IRIS Accounts Production v24.2.0.383 01741616 Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh017416162023-03-31017416162024-03-31017416162023-04-012024-03-31017416162022-03-31017416162022-04-012023-03-31017416162023-03-3101741616ns15:EnglandWales2023-04-012024-03-3101741616ns14:PoundSterling2023-04-012024-03-3101741616ns10:Director12023-04-012024-03-3101741616ns10:Director22023-04-012024-03-3101741616ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3101741616ns10:SmallEntities2023-04-012024-03-3101741616ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3101741616ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3101741616ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3101741616ns10:FullAccounts2023-04-012024-03-3101741616ns10:Director32023-04-012024-03-3101741616ns10:CompanySecretary12023-04-012024-03-3101741616ns10:RegisteredOffice2023-04-012024-03-3101741616ns5:CurrentFinancialInstruments2024-03-3101741616ns5:CurrentFinancialInstruments2023-03-3101741616ns5:Non-currentFinancialInstruments2024-03-3101741616ns5:Non-currentFinancialInstruments2023-03-3101741616ns5:ShareCapital2024-03-3101741616ns5:ShareCapital2023-03-3101741616ns5:RetainedEarningsAccumulatedLosses2024-03-3101741616ns5:RetainedEarningsAccumulatedLosses2023-03-3101741616ns5:PlantMachinery2023-04-012024-03-3101741616ns5:FurnitureFittings2023-04-012024-03-3101741616ns5:MotorVehicles2023-04-012024-03-3101741616ns5:LeaseholdImprovements2023-03-3101741616ns5:PlantMachinery2023-03-3101741616ns5:FurnitureFittings2023-03-3101741616ns5:MotorVehicles2023-03-3101741616ns5:LeaseholdImprovements2023-04-012024-03-3101741616ns5:LeaseholdImprovements2024-03-3101741616ns5:PlantMachinery2024-03-3101741616ns5:FurnitureFittings2024-03-3101741616ns5:MotorVehicles2024-03-3101741616ns5:LeaseholdImprovements2023-03-3101741616ns5:PlantMachinery2023-03-3101741616ns5:FurnitureFittings2023-03-3101741616ns5:MotorVehicles2023-03-3101741616ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3101741616ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3101741616ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-03-3101741616ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3101741616ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3101741616ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3101741616ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-03-3101741616ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-03-3101741616ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3101741616ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3101741616ns5:HirePurchaseContracts2024-03-3101741616ns5:HirePurchaseContracts2023-03-3101741616ns5:WithinOneYear2024-03-3101741616ns5:WithinOneYear2023-03-3101741616ns5:BetweenOneFiveYears2024-03-3101741616ns5:BetweenOneFiveYears2023-03-3101741616ns5:MoreThanFiveYears2024-03-3101741616ns5:MoreThanFiveYears2023-03-3101741616ns5:AllPeriods2024-03-3101741616ns5:AllPeriods2023-03-3101741616ns5:DeferredTaxation2023-03-3101741616ns5:OtherProvisionsContingentLiabilities2023-03-3101741616ns5:DeferredTaxation2023-04-012024-03-3101741616ns5:OtherProvisionsContingentLiabilities2023-04-012024-03-3101741616ns5:DeferredTaxation2024-03-3101741616ns5:OtherProvisionsContingentLiabilities2024-03-31
REGISTERED NUMBER: 01741616 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Skybound Services Limited

Skybound Services Limited (Registered number: 01741616)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Skybound Services Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J Bayliss
Mrs K Bayliss
N Bayliss





SECRETARY: J Bayliss





REGISTERED OFFICE: Suite B
Blackdown House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX





REGISTERED NUMBER: 01741616 (England and Wales)

Skybound Services Limited (Registered number: 01741616)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 428,245 535,498

CURRENT ASSETS
Debtors 5 651,717 530,528
Cash at bank and in hand 140,374 191,103
792,091 721,631
CREDITORS
Amounts falling due within one year 6 584,455 437,463
NET CURRENT ASSETS 207,636 284,168
TOTAL ASSETS LESS CURRENT
LIABILITIES

635,881

819,666

CREDITORS
Amounts falling due after more than one
year

7

(125,031

)

(248,861

)

PROVISIONS FOR LIABILITIES 10 (256,873 ) (268,676 )
NET ASSETS 253,977 302,129

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 253,877 302,029
253,977 302,129

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 directors acknowledge their 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:



N Bayliss - Director



J Bayliss - Director


Skybound Services Limited (Registered number: 01741616)

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

1. STATUTORY INFORMATION

Skybound Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & equipment - 20% on straight line basis
Office equipment & furnishings - 15% on straight line basis
Motor vehicles - 20% on reducing balance, 20% on straight line basis and 10% on straight line basis

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Skybound Services Limited (Registered number: 01741616)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 32 ) .

4. TANGIBLE FIXED ASSETS
Improvements Office
to Plant & equipment Motor
property equipment & furnishings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 22,454 69,299 27,867 1,384,355 1,503,975
Additions - 200 7,726 29,000 36,926
At 31 March 2024 22,454 69,499 35,593 1,413,355 1,540,901
DEPRECIATION
At 1 April 2023 21,497 34,821 21,659 890,500 968,477
Charge for year 610 10,698 3,015 129,856 144,179
At 31 March 2024 22,107 45,519 24,674 1,020,356 1,112,656
NET BOOK VALUE
At 31 March 2024 347 23,980 10,919 392,999 428,245
At 31 March 2023 957 34,478 6,208 493,855 535,498

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 574,966
Additions 29,000
At 31 March 2024 603,966
DEPRECIATION
At 1 April 2023 110,439
Charge for year 118,860
At 31 March 2024 229,299
NET BOOK VALUE
At 31 March 2024 374,667
At 31 March 2023 464,527

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 436,104 389,298
Other debtor 600 5,540
Tax - 14,614
Prepayments and accrued income 215,013 121,076
651,717 530,528

Skybound Services Limited (Registered number: 01741616)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 145,581 141,523
Trade creditors 234,999 118,576
Corporation tax 46,932 -
VAT 82,132 69,313
Other creditors 48,655 53,863
Directors' current accounts 2,126 2,126
Accrued expenses 24,030 52,062
584,455 437,463

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 125,031 248,861

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 145,581 141,523
Between one and five years 125,031 248,861
270,612 390,384

Non-cancellable operating leases
2024 2023
£    £   
Within one year 142,750 142,750
Between one and five years 571,000 571,000
In more than five years 202,279 345,029
916,029 1,058,779

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 270,612 390,384

Hire purchase liabilities are secured on the assets to which they relate.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 92,873 116,676
Other provisions 164,000 152,000
256,873 268,676

Skybound Services Limited (Registered number: 01741616)

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

10. PROVISIONS FOR LIABILITIES - continued

Deferred Other
tax provisions
£    £   
Balance at 1 April 2023 116,676 152,000
Provided during year (23,803 ) 12,000
Balance at 31 March 2024 92,873 164,000