Shiny Sky Limited - Limited company accounts 18.2
Shiny Sky Limited - Limited company accounts 18.2
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
FOR |
SHINY SKY LIMITED |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 7 |
Balance Sheet | 8 |
Statement of Changes in Equity | 9 |
Cash Flow Statement | 10 |
Notes to the Cash Flow Statement | 11 |
Notes to the Financial Statements | 12 |
SHINY SKY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Regency Court |
62-66 Deansgate |
Manchester |
M3 2EN |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
The directors present their strategic report for the year ended 30 September 2018. |
REVIEW OF BUSINESS |
The directors are pleased to report another strong year of trading. Company turnover has increased by 13% with no |
significant impact upon margin. Revenues are expected to continue to rise following the successful acquisition of a |
smaller private hire firm in August 2018 and the directors intentions to make further acquisitions. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company continues to comfortably meet its minimum guarantee requirements and covenants for its exclusive airport |
contracts thereby mitigating the company's principal risk of these contracts coming to an end. |
In addition, the Company continues to invest heavily in it's vehicle fleet and marketing activities thus enabling it to |
manage the risk posed by its competitors. |
The Company has a blue chip customer base and strict debtor procedures in place to manage the risk of bad debts, which |
are consistently at a negligible level. |
Other than factors outside of the Company's control, the Directors are not aware of any significant risks which may |
adversely impact on the Company during the forthcoming financial year. |
ON BEHALF OF THE BOARD: |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
The directors present their report with the financial statements of the company for the year ended 30 September 2018. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of licensed private hire firm and private hire |
booking agency incorporating exclusive private hire contracts with UK airports. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
Ordinary A Shares | £78.50 |
Ordinary B Shares | £78.50 |
Ordinary C Shares | £30.00 |
Ordinary D Shares | £9.00 |
Ordinary E Shares | £38.40 |
Ordinary F Shares | £135.93 |
The directors recommend that no final dividends be paid. |
The total distribution of dividends for the year ended 30 September 2018 will be £699,915. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2016 to the date of this |
report. |
D J Richmond |
Mrs B J Richmond |
D Graham |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have |
taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the |
company's auditors are aware of that information. |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
AUDITORS |
The auditors, Sedulo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SHINY SKY LIMITED |
Opinion |
We have audited the financial statements of Shiny Sky Limited (the 'company') for the year ended 30 September 2018 |
which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow |
Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant |
accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard |
applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2018 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SHINY SKY LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities . This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Regency Court |
62-66 Deansgate |
Manchester |
M3 2EN |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
30.9.18 | 30.9.17 |
Notes | £ | £ |
REVENUE |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Purchase of own shares | ( |
) |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
BALANCE SHEET |
30 SEPTEMBER 2018 |
30.9.18 | 30.9.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Property, plant and equipment | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors on |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2016 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2017 |
Changes in equity |
Issue of share capital | ( |
) | - | ( |
) |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2018 |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
30.9.18 | 30.9.17 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) |
Net hire purchase repayments in year | ( |
) |
Amount withdrawn by directors | (11,086 | ) | (94,146 | ) |
Share buyback | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
874,471 |
907,241 |
Cash and cash equivalents at end of year | 2 | 1,055,793 | 874,471 |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.9.18 | 30.9.17 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 152,367 | 205,897 |
2,329,964 | 2,346,727 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
Year ended 30 September 2018 |
30.9.18 | 1.10.17 |
£ | £ |
Cash and cash equivalents | 1,055,793 | 874,471 |
Year ended 30 September 2017 |
30.9.17 | 1.10.16 |
£ | £ |
Cash and cash equivalents | 874,471 | 907,241 |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
1. | STATUTORY INFORMATION |
Shiny Sky Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoices sales of services, excluding value added tax. Income from drivers who use |
company owned vehicles is included within turnover as it falls due. |
Goodwill |
