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Registered number: 11239754
Sky Bridging Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: 11239754
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,101 2,225
2,101 2,225
CURRENT ASSETS
Debtors 5 128,921 77,411
Cash at bank and in hand 106 1,764
129,027 79,175
Creditors: Amounts Falling Due Within One Year 6 (95,730 ) (45,985 )
NET CURRENT ASSETS (LIABILITIES) 33,297 33,190
TOTAL ASSETS LESS CURRENT LIABILITIES 35,398 35,415
Creditors: Amounts Falling Due After More Than One Year 7 (34,812 ) (34,812 )
NET ASSETS 586 603
CAPITAL AND RESERVES
Called up share capital 8 200 200
Income Statement 386 403
SHAREHOLDERS' FUNDS 586 603
Page 1
Page 2
For the year ending 31 March 2024 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Jason Kavanagh
Director
29/07/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sky Bridging Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11239754 . The registered office is 12 Melbourne Business Court, Pride Park, Derby, DE24 8LZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 2,400 2,825 5,225
Additions 341 - 341
As at 31 March 2024 2,741 2,825 5,566
Depreciation
As at 1 April 2023 776 2,224 3,000
Provided during the period 265 200 465
As at 31 March 2024 1,041 2,424 3,465
...CONTINUED
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Page 4
Net Book Value
As at 31 March 2024 1,700 401 2,101
As at 1 April 2023 1,624 601 2,225
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 105,859 77,411
Due after more than one year
Other debtors 23,062 -
128,921 77,411
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 10,188 10,188
Other creditors 1,750 1,625
Taxation and social security 83,792 34,172
95,730 45,985
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 34,812 34,812
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Jason Kavanagh 61,265 82,683 (78,616 ) - 68,332
The above loan is unsecured, interest free and repayable on demand.
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