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Registered number: 13215902










SKYFALL BIDCO LIMITED










Annual Report and Financial Statements

For the Year Ended 31 December 2023

 
SKYFALL BIDCO LIMITED
 

Company Information


Directors
E W Goold (resigned 25 July 2024)
J Hall 
J J Twigg 




Registered number
13215902



Registered office
c/o Total Integrated Solutions Limited
Hamilton Way

Oakham Business Park

Mansfield

Nottinghamshire

NG18 5BU




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

2 Lace Market Square

Nottingham

NG1 1PB





 
SKYFALL BIDCO LIMITED
 

Contents



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 19


 
SKYFALL BIDCO LIMITED
 

Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
Skyfall Bidco Limited aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties that we face.
The Company is a holding company within the group in which Total Integrated Solutions Limited (a company with the principal activity of the installation and maintenance of communication and security systems) and Nationwide Specialist Projects Limited (a company with the principal activity of the installation and maintenance of smoke control and ventilation systems) are the trading entities.
The directors consider that the results for the year and the financial position at the end of the year for the Company are as expected.

Principal risks and uncertainties
 
The following section sets out the principal risks and uncertainties for the group as a whole, including Total Integrated Solutions Limited and Nationwide Specialist Projects Limited as the trading entities.
The group remains focussed and committed to managing the factors which affected our business over the last twelve months.
Now in the second full year of the private equity investment from KCP, we continue to deliver our growth plan. We unfortunately continue to see some delays in the construction projects in our customer pipelines due to external economic factors, which is having an impact on the rate of revenue growth. 
The business remains well placed for accelerated growth into 2024 and beyond, with growth in key sectors forecast.
The executive team remain focussed on our growth strategy, with objectives and key results agreed at board level, to ensure our continued success and effective mitigation of associated risks. Focus will primarily continue on the vertical sectors that we understand integrally, enabling us to add pivotal value for our valued customers and enhance their business and secure our ongoing future partnerships.

Financial key performance indicators
 
The pre tax loss for the year is £1,131,314 compared to a loss of £1,150,024 in 2022.


This report was approved by the board and signed on its behalf.



................................................
J J Twigg
Director

Date: 22 November 2024

Page 1

 
SKYFALL BIDCO LIMITED
 

 
Directors' Report
For the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The Company's principal activity is that of a holding company.

Results and dividends

The loss for the year, after taxation, amounted to £985,922 (2022: loss of £851,810).

During the year dividends of £NIL were paid (2022: £NIL).

Directors

The directors who served during the year were:

E W Goold (resigned 25 July 2024)
J Hall 
J J Twigg 

Qualifying third party indemnity provisions

A qualifying third party indemnity provision is in place for the directors of the company. This covers liability for the actions of the directors and officers of the company and associated costs including legal costs. No claim or notice of claim in respect of these indemnities has been received in the year. The qualifying indemnity provision was in force throughout the financial year and up to the date of approval of the Directors' Report.

Page 2

 
SKYFALL BIDCO LIMITED
 

 
Directors' Report (continued)
For the Year Ended 31 December 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
J J Twigg
Director

Date: 22 November 2024

Page 3

 
SKYFALL BIDCO LIMITED
 

 
Independent Auditors' Report to the Members of Skyfall Bidco Limited
 

Opinion


We have audited the financial statements of Skyfall Bidco Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 
SKYFALL BIDCO LIMITED
 

 
Independent Auditors' Report to the Members of Skyfall Bidco Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
SKYFALL BIDCO LIMITED
 

 
Independent Auditors' Report to the Members of Skyfall Bidco Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
 
management bias in respect of accounting estimates and judgements made;
management override of control;
posting of unusual journals or transactions.

We focussed on those areas that could give rise to a material misstatement in the Company financial statements.
 
