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COMPANY REGISTRATION NUMBER: SC425868
Sky Rocket Wellness Ltd
Filleted Unaudited Abridged Financial Statements
31 March 2022
Sky Rocket Wellness Ltd
Abridged Financial Statements
Year ended 31 March 2022
Contents
Page
Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
Sky Rocket Wellness Ltd
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Sky Rocket Wellness Ltd
Year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Sky Rocket Wellness Ltd for the year ended 31 March 2022, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Sky Rocket Wellness Ltd in accordance with the terms of our engagement letter dated 11 December 2013. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Sky Rocket Wellness Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sky Rocket Wellness Ltd and its director for our work or for this report.
It is your duty to ensure that Sky Rocket Wellness Ltd has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sky Rocket Wellness Ltd. You consider that Sky Rocket Wellness Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Sky Rocket Wellness Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
CAMERON & CO Chartered accountants
48 Court Street Haddington East Lothian EH41 3NP
8 August 2022
Sky Rocket Wellness Ltd
Abridged Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
2,583
2,676
Current assets
Debtors
6,228
22,815
Cash at bank and in hand
44,974
69,378
--------
--------
51,202
92,193
Creditors: amounts falling due within one year
2,853
15,059
--------
--------
Net current assets
48,349
77,134
--------
--------
Total assets less current liabilities
50,932
79,810
--------
--------
Net assets
50,932
79,810
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
50,930
79,808
--------
--------
Shareholders funds
50,932
79,810
--------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.
Sky Rocket Wellness Ltd
Abridged Statement of Financial Position (continued)
31 March 2022
These abridged financial statements were approved by the board of directors and authorised for issue on 16 August 2022 , and are signed on behalf of the board by:
Ms L Ramsay
Director
Company registration number: SC425868
Sky Rocket Wellness Ltd
Notes to the Abridged Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 3 Boquhapple Mains, Thornhill, Stirling, FK8 3AR, Scotland.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered. The majority of income is sourced from areas outside the scope for VAT.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Website
-
25% straight line
Fixtures & Fittings
-
25% reducing balance
Office equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
£
Cost
At 1 April 2021
8,313
Additions
768
-------
At 31 March 2022
9,081
-------
Depreciation
At 1 April 2021
5,637
Charge for the year
861
-------
At 31 March 2022
6,498
-------
Carrying amount
At 31 March 2022
2,583
-------
At 31 March 2021
2,676
-------
6. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.