Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false152023-04-01Other specialised construction activities not elsewhere classified16falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02238168 2023-04-01 2024-03-31 02238168 2022-04-01 2023-03-31 02238168 2024-03-31 02238168 2023-03-31 02238168 2022-04-01 02238168 c:Director1 2023-04-01 2024-03-31 02238168 c:Director2 2023-04-01 2024-03-31 02238168 d:Buildings 2023-04-01 2024-03-31 02238168 d:Buildings 2024-03-31 02238168 d:Buildings 2023-03-31 02238168 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02238168 d:Buildings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02238168 d:PlantMachinery 2023-04-01 2024-03-31 02238168 d:PlantMachinery 2024-03-31 02238168 d:PlantMachinery 2023-03-31 02238168 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02238168 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02238168 d:MotorVehicles 2023-04-01 2024-03-31 02238168 d:MotorVehicles 2024-03-31 02238168 d:MotorVehicles 2023-03-31 02238168 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02238168 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02238168 d:FurnitureFittings 2023-04-01 2024-03-31 02238168 d:FurnitureFittings 2024-03-31 02238168 d:FurnitureFittings 2023-03-31 02238168 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02238168 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02238168 d:ComputerEquipment 2023-04-01 2024-03-31 02238168 d:ComputerEquipment 2024-03-31 02238168 d:ComputerEquipment 2023-03-31 02238168 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02238168 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02238168 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 02238168 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02238168 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02238168 d:CurrentFinancialInstruments 2024-03-31 02238168 d:CurrentFinancialInstruments 2023-03-31 02238168 d:Non-currentFinancialInstruments 2024-03-31 02238168 d:Non-currentFinancialInstruments 2023-03-31 02238168 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02238168 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02238168 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 02238168 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02238168 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 02238168 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 02238168 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 02238168 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 02238168 d:ShareCapital 2024-03-31 02238168 d:ShareCapital 2023-03-31 02238168 d:RetainedEarningsAccumulatedLosses 2024-03-31 02238168 d:RetainedEarningsAccumulatedLosses 2023-03-31 02238168 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02238168 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02238168 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 02238168 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 02238168 c:OrdinaryShareClass1 2023-04-01 2024-03-31 02238168 c:OrdinaryShareClass1 2024-03-31 02238168 c:OrdinaryShareClass1 2023-03-31 02238168 c:FRS102 2023-04-01 2024-03-31 02238168 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02238168 c:FullAccounts 2023-04-01 2024-03-31 02238168 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02238168 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 02238168 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 02238168 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 02238168 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 02238168 d:HirePurchaseContracts d:MoreThanFiveYears 2024-03-31 02238168 d:HirePurchaseContracts d:MoreThanFiveYears 2023-03-31 02238168 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-03-31 02238168 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-31 02238168 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-03-31 02238168 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 02238168 d:LeasedAssetsHeldAsLessee 2024-03-31 02238168 d:LeasedAssetsHeldAsLessee 2023-03-31 02238168 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02238168









SKYFORM LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SKYFORM LIMITED
REGISTERED NUMBER: 02238168

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
993,195
923,817

Current assets
  

Debtors: amounts falling due after more than one year
 5 
79,242
79,242

Debtors: amounts falling due within one year
 5 
876,191
572,036

Cash at bank and in hand
 6 
204,550
262,872

  
1,159,983
914,150

Creditors: amounts falling due within one year
 7 
(391,745)
(330,275)

Net current assets
  
 
 
768,238
 
 
583,875

Total assets less current liabilities
  
1,761,433
1,507,692

Creditors: amounts falling due after more than one year
 8 
(79,957)
(108,060)

Provisions for liabilities
  

Deferred tax
 11 
(102,304)
(71,702)

Net assets
  
1,579,172
1,327,930


Capital and reserves
  

Called up share capital 
 12 
10,200
10,200

Profit and loss account
  
1,568,972
1,317,730

  
1,579,172
1,327,930


Page 1

 
SKYFORM LIMITED
REGISTERED NUMBER: 02238168
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




