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SKN Technology Limited
Registered Number:10887309
For the year ended 31 July 2024
England and Wales
Unaudited Financial Statements
2
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
3
Registered Number :
10887309
As at 31 July 2024
SKN Technology Limited
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Property, plant and equipment
1,184
1,893
2
Financial assets
50,000
50,000
3
51,184
51,893
Current assets
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
Capital and reserves
Called up share capital
100
100
Retained earnings
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.
Hailan Shao Director
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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4
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.
Registered address:
9 Whirlow Grange Avenue
Sheffield
S11 9RW
The presentation currency is £ sterling.
1. Accounting policies
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.
25% Reducing balance
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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5
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
Furniture and
Fittings
£
Cost or
valuation
At 01 August 2023
4,809
552
Additions
Disposals
(3,528)
At 31 July 2024
1,833
Provision for depreciation and impairment
At 01 August 2023
2,916
Charge for year
488
(2,755)
On disposal
At 31 July 2024
649
At 31 July 2024
Net book value
1,184
At 31 July 2023
1,893
3. Investments held as fixed assets
Other investments
Total
At 01 August 2023
50,000
50,000
Cost
£
£
At 31 July 2024
50,000
50,000
At 31 July 2024
Net book value
50,000
50,000
At 01 August 2023
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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6
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
Other creditors
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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