Company registration number 03264517 (England and Wales)
SKI TIME LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
SKI TIME LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SKI TIME LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Current assets
Debtors
3
286,043
209,314
Cash at bank and in hand
34,299
37,804
320,342
247,118
Creditors: amounts falling due within one year
4
(353,949)
(353,876)
Net current liabilities
(33,607)
(106,758)
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
(33,609)
(106,760)
Total equity
(33,607)
(106,758)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 11 April 2025
Michael Docker
Director
Company registration number 03264517 (England and Wales)
SKI TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Ski Time Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.

1.1
Accounting convention

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis even though at the balance sheet date the company's current liabilities exceeded its current assets by £33,607 (2023 as restated: £106,758).

 

The director considers the going concern basis to be appropriate because, in his opinion, the company will continue to obtain sufficient funding to enable it to pay its debts as they fall due.

 

If the company was unable to continue obtaining sufficient funding to enable it to pay its debt as they fell due, it would be unable to continue trading and adjustment would have to be made to reduce the value of assets to their realisable amount, to provide for any further liabilities which might rise, and to re-classify fixed assets and long term liabilities as current assets and liabilities.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of French TVA and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SKI TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
286,043
209,314
SKI TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
353,949
353,876
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
6
Related party transactions

Included in other debtors is a balance of £286,043 (2023 as restated: £209,314) due from an entity in which M Docker has an interest.

 

Included within other creditors is £351,549 (2023: £351,341) due to an entity in which M Docker has an interest.

 

During the year rent and management fees amounting to £80,000 (2023 as restated: £110,986) was payable to entities in which M Docker has an interest.

7
Prior period adjustment
Reconciliation of changes in equity
1 June
31 May
2022
2023
Notes
£
£
Adjustments to prior year
Prior period adjustment
(a)
-
80,000
Equity as previously reported
(186,687)
(186,758)
Equity as adjusted
(186,687)
(106,758)
Analysis of the effect upon equity
Profit and loss reserves
-
80,000
SKI TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
7
Prior period adjustment
(Continued)
- 5 -
Reconciliation of changes in (loss)/profit for the previous financial period
2023
Notes
£
Adjustments to prior year
Prior period adjustment
(a)
80,000
Loss as previously reported
(71)
Profit as adjusted
79,929
Notes to reconciliation
(a) - Prior period adjustment

In the previous period's financial statements, income and other debtors were understated. A prior period adjustment has been made to recognise the income and asset. Although this has had an effect on the profit and loss account, no corporation tax is payable.

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