D J Thompson
A Thompson
Director
Director


Date: 5 November 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
SKYFORM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Skyform Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office Charles Lake House, Claire Causeway, Dartford, DA2 6QA. 
The Principal activity of the company continued to be that of the supply and hire of suspended access equipment, monorail and lifting solutions to the building industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presentation currency of the financial statements is the Pound Sterling (GBP).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
SKYFORM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

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

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SKYFORM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Freehold land and buildings
-
10% straight line, estimated residual value of £7,000
Plant and machinery
-
12.5% Straight Line
Motor vehicles
-
25% Reducing Balance
Fixtures and fittings
-
25% Reducing Balance
Computer equipment
-
25% Reducing balance
Consumable plant
-
25% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
SKYFORM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.12

Provision for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charges as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risk and uncertanities.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.


 
Page 6

 
SKYFORM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 15).

Page 7

 
SKYFORM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
37,550
2,046,960
326,553
44,678
11,673
2,467,414


Additions
-
214,916
84,780
3,509
6,520
309,725


Disposals
-
-
(26,840)
-
-
(26,840)



At 31 March 2024

37,550
2,261,876
384,493
48,187
18,193
2,750,299



Depreciation


At 1 April 2023
8,636
1,346,164
155,809
27,081
5,907
1,543,597


Charge for the year on owned assets
3,755
144,866
12,628
4,991
2,591
168,831


Charge for the year on financed assets
-
14,655
41,764
-
-
56,419


Disposals
-
-
(11,743)
-
-
(11,743)



At 31 March 2024

12,391
1,505,685
198,458
32,072
8,498
1,757,104



Net book value



At 31 March 2024
25,159
756,191
186,035
16,115
9,695
993,195



At 31 March 2023
28,914
700,796
170,744
17,597
5,766
923,817

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
139,932
124,807

Plant and machinery
122,307
78,849

262,239
203,656

Page 8

 
SKYFORM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
79,242
79,242

79,242
79,242


2024
2023
£
£

Due within one year

Trade debtors
492,944
323,890

Other debtors
79,844
65,993

Prepayments and accrued income
303,403
182,153

876,191
572,036



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
204,550
262,872

204,550
262,872



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,198
9,934

Trade creditors
214,891
180,002

Other taxation and social security
19,167
33,163

Obligations under finance lease and hire purchase contracts
96,344
75,806

Other creditors
44,575
25,220

Accruals and deferred income
6,570
6,150

391,745
330,275


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

Page 9

 
SKYFORM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,062
23,259

Net obligations under finance leases and hire purchase contracts
66,895
84,801

79,957
108,060


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


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,198
9,934

Amounts falling due 1-2 years

Bank loans
10,462
10,198

Amounts falling due 2-5 years

Bank loans
2,600
13,061

23,260
33,193


Bank loans are secured over the assets of the company.

Page 10

 
SKYFORM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
96,344
75,806

Between 1-2 years
48,064
69,299

Between 2-5 years
18,831
15,502

163,239
160,607

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangments have been entered into for contingent rental payments.


11.


Deferred taxation




2024
2023


£

£






At beginning of year
71,702
160,603


Charged to profit or loss
30,602
(88,901)



At end of year
102,304
71,702

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
244,613
221,792

Tax losses carried forward
(142,309)
(150,090)

102,304
71,702

Page 11

 
SKYFORM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,200 (2023 - 10,200) Ordinary shares of £1.00 each
10,200
10,200



13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an indipendentely administrated fund. The pension cost charge represents contributoins payable by the Company to the fund and amounted to £16,947 (2023 - £17,367) contibutions totalling £2,791 (2023 - £3,096) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

Included within other creditors due within one year is an amount of £27,935 (2023 - £20,475) due to the directors of the company.
Included within other debtors due more than one year is an amount of £79,242 
(2023 - £79,242) due from a company connected by way of common directors.
The directors have an interest in dividends paid during the year of £61,000 
(2023 - £60,000).

 
Page 12