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Registration number: 10324779

Skarn Associates Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Skarn Associates Limited

Contents

Company Information

1

Accountants' Report - Ltd

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Skarn Associates Limited

Company Information

Directors

Mr Mark Fellows

Ms Hye Yoon Chung

Mr James Martin Hollands

Mr Simon James Dennis Benney

Mr Nicholas David Morgan

Mr Robert James Garlick

Registered office

Stowegate House
Lombard Street
Lichfield
Staffs
WS13 6DP

Accountants

David Evans & Co Limited Stowegate House
Lombard Street
Lichfield
Staffs
WS13 6DP

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Skarn Associates Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Skarn Associates Limited for the year ended 31 August 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Skarn Associates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Skarn Associates Limited and state those matters that we have agreed to state to the Board of Directors of Skarn Associates Limited, as a body, in this report in accordance with. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Skarn Associates Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Skarn Associates 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 loss of Skarn Associates Limited. You consider that Skarn Associates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Skarn Associates 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 statutory accounts.

......................................

David Evans & Co Limited
Stowegate House
Lombard Street
Lichfield
Staffs
WS13 6DP

19 March 2025

 

Skarn Associates Limited

(Registration number: 10324779)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,893

6,907

Current assets

 

Debtors

5

354,884

345,029

Cash at bank and in hand

 

415,458

474,563

 

770,342

819,592

Creditors: Amounts falling due within one year

6

(721,899)

(266,816)

Net current assets

 

48,443

552,776

Net assets

 

58,336

559,683

Capital and reserves

 

Called up share capital

7

210

180

Share premium reserve

1,181,451

589,480

Retained earnings

(1,123,325)

(29,977)

Shareholders' funds

 

58,336

559,683

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 March 2025 and signed on its behalf by:
 


Mr Mark Fellows
Director

 

Skarn Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Stowegate House
Lombard Street
Lichfield
Staffs
WS13 6DP

These financial statements were authorised for issue by the Board on 19 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Skarn Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

20% per annum

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Skarn Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 14).

 

Skarn Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

13,801

13,801

Additions

7,186

7,186

Disposals

(1,004)

(1,004)

At 31 August 2024

19,983

19,983

Depreciation

At 1 September 2023

6,894

6,894

Charge for the year

3,798

3,798

Eliminated on disposal

(602)

(602)

At 31 August 2024

10,090

10,090

Carrying amount

At 31 August 2024

9,893

9,893

At 31 August 2023

6,907

6,907

5

Debtors

Current

2024
£

2023
£

Trade debtors

236,962

247,032

Prepayments

34,391

8,035

Other debtors

83,531

89,962

 

354,884

345,029

6

Creditors

Creditors: amounts falling due within one year

 

Skarn Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

200,000

Trade creditors

 

28,949

13,633

Taxation and social security

 

31,210

26,481

Accruals and deferred income

 

49,880

17,890

Other creditors

 

611,860

8,812

 

721,899

266,816

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of 1p each of £0.01 each

20,998

209.98

17,998

179.98

       

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

-

200,000

9

Related party transactions

 

Skarn Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

76,945

Summary of transactions with subsidiaries

Skarn Water Limited Skarn Associated Limited owns 75% of the share capital of Skarn Water Limited and all activities relating to Skarn Water Limited have been reflected through Skarn Associates Limited