Acorah Software Products - Accounts Production 16.0.110 false true 30 January 2023 31 January 2022 false 31 January 2023 30 January 2024 30 January 2024 SC281444 Mr A Haider iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC281444 2023-01-30 SC281444 2024-01-30 SC281444 2023-01-31 2024-01-30 SC281444 frs-core:CurrentFinancialInstruments 2024-01-30 SC281444 frs-core:Non-currentFinancialInstruments 2024-01-30 SC281444 frs-core:FurnitureFittings 2024-01-30 SC281444 frs-core:FurnitureFittings 2023-01-31 2024-01-30 SC281444 frs-core:FurnitureFittings 2023-01-30 SC281444 frs-core:ShareCapital 2024-01-30 SC281444 frs-core:RetainedEarningsAccumulatedLosses 2024-01-30 SC281444 frs-bus:PrivateLimitedCompanyLtd 2023-01-31 2024-01-30 SC281444 frs-bus:FilletedAccounts 2023-01-31 2024-01-30 SC281444 frs-bus:SmallEntities 2023-01-31 2024-01-30 SC281444 frs-bus:AuditExempt-NoAccountantsReport 2023-01-31 2024-01-30 SC281444 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-31 2024-01-30 SC281444 frs-bus:Director1 2023-01-31 2024-01-30 SC281444 frs-countries:Scotland 2023-01-31 2024-01-30 SC281444 2022-01-30 SC281444 2023-01-30 SC281444 2022-01-31 2023-01-30 SC281444 frs-core:CurrentFinancialInstruments 2023-01-30 SC281444 frs-core:Non-currentFinancialInstruments 2023-01-30 SC281444 frs-core:ShareCapital 2023-01-30 SC281444 frs-core:RetainedEarningsAccumulatedLosses 2023-01-30
Registered number: SC281444
Skymill (03) Ltd.
Unaudited Financial Statements
For The Year Ended 30 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC281444
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 116 144
116 144
CURRENT ASSETS
Stocks 5 78,749 26,513
Debtors 6 15,870 16,900
Cash at bank and in hand 26,840 14,682
121,459 58,095
Creditors: Amounts Falling Due Within One Year 7 (21,849 ) (21,552 )
NET CURRENT ASSETS (LIABILITIES) 99,610 36,543
TOTAL ASSETS LESS CURRENT LIABILITIES 99,726 36,687
Creditors: Amounts Falling Due After More Than One Year 8 - (7,140 )
NET ASSETS 99,726 29,547
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 99,626 29,447
SHAREHOLDERS' FUNDS 99,726 29,547
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For the year ending 30 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A Haider
Director
30/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Skymill (03) Ltd. is a private company, limited by shares, incorporated in Scotland, registered number SC281444 . The registered office is 27-31 West Main Street, Whitburn, EH47 0QB.
The presentation currency of the financial statements is Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
2.2. Significant judgements and estimations
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers there are no such significant judgements.
2.3. Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
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2.6. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to and from related parties.
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
2.7. Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non‑discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
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4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 31 January 2023 3,988
As at 30 January 2024 3,988
Depreciation
As at 31 January 2023 3,844
Provided during the period 28
As at 30 January 2024 3,872
Net Book Value
As at 30 January 2024 116
As at 31 January 2023 144
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5. Stocks
2024 2023
£ £
Finished goods 78,749 26,513
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 15,870 16,900
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 524
Bank loans and overdrafts 5,000 3,360
Other creditors 9,413 11,000
Taxation and social security 7,436 6,668
21,849 21,552
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 7,140
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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