such, and are amortised over the estimated life of the licence, being 10 years.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stock and Work In Progress are valued at the lower of cost and net realisable value.

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 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.

Financial instruments

Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

Group accounts

The company is exempt from the requirements to prepare consolidated financial statements as its parent company, Inuit Holdings Ltd, is a company registered in Guernsey and the members of the parent company have waived the requirement to prepare consolidated financial statements and to have the company audited.

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiaries comprise a small-sized group. The group has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

3.	Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

4.	Intangible fixed assets

Other

intangible

assets

£

Cost

At 1 November 2023

and 31 October 2024

403,393

Amortisation

At 1 November 2023

124,379

Charge for year

40,340

At 31 October 2024

164,719

Net book value

At 31 October 2024

238,674

At 31 October 2023

279,014

5.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 November 2023

1

Disposals

(1

)

At 31 October 2024

-

Net book value

At 31 October 2024

-

At 31 October 2023

1

6.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

635,753

759,513

Other debtors

832,444

369,491

VAT

14,317

-

Prepayments & accrued income

1,200,840

793,954

2,683,354

1,922,958

7.

Creditors: amounts falling due within one year

2024

2023

£

£

Trade creditors

1,128,074

662,200

Amounts owed to group undertakings

230,690

230,691

VAT

-

30,171

Other creditors

32,000

32,000

Directors' current accounts

240,000

240,000

Accruals and deferred income

1,457,650

930,757

3,088,414

2,125,819

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,000,000

Ordinary

£1

1,000,000

1,000,000

9.	Ultimate controlling party

The company is under the control of the director, Mr D Dryden, due to his 100% beneficial holdings of the issued share capital of the parent company Inuit Holdings Ltd, a Guernsey registered company.