Company registration number 11430040 (England and Wales)
SKYDENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SKYDENT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SKYDENT LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SKYDENT LIMITED FOR THE PERIOD ENDED 24 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 Skydent Limited for the Period ended 24 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.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Skydent Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Skydent Limited and state those matters that we have agreed to state to the board of directors of Skydent Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Skydent Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Skydent 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 profit of Skydent Limited. You consider that Skydent 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 Skydent 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.
Ormerod Rutter Limited
13 September 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
SKYDENT LIMITED
BALANCE SHEET
AS AT
24 DECEMBER 2023
24 December 2023
- 2 -
24 December 2023
31 December 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,314
2,657
Current assets
Debtors
4
19,351
30,229
Cash at bank and in hand
31,470
29,931
50,821
60,160
Creditors: amounts falling due within one year
5
(24,020)
(29,367)
Net current assets
26,801
30,793
Total assets less current liabilities
30,115
33,450
Creditors: amounts falling due after more than one year
6
(21,804)
(31,614)
Provisions for liabilities
8
(630)
(505)
Net assets
7,681
1,331
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
7,581
1,231
Total equity
7,681
1,331
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 24 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
SKYDENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
24 DECEMBER 2023
24 December 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 13 September 2024
Mr M S Coldicott
Director
Company registration number 11430040 (England and Wales)
SKYDENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Skydent Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 Pargeter Street, Stourbridge, Dudley, DY8 1AU.
1.1
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
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:
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SKYDENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2022
Number
Number
Total
3
2
SKYDENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
3,045
884
3,929
Additions
2,025
2,025
At 24 December 2023
3,045
2,025
884
5,954
Depreciation and impairment
At 1 January 2023
761
511
1,272
Depreciation charged in the Period
571
506
291
1,368
At 24 December 2023
1,332
506
802
2,640
Carrying amount
At 24 December 2023
1,713
1,519
82
3,314
At 31 December 2022
2,284
373
2,657
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
19,351
30,229
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,101
9,859
Trade creditors
120
4,113
Taxation and social security
7,671
14,322
Other creditors
6,128
1,073
24,020
29,367
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,804
31,614
SKYDENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 7 -
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
31,905
41,473
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
630
505
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ord of £1 each
100
100
100
100
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan account
-
9,729
14,872
(22,500)
2,101
9,729
14,872
(22,500)
2,101
The director’s loan account was repaid within nine months of the year end.
11
Ultimate controlling party
The ultimate controlling party is Mr M S Coldicott.