Registered number
04304760
Skyline Logistics Limited
Unaudited Filleted Accounts
31 March 2024
Skyline Logistics Limited
Registered number: 04304760
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 215,076 196,691
Current assets
Debtors 5 305,665 263,653
Cash at bank and in hand 387,563 358,154
693,228 621,807
Creditors: amounts falling due within one year 6 (182,564) (185,179)
Net current assets 510,664 436,628
Total assets less current liabilities 725,740 633,319
Creditors: amounts falling due after more than one year 7 (20,000) -
Provisions for liabilities (43,200) (37,900)
Net assets 662,540 595,419
Capital and reserves
Called up share capital 2 2
Profit and loss account 662,538 595,417
Shareholders' funds 662,540 595,419
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P Cockette
Director
Approved by the board on 21 October 2024
Skyline Logistics Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15-25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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. Current and deferred tax liabilities are not discounted.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 21 21
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 16,200
At 31 March 2024 16,200
Amortisation
At 1 April 2023 16,200
At 31 March 2024 16,200
Net book value
At 31 March 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 54,948 369,285 424,233
Additions 2,672 95,361 98,033
Disposals - (64,812) (64,812)
At 31 March 2024 57,620 399,834 457,454
Depreciation
At 1 April 2023 28,800 198,742 227,542
Charge for the year 6,267 52,742 59,009
On disposals - (44,173) (44,173)
At 31 March 2024 35,067 207,311 242,378
Net book value
At 31 March 2024 22,553 192,523 215,076
At 31 March 2023 26,148 170,543 196,691
5 Debtors 2024 2023
£ £
Trade debtors 264,239 224,873
Other debtors 41,426 38,780
305,665 263,653
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 89,462 103,420
Taxation and social security costs 74,940 65,701
Other creditors 18,162 16,058
182,564 185,179
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 20,000 -
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 59,625 86,125
9 Controlling party
The company is under joint control of Paul Cockette and Alison Cockette who own all of the issued share capital.
10 Other information
Skyline Logistics Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 40, Walkers Road
North Moons Moat
Redditch
Worcestershire
B98 9HD
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