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Registration number: 02555976

SkillsFor Ltd

Filleted Financial Statements

for the Year Ended 31 August 2024

 

SkillsFor Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

SkillsFor Ltd

(Registration number: 02555976)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

22,469

-

Tangible assets

5

99,506

3,472

 

121,975

3,472

Current assets

 

Debtors

6

188,689

125,552

Cash at bank and in hand

 

85,170

51,126

 

273,859

176,678

Creditors: Amounts falling due within one year

7

(472,788)

(167,181)

Net current (liabilities)/assets

 

(198,929)

9,497

Total assets less current liabilities

 

(76,954)

12,969

Creditors: Amounts falling due after more than one year

7

(400,000)

-

Net (liabilities)/assets

 

(476,954)

12,969

Capital and reserves

 

Called up share capital

8

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 Board on 20 December 2024 and signed on its behalf by:
 

.........................................
S J Banks
Director

 

SkillsFor Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Axis Building 4
Rhodes Way
Watford
WD24 4YW
England

2

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

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 20 December 2024 was Benjamin Hayes BSc FCA, who signed for and on behalf of Wenn Townsend.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 8).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

23,515

23,515

At 31 August 2024

23,515

23,515

Amortisation

Amortisation charge

1,046

1,046

At 31 August 2024

1,046

1,046

Carrying amount

At 31 August 2024

22,469

22,469

 

SkillsFor Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

-

6,655

6,655

Additions

102,141

12,270

114,411

At 31 August 2024

102,141

18,925

121,066

Depreciation

At 1 September 2023

-

3,183

3,183

Charge for the year

12,513

5,864

18,377

At 31 August 2024

12,513

9,047

21,560

Carrying amount

At 31 August 2024

89,628

9,878

99,506

At 31 August 2023

-

3,472

3,472

Included within the net book value of land and buildings above is £89,628 (2023 - £Nil) in respect of short leasehold land and buildings.
 

6

Debtors

2024
£

2023
£

Trade debtors

70,246

74,318

Prepayments

119,790

49,301

Other debtors

(1,347)

1,933

188,689

125,552

 

SkillsFor Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

41,480

14,436

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

154,615

21,407

Taxation and social security

 

12,878

15,661

Accruals and deferred income

 

255,068

112,683

Other creditors

 

8,747

2,994

 

472,788

167,181

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

400,000

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2,000

2,000

2,000

2,000

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Redeemable preference shares

300,000

-

Other borrowings

100,000

-

400,000

-

 

SkillsFor Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

10

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.