Company registration number 12068216 (England and Wales)
SKAIGH ENGINEERING MBO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
SKAIGH ENGINEERING MBO LIMITED
COMPANY INFORMATION
Directors
Mr M Edmondson
Mr M Harper
Mr N H Newman
Company number
12068216
Registered office
Oldway
Chudleigh
Newton Abbot
DEVON
TQ13 0JA
Accountants
Bush & Co Limited
2 Barnfield Crescent
Exeter
EX1 1QT
SKAIGH ENGINEERING MBO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SKAIGH ENGINEERING MBO LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
552,125
254,390
Current assets
Debtors
4
43,946
Cash at bank and in hand
591
611
44,537
611
Creditors: amounts falling due within one year
5
(294,907)
(248,922)
Net current liabilities
(250,370)
(248,311)
Net assets
301,755
6,079
Capital and reserves
Called up share capital
3
3
Retained earnings
301,752
6,076
Total equity
301,755
6,079
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SKAIGH ENGINEERING MBO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
Mr M Edmondson
Director
Company Registration No. 12068216
SKAIGH ENGINEERING MBO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Skaigh Engineering MBO Limited is a private company limited by shares incorporated in England and Wales. The registered office is Oldway, Chudleigh, Newton Abbot, DEVON, TQ13 0JA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“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 in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Dividend income from investments is recognised when the shareholder's right to receive payment has been established
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
SKAIGH ENGINEERING MBO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial instruments are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts/payments discounted at a market rate of interest. Financial instruments classified as receivable or payable within one year are not amortised.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
552,125
254,390
SKAIGH ENGINEERING MBO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2022
254,390
Additions
297,735
At 30 April 2023
552,125
Carrying amount
At 30 April 2023
552,125
At 30 April 2022
254,390
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
43,946
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
294,907
248,922