Company No:
Contents
Note | 31.12.2023 | 31.12.2022 | ||
£ | £ | |||
Current assets | ||||
Stocks |
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Debtors | 3 |
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Cash at bank and in hand |
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276,494 | 227,589 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (15,928) | (4,943) | ||
Total assets less current liabilities | (15,928) | (4,943) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Environ Skyworks Limited (registered number:
S Rowbottom
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Environ Skyworks Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4, Watford Bridge Industrial Estate Watford Bridge Road, New Mills, High Peak, SK22 4HJ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £15,928. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The current reporting period covers 12 months of activity from January 1st 2023 to December 31st 2023. However the previous reporting period of 15 months covers 22nd September 2021 to 31st December 2022, therefore the two accounting periods are not directly comparable. This is due to the prior year being the first year of trade and so being a long accounting period.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Year ended 31.12.2023 |
Period from 22.09.2021 to 31.12.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Amounts owed by directors |
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Deferred tax asset |
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VAT recoverable |
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31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals |
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31.12.2023 | 31.12.2022 | ||
£ | £ | ||
At the beginning of financial year/period |
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(Charged)/credited to the Statement of Income and Retained Earnings | (
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At the end of financial year/period |
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31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Amounts owed to director | 289,136 | 220,319 | |
Amounts owed by directors - unpaid share capital | 40 | 40 |
Loans to and from directors are repayable on demand, with no interest accruing on the balances.