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Company Registration No. 11885352 (England and Wales)
SKY AUTOS LTD
Financial Statements
for the Period from 01 April 2022 to 31 March 2023

SKY AUTOS LTD

Financial Statements for the period ending 31 March 2023

SKY AUTOS LTD

Financial Statements for the period ending 31 March 2023

Notes to the Accounts

1. Statutory Information
SKY AUTOS LTD is a private company, limited by shares, registered in England and Wales, registration number 11885352.
2. Accounting Policies
Basis of preparing the Financial Statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts i n these financial statements are rounded to the nearest £.The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.These financial statements for the year ended 31 March 2023 are the financial statements ofSky Autos Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Presentation Currency
The accounts are presented in £ sterling.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

SKY AUTOS LTD

Financial Statements for the period ending 31 March 2023

Notes to the Accounts

Current Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Tangible Fixed Asset Policy
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment lossesDepreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:Plant and machinery 25% on a reducing balance basisFixtures, fittings and equipment 15% on a reducing balance basisMotor vehicles 25% on a reducing balance basisThe gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss

SKY AUTOS LTD

Financial Statements for the period ending 31 March 2023

Notes to the Accounts

Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

SKY AUTOS LTD

Financial Statements for the period ending 31 March 2023

Notes to the Accounts

3. Employees
Average number of employees, including directors, during the year was as follows:
2023 4
2022 2
4. Principal Activity
The principal activity of the company continued to be that of vehicle sales

SKY AUTOS LTD

Financial Statements for the period ending 31 March 2023

Notes to the Accounts

5. Fixed Assets
Motor Vehicles Fixtures and Fittings Total
Cost or valuation £ £ £
At 01/04/2022 43,081 59,919 103,000
Additions - - -
At 31/03/2023 43,081 59,919 103,000
Depreciation
At 01/04/2022 - - -
Charge for the year 10,770 8,987 19,757
At 31/03/2023 10,770 8,987 19,757
Net Book Value
At 31/03/2023 32,311 50,932 83,243
At 31/03/2022 43,081 59,919 103,000