NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Skan PA Hire Limited is a private company limited by shares and incorporated in England and Wales. The address of the principal place of business and the registered office is 104 The Green, Twickenham, London, TW2 5AG.
2.Accounting policies
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Basis of preparation of financial statements
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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.
Following the change in the accounting reference date, the prior period was shortened from 31 July 2023 to 31 December 2022 and therefore the figures presented are not entirely comparable to the current period.
The company was dormant (within the meaning of Section 480 of the Companies Act 2006) throughout the year ended 31 December 2023. The company has not traded during the financial year. During this period, the company received no income and incurred no expenditure and therefore made neither profit nor loss.
The revenue shown in the profit and loss account represents amounts receivable for audio equipment hire and supply of engineers and technicians during the year, as well as sales of new and used audio equipment in the normal course of business, net of trade discounts and VAT.
Revenue arising from the supply of audio equipment, engineers and technicians is recognised at the point of supply. Where services are invoiced in advance, revenue is deferred and released on fulfillment of the contracted services.
Revenue arising from the sale of new and used audio equipment is recognised on despatch to the customer, which is considered to be the point at which the risks and rewards of ownership transfer to the customer.
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.
The average monthly number of employees, including directors, during the period was 2 (Period ended 31 December 2022 - 10).
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Amounts owed by group undertakings
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