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Registration number: 06396272

Skyrad Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Skyrad Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Skyrad Limited

Company Information

Director

Dr Samuel Bailey

Registered office

50 Petley Road
London
W6 9ST

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Skyrad Limited

(Registration number: 06396272)
Balance Sheet as at 31 October 2023

Note

31 October
2023
£

31 October
2022
£

Fixed assets

 

Tangible assets

4

12,007

16,537

Current assets

 

Debtors

5

69,579

20,268

Cash at bank and in hand

 

9,828

102,803

 

79,407

123,071

Creditors: Amounts falling due within one year

6

(1,485)

(24,823)

Net current assets

 

77,922

98,248

Total assets less current liabilities

 

89,929

114,785

Creditors: Amounts falling due after more than one year

6

(77,700)

(100,500)

Net assets

 

12,229

14,285

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

11,229

13,285

Shareholders' funds

 

12,229

14,285

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 August 2024
 

 

Skyrad Limited

(Registration number: 06396272)
Balance Sheet as at 31 October 2023

.........................................
Dr Samuel Bailey
Director

 

Skyrad Limited

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

1

General information

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

The address of its registered office is:
50 Petley Road
London
W6 9ST
England

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.

Judgements

The director considers that there are no key judgements that management have made in the process of applying the company's accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

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.

Tax

The tax expense for the period comprises 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.

 

Skyrad Limited

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

2

Accounting policies (continued)

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:

Asset class

Depreciation method and rate

Office Equipment

20% 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.

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.

 

Skyrad Limited

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

2

Accounting policies (continued)

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.

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Skyrad Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

26,424

26,424

Additions

281

281

Disposals

(313)

(313)

At 31 October 2023

26,392

26,392

Depreciation

At 1 November 2022

9,886

9,886

Charge for the year

4,519

4,519

Eliminated on disposal

(20)

(20)

At 31 October 2023

14,385

14,385

Carrying amount

At 31 October 2023

12,007

12,007

At 31 October 2022

16,537

16,537

5

Debtors

31 October
2023
£

31 October
2022
£

Other debtors

57,079

20,268

Accrued income

12,500

-

69,579

20,268

 

Skyrad Limited

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

6

Creditors

Creditors: amounts falling due within one year

31 October
2023
£

31 October
2022
£

Due within one year

Accruals and deferred income

1,485

3,615

Other creditors

-

21,208

1,485

24,823

Creditors: amounts falling due after more than one year

Note

31 October
2023
£

31 October
2022
£

Due after one year

 

Loans and borrowings

8

77,700

100,500

7

Share capital

Allotted, called up and fully paid shares

 

31 October
2023

31 October
2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

8

Loans and borrowings

31 October
2023
£

31 October
2022
£

Non-current loans and borrowings

Other borrowings

77,700

100,500

 

Skyrad Limited

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

9

Related party transactions

2023

At 1 November 2022
£

Repayments by director
£

At 31 October 2023
£

Dr Samuel Bailey

Amounts owed to/(from) the Director

21,208

(37,774)

(16,566)

       
     

 

2022

At 1 November 2021
£

Repayments by director
£

At 31 October 2022
£

Dr Samuel Bailey

Amounts owed to/(from) the Director

(139,141)

160,350

21,208