Skyborne Aviation Training Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10561676 (England and Wales)

Financial Statements for the Year Ended 31 December 2021

for

Skyborne Aviation Training Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I G Cooper

T Misner

L J Woodward

REGISTERED OFFICE:

Skypark Flight Centre

Gloucestershire Airport

Staverton

Cheltenham

Gloucester

GL51 6SR

REGISTERED NUMBER:

10561676 (England and Wales)

AUDITORS:

Carter & Coley Limited

Chartered Accountants and Statutory Auditors

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

FIXED ASSETS

Intangible assets

5

129,986

-

Tangible assets

6

2,940,520

3,185,899

3,070,506

3,185,899

CURRENT ASSETS

Stocks

34,572

11,087

Debtors

7

2,933,183

3,101,304

Cash at bank and in hand

587,459

1,676,217

3,555,214

4,788,608

CREDITORS

Amounts falling due within one year

8

9,255,358

8,337,317

NET CURRENT LIABILITIES

(5,700,144

)

(3,548,709

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,629,638

)

(362,810

)

CREDITORS

Amounts falling due after more than one year

9

2,314,101

4,313,688

NET LIABILITIES

(4,943,739

)

(4,676,498

)

CAPITAL AND RESERVES

Called up share capital

200

100

Share premium

1,599,900

-

Retained earnings

(6,543,839

)

(4,676,598

)

(4,943,739

)

(4,676,498

)

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 10 March 2023 and were signed on its behalf by:

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.

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

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 20% on cost, 10% on cost and at varying rates on cost

Government grants

Grants will be included in the Income Statement on a receivable basis. The income received for specific purposes but not expended during the period will be shown in the relevant asset on balance sheet. When income is received in advance of meeting any performance related conditions there is not unconditional entitlement to the income and its recognition will be deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income will be accrued.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Skyborne Aviation Group Ltd, the parent company have indicated that they will provide support to the company 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 40 (2020 - 32 ) .

4.	AUDITORS' REMUNERATION

31.12.21

31.12.20

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

17,450

-

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

141,771

At 31 December 2021

141,771

AMORTISATION

Charge for year

11,785

At 31 December 2021

11,785

NET BOOK VALUE

At 31 December 2021

129,986

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2021

24,501

3,809,488

3,833,989

Additions

-

29,222

29,222

Disposals

(2,854

)

-

(2,854

)

At 31 December 2021

21,647

3,838,710

3,860,357

DEPRECIATION

At 1 January 2021

-

648,090

648,090

Charge for year

4,460

267,287

271,747

At 31 December 2021

4,460

915,377

919,837

NET BOOK VALUE

At 31 December 2021

17,187

2,923,333

2,940,520

At 31 December 2020

24,501

3,161,398

3,185,899

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2021

and 31 December 2021

531,265

DEPRECIATION

At 1 January 2021

42,987

Charge for year

7,064

At 31 December 2021

50,051

NET BOOK VALUE

At 31 December 2021

481,214

At 31 December 2020

488,278

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

1,587,345

2,008,393

Amounts owed by group undertakings

71,929

-

Other debtors

1,273,909

1,092,911

2,933,183

3,101,304

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Hire purchase contracts

51,676

46,734

Payments on account

241,977

-

Trade creditors

1,305,081

283,495

Taxation and social security

82,963

235,764

Other creditors

7,573,661

7,771,324

9,255,358

8,337,317

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Hire purchase contracts

285,871

337,547

Other creditors

2,028,230

3,976,141

2,314,101

4,313,688

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Hire purchase contracts

337,547

384,281

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

The Report of the Auditors was unqualified.

Andrew Clark (Senior Statutory Auditor)

for and on behalf of Carter & Coley Limited

12.	RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity:-

Sales £441,900 (2020 £nil)

Purchases £3,226,371 (2020 £129,728)

Amounts due from related parties £92,613 (2020 £nil)

Amounts due to related parties £953,134 (2020 £nil)

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Skyborne Aviation Group Limited.

The company's parent company, registered in the UK.