Surf AccountsProduction v1.0.0 v1.0.0 2022-10-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of Skelatech Limited is to source and provide funding for animation productions 25 October 2023 1 1 10393123 2023-09-30 10393123 2022-09-30 10393123 2021-09-30 10393123 2022-10-01 2023-09-30 10393123 2021-10-01 2022-09-30 10393123 uk-bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 10393123 uk-curr:PoundSterling 2022-10-01 2023-09-30 10393123 uk-bus:AbridgedAccounts 2022-10-01 2023-09-30 10393123 uk-bus:Director1 2022-10-01 2023-09-30 10393123 uk-bus:Director2 2022-10-01 2023-09-30 10393123 uk-bus:RegisteredOffice 2022-10-01 2023-09-30 10393123 uk-bus:Agent1 2022-10-01 2023-09-30 10393123 uk-core:ShareCapital 2023-09-30 10393123 uk-core:ShareCapital 2022-09-30 10393123 uk-core:RetainedEarningsAccumulatedLosses 2023-09-30 10393123 uk-core:RetainedEarningsAccumulatedLosses 2022-09-30 10393123 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-09-30 10393123 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-09-30 10393123 uk-core:RestatedAmount uk-core:RetainedEarningsAccumulatedLosses 2022-09-30 10393123 uk-core:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 10393123 uk-bus:FRS102 2022-10-01 2023-09-30 10393123 uk-core:ParentEntities 2022-10-01 2023-09-30 10393123 uk-countries:UnitedKingdom 2022-10-01 2023-09-30 10393123 uk-bus:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Skelatech Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 30 September 2023



Skelatech Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Adam Nagle
Mark Howell
 
 
Company Registration Number 10393123
 
 
Registered Office and Business Address 10 Little Portland Street
London, W1W 7JG
England
 
 
Accountants Hugh McCarthy & Associates
Chartered Accountants
1st and 2nd Floor,The Mill
Greenmount Industrial Estate
Harolds Cross
Dublin 12
Ireland
 
 
Bankers Barclays
  Leicester
  Leicestershire
  United Kingdom
  LE87 2BB



Skelatech Limited
DIRECTORS' REPORT
for the financial year ended 30 September 2023

 
The directors present their report and the unaudited financial statements for the financial year ended 30 September 2023.
 
Principal Activity
The principal activity of Skelatech Limited is to source and provide funding for animation productions
     
Principal Risks and Uncertainties
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company and the company's methodology for mitigating these risks are as follows -

Financial risk management objectives and policies
The company uses financial instruments throughout its business.  It manages its interest rate and currency exposures and reviews its borrowings to achieve a desired profile.  The company does not engage in transactions in derivatives but manages risks where possible without engaging in speculative transactions.  The core risks associated with the company’s financial instruments (i.e. its interest-bearing loans and debt, cash and cash equivalents, finance leases, on the operational level trade receivables and payables) are currency risk, interest rate risk, credit risk and liquidity risk.  The board reviews and agrees policies for the prudent management of these risks as follows:

Currency risk
The company’s activities in the UK are conducted primarily in sterling; this results in low levels of currency transaction risk, variances affecting operational activities in this regard are reflected in operating costs or in cost of sales in the profit and loss account in the years in which they arise. The company does not currently have any hedging instruments but appraises the position from time to time and would take action if foreign exchange became significant and/or damaging to the business.

Finance and Interest rate risk
The company’s objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability.  A long-term strategy for the management of the exposure considers the amount of floating rate debt that is anticipated over the period and the sensitivity of the interest charge on this debt to changes in interest rates, and the resultant impact on reported profitability.  The company has a mix of fixed and floating rate debt. The company does not currently have any hedging instruments but appraises the position from time to time and would take action if interest rates became significant and/or damaging to the business.

Liquidity and cash flow risk
The company’s objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities.  The company’s policy is to ensure that sufficient resources are available either from cash balances and cash flows to ensure all obligations can be met when they fall due.  To achieve this the company ensures that when relevant it limits the maturity of cash balances and borrows the majority of its debt needs under term financing.  

Credit risk
The company has no significant concentrations of credit risk.
     
Results and Dividends
The (loss)/profit for the financial year amounted to £(941,368) (2022 - £13,387).
     
Directors
The directors who served during the financial year are as follows:
     
Adam Nagle
Mark Howell
   
There were no changes in directors shareholdings between 30 September 2023 and the date of signing the financial statements.
     
Political Contributions
The company did not make any disclosable political donations in the current financial year.
     
Indemnity Insurance
In accordance with our articles of association and to the extent permitted by the laws of England and Wales, directors are granted an indemnity from the Company in respect of liabilities incurred as a result of their office. In addition, we maintained a directors' and officers' liability insurance policy throughout the year. Neither our indemnity nor the insurance provides cover in the event that a director is proven to have acted dishonestly or fraudulently.
     
