Company registration number:
for the Year Ended
Skill Mill Partnership Limited
(Registration number: 09606442)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
|
Skill Mill Partnership Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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.
These financial statements are presented in Sterling (£).
Going concern
The company was originally established to operate a social impact programme and obtained equity and loan finance from its shareholders to do so. The social impact programme will end as was originally planned on 30 September 2024 and after this date the company will be settling its affairs.
As the remaining period of the programme is less than 12 months, the Directors have concluded that the going concern basis is not appropriate for these financial statements. Accordingly these financial statements are prepared on a basis other than a going concern. Based on cash flow forecasts prepared, the final period of operation of the company is expected to be profitable. The directors have determined that there are no specific adjustments required to either the profit and loss account of the balance sheet as a result of preparing the accounts on a basis other than going concern. The financial statements to 30 September 2024 will include the transactions from operation of the social impact programme in that final period.
The shareholders have confirmed that they will provide support as required to settle any final outstanding liabilities as the company settles its affairs.
Turnover recognition
Turnover represents amounts receivable in relation to participants in the social programme operated by the company achieving agreed outcomes. Turnover is stated net of VAT. Turnover is recognised when the agreed outcomes are achieved and the turnover becomes receivable.
Skill Mill Partnership Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Grant income
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.
Debtors
Trade debtors are amounts due from customers for 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.
Accrued income is accounted for in line with the turnover recognition accounting policy.
Creditors
Other creditors relate to deferred grant income and accruals. Deferred grant income is recognised in line with the grant income accounting policy.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Directors fees of £3,600 have been paid during the year. None of the directors have a service contract with the company.
Skill Mill Partnership Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Grant income |
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation |
|
|
Other creditors |
|
|
|
|
|
Due after one year |
||
Loans and borrowings |
|
|
Loans and borrowings include loans of £1,142,359 (2022 - £1,069,125) from shareholders, repayable no later than 30 April 2025, with interest payable at 8% and paid at the discretion of the company but no later than 30 April 2025. Under the terms of the loan agreement, agreement can be reached for a later repayment date of interest and capital between the parties.
In addition, loans and borrowings include a loan of £100,000 (2022 - £100,000), with interest payable monthly at 4.5% increasing to 6.5% from September 2023. The loan is repayable no later than August 2025.
Audit Report |
Skill Mill Partnership Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Emphasis of matter
We draw attention to note 2 to the financial statements which explains that the company will cease its trade when the current social impact programme ceases on 30 September 2024. After this date, the company will settle its affairs only. As a result, the directors have concluded that the going concern basis of accouting is not appropriate and have therefore prepared the financial statements on a basis other than the going concern basis as described in note 2.
Our opinion is not modified in respect of this matter.