Company Registration No. 12928805 (England and Wales)
Skyverse Ltd
Unaudited accounts
for the year ended 31 July 2023
Skyverse Ltd
Unaudited accounts
Contents
Skyverse Ltd
Company Information
for the year ended 31 July 2023
Directors
M A Bramworth
R I Cooke
A Long
P J Long
J M McLoughlin
J H Newberry
Company Number
12928805 (England and Wales)
Registered Office
20-22 Wenlock Road
London
N1 7GU
UK
Skyverse Ltd
Statement of financial position
as at 31 July 2023
Tangible assets
7,129
5,628
Cash at bank and in hand
181,354
122,543
Creditors: amounts falling due within one year
(9,352)
(254)
Net current assets
238,122
165,200
Net assets
245,251
170,828
Called up share capital
139
129
Share premium
369,962
285,972
Profit and loss account
(124,850)
(115,273)
Shareholders' funds
245,251
170,828
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2024 and were signed on its behalf by
M A Bramworth
Director
Company Registration No. 12928805
Skyverse Ltd
Notes to the Accounts
for the year ended 31 July 2023
Skyverse Ltd is a private company, limited by shares, registered in England and Wales, registration number 12928805. The registered office is 20-22 Wenlock Road, London, N1 7GU, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Expenditure on research and development is written off in the year in which it is incurred.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
4 years straight line
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Skyverse Ltd
Notes to the Accounts
for the year ended 31 July 2023
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. it also requires management to exercise judgement in applying the company's accounting polices. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 4)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Other debtors
63,561
40,722
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
7,274
-
Skyverse Ltd
Notes to the Accounts
for the year ended 31 July 2023
Allotted, called up and fully paid:
1,389,210 Ordinary shares of £0.0001 each
138.92
128.59
Shares issued during the period:
103,300 Ordinary shares of £0.0001 each
10.33
8
Average number of employees
During the year the average number of employees was 6 (2022: 6).