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Registered number: 03463255
Skyfleet Limited
Unaudited Financial Statements
For The Year Ended 30 November 2024
Chandler Tuck Limited
Chartered Accountants
1st Floor
30 North Street
Ashford
Kent
TN24 8JR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03463255
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 14,065 11,515
Investments 5 45,000 45,000
59,065 56,515
CURRENT ASSETS
Debtors 6 106,987 128,844
Cash at bank and in hand 143,165 168,493
250,152 297,337
Creditors: Amounts Falling Due Within One Year 7 (170,064 ) (178,738 )
NET CURRENT ASSETS (LIABILITIES) 80,088 118,599
TOTAL ASSETS LESS CURRENT LIABILITIES 139,153 175,114
Creditors: Amounts Falling Due After More Than One Year 8 (5,000 ) (15,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (1,921 )
NET ASSETS 134,153 158,193
CAPITAL AND RESERVES
Called up share capital 9 104 104
Profit and Loss Account 134,049 158,089
SHAREHOLDERS' FUNDS 134,153 158,193
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For the year ending 30 November 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Profit and Loss Account.
On behalf of the board
Mr Paul Isaacs
Director
23 April 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Skyfleet Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03463255 . The registered office is Capital House, Unit 3, High House Business Park, Kenardington , Kent, TN26 2LF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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:
Motor Vehicles 25% on a reducing balance
Fixtures & Fittings 15% on a reducing balance
2.4. 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 year 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 asset reflects 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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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
Sales, marketing and distribution 12 13
14 15
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 December 2023 3,000 95,971 98,971
Additions 6,000 - 6,000
As at 30 November 2024 9,000 95,971 104,971
Depreciation
As at 1 December 2023 750 86,706 87,456
Provided during the period 2,060 1,390 3,450
As at 30 November 2024 2,810 88,096 90,906
Net Book Value
As at 30 November 2024 6,190 7,875 14,065
As at 1 December 2023 2,250 9,265 11,515
5. Investments
Other
£
Cost
As at 1 December 2023 45,000
As at 30 November 2024 45,000
Provision
As at 1 December 2023 -
As at 30 November 2024 -
Net Book Value
As at 30 November 2024 45,000
As at 1 December 2023 45,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 60,181 95,636
Other debtors 46,806 33,208
106,987 128,844
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 38,388 34,226
Bank loans and overdrafts 10,000 10,000
Other creditors 38,879 35,568
Taxation and social security 82,797 98,944
170,064 178,738
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 5,000 15,000
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 104 104
10. Ultimate Controlling Party
The company's ultimate controlling party is Paul Isaacs by virtue of his ownership of 100% of the issued voting share capital in the company.
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