Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-3002022-10-01truetruefalseNo description of principal activity24The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07791981 2022-10-01 2023-09-30 07791981 2021-10-01 2022-09-30 07791981 2023-09-30 07791981 2022-09-30 07791981 c:Director1 2022-10-01 2023-09-30 07791981 d:FurnitureFittings 2022-10-01 2023-09-30 07791981 d:FurnitureFittings 2023-09-30 07791981 d:FurnitureFittings 2022-09-30 07791981 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 07791981 d:Goodwill 2022-10-01 2023-09-30 07791981 d:Goodwill 2023-09-30 07791981 d:Goodwill 2022-09-30 07791981 d:CurrentFinancialInstruments 2023-09-30 07791981 d:CurrentFinancialInstruments 2022-09-30 07791981 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 07791981 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 07791981 d:ShareCapital 2023-09-30 07791981 d:ShareCapital 2022-09-30 07791981 d:RetainedEarningsAccumulatedLosses 2023-09-30 07791981 d:RetainedEarningsAccumulatedLosses 2022-09-30 07791981 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-09-30 07791981 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-09-30 07791981 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 07791981 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 07791981 c:FRS102 2022-10-01 2023-09-30 07791981 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 07791981 c:FullAccounts 2022-10-01 2023-09-30 07791981 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 07791981 d:Goodwill d:OwnedIntangibleAssets 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: 07791981









SKRE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
SKRE LIMITED
REGISTERED NUMBER: 07791981

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
42,500
45,000

Tangible assets
 5 
28,000
32,000

  
70,500
77,000

Current assets
  

Stocks
 6 
69,500
66,275

Debtors: amounts falling due within one year
 7 
10,661
10,661

Cash at bank and in hand
 8 
12,076
5,491

  
92,237
82,427

Creditors: amounts falling due within one year
 9 
(136,935)
(133,297)

Net current liabilities
  
 
 
(44,698)
 
 
(50,870)

Total assets less current liabilities
  
25,802
26,130

Provisions for liabilities
  

Deferred tax
 11 
(5,320)
(6,080)

  
 
 
(5,320)
 
 
(6,080)

Net assets
  
20,482
20,050


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
20,382
19,950

  
20,482
20,050


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1

 
SKRE LIMITED
REGISTERED NUMBER: 07791981
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 March 2024.




................................................
Shreenivas Arjun Posamolla
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SKRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

SKRE Limited is a private company, limited by shares, registered in England and Wales. The company's
registered number and registered office address are as below:
Registered number: 07791981
Registered office: 1 Long Lane, Croydon, England, CR0 7AR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
SKRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
SKRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
Over 20 years

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
SKRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Page 6

 
SKRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 4).


4.


Intangible assets




Goodwill

£



Cost


At 1 October 2022
50,000



At 30 September 2023

50,000



Amortisation


At 1 October 2022
5,000


Charge for the year on owned assets
2,500



At 30 September 2023

7,500



Net book value



At 30 September 2023
42,500



At 30 September 2022
45,000



Page 7

 
SKRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 October 2022
40,000



At 30 September 2023

40,000



Depreciation


At 1 October 2022
8,000


Charge for the year on owned assets
4,000



At 30 September 2023

12,000



Net book value



At 30 September 2023
28,000



At 30 September 2022
32,000


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
69,500
66,275

69,500
66,275



7.


Debtors

2023
2022
£
£


Other debtors
10,661
10,661

10,661
10,661


Page 8

 
SKRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
12,076
5,491

Less: bank overdrafts
-
(16,907)

12,076
(11,416)



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
16,907

Other loans
37,293
43,621

Trade creditors
199
701

Corporation tax
1,448
1,497

Other taxation and social security
1,128
1,065

Other creditors
96,367
69,006

Accruals and deferred income
500
500

136,935
133,297



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
12,076
5,491




Financial assets measured at fair value through profit or loss comprise...


11.


Deferred taxation

Page 9

 
SKRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
11.Deferred taxation (continued)




2023


£






At beginning of year
(6,080)


Charged to profit or loss
760



At end of year
(5,320)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(5,320)
(6,080)

(5,320)
(6,080)


12.


Related party transactions

At balance sheet date, there was loan owed to Mr S Posamolla, director and sole shareholder of the company, included in other creditors. This comprised of an opening balance of £69,004 and capital withdrawan of £21,152 leaving year end balance of £114,380 owed to director.
During the year, company paid remuneration of £14,400 (2022 - £9,600) to director


13.


Controlling party

The Controlling party is Mr S Posamolla by virtue of being sole director and holding entire issued share of
the company.

 
Page 10