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REGISTERED NUMBER: 06744710















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Skyfire Accountancy Ltd

Skyfire Accountancy Ltd (Registered number: 06744710)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Skyfire Accountancy Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr S Brown FCCA





REGISTERED OFFICE: The Old Rectory
Springhead Road
Northfleet
Kent
DA11 8HN





REGISTERED NUMBER: 06744710






Skyfire Accountancy Ltd (Registered number: 06744710)

Abridged Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 24,371 30,464
Tangible assets 6 1,160 1,498
25,531 31,962

CURRENT ASSETS
Debtors 4,083 6,791
Cash at bank and in hand 61,586 69,230
65,669 76,021
CREDITORS
Amounts falling due within one year 32,130 39,822
NET CURRENT ASSETS 33,539 36,199
TOTAL ASSETS LESS CURRENT
LIABILITIES

59,070

68,161

PROVISIONS FOR LIABILITIES 243 314
NET ASSETS 58,827 67,847

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 58,727 67,747
SHAREHOLDERS' FUNDS 58,827 67,847

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Skyfire Accountancy Ltd (Registered number: 06744710)

Abridged Balance Sheet - continued
31 March 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 September 2024 and were signed by:





Mr S Brown FCCA - Director


Skyfire Accountancy Ltd (Registered number: 06744710)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Skyfire Accountancy Ltd is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Sales comprise the fair value of the consideration received or receivable for the sale of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, 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 when specific criteria have been met for each of the company's activities as follows:

Revenue from the sale of services is recognised at the point at which those services have been provided to the customer. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Commission is recognised once earned at the point the underlying transaction is complete.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Skyfire Accountancy Ltd (Registered number: 06744710)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 60,927
AMORTISATION
At 1 April 2023 30,463
Amortisation for year 6,093
At 31 March 2024 36,556
NET BOOK VALUE

At 31 March 2024 24,371
At 31 March 2023 30,464

Skyfire Accountancy Ltd (Registered number: 06744710)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 6,119
Additions 348
At 31 March 2024 6,467
DEPRECIATION
At 1 April 2023 4,621
Charge for year 686
At 31 March 2024 5,307
NET BOOK VALUE
At 31 March 2024 1,160
At 31 March 2023 1,498

7. RELATED PARTY DISCLOSURES

During the period the company repaid £2,843 of a loan from a director. At the end of the period, the amount owed to directors by the company was £6,447 (2023: £9,290). The loans are included within creditors due within one year, are free of interest and repayable on demand.