Skyports Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10755230 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

SKYPORTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D C E Walker

S Morrish

M A Budd

B Kuehn

D Ryan

K M Allen

M Piron

M Tsuyama

REGISTERED OFFICE:

Kingfisher House

Radford Way

Billericay

Essex

CM12 0EQ

REGISTERED NUMBER:

10755230 (England and Wales)

ACCOUNTANTS:

Haines Watts

Advantage

87 Castle Street

Reading

Berkshire

RG1 7SN

FIXED ASSETS

Intangible assets

4

-

833

Tangible assets

5

33,306

84,432

Investments

6

22,392

74

55,698

85,339

CURRENT ASSETS

Debtors

7

1,831,712

761,196

Cash at bank and in hand

2,949,323

4,836,751

4,781,035

5,597,947

CREDITORS

Amounts falling due within one year

8

196,673

160,302

NET CURRENT ASSETS

4,584,362

5,437,645

TOTAL ASSETS LESS CURRENT LIABILITIES

4,640,060

5,522,984

CAPITAL AND RESERVES

Called up share capital

300,740

300,740

Share premium

7,929,356

7,929,356

Retained earnings

(3,590,036

)

(2,707,112

)

4,640,060

5,522,984

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 and authorised for issue by the Board of Directors and authorised for issue on 29 June 2022 and were signed on its behalf by:

D C E Walker - Director

1.	STATUTORY INFORMATION

Skyports 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.

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.

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

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2020 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2020

and 30 September 2021

4,000

AMORTISATION

At 1 October 2020

3,167

Charge for year

833

At 30 September 2021

4,000

NET BOOK VALUE

At 30 September 2021

-

At 30 September 2020

833

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2020

89,740

Additions

26,046

Disposals

(64,063

)

At 30 September 2021

51,723

DEPRECIATION

At 1 October 2020

5,308

Charge for year

13,109

At 30 September 2021

18,417

NET BOOK VALUE

At 30 September 2021

33,306

At 30 September 2020

84,432

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2020

74

Additions

22,318

At 30 September 2021

22,392

NET BOOK VALUE

At 30 September 2021

22,392

At 30 September 2020

74

At the balance sheet date, Skyports Limited held

100% of the share capital in Skyports Inc

100% of the share capital in Skyports Pte Ltd

100% of the share capital in Skyports Air Mobility GmbH 100% of the share capital in Skyports Air Mobility Ireland Limited

100 % of the share capital in Skyports Deliveries Limited.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

6,610

2,411

Amounts owed by group undertakings

806,589

279,330

Other debtors

23,913

13,205

Tax

250,730

425,094

VAT

14,956

17,730

Deferred tax asset

651,763

-

Prepayments and accrued income

77,151

23,426

1,831,712

761,196

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

124,032

54,166

Amounts owed to group undertakings

2

-

Social security and other taxes

45,692

23,665

Other creditors

21,197

2,955

Accruals and deferred income

5,750

79,516

196,673

160,302

9.	SHARE-BASED PAYMENT TRANSACTIONS

As at 30 September 2021, there were 49,050 share options issued but not yet exercised. The share options are over Ordinary shares of £1 each.