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Registered number: 13009819
Skipcom Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Contents
Page
Company Information 1
Accountants' Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—9
Page 1
Company Information
Director Shaun Mc Daid
Company Number 13009819
Registered Office Unit 8a Station Approach
Oldfield Lane North
Greenford
Middlesex
UB6 0AL
Accountants Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Page 1
Page 2
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Skipcom Limited For The Year Ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Skipcom Limited For The Year Ended 29 February 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Skipcom Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Skipcom Limited and state those matters that we have agreed to state to the director of Skipcom Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Skipcom Limited and its director, as a body, for our work or for this report.
It is your duty to ensure that Skipcom Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Skipcom Limited . You consider that Skipcom Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Skipcom Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
04/02/2025
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
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Page 3
Statement of Financial Position
Registered number: 13009819
29 February 2024 28 February 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 371,348 447,188
371,348 447,188
CURRENT ASSETS
Debtors 5 121,748 129,055
Cash at bank and in hand 34,501 39,575
156,249 168,630
Creditors: Amounts Falling Due Within One Year 6 (595,590 ) (466,389 )
NET CURRENT ASSETS (LIABILITIES) (439,341 ) (297,759 )
TOTAL ASSETS LESS CURRENT LIABILITIES (67,993 ) 149,429
Creditors: Amounts Falling Due After More Than One Year 7 (66,517 ) (205,001 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,525 ) -
NET LIABILITIES (144,035 ) (55,572 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Income Statement (144,036 ) (55,573 )
SHAREHOLDERS' FUNDS (144,035) (55,572)
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Page 4
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Shaun Mc Daid
Director
04/02/2025
The notes on pages 5 to 9 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Skipcom Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13009819 . The registered office is Unit 8a Station Approach, Oldfield Lane North, Greenford, Middlesex, UB6 0AL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
The company has full support from its Director and therefore is deemed a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 5 year reducing balance
Motor Vehicles 5 year straight line
Computer Equipment 3 year straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
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2.6. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 4)
3 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 513,250 21,999 1,045 536,294
Additions 15,000 - 519 15,519
As at 29 February 2024 528,250 21,999 1,564 551,813
Depreciation
As at 1 March 2023 85,917 3,066 123 89,106
Provided during the period 86,467 4,400 492 91,359
As at 29 February 2024 172,384 7,466 615 180,465
Net Book Value
As at 29 February 2024 355,866 14,533 949 371,348
As at 1 March 2023 427,333 18,933 922 447,188
5. Debtors
29 February 2024 28 February 2023
as restated
£ £
Due within one year
Trade debtors 119,178 79,603
Prepayments and accrued income 2,570 -
Deferred tax current asset - 4,759
VAT - 44,693
121,748 129,055
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Page 8
6. Creditors: Amounts Falling Due Within One Year
29 February 2024 28 February 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts 155,528 133,943
Trade creditors 129,506 121,118
Other taxes and social security 45,586 21,374
VAT 23,415 -
Other creditors 61,772 47,184
Accruals and deferred income - 3,700
Director's loan account 179,783 139,070
595,590 466,389
7. Creditors: Amounts Falling Due After More Than One Year
29 February 2024 28 February 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts 66,517 205,001
8. Obligations Under Finance Leases and Hire Purchase
29 February 2024 28 February 2023
as restated
£ £
The future minimum finance lease payments are as follows:
Not later than one year 155,528 133,943
Later than one year and not later than five years 66,517 205,001
222,045 338,944
222,045 338,944
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9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 March 2023 (4,759 ) (4,759)
Deferred taxation 14,284 14,284
Balance at 29 February 2024 9,525 9,525
10. Share Capital
29 February 2024 28 February 2023
as restated
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
11. Ultimate Controlling Party
The company's ultimate controlling party is Shaun McDaid by virtue of his ownership of 100% of the issued share capital in the company.
12. Restatement of comparative figures
During the year, the company identified that certain hire purchase agreements had not been correctly treated in the financial statements for the period ended 28 February 2023. As a result, fixed assets and related liabilities were understated. The comparative figures have been restated to reflect the correct treatment of these transactions in accordance with FRS 102.
Impact on Prior Year Financial Statements
The restatement has affected the following balances:
  • Tangible assets increased by £170,199
  • Debtors decreased by £10,930
  • Creditors increased by £186,254
  • Loss after tax increased by £26,985
The directors confirm that this correction provides a more accurate presentation of the company’s financial position and performance.
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