SKOOT Eco Group Ltd 11982528 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is developing and marketing a software platform to enable individuals, businesses and communities to identify, avoid and remove their carbon footprint utilising the range of products offered by SKOOT Eco Group Ltd. Digita Accounts Production Advanced 6.30.9574.0 true 11982528 2023-01-01 2023-12-31 11982528 2023-12-31 11982528 2 2023-12-31 11982528 core:CurrentFinancialInstruments 2023-12-31 11982528 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 11982528 core:OtherResidualIntangibleAssets 2023-12-31 11982528 core:OfficeEquipment 2023-12-31 11982528 bus:SmallEntities 2023-01-01 2023-12-31 11982528 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11982528 bus:FilletedAccounts 2023-01-01 2023-12-31 11982528 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11982528 bus:RegisteredOffice 2023-01-01 2023-12-31 11982528 bus:Director1 2023-01-01 2023-12-31 11982528 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11982528 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 11982528 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 11982528 core:OfficeEquipment 2023-01-01 2023-12-31 11982528 countries:EnglandWales 2023-01-01 2023-12-31 11982528 2022-12-31 11982528 core:OtherResidualIntangibleAssets 2022-12-31 11982528 core:OfficeEquipment 2022-12-31 11982528 2022-01-01 2022-12-31 11982528 2022-12-31 11982528 2 2022-12-31 11982528 core:CurrentFinancialInstruments 2022-12-31 11982528 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 11982528 core:OtherResidualIntangibleAssets 2022-12-31 11982528 core:OfficeEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 11982528

SKOOT Eco Group Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

SKOOT Eco Group Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

SKOOT Eco Group Ltd

(Registration number: 11982528)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

294,466

Tangible assets

5

4,249

6,839

 

4,249

301,305

Current assets

 

Stocks

6

44,397

40,599

Debtors

7

556,147

304,593

Cash at bank and in hand

 

711,069

58,696

 

1,311,613

403,888

Creditors: Amounts falling due within one year

8

(611,479)

(537,489)

Net current assets/(liabilities)

 

700,134

(133,601)

Net assets

 

704,383

167,704

Capital and reserves

 

Called up share capital

15,595

12,406

Share premium reserve

5,557,142

4,177,334

Retained earnings

(4,868,354)

(4,022,036)

Shareholders' funds

 

704,383

167,704

For the financial year ending 31 December 2023 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 year 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.

 

SKOOT Eco Group Ltd

(Registration number: 11982528)
Balance Sheet as at 31 December 2023

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 31 July 2024 and signed on its behalf by:
 

.........................................
Mr G Gormley
Director

 

SKOOT Eco Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
3rd Floor
86-90 Paul Street
London
EC2A 4NE

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the development of ride sharing software services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 tax payable.

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.

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.

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:

 

SKOOT Eco Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Office equipment

33.33% straight line basis

Development costs

Software development costs represent the expenditure incurred to date in creating the software platform. The figure in the financial statements represents actual cost.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software development costs

To be written off over the period of 6.66 years straight line basis

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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 year, was 5 (2022 - 13).

 

SKOOT Eco Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

327,185

327,185

At 31 December 2023

327,185

327,185

Amortisation

At 1 January 2023

32,719

32,719

Amortisation charge

49,078

49,078

Impairment

245,388

245,388

At 31 December 2023

327,185

327,185

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

294,466

294,466

 

SKOOT Eco Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

18,166

18,166

Additions

2,917

2,917

Disposals

(5,841)

(5,841)

At 31 December 2023

15,242

15,242

Depreciation

At 1 January 2023

11,327

11,327

Charge for the year

4,855

4,855

Eliminated on disposal

(5,189)

(5,189)

At 31 December 2023

10,993

10,993

Carrying amount

At 31 December 2023

4,249

4,249

At 31 December 2022

6,839

6,839

6

Stocks

2023
£

2022
£

Other inventories

44,397

40,599

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

18,331

2,798

Other debtors

 

2,244

13,979

Prepayments

 

206,774

14,543

Income tax asset

328,798

273,273

 

556,147

304,593

 

SKOOT Eco Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

80,000

Trade creditors

 

50,240

141,277

Taxation and social security

 

106,144

258,916

Other creditors

 

455,095

57,296

 

611,479

537,489

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

80,000