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Registration number: 13717612

M Sky Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

M Sky Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

iXBRL Detailed Profit and Loss Account

13

 

M Sky Limited

Company Information

Director

Mohammad Al-Khairi

Registered office

12 Orchid Close, London,
United Kingdom,
SE13 5NP

Accountants

Charles Rippin and Turner Limited
Charles Rippin & Turner
Middlesex House
130 College Road
HA1 1BQ

 

M Sky Limited

Director's Report for the Year Ended 30 November 2023

The director presents his report and the financial statements for the year ended 30 November 2023.

Director of the company

The director who held office during the year was as follows:

Mohammad Al-Khairi

Principal activity

The principal activity of the company is Other professional, scientific and technical activities not elsewhere classified

Small companies provision statement

This report has 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.

Approved and authorised by the director on 21 February 2024
 

.........................................
Mohammad Al-Khairi
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
M Sky Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of M Sky Limited for the year ended 30 November 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of M Sky Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of M Sky Limited and state those matters that we have agreed to state to the Board of Directors of M Sky Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M Sky Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that M Sky Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of M Sky Limited. You consider that M Sky Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of M Sky Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Charles Rippin and Turner Limited
Charles Rippin & Turner
Middlesex House
130 College Road
HA1 1BQ

21 February 2024

 

M Sky Limited

Profit and Loss Account for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

 

119,032

85,229

Gross profit

 

119,032

85,229

Administrative expenses

 

(63,213)

(31,402)

Operating profit

 

55,819

53,827

Profit before tax

4

55,819

53,827

Profit for the financial year

 

55,819

53,827

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

M Sky Limited

Statement of Comprehensive Income for the Year Ended 30 November 2023

2023
£

2022
£

Profit for the year

55,819

53,827

Total comprehensive income for the year

55,819

53,827

 

M Sky Limited

(Registration number: 13717612)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

111,004

55,160

Current assets

 

Debtors

27,535

-

Cash at bank and in hand

 

117,572

78,130

 

145,107

78,130

Creditors: Amounts falling due within one year

6

(146,464)

(79,462)

Net current liabilities

 

(1,357)

(1,332)

Net assets

 

109,647

53,828

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

109,646

53,827

Shareholders' funds

 

109,647

53,828

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Approved and authorised by the director on 21 February 2024
 

.........................................
Mohammad Al-Khairi
Director

 

M Sky Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

1

53,827

53,828

Profit for the year

-

55,819

55,819

At 30 November 2023

1

109,646

109,647

Share capital
£

Retained earnings
£

Total
£

Profit for the year

-

53,827

53,827

New share capital subscribed

1

-

1

At 30 November 2022

1

53,827

53,828

 

M Sky Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
12 Orchid Close, London,
United Kingdom,
SE13 5NP

These financial statements were authorised for issue by the director on 21 February 2024.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Tax

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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

 

M Sky Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Asset class

Depreciation method and rate

Furniture and fittings

20% Reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 1).

 

M Sky Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

12,824

13,790

 

M Sky Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

68,950

68,950

Additions

68,668

68,668

Disposals

(13,700)

(13,700)

At 30 November 2023

123,918

123,918

Depreciation

At 1 December 2022

13,790

13,790

Charge for the year

12,824

12,824

Eliminated on disposal

(13,700)

(13,700)

At 30 November 2023

12,914

12,914

Carrying amount

At 30 November 2023

111,004

111,004

At 30 November 2022

55,160

55,160

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

142,864

75,862

Accruals and deferred income

 

3,600

3,600

 

146,464

79,462

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         
 

M Sky Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

142,864

75,862

 

M Sky Limited

iXBRL Detailed Profit and Loss Account for the Year Ended 30 November 2023

2023
£

2022
£

Turnover/revenue

119,032

85,229

Cost of sales

Opening stock/inventories

-

-

Closing stock/inventories

-

-

Gross profit

119,032

85,229

Distribution costs

Administrative expenses

Audit and accountancy other services

(3,780)

(3,600)

Depreciation of fixed assets

(12,824)

(13,790)

Vehicle costs

(4,297)

(3,189)

Wages and salaries excluding directors

(25,478)

-

Travel and subsistence

(6,254)

(6,548)

Legal and professional costs

(2,050)

(1,895)

Bank charges

(85)

-

Insurance costs

(177)

(205)

IT and computing

(923)

(840)

Printing, postage and stationery

(375)

(351)

Subscriptions

(259)

(257)

Other costs

(6,711)

(727)

Other operating income

Other items

Profit for the financial year

55,819

53,827