Registration number:
SkillsFor Ltd
for the Year Ended 31 August 2024
SkillsFor Ltd
(Registration number: 02555976)
Balance Sheet as at 31 August 2024
Note |
2024 |
2023 |
|
Fixed assets |
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Intangible assets |
|
- |
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
( |
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Net (liabilities)/assets |
( |
|
|
Capital and reserves |
|||
Called up share capital |
2,000 |
2,000 |
|
Retained earnings |
(478,954) |
10,969 |
|
Shareholders' (deficit)/funds |
(476,954) |
12,969 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
SkillsFor Ltd
Notes to the Financial Statements for the Year Ended 31 August 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in pounds sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
Going concern
The financial statements have been prepared on a going concern basis. The directors have reviewed forecasts and projections for a period of 12 months from the date of approval of these accounts, and have concluded that the entity remains a going concern based on these projections.
SkillsFor Ltd
Notes to the Financial Statements for the Year Ended 31 August 2024
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
20% - 33% straight line |
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Computer software |
33% straight line |
SkillsFor Ltd
Notes to the Financial Statements for the Year Ended 31 August 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
SkillsFor Ltd
Notes to the Financial Statements for the Year Ended 31 August 2024
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Other intangible assets |
Total |
|
Cost or valuation |
||
Additions acquired separately |
|
|
At 31 August 2024 |
|
|
Amortisation |
||
Amortisation charge |
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|
At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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SkillsFor Ltd
Notes to the Financial Statements for the Year Ended 31 August 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
|||
At 1 September 2023 |
- |
|
|
Additions |
|
|
|
At 31 August 2024 |
|
|
|
Depreciation |
|||
At 1 September 2023 |
- |
|
|
Charge for the year |
|
|
|
At 31 August 2024 |
|
|
|
Carrying amount |
|||
At 31 August 2024 |
|
|
|
At 31 August 2023 |
- |
|
|
Included within the net book value of land and buildings above is £89,628 (2023 - £Nil) in respect of short leasehold land and buildings.
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
( |
|
|
|
SkillsFor Ltd
Notes to the Financial Statements for the Year Ended 31 August 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
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Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
|
- |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
2,000 |
|
2,000 |
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Redeemable preference shares |
|
- |
Other borrowings |
|
- |
|
- |
SkillsFor Ltd
Notes to the Financial Statements for the Year Ended 31 August 2024
Related party transactions |
During the year, Simon Banks, a director of the company, advanced a loan of £100,000 to the company. The loan is repayable on 31st August 2027. Interest is due on the loan at the higher of 5% per annum or 3% per annum above the Bank of England's base rate. Interest of £5,944 was paid in the current year.