Our procedures included, but were not limited to:
 
enquiry of management and those charged with governance around actual and potential litigation and
claims, including instances of non-compliance with laws and regulations and fraud;
reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations
and fraud;
reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations;
performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business and reviewing accounting estimates for bias.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensurethat the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 
SKYFALL BIDCO LIMITED
 

 
Independent Auditors' Report to the Members of Skyfall Bidco Limited (continued)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Bagley (Senior Statutory Auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB

25 November 2024
Page 7

 
SKYFALL BIDCO LIMITED
 

Statement of Comprehensive Income
For the Year Ended 31 December 2023

2023
2022
Note
£
£

  

Administrative expenses
  
(12,593)
(1,475)

Operating loss
  
(12,593)
(1,475)

Income from shares in group undertakings
  
1,872,158
12,505

Amounts written off investments
 7 
(1,872,158)
-

Interest payable and similar expenses
 5 
(1,118,721)
(1,161,054)

Loss before tax
  
(1,131,314)
(1,150,024)

Tax on loss
 6 
145,392
298,214

Loss for the financial year
  
(985,922)
(851,810)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 11 to 19 form part of these financial statements.

Page 8

 
SKYFALL BIDCO LIMITED
Registered number: 13215902

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 7 
23,558,092
12,623,492

  
23,558,092
12,623,492

Current assets
  

Debtors: amounts falling due within one year
 8 
447,807
302,415

  
447,807
302,415

Creditors: amounts falling due within one year
 9 
(6,203,327)
(2,587,442)

Net current liabilities
  
 
 
(5,755,520)
 
 
(2,285,027)

Total assets less current liabilities
  
17,802,572
10,338,465

Creditors: amounts falling due after more than one year
 10 
(20,965,613)
(12,515,584)

  

Net liabilities
  
(3,163,041)
(2,177,119)


Capital and reserves
  

Called up share capital 
 14 
4,201
4,201

Profit and loss account
 15 
(3,167,242)
(2,181,320)

  
(3,163,041)
(2,177,119)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J J Twigg
Director

Date: 22 November 2024

The notes on pages 11 to 19 form part of these financial statements.

Page 9

 
SKYFALL BIDCO LIMITED
 

Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
4,201
(1,329,510)
(1,325,309)



Loss for the year
-
(851,810)
(851,810)



At 1 January 2023
4,201
(2,181,320)
(2,177,119)



Loss for the year
-
(985,922)
(985,922)


At 31 December 2023
4,201
(3,167,242)
(3,163,041)


The notes on pages 11 to 19 form part of these financial statements.

Page 10

 
SKYFALL BIDCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

Skyfall Bidco Limited is a private company limited by shares incorporated in the United Kingdom. The address of the registered office is given in the company information of these financial statements. The nature of the Company's operations and principal activities are detailed in the Directors' report.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements have been prepared on a  going concern basis under the historical cost convention.

The Company is itself a subsidiary company and is exempt from the requirement to prepare group financial statements by virtue of section 400 of the Companies Act 2006. The financial statements therefore present information about the Company as an individual undertaking and not about its group.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. 

 
1.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Skyfall Topco Limited as at 31 December 2023 and these financial statements may be obtained from Hamilton Way, Oakham Business Park, Mansfield, NG18 5BU.

 
1.3

Going concern

These financial statements have been prepared on a going concern basis, which assumes that the company will continue to trade. The validity of this assumption is dependent on the continued support of the trading subsidiary undertaking, Total Integrated Solutions Limited. If the company were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide further liabilities that might arise and reclassify fixed assets as current assets.

 
1.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 11

 
SKYFALL BIDCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.Accounting policies (continued)

 
1.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
1.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
1.7

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.


2.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no significant judgements (apart from those involving estimates) which have had an effect on amounts recognised in the financial statements.

Page 12

 
SKYFALL BIDCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

3.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
1,050
980


4.


Employees

The Company has no employees, other than the directors, who did not receive any remuneration (2022: £nil).






5.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
1,118,721
1,161,054

Page 13

 
SKYFALL BIDCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

6.


