Acorah Software Products - Accounts Production 16.3.350 false true true false 23 August 2023 31 August 2024 31 August 2024 15091587 Mr David Karseladze iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 15091587 2023-08-22 15091587 2024-08-31 15091587 2023-08-23 2024-08-31 15091587 frs-core:CurrentFinancialInstruments 2024-08-31 15091587 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-23 2024-08-31 15091587 frs-core:OtherResidualIntangibleAssets 2024-08-31 15091587 frs-core:OtherResidualIntangibleAssets 2023-08-23 2024-08-31 15091587 frs-core:OtherResidualIntangibleAssets 2023-08-22 15091587 frs-core:SharePremium 2024-08-31 15091587 frs-core:ShareCapital 2024-08-31 15091587 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 15091587 frs-bus:PrivateLimitedCompanyLtd 2023-08-23 2024-08-31 15091587 frs-bus:FilletedAccounts 2023-08-23 2024-08-31 15091587 frs-bus:SmallEntities 2023-08-23 2024-08-31 15091587 frs-bus:AuditExempt-NoAccountantsReport 2023-08-23 2024-08-31 15091587 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-23 2024-08-31 15091587 frs-core:UnlistedNon-exchangeTraded 2024-08-31 15091587 frs-core:UnlistedNon-exchangeTraded 2023-08-22 15091587 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-08-22 15091587 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2024-08-31 15091587 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-08-31 15091587 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-08-22 15091587 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-08-31 15091587 frs-bus:Director1 2023-08-23 2024-08-31 15091587 frs-countries:EnglandWales 2023-08-23 2024-08-31
Registered number: 15091587
Skillwill International Ltd
Unaudited Financial Statements
For the Period 23 August 2023 to 31 August 2024
OnTheGo Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 15091587
31 August 2024
Notes £ £
FIXED ASSETS
Intangible Assets 4 765,505
Investments 5 52,021
817,526
CURRENT ASSETS
Debtors 6 91,321
Cash at bank and in hand 193,531
284,852
Creditors: Amounts Falling Due Within One Year 7 (1,693 )
NET CURRENT ASSETS (LIABILITIES) 283,159
TOTAL ASSETS LESS CURRENT LIABILITIES 1,100,685
NET ASSETS 1,100,685
CAPITAL AND RESERVES
Called up share capital 8 100
Share premium account 1,273,836
Profit and Loss Account (173,251 )
SHAREHOLDERS' FUNDS 1,100,685
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For the period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 David Karseladze
Director
16/05/2025
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
Skillwill International Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 15091587 . The registered office is 146 New Cavendish Street, London, W1W 6YQ.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are software development It is amortised to profit and loss account over its estimated economic life of ten years.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. 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 years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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2.7. 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.
2.8. Trade debtors
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.
2.9. 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.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 1
1
4. Intangible Assets
Other
£
Cost
As at 23 August 2023 -
Additions 810,952
As at 31 August 2024 810,952
Amortisation
As at 23 August 2023 -
Provided during the period 45,447
As at 31 August 2024 45,447
Net Book Value
As at 31 August 2024 765,505
As at 23 August 2023 -
5. Investments
Unlisted
£
Cost
As at 23 August 2023 -
Additions 52,021
As at 31 August 2024 52,021
Provision
As at 23 August 2023 -
As at 31 August 2024 -
...CONTINUED
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Net Book Value
As at 31 August 2024 52,021
As at 23 August 2023 -
6. Debtors
31 August 2024
£
Due within one year
Other debtors 91,321
7. Creditors: Amounts Falling Due Within One Year
31 August 2024
£
Trade creditors 1,441
Other creditors 252
1,693
8. Share Capital
31 August 2024
£
Allotted, Called up and fully paid 100
9. Related Party Transactions
Transactions with the entity's related parties:
31 August 2024
£
Shareholder Loan to Vakhtangi Turnava
57,422
Intercompany Loanto Skillwill LLC
32,825
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90,247
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10. Group Status
Skillwill International Ltd is the ultimate parent undertaking of the group.
The group comprises:
Skillwill LLC – a Georgian entity, 60% owned           Akhmeta Street #1, Tbilisi, Georgia
Skillwill SRL – an Italian entity, 51% owned             Via Savona 97, CAP 2014, Milano (MI), Italy
The company has not prepared consolidated financial statements under the exemption permitted by section 399 of the Companies Act 2006, as the group qualifies as a small group under section 383 of the Act.
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