Registered Number:10887309 |
For the year ended 31 July 2024
England and Wales
Unaudited Financial Statements
For the year ended 31 July 2024
SKN Technology Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
SKN Technology Limited
Statement of Financial Position
2023
2024
Property, plant and equipment |
1,184
1,893
2
50,000
50,000
3
51,184
51,893
58,548
Cash and cash equivalents |
69,901
69,901
58,548
Trade and other payables: amounts falling due within one |
year |
(30,904)
(38,833)
4
27,644
31,068
Net current assets
Total assets less current liabilities |
82,252
79,537
82,252
Net assets
79,537
100
100
82,152
79,437
82,252
79,537
Shareholders' funds
For the year ended 31 July 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006 |
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of |
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section |
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial |
statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
These financial statements were approved and authorised for issue by the Board on 27 January 2025 and were signed by: |
The notes form part of these financial statements |
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For the year ended 31 July 2024
SKN Technology Limited
Notes to the Financial Statements
Statutory Information
SKN Technology Limited is a private limited company, limited by shares, domiciled in England and Wales, registration |
number 10887309. |
9 Whirlow Grange Avenue
Sheffield
S11 9RW
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the |
Companies Act 2006. The financial statements have been prepared under the historical costs convention. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These |
policies have been consistently applied to all years presented unless otherwise stated. |
Revenue recognition
Turnover represents the invoiced value of engineering services, technical consultancy, software development and training. Turnover is recognised on the completion of each contract assignment, in accordance with the contract terms, and by reference to the valuation of time spent over the life of the contract. |
Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture and Fittings
Inventories
Income on work in progress contracts is recognised by reference to the valuation of time spent on each contract at the year end and in relation to the life of the contract. Profit on work in progress contracts is recognised when the outcome of the contracts can be assessed with reasonable certainty, and is that amount which is estimated to reflect fairly the profit arising up to the year end. Profit on work in progress contracts is reflected in the profit and loss account as the difference between the reported turnover, and the related costs. |
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or future profits. |
Debtors and creditors due within one year
Debtors and creditors with no stated interest rate, which are due within one year, are stated at the transaction price. |
Any losses arising from impairment are recognised in the statement of comprehensive income within administrative |
expenses. |
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For the year ended 31 July 2024
SKN Technology Limited
Notes to the Financial Statements Continued
Impairment
At each balance sheet date, assets are reviewed to determine whether there is any indication that any of the |
individual assets have suffered an impairment. If such indication exists, the recoverable amount of the asset, or the |
assest cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds |
its recoverable amount, an impairment loss is recognised in the statement of comprehensive income. |
2. Property, plant and equipment |
4,809
552
(3,528)
1,833
Provision for depreciation and impairment |
2,916
Charge for year
488
(2,755)
649
1,184
1,893
3. Investments held as fixed assets |
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
During the year ended 31July 2023 the Company invested £50,000 into a Portfolio Investment Product. The |
investment is reflected at £50,000 on the Statement of Financial Position. The valuation of the portfolio as at 31 July |
2024 was £58,593, including the un-realised gain of £8,593. |
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For the year ended 31 July 2024
SKN Technology Limited
Notes to the Financial Statements Continued
4. Trade and other payables: amounts falling due within one year |
2023
2024
Taxation and social security |
6,910
4,781
31,923
26,123
38,833
30,904
5. Average number of persons employed |
During the year the average number of employees was 1 (2023 : 1)
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