2023-07-012024-06-302024-06-30false06289588SKYHOOK GAMES STUDIO 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SKYHOOK GAMES STUDIO LTD

Registered Number
06289588
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

SKYHOOK GAMES STUDIO LTD
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

CHELLEW, Graham Paul
GREENWELL, Jonathan
HARPER, David John

Company Secretary

HARPER, Sarah

Registered Address

Elevator Studios, Second Floor
27 Parliament Street
Liverpool
L8 5RN

Registered Number

06289588 (England and Wales)
SKYHOOK GAMES STUDIO LTD
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets414,792-
Tangible assets543,87245,782
Investments6100100
58,76445,882
Current assets
Debtors7816,9241,159,968
Cash at bank and on hand451,717449,115
1,268,6411,609,083
Creditors amounts falling due within one year8(433,644)(637,736)
Net current assets (liabilities)834,997971,347
Total assets less current liabilities893,7611,017,229
Creditors amounts falling due after one year9(140,741)(269,871)
Provisions for liabilities10-(11,445)
Net assets753,020735,913
Capital and reserves
Called up share capital1,0001,000
Profit and loss account752,020734,913
Shareholders' funds753,020735,913
The financial statements were approved and authorised for issue by the Board of Directors on 24 October 2024, and are signed on its behalf by:
CHELLEW, Graham Paul
Director
Registered Company No. 06289588
SKYHOOK GAMES STUDIO LTD
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery33-
Fixtures and fittings15-
Office Equipment-3
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
2.Average number of employees

20242023
Average number of employees during the year3425
3.Further information regarding the company's income
Video Games Tax Credits ('VGTR') are only recognised where it is the Directors' belief that a tax credit will be recoverable. This is based upon the Company's experience at obtaining the required certification to facilitate its titles in development to qualify for VGTR and success at previous claims. VGTR is recognised in other operating income in the Statement of Comprehensive Income.
4.Intangible assets

Other

Total

££
Cost or valuation
At 01 July 236,9546,954
Additions18,24918,249
At 30 June 2425,20325,203
Amortisation and impairment
At 01 July 236,9546,954
Charge for year3,4573,457
At 30 June 2410,41110,411
Net book value
At 30 June 2414,79214,792
At 30 June 23--
5.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 July 2325,70575,192100,897
Additions-21,78121,781
At 30 June 2425,70596,973122,678
Depreciation and impairment
At 01 July 236,81148,30455,115
Charge for year2,83420,85723,691
At 30 June 249,64569,16178,806
Net book value
At 30 June 2416,06027,81243,872
At 30 June 2318,89426,88845,782
6.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 July 23100100
At 30 June 24100100
Net book value
At 30 June 24100100
At 30 June 23100100

Notes

1Investments in group undertakings and participating interests
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables529,559751,938
Other debtors160,25664,411
Prepayments and accrued income109,980343,619
Deferred tax asset, debtors17,129-
Total816,9241,159,968
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables127,304522,385
Bank borrowings and overdrafts58,25491,872
Amounts owed to related parties238,920-
Taxation and social security-21,201
Other creditors-48
Accrued liabilities and deferred income9,1662,230
Total433,644637,736
Short term creditors are measured at transaction price (which is usually the invoice price).
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts140,741269,871
Total140,741269,871
10.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)-11,445
Total-11,445
11.Operating lease commitments
At 30 Jun 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £47,438 (2023 – £66,000).
12.Parent-subsidiary relationships
Skyhook Interactive Limited is a wholly owned subsidiary of Skyhook Games Studio Ltd. At the period ended 30 June 2024, the consolidated management accounts position of the group for the following headings were: Turnover - £2,813,324 (2023 – £1,854,636) Profit after tax - £352,285 (2023 – £424,930) Shareholders' funds - £1,136,370 (2023 – £852,081)