Company registration number 14340375 (England and Wales)
SKYELARKE TECHNOLOGIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SKYELARKE TECHNOLOGIES LIMITED
COMPANY INFORMATION
Directors
Mr T A Scadding-Hunt
(Appointed 6 September 2022)
Ms M Dervan
(Appointed 6 September 2022)
Ms L Jernigan
(Appointed 6 September 2022)
Company number
14340375
Registered office
Dykes
Henfield Common North
Henfield
BN5 9RL
Accountants
Kirk Rice LLP
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
SKYELARKE TECHNOLOGIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
SKYELARKE TECHNOLOGIES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SKYELARKE TECHNOLOGIES LIMITED FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Skyelarke Technologies Limited for the period ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Skyelarke Technologies Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Skyelarke Technologies Limited and state those matters that we have agreed to state to the Board of Directors of Skyelarke Technologies Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Skyelarke Technologies Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Skyelarke Technologies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Skyelarke Technologies Limited. You consider that Skyelarke Technologies Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Skyelarke Technologies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kirk Rice LLP
29 August 2024
2024-08-29
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
SKYELARKE TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
Notes
£
£
Fixed assets
Intangible assets
4
1,215,295
Tangible assets
5
94,449
1,309,744
Current assets
Debtors
6
181,841
Cash at bank and in hand
22,357
204,198
Creditors: amounts falling due within one year
7
(2,482,417)
Net current liabilities
(2,278,219)
Net liabilities
(968,475)
Capital and reserves
Called up share capital
100
Profit and loss reserves
(968,575)
Total equity
(968,475)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
Mr T A Scadding-Hunt
Director
Company registration number 14340375 (England and Wales)
SKYELARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Skyelarke Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dykes, Henfield Common North, Henfield, BN5 9RL.

1.1
Reporting period

These financial statements are the company's first period to 31 December 2023 from incorporation on 6 September 2022. As these financial statements are from incorporation, there are no comparative figures.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover relates to software development services provided and is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised in line with the performance of the services.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Product development
5 years at cost, once the product is avaliable to the market
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
3 years at cost
Software costs
5 years at cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SKYELARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.

Debtors

Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors

Creditors are not interest bearing and are included at their nominal value.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
7
SKYELARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
4
Intangible fixed assets
Product development
£
Cost
At 6 September 2022
-
0
Additions
1,215,295
At 31 December 2023
1,215,295
Amortisation and impairment
At 6 September 2022 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
1,215,295
5
Tangible fixed assets
Computers
Software costs
Total
£
£
£
Cost
At 6 September 2022
-
0
-
0
-
0
Additions
9,245
104,585
113,830
At 31 December 2023
9,245
104,585
113,830
Depreciation and impairment
At 6 September 2022
-
0
-
0
-
0
Depreciation charged in the period
3,693
15,688
19,381
At 31 December 2023
3,693
15,688
19,381
Carrying amount
At 31 December 2023
5,552
88,897
94,449
6
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
14,475
Other debtors
167,366
181,841
SKYELARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
£
Trade creditors
637,695
Amounts owed to group undertakings
184,357
Other creditors
1,660,365
2,482,417

Included in 'Other Creditors' is a balance of £1,624,795 which relates to loans due to MD Group; a company in which the directors have an interest. The loan has no interest charged and is payable on demand.

8
Parent company

The ultimate controlling party is Skyelarke Technologies Inc.

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