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Registration number: 11020819

Skagen Blade Technology Limited

Financial Statements

for the Year Ended 31 December 2022

 

Skagen Blade Technology Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 6

 

Skagen Blade Technology Limited

Company Information

Director

Mr Dennis Christian Conradsen

Registered office

C/o Beever and Struthers
One Express
1 George Leigh Street
Manchester
M4 5DL

Auditors

Beever and Struthers
One Express
1 George Leigh Street
Manchester
M4 5DL

 

Skagen Blade Technology Limited

(Registration number: 11020819)
Statement of Financial Position as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

414

690

Current assets

 

Debtors

5

28,893

539,023

Cash at bank and in hand

 

7,621

37,643

 

36,514

576,666

Creditors: Amounts falling due within one year

6

(7,294)

(539,665)

Net current assets

 

29,220

37,001

Total assets less current liabilities

 

29,634

37,691

Provisions for liabilities

(79)

(99)

Net assets

 

29,555

37,592

Capital and reserves

 

Called up share capital

7,700

7,700

Retained earnings

21,855

29,892

Shareholders' funds

 

29,555

37,592

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 27 September 2023
 

.........................................
Mr Dennis Christian Conradsen
Director

 

Skagen Blade Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
C/o Beever and Struthers
One Express
1 George Leigh Street
Manchester
M4 5DL
England

These financial statements were authorised for issue by the director on 27 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 September 2023 was Iain Round, BSc FCA, who signed for and on behalf of Beever and Struthers.

Key sources of estimation uncertainty

Accrued income. Accrued income is included based on costs relating to the year not invoiced at the balance sheet date.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Skagen Blade Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

33.33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Skagen Blade Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

828

828

At 31 December 2022

828

828

Depreciation

At 1 January 2022

138

138

Charge for the year

276

276

At 31 December 2022

414

414

Carrying amount

At 31 December 2022

414

414

At 31 December 2021

690

690

 

Skagen Blade Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

5

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

-

530,124

Amounts owed by related parties

8

17,838

-

Other debtors

 

11,055

8,899

   

28,893

539,023

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

-

46,018

Amounts due to related parties

8

-

377,469

Social security and other taxes

 

-

84,998

Outstanding defined contribution pension costs

 

294

294

Accruals

 

7,000

8,196

Income tax liability

-

22,690

 

7,294

539,665

7

Dividends

   

2022

 

2021

   

£

 

£

 

 

Interim dividend of £Nil (2021 - £58) per ordinary share

 

-

 

450,000

   

-

 

450,000

         

8

Related party transactions

The directors are of the opinion that there are no related party transactions which are carried out outside of the normal course of business.

9

Parent and ultimate parent undertaking

The company's immediate parent is JMC 13 Holding ApS, incorporated in Denmark.
 

The ultimate controlling party is O J Conradsen.