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REGISTERED NUMBER: 14763116 (England and Wales)














FINANCIAL STATEMENTS

FOR THE PERIOD 28 MARCH 2023 TO 31 MARCH 2024

FOR

SKYEROCKETT LIMITED

SKYEROCKETT LIMITED (REGISTERED NUMBER: 14763116)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 28 MARCH 2023 TO 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SKYEROCKETT LIMITED

COMPANY INFORMATION
FOR THE PERIOD 28 MARCH 2023 TO 31 MARCH 2024







DIRECTORS: P W Richardson
B Richardson





REGISTERED OFFICE: Unit 10, Portobello Trade Park
Birtley
Tyne & Wear
DH3 2SB





REGISTERED NUMBER: 14763116 (England and Wales)





ACCOUNTANTS: RMT Ribchesters
Accountants and Business Advisors
Finchale House
Belmont Business Park
Durham
DH1 1TW

SKYEROCKETT LIMITED (REGISTERED NUMBER: 14763116)

BALANCE SHEET
31 MARCH 2024

Notes £    £   
FIXED ASSETS
Investment property 4 1,049,375

CURRENT ASSETS
Debtors 5 5,571
Cash at bank 143,015
148,586
CREDITORS
Amounts falling due within one year 6 1,146,063
NET CURRENT LIABILITIES (997,477 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

51,898

CAPITAL AND RESERVES
Called up share capital 7 3
Retained earnings 51,895
SHAREHOLDERS' FUNDS 51,898

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by:





P W Richardson - Director


SKYEROCKETT LIMITED (REGISTERED NUMBER: 14763116)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 28 MARCH 2023 TO 31 MARCH 2024

1. STATUTORY INFORMATION

Skyerockett 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 derives from rent due from properties held for investment. Income is recognised on a receivable basis.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
There is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, other loans, and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


SKYEROCKETT LIMITED (REGISTERED NUMBER: 14763116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 MARCH 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
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 period 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.

Going concern
The directors have considered the finance performance and the position of the company along with its cashflows for a period in excess of 12 months from the date of approval of these financial statements. The results of that review have led them to conclude that the company may continue to operate from its operating resources. For this reason the going concern basis of accounting has been adopted.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 1,049,375
At 31 March 2024 1,049,375
NET BOOK VALUE
At 31 March 2024 1,049,375

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 432
Other debtors 5,139
5,571

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 2,809
Taxation and social security 13,709
Other creditors 1,129,545
1,146,063

SKYEROCKETT LIMITED (REGISTERED NUMBER: 14763116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 MARCH 2023 TO 31 MARCH 2024

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
1 Ordinary A £1.00 1
1 Ordinary B £1.00 1
1 Ordinary C £1.00 1
3

The following shares were issued during the period for cash at par :

1 Ordinary A share of £1.00
1 Ordinary B share of £1.00
1 Ordinary C share of £1.00

8. RELATED PARTY DISCLOSURES

During the year the directors provided an interest-free loan to the company. As at 31 March 2024 the balance outstanding on the loan was £1,049,372.

During the year the company received a loan from a company related by way of common ownership. As at 31 March 2024 the balance outstanding on the loan was £60,000.