Goodwill, being the amounts paid in connection with the acquisition of several businesses, is being written off |
evenly over its estimated useful life in relation to each business acquired. |
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. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive |
Income, 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. |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
30.9.18 | 30.9.17 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.9.18 | 30.9.17 |
Operatives | 83 | 72 |
Administrative | 21 | 18 |
30.9.18 | 30.9.17 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.9.18 | 30.9.17 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Goodwill amortisation |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
5. | AUDITORS' REMUNERATION |
2017 | 2016 |
£ | £ |
Fees payable to the company's auditors for: |
Audit of the company's financial statements | 9,600 | 9,600 |
Accountancy and tax advisory services | 12,354 | 11,424 |
21,954 | 21,024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.9.18 | 30.9.17 |
£ | £ |
Bank loan interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.9.18 | 30.9.17 |
£ | £ |
Current tax: |
UK corporation tax |
Prior year adjustment | (37,614 | ) | - |
Total current tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
30.9.18 | 30.9.17 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2017 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Overprovision | 4,707 | - |
Movement in deferred tax | (33,000 | ) | (37,173 | ) |
Prior year adjustment | (37,614 | ) | - |
Total tax charge | 189,386 | 222,825 |
Tax effects relating to effects of other comprehensive income |
30.9.18 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares | ( |
) | - | (89,700 | ) |
8. | DIVIDENDS |
2018 | 2017 |
£ | £ |
Ordinary A shares of £1 each | 277,497 | 285,027 |
Ordinary B shares of £1 each | 311,253 | 319,698 |
Ordinary C shares of £1 each | 15,000 | 13,500 |
Ordinary D shares of £1 each | 9,000 | 36,000 |
Ordinary E shares of £1 each | 19,200 | 20,640 |
Ordinary F shares of £1 each | 67,965 | 9,585 |
699,915 | 684,450 |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
9. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2017 |
Additions |
At 30 September 2018 |
AMORTISATION |
At 1 October 2017 |
Amortisation for year |
At 30 September 2018 |
NET BOOK VALUE |
At 30 September 2018 |
At 30 September 2017 |
10. | PROPERTY, PLANT AND EQUIPMENT |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 October 2017 |
Additions |
At 30 September 2018 |
DEPRECIATION |
At 1 October 2017 |
Charge for year |
Eliminated on disposal |
At 30 September 2018 |
NET BOOK VALUE |
At 30 September 2018 |
At 30 September 2017 |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
10. | PROPERTY, PLANT AND EQUIPMENT - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2017 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2018 |
DEPRECIATION |
At 1 October 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2018 |
NET BOOK VALUE |
At 30 September 2018 |
At 30 September 2017 |
The net carrying value of motor vehicles held under hire purchase contracts at 30 September 2018 is £2,352,707 |
(2017 - £1,976,997). |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.18 | 30.9.17 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 351,720 | 340,634 |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.18 | 30.9.17 |
£ | £ |
Hire purchase contracts (see note 15) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 385,366 | 409,115 |
Other creditors |
Accrued expenses |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.18 | 30.9.17 |
£ | £ |
Other loans (see note 14) |
Hire purchase contracts (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
30.9.18 | 30.9.17 |
£ | £ |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
30.9.18 | 30.9.17 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating |
leases |
30.9.18 | 30.9.17 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.9.18 | 30.9.17 |
£ | £ |
Hire purchase contracts | 2,212,497 | 1,426,211 |
Other loans | 1,420,000 | 1,250,000 |
Hire purchase contracts are secured against the relevant asset. |
Other loans are secured on the share capital of the company. |
17. | PROVISIONS FOR LIABILITIES |
30.9.18 | 30.9.17 |
£ | £ |
Deferred tax |
Timing differences | 29,000 | 62,000 |
Deferred |
tax |
£ |
Balance at 1 October 2017 |
Movement in the period | (33,000 | ) |
Balance at 30 September 2018 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
3,535 | Ordinary A | £1 | 3,535 | 3,535 |
3,965 | Ordinary B | £1 | 3,965 | 3,965 |
500 | Ordinary C | £1 | 500 | 1,500 |
700 | Ordinary D | £1 | 700 | 1,000 |
500 | Ordinary E | £1 | 500 | 500 |
500 | Ordinary F | £1 | 500 | 500 |
9,700 | 10,000 |
All shares have attached to them full voting, dividend and capital distribution (including on winding up) rights |
and are not redeemable. |
During the year the company purchased 300 of its own Ordinary D shares for £90,000 |
SHINY SKY LIMITED (REGISTERED NUMBER: 05244139) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 October 2017 |
Profit for the year |
Dividends | ( |
) |
Purchase of own shares | (89,700 | ) |
At 30 September 2018 |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 September 2018 and |
30 September 2017: |
30.9.18 | 30.9.17 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The loan is repayable on demand and has been repaid in full after the end of the financial period. |