Registered number
04100589
Skatoskalo International Limited
Filleted Accounts
31 December 2021
Skatoskalo International Limited
Registered number: 04100589
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 7,316 7,000
Investments 4 112,648 112,648
119,964 119,648
Current assets
Stocks 236,204 123,042
Debtors 5 39,335 73,426
Cash at bank and in hand 198,458 40,729
473,997 237,197
Creditors: amounts falling due within one year 6 (161,644) (409,038)
Net current assets/(liabilities) 312,353 (171,841)
Total assets less current liabilities 432,317 (52,193)
Provisions for liabilities (1,390) (1,330)
Net assets/(liabilities) 430,927 (53,523)
Capital and reserves
Called up share capital 200 200
Profit and loss account 430,727 (53,723)
Shareholder's funds 430,927 (53,523)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R B Vince
Director
Approved by the board on 4 August 2022
Skatoskalo International Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The going concern basis has been applied, being dependent upon the ongoing support of creditors, including the director. This support is expected to continue for the forseesable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures,fittings and office equipment Plant and machinery etc Total
£ £ £
Cost
At 1 January 2021 53,142 33,765 86,907
Additions 2,145 - 2,145
At 31 December 2021 55,287 33,765 89,052
Depreciation
At 1 January 2021 47,555 32,352 79,907
Charge for the year 1,547 282 1,829
At 31 December 2021 49,102 32,634 81,736
Net book value
At 31 December 2021 6,185 1,131 7,316
At 31 December 2020 5,587 1,413 7,000
4 Investments
Other
investments
£
Cost
At 1 January 2021 112,648
At 31 December 2021 112,648
5 Debtors 2021 2020
£ £
Trade debtors 9,528 84,915
Receipts in advance (46,306) (41,178)
Prepayments 72,476 308
Other debtors 3,637 29,381
39,335 73,426
6 Creditors £ £
Trade creditors 61,359 34,506
Accruals 2,860 3,083
Corporation tax 1,745 -
Other taxes and social security costs 3,796 4,668
Other creditors 91,884 366,781
161,644 409,038
6 Events after the reporting date
There have been no events since the balance sheet date which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
7 Pension commitments
There are no known pension commitments which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
8 Contingent liabilities
There are no contingent liabilities which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
9 Related party transactions
Dividends of £2000 were paid during the year. As at the year end the company owed Mr R B Vince £2298. The loan is interest free with no fixed date for repayment.
10 Controlling party
The company is under the control of Mr R B Vince being the sole director and shareholder of the company.
11 Other information
Skatoskalo International Limited is a private company limited by shares and incorporated in England. Its registered office is:
21 Brunel Way
Thetford
Norfolk
IP24 1HP
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