for the financial year ended |
Skelatech Limited |
DIRECTORS AND OTHER INFORMATION |
Directors | |
Company Registration Number | |
Registered Office and Business Address | |
Accountants | |
Chartered Accountants | |
1st and 2nd Floor,The Mill | |
Greenmount Industrial Estate | |
Harolds Cross | |
Dublin 12 | |
Ireland | |
Bankers | |
Leicester | |
Leicestershire | |
United Kingdom | |
LE87 2BB |
Skelatech Limited |
DIRECTORS' REPORT |
for the financial year ended 30 September 2024 |
The directors present their report and the unaudited financial statements for the financial year ended 30 September 2024. |
Principal Activity |
Principal Risks and Uncertainties |
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company and the company's methodology for mitigating these risks are as follows - Financial risk management objectives and policies The company uses financial instruments throughout its business. It manages its interest rate and currency exposures and reviews its borrowings to achieve a desired profile. The company does not engage in transactions in derivatives but manages risks where possible without engaging in speculative transactions. The core risks associated with the companys financial instruments (i.e. its interest-bearing loans and debt, cash and cash equivalents, finance leases, on the operational level trade receivables and payables) are currency risk, interest rate risk, credit risk and liquidity risk. The board reviews and agrees policies for the prudent management of these risks as follows: Currency risk The companys activities in the UK are conducted primarily in sterling; this results in low levels of currency transaction risk, variances affecting operational activities in this regard are reflected in operating costs or in cost of sales in the profit and loss account in the years in which they arise. The company does not currently have any hedging instruments but appraises the position from time to time and would take action if foreign exchange became significant and/or damaging to the business. Finance and Interest rate risk The companys objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. A long-term strategy for the management of the exposure considers the amount of floating rate debt that is anticipated over the period and the sensitivity of the interest charge on this debt to changes in interest rates, and the resultant impact on reported profitability. The company has a mix of fixed and floating rate debt. The company does not currently have any hedging instruments but appraises the position from time to time and would take action if interest rates became significant and/or damaging to the business. Liquidity and cash flow risk The companys objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities. The companys policy is to ensure that sufficient resources are available either from cash balances and cash flows to ensure all obligations can be met when they fall due. To achieve this the company ensures that when relevant it limits the maturity of cash balances and borrows the majority of its debt needs under term financing. Credit risk The company has no significant concentrations of credit risk. |
Results and Dividends |
The loss for the financial year amounted to £(3,014) (2023 - £(941,368)). |
Directors |
The directors who served during the financial year are as follows: |
Adam Nagle |
Mark Howell |
Political Contributions |
Indemnity Insurance |
Statement of directors' Responsibilities and Declaration on Unaudited Financial Statements |
The directors made the following statement in respect of the unaudited financial statements: |
"General responsibilities |
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and apply them consistently; | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | make judgements and accounting estimates that are reasonable and prudent; | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Directors' declaration on unaudited financial statements |
In relation to the financial statements comprising the Abridged Income Statement, the Abridged Statement of Financial Position, the Statement of Changes in Equity and the related notes: |
The directors approve these financial statements and confirm that they are responsible for them, including selecting the appropriate accounting policies, applying them consistently and making, on a reasonable and prudent basis, the judgements underlying them. They have been prepared on the going concern basis on the grounds that the company will continue in business. |
The directors confirm that they have made available to Hugh McCarthy & Associates, (Chartered Accountants), all the company's accounting records and provided all the information, books and documents necessary for the compilation of the financial statements. |
The directors confirm that to the best of their knowledge and belief, the accounting records reflect all the transactions of the company for the financial year ended 30 September 2024." |
Future Developments |
The directors are not expecting to make any significant changes in the nature of the business in the near future. |
Special provisions relating to small companies |
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. |
On behalf of the board |
___________________________ |
Director |
Skelatech Limited |
ABRIDGED INCOME STATEMENT |
for the financial year ended 30 September 2024 |
2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes | £ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit/(loss) | - | ( |
||
Administrative expenses | ( |
( |
||
───────── | ───────── | |||
Loss before taxation | ( |
( |
||
Tax on loss | - | - | ||
───────── | ───────── | |||
Loss for the financial year | ( |
( |
||
───────── | ───────── | |||
Total comprehensive income | (3,014) | (941,368) | ||
═════════ | ═════════ |
Skelatech Limited |
Company Registration Number: |
ABRIDGED STATEMENT OF FINANCIAL POSITION |
as at |
2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes | £ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Assets |
Inventories | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables: amounts falling due within one year | (5,591) | (2,625) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Current Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets less Current Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables: |
amounts falling due after more than one year | (10,115,000) | (10,115,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity |
Called up share capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retained earnings | ( |
( |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity attributable to owners of the company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Approved by the Board and authorised for issue on |
________________________________ | |||||||
Director | |||||||
Skelatech Limited |
STATEMENT OF CHANGES IN EQUITY |
as at 30 September 2024 |
Called up | Retained | Total | |
share | earnings | ||
capital | |||
£ | £ | £ | |
At 1 October 2022 | 4,851,259 | (1,120,426) | 3,730,833 |
───────── | ───────── | ───────── | |
Loss for the financial year | - | (941,368) | (941,368) |
───────── | ───────── | ───────── | |
At 30 September 2023 | 4,851,259 | (2,061,794) | 2,789,465 |
───────── | ───────── | ───────── | |
Loss for the financial year | - | ( |
(3,014) |
───────── | ───────── | ───────── | |
At 30 September 2024 | 4,851,259 | ( |
2,786,451 |
═════════ | ═════════ | ═════════ |
Skelatech Limited |
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
for the financial year ended 30 September 2024 |
1. | General Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Skelatech Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 10393123. The registered office of the company is 10 Little Portland Street, London, W1W 7JG, England which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company. |
2. | Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of compliance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of preparation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other receivables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related parties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the purposes of these financial statements a party is considered to be related to the company if: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the company in making financial and operating policy decisions or has joint control over the company; | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | the company and the party are subject to common control; | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | the party is an associate of the company or forms part of a joint venture with the company; | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | the party is a member of key management personnel of the company or the company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals; | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the company. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxation and deferred taxation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date. |
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Ordinary share capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The ordinary share capital of the company is presented as equity. |
3. | Employees | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The average monthly number of employees, including directors, during the financial year was 1, (2023 - 1). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number | Number | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ |
4. | Capital commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5. | Parent company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The company regards |
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6. | Controlling interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7. | Events After the End of the Reporting Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There have been no significant events affecting the company since the financial year-end. |