Registered number
01790176
Skillgame Limited
Unaudited Filleted Accounts
31 May 2024
Skillgame Limited
Registered number: 01790176
Balance Sheet
as at 31 May 2024
Restated
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 271,029 195,529
Current assets
Stocks 5,986 5,200
Debtors 4 118,227 126,408
Cash at bank and in hand 623,296 531,183
747,509 662,791
Creditors: amounts falling due within one year 5 (69,728) (48,927)
Net current assets 677,781 613,864
Total assets less current liabilities 948,810 809,393
Provisions for liabilities (67,757) (48,882)
Net assets 881,053 760,511
Capital and reserves
Called up share capital 2 2
Profit and loss account 881,051 760,509
Shareholder's funds 881,053 760,511
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the board on 7 February 2025
S.W. Clark
Director
Skillgame Limited
Notes to the unaudited financial statements
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Due to a change from Reporting standard from FRS105 to FRS102, as applied to small entities by section 1A of the standard, the 2023 results have been restated in order to reflect the additional disclosure requirements.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% per annum straight line
Moror vehicles 20% per annum straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
1 Accounting policies (continued)
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
1 Accounting policies (continued)
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme and makes contributions into employees' own schemes. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the schemes. The assets of the schemes are held separately to those of the company.
Going concern
The directors are of the opinion that the company will increase its turnover and that it is well placed to manage business risks successfully. Accordingly, they have a reasonable expectation that the company will manage its resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 218,211 260,394 478,605
Additions 34,293 105,080 139,373
Disposals (6,400) - (6,400)
At 31 May 2024 246,104 365,474 611,578
Depreciation
At 1 June 2023 198,549 84,527 283,076
Charge for the year 8,901 54,972 63,873
On disposals (6,400) - (6,400)
At 31 May 2024 201,050 139,499 340,549
Net book value
At 31 May 2024 45,054 225,975 271,029
At 31 May 2023 19,662 175,867 195,529
4 Debtors 2024 2023
£ £
Trade debtors 98,817 108,344
Other debtors 19,410 18,064
118,227 126,408
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 3,849 7,496
Taxation and social security costs 41,977 33,936
Other creditors 23,902 7,495
69,728 48,927
6 Pension commitments
The company operates a defined contribution pension schemes for employees. The assets of the scheme are held separately from those of the company. At the balance sheet date, unpaid contributions of £55 (2023 : £nil) were due to the fund. The liability is included in other creditors.
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 109,567 139,450
8 Controlling party
The Company was under the control of Mr.S.W. Clark by virtue of his holding 100% of the issued share capital.
9 Other information
Skillgame Limited is a private company limited by shares and incorporated in England. Its registered office is:
Units H & I, Maybrook Industrial Estate
Maybrook Road
Walsall
West Midlands
WS8 7DG
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