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Registration number: 11732235

Skypeople International Limited

Unaudited Filleted Financial Statements

for the Period from 1 April 2023 to 31 January 2024

 

Skypeople International Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Skypeople International Limited

Company Information

Directors

C Waddingham

K Wood

S Waddingham

Registered office

15 Lord Street
Glossop
Derbyshire
SK13 7DN

 

Skypeople International Limited

(Registration number: 11732235)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

13,062

Other financial assets

5

-

806

 

-

13,868

Current assets

 

Debtors

6

39,288

283,429

Cash at bank and in hand

 

1,591,549

1,267,309

 

1,630,837

1,550,738

Creditors: Amounts falling due within one year

7

(130,996)

(437,905)

Net current assets

 

1,499,841

1,112,833

Total assets less current liabilities

 

1,499,841

1,126,701

Provisions for liabilities

-

(3,266)

Net assets

 

1,499,841

1,123,435

Capital and reserves

 

Called up share capital

6

6

Retained earnings

1,499,835

1,123,429

Shareholders' funds

 

1,499,841

1,123,435

 

Skypeople International Limited

(Registration number: 11732235)
Balance Sheet as at 31 January 2024

For the financial period ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 

.........................................
S Waddingham
Director

 

Skypeople International Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 January 2024

1

General information

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

The entity is being wound up at 31 January 2024.

The address of its registered office is:
15 Lord Street
Glossop
Derbyshire
SK13 7DN
England

These financial statements were authorised for issue by the Board on 8 March 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.

Disclosure of long or short period

The accounting period has been shortened due to the company liquidating. Due to this, the comparative amounts presented in the financial statements are not entirely comparable.

Going concern

The financial statements have not been prepared on a going concern basis as the entity is being wound up.

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.

 

Skypeople International Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 January 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

 

Skypeople International Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 January 2024

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:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures and fittings

10% reducing balance

Office equipment

25% 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Skypeople International Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 January 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 40 (2023 - 81).

 

Skypeople International Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 January 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

1,940

7,024

7,128

16,092

Disposals

(1,940)

(7,024)

(7,128)

(16,092)

At 31 January 2024

-

-

-

-

Depreciation

At 1 April 2023

194

1,054

1,782

3,030

Eliminated on disposal

(194)

(1,054)

(1,782)

(3,030)

At 31 January 2024

-

-

-

-

Carrying amount

At 31 January 2024

-

-

-

-

At 31 March 2023

1,746

5,970

5,346

13,062

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

806

806

Disposals

(806)

(806)

At 31 January 2024

-

-

Impairment

Carrying amount

At 31 January 2024

-

-

 

Skypeople International Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 January 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,688

281,069

Prepayments

-

2,359

Other debtors

36,600

1

 

39,288

283,429

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,506

23,529

Taxation and social security

124,932

404,145

Accruals and deferred income

2,716

3,491

Other creditors

1,842

6,740

130,996

437,905