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REGISTERED NUMBER: SC236088 (Scotland)















Skye Express Parcels Limited

Financial Statements For The Year Ended 31 August 2023






Skye Express Parcels Limited (Registered number: SC236088)






Contents of the Financial Statements
For The Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Skye Express Parcels Limited

Company Information
For The Year Ended 31 August 2023







DIRECTORS: R Fraser
Ms J B Jamieson
B J Jamieson



SECRETARY: Ms J B Jamieson



REGISTERED OFFICE: 1st Floor
Robertson House
Shore Street
Inverness
IV1 1NF



REGISTERED NUMBER: SC236088 (Scotland)



ACCOUNTANTS: The Long Partnership
1st Floor
Robertson House
Shore Street
Inverness
Highland
IV1 1NF



BANKERS: Clydesdale Bank
32 Longman Road
Inverness
IV1 1RY

Skye Express Parcels Limited (Registered number: SC236088)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 833 833
Tangible assets 5 554,526 298,344
555,359 299,177

CURRENT ASSETS
Debtors 6 234,936 375,767
Cash at bank and in hand 216,495 206,233
451,431 582,000
CREDITORS
Amounts falling due within one year 7 172,572 175,020
NET CURRENT ASSETS 278,859 406,980
TOTAL ASSETS LESS CURRENT
LIABILITIES

834,218

706,157

PROVISIONS FOR LIABILITIES 39,396 2,994
NET ASSETS 794,822 703,163

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 794,820 703,161
SHAREHOLDERS' FUNDS 794,822 703,163

Skye Express Parcels Limited (Registered number: SC236088)

Balance Sheet - continued
31 August 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by:





R Fraser - Director


Skye Express Parcels Limited (Registered number: SC236088)

Notes to the Financial Statements
For The Year Ended 31 August 2023

1. STATUTORY INFORMATION

Skye Express Parcels Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Skye Express Parcels Limited (Registered number: SC236088)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 200,000
AMORTISATION
At 1 September 2022
and 31 August 2023 199,167
NET BOOK VALUE
At 31 August 2023 833
At 31 August 2022 833

5. TANGIBLE FIXED ASSETS
Freehold Motor Computer
property Equipment vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 September 2022 355,680 10,811 100,367 3,278 470,136
Disposals - (698 ) (68,367 ) (2,539 ) (71,604 )
Revaluations 194,320 - - (139 ) 194,181
At 31 August 2023 550,000 10,113 32,000 600 592,713
DEPRECIATION
At 1 September 2022 74,712 7,766 86,167 3,147 171,792
Charge for year 11,000 761 4,797 126 16,684
Eliminated on disposal - (685 ) (66,729 ) (2,532 ) (69,946 )
Charge written back (74,712 ) - (4,985 ) - (79,697 )
Revaluation adjustments - - - (646 ) (646 )
At 31 August 2023 11,000 7,842 19,250 95 38,187
NET BOOK VALUE
At 31 August 2023 539,000 2,271 12,750 505 554,526
At 31 August 2022 280,968 3,045 14,200 131 298,344

Skye Express Parcels Limited (Registered number: SC236088)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 August 2023 is represented by:

Freehold Motor Computer
property Equipment vehicles equipment Totals
£    £    £    £    £   
Valuation in 2023 194,320 - - - 194,320
Cost 355,680 10,113 32,000 600 398,393
550,000 10,113 32,000 600 592,713

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 214,842 215,418
Directors' loan account - 133,347
Tax 20,094 20,094
Prepayments - 6,908
234,936 375,767

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade creditors 108,278 106,488
Tax 6,897 7,158
Social security and other taxes 14,614 13,583
VAT 40,283 45,291
Accrued expenses 2,500 2,500
172,572 175,020

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 August 2023 and the period ended 31 August 2022:

31.8.23 31.8.22
£    £   
R Fraser
Balance outstanding at start of year 52,536 42,609
Amounts advanced - 9,927
Amounts repaid (52,536 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 52,536

Skye Express Parcels Limited (Registered number: SC236088)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Ms J B Jamieson
Balance outstanding at start of year 75,134 63,853
Amounts advanced - 11,281
Amounts repaid (75,134 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 75,134

B J Jamieson
Balance outstanding at start of year 5,674 5,500
Amounts advanced - 174
Amounts repaid (5,674 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 5,674