Registered number
08569511
Sky Lofts Ltd
Filleted Accounts
31 March 2023
Sky Lofts Ltd
Registered number: 08569511
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 2,170 2,170
Tangible assets 4 67,643 74,433
69,813 76,603
Current assets
Stocks 77,079 125,000
Debtors 5 175,630 112,802
Cash at bank and in hand 182,141 209,275
434,850 447,077
Creditors: amounts falling due within one year 6 (486,452) (462,634)
Net current liabilities (51,602) (15,557)
Total assets less current liabilities 18,211 61,046
Creditors: amounts falling due after more than one year 7 (104,000) (152,000)
Net liabilities (85,789) (90,954)
Capital and reserves
Called up share capital 12 12
Share premium 4,999 4,999
Profit and loss account (90,800) (95,965)
Shareholders' funds (85,789) (90,954)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Wyeth
Director
Approved by the board on 27 November 2023
Sky Lofts Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 2,170
At 31 March 2023 2,170
Amortisation
At 31 March 2023 -
Net book value
At 31 March 2023 2,170
At 31 March 2022 2,170
Intangible assets are not depreciated
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 21,791 124,671 146,462
Additions 2,738 23,500 26,238
Disposals (1,578) (36,707) (38,285)
At 31 March 2023 22,951 111,464 134,415
Depreciation
At 1 April 2022 15,896 56,133 72,029
Charge for the year 2,026 17,189 19,215
On disposals (1,050) (23,422) (24,472)
At 31 March 2023 16,872 49,900 66,772
Net book value
At 31 March 2023 6,079 61,564 67,643
At 31 March 2022 5,895 68,538 74,433
5 Debtors 2023 2022
£ £
Trade debtors 33,609 109,959
Amounts owed by group undertakings and undertakings in which the company has a participating interest 139,178 -
Other debtors 2,843 2,843
175,630 112,802
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 48,000 48,000
Trade creditors 326,761 297,876
Taxation and social security costs 84,393 85,343
Accruals 3,097 3,012
Directors loan accounts 9,218 3,324
Other creditors 14,983 25,079
486,452 462,634
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 104,000 152,000
8 Related party transactions
At the year end the company was owed £139,177 (2022: £nil) by Wyeth Burrell Properties Ltd, a company in which the director is also a director.
During the year the company made sales of £596,311 (2022: £nil) to Wyeth Burrell Properties Ltd, a company in which the director is also a director.
During the year the company made sales of £47,249 (2022: £nil) to SW Homes & Developments Ltd, a company in which the director is also a director.
9 Controlling party
The company is controlled by the director who owns 90% of the issued share capital.
10 Other information
Sky Lofts Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Westmead House
Westmead
Farnborough
Hampshire
GU14 7LP
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