Statement of directors' Responsibilities and Declaration on Unaudited Financial Statements
     
The directors made the following statement in respect of the unaudited financial statements:
     
"General responsibilities
The directors are responsible for preparing the Directors' Report 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) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). 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 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.
     
Directors' declaration on unaudited financial statements
In relation to the financial statements comprising the Abridged Income Statement, the Abridged Statement of Financial Position, the Statement of Changes in Equity and the related notes:
     
The directors approve these financial statements and confirm that they are responsible for them, including selecting the appropriate accounting policies, applying them consistently and making, on a reasonable and prudent basis, the judgements underlying them. They have been prepared on the going concern basis on the grounds that the company will continue in business.
     
The directors confirm that they have made available to Hugh McCarthy & Associates, (Chartered Accountants), all the company's accounting records and provided all the information, books and documents necessary for the compilation of the financial statements.
     
The directors confirm that to the best of their knowledge and belief, the accounting records reflect all the transactions of the company for the financial year ended 30 September 2023."
     
Future Developments
The directors are not expecting to make any significant changes in the nature of the business in the near future.
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
___________________________
Adam Nagle
Director
     
25 October 2023



Skelatech Limited
ABRIDGED INCOME STATEMENT
for the financial year ended 30 September 2023
2023 2022
Notes £ £

Gross (loss)/profit (935,011) 41,667
 
Administrative expenses (6,357) (28,280)
───────── ─────────
(Loss)/profit before taxation (941,368) 13,387
 
Tax on (loss)/profit - -
───────── ─────────
(Loss)/profit for the financial year (941,368) 13,387
───────── ─────────
Total comprehensive income (941,368) 13,387
    ═════════   ═════════



Skelatech Limited
Company Registration Number: 10393123
ABRIDGED STATEMENT OF FINANCIAL POSITION
as at 30 September 2023

2023 2022
Notes £ £
 
Current Assets
Inventories 12,550,081 13,485,092
Receivables 65,949 65,940
Cash and cash equivalents 291,060 297,426
───────── ─────────
12,907,090 13,848,458
───────── ─────────
Payables: amounts falling due within one year (2,625) (2,625)
───────── ─────────
Net Current Assets 12,904,465 13,845,833
───────── ─────────
Total Assets less Current Liabilities 12,904,465 13,845,833
 
Payables:
amounts falling due after more than one year (10,115,000) (10,115,000)
───────── ─────────
Net Assets 2,789,465 3,730,833
═════════ ═════════
 
Equity
Called up share capital 4,851,259 4,851,259
Retained earnings (2,061,794) (1,120,426)
───────── ─────────
Equity attributable to owners of the company 2,789,465 3,730,833
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 25 October 2023 and signed on its behalf by
           
           
________________________________          
Adam Nagle          
Director          
           



Skelatech Limited
STATEMENT OF CHANGES IN EQUITY
as at 30 September 2023

Called up Retained Total
share earnings
capital
£ £ £
 
At 1 October 2021 4,851,259 (1,133,813) 3,717,446
───────── ───────── ─────────
Profit for the financial year - 13,387 13,387
───────── ───────── ─────────
At 30 September 2022 4,851,259 (1,120,426) 3,730,833
  ───────── ───────── ─────────
Loss for the financial year - (941,368) (941,368)
  ───────── ───────── ─────────
At 30 September 2023 4,851,259 (2,061,794) 2,789,465
  ═════════ ═════════ ═════════



Skelatech Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 30 September 2023

   
1. General Information
 
Skelatech Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 10393123. The registered office of the company is 10 Little Portland Street, London, W1W 7JG, England which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 30 September 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue comprises the fair value of consideration received and receivable exclusive of value added tax and after discounts and rebates.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest.

Revenue from the provision of services is recognised in the accounting period in which the services are rendered and the outcome of the contract can be estimated reliably.  The company uses the percentage of completion method based on the actual service performed as a percentage of the total services to be provided.
 
Inventories
Inventories are valued at the lower of cost and net realisable value. Inventories are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Statement of Financial Position bank overdrafts are shown within Payables.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Related parties
For the purposes of these financial statements a party is considered to be related to the company if:
 
- the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the company in making financial and operating policy decisions or has joint control over the company;
- the company and the party are subject to common control;
- the party is an associate of the company or forms part of a joint venture with the company;
- the party is a member of key management personnel of the company or the company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals;
- the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or
- the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.
 
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the company.
 
Employee benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 1, (2022 - 1).
 
  2023 2022
  Number Number
 
Administration 1 1
  ═════════ ═════════
       
4. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 September 2023.
   
5. Parent company
 
The company regards Skelatech Holdings Limited as its parent company.
 
   
6. Controlling interest
 
The company is owned and controlled by Skelatech Holding Limited, the parent company.
   
7. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.