Company registration number 07928590 (England and Wales)
SKYVIEW TOWER SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SKYVIEW TOWER SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SKYVIEW TOWER SYSTEMS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
30 September 2024
31 March 2023
Notes
£
£
£
£
Current assets
Stocks
10,624
-
Debtors
4
26
86
Cash at bank and in hand
646
952
11,296
1,038
Creditors: amounts falling due within one year
5
(188,745)
(175,400)
Net current liabilities
(177,449)
(174,362)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(177,549)
(174,462)
Total equity
(177,449)
(174,362)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 16 January 2025 and are signed on its behalf by:
G Ludlow
Director
Company Registration No. 07928590
SKYVIEW TOWER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Skyview Tower Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fieldhead Barn, Main Road, Sellindge, Ashford, TN25 6EQ.

1.1
Accounting convention

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

Although the balance sheet reflects net liabilities of £188,073, which indicates that the company may not be a going concern, Tower Visions LLP and two directors of the company, being its principal creditors, have confirmed that they will not seek repayment of any loans and accrued interest until the company's balance sheet reflects a solvent position. Due to the business interruptions caused by the Covid-19 pandemic; several nascent projects were abandoned just prior to contract, however the customer interest was again proven and business case for success was made. After a period of hibernation in lockdown, new avenues are being pursued. ln light of this and in addition to the contingent liabilities, the directors of the company will continue to fund Skyview Tower Systems through to profitability. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The financial statements do not reflect any adjustments which would be required if the going concern assumption was not appropriate.

1.3
Stocks

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.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SKYVIEW TOWER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when 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 the 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 the 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, loans from fellow group companies 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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SKYVIEW TOWER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
4
4
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
26
86
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
188,000
173,650
Accruals and deferred income
745
1,750
188,745
175,400
6
Contingent liabilities

The company has an agreement with Geoff & Iona Ludlow (Directors) in relation to financial support and services the company has been provided with to date. This agreement would see Geoff & Iona Ludlow paid for the financial support and services provided, which at the balance sheet date totals £524,852 (2023: £524,852). The repayment of these loans is agreed contingent on the company securing contracts for the schemes they are currently pursuing and the revenues that will be therein derived.

 

The company has an agreement with Carolynn Whiteley in relation to the services the company has been provided with to date. This agreement would see Carolynn Whiteley paid for the services provided, which at the balance sheet date totals £128,171 (2023: £128,171). The repayment for these services is agreed contingent on the company securing contracts for the schemes they are currently pursuing and the revenues that will be therein derived.

 

The company has an agreement with Media Wed Global in relation to the services the company has been provided with to date. This agreement would see Media Wed Global paid for the services provided, which at the balance sheet date totals £170,833 (2023: £170,833). The repayment for these services is agreed contingent on the company securing contracts for the schemes they are currently pursuing and the revenues that will be therein derived.

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