Taxation


2023
2022
£
£



Current tax on profits for the year
-
-

Deferred tax


Origination and reversal of timing differences
(145,392)
(298,214)


Taxation on loss on ordinary activities
(145,392)
(298,214)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 -19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(1,131,314)
(1,150,024)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(266,091)
(218,505)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
440,342
41,428

Movement in deferred tax not recognised
(1)
(165,033)

Non-taxable income
(440,342)
(2,376)

Remeasurement of deferred tax for changes in tax rates
(8,604)
(31,963)

Capital gains
-
2,376

Group relief
129,304
75,859

Total tax charge for the year
(145,392)
(298,214)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 14

 
SKYFALL BIDCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
12,623,492


Additions
12,806,758


Amounts written off
(1,872,158)



At 31 December 2023
23,558,092





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Total Integrated Solutions (Group) Limited
Hamilton Way
Oakham Business Park
Mansfield
Nottinghamshire
NG18 5BU
Holding company
Ordinary
100%
Total Integrated Solutions (Holdings) Limited (indirectly held)
Hamilton Way
Oakham Business Park
Mansfield
Nottinghamshire
NG18 5BU
Holding company
Ordinary
100%
Total Integrated Solutions Limited (indirectly held)
Hamilton Way
Oakham Business Park
Mansfield
Nottinghamshire
NG18 5BU
Communication and security systems
Ordinary
100%
SRR Europa Group Limited
Europa Building
35a Arthur Drive
Hoo Farm Industrial Estate
Kidderminster
Worcestershire
DY11 7RA
Holding company
Ordinary
99.998%
Nationwide Specialist Projects Limited (indirectly held)
Europa Building
35a Arthur Drive
Hoo Farm Industrial Estate
Kidderminster
Worcestershire
DY11 7RA
Smoke control and ventilation systems
Ordinary
99.998%

On 25 October 2023 the Company acquired 99.998% of the shares in SRR Europa Group Limited and its subsidiary undertaking Nationwide Specialist Projects Limited.

Page 15

 
SKYFALL BIDCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

8.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
4,201
4,201

Deferred taxation
443,606
298,214

447,807
302,415



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
239,193
224,738

Amounts owed to group undertakings
3,738,494
2,122,715

Other creditors
2,225,640
239,989

6,203,327
2,587,442


Secured loans
Creditors falling due within one year on which security has been given include bank loans of £239,193 (2022: £224,738). Security has been given to the lender by way of guarantee from each member company within the group. The loan bears an interest rate of 6.25% and is repayable in monthly installments, ending in December 2026.

Page 16

 
SKYFALL BIDCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
7,479,901
2,994,285

Other loans
11,428,912
9,521,299

Other creditors
2,056,800
-

20,965,613
12,515,584


Secured loans
Creditors falling due after more than one year on which security has been given include a bank loan of £2,755,248 (2022: £2,994,285). Security has been given to the lender by way of guarantee from each member company within the group. The loan bears an interest rate of 6.25% and is repayable in monthly installments, ending in December 2026.
In addition to the above, a bank loan of £4,724,653 (2022: £nil) is also secured. Security has been given to the lender by way of guarantee from each member company within the group. The loan bears an interest rate of 6.35% plus Base Rate and is repayable in December 2026.
Security has been given to the lender on other loans of £6,063,712 (2022: £4,196,099) by way of debenture giving security over the undertaking and all property and assets (both present and future) of the Company. Other loans bear an interest rate of 10% and are repayable in 2026.


11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
239,193
224,738

Amounts falling due 1-2 years

Bank loans
254,579
239,193

Amounts falling due 2-5 years

Bank loans
7,225,322
2,755,092

Other loans
11,428,912
9,521,299


19,148,006
12,740,322


Page 17

 
SKYFALL BIDCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

12.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at amortised cost
4,201
4,201


Financial liabilities


Financial liabilities measured at amortised cost
(27,168,940)
(15,103,026)


Financial assets measured at amortised cost comprise amounts owed by group undertakings.


Financial liabilities measured at amortised cost comprise bank loans, other loans, amounts owed to group undertakings and other creditors.


13.


Deferred taxation




2023


£






At beginning of year
298,214


Credited to profit or loss
145,392



At end of year
443,606

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
443,606
298,214


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,201 (2022 - 4,201) Ordinary shares of £1.00 each
4,201
4,201



15.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends.

Page 18

 
SKYFALL BIDCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

16.


Related party transactions

The Company has taken advantage of the exemption under FRS 102 Section 33.1A Related Party Disclosures from disclosing transactions with other wholly-owned members of the group.


17.


Controlling party

The immediate parent undertaking is Skyfall Topco Limited, a company incorporated in the United Kingdom. The ultimate controlling party is J J Twigg.


Page 19