2023-07-012024-06-302024-06-30false11423920Skyscape IT 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Skyscape IT Limited

(formerly MY IT GUY LIMITED)

Registered Number
11423920
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

Skyscape IT Limited
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

Robin L Whiting

Registered Address

Izabella House
Regent Place
Birmingham
B1 3NJ

Registered Number

11423920 (England and Wales)
Skyscape IT Limited
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets324,93915,883
Tangible assets42,5173,356
27,45619,239
Current assets
Debtors51,11869,096
Cash at bank and on hand19,89435,853
21,012104,949
Creditors amounts falling due within one year6(34,231)(45,123)
Net current assets (liabilities)(13,219)59,826
Total assets less current liabilities14,23779,065
Provisions for liabilities7(2,802)(839)
Net assets11,43578,226
Capital and reserves
Called up share capital100100
Profit and loss account11,33578,126
Shareholders' funds11,43578,226
The financial statements were approved and authorised for issue by the Director on 5 March 2025, and are signed on its behalf by:
Robin L Whiting
Director
Registered Company No. 11423920
Skyscape IT Limited
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Revenue from sale of goods
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
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.
Deferred tax
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.
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment25
2.Average number of employees

20242023
Average number of employees during the year21
3.Intangible assets

Goodwill

Other

Total

£££
Cost or valuation
At 01 July 2331,765-31,765
Additions-12,44012,440
At 30 June 2431,76512,44044,205
Amortisation and impairment
At 01 July 2315,882-15,882
Charge for year3,1772073,384
At 30 June 2419,05920719,266
Net book value
At 30 June 2412,70612,23324,939
At 30 June 2315,883-15,883
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 July 236,5136,513
At 30 June 246,5136,513
Depreciation and impairment
At 01 July 233,1573,157
Charge for year839839
At 30 June 243,9963,996
Net book value
At 30 June 242,5172,517
At 30 June 233,3563,356
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables1,1181,162
Amounts owed by associates and joint ventures / participating interests-67,934
Total1,11869,096
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables7,1927,305
Amounts owed to related parties16-
Taxation and social security24,47134,498
Other creditors1,1821,951
Accrued liabilities and deferred income1,3701,369
Total34,23145,123
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.
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)2,802839
Total2,802839