Company registration number 12668567 (England and Wales)
SKYBOUND CONNECT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
SKYBOUND CONNECT LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
SKYBOUND CONNECT LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr Jabir Sardhawalla
Secretary
GMG Corporate Services (Africa) (Pty) Ltd
Company number
12668567
Registered office
3 Queen Street
London
W1J5PA
Auditor
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
SKYBOUND CONNECT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
1,461
Investments
5
-
0
700
-
0
2,161
Current assets
Debtors
6
1,328
-
0
Cash at bank and in hand
24,018
59,401
25,346
59,401
Creditors: amounts falling due within one year
7
(5,700)
(11,479)
Net current assets
19,646
47,922
Total assets less current liabilities
19,646
50,083
Capital and reserves
Called up share capital
8
485,120
485,120
Profit and loss reserves
(465,474)
(435,037)
Total equity
19,646
50,083

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

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

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.

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

SKYBOUND CONNECT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
Mr Jabir Sardhawalla
Director
Company Registration No. 12668567
The notes on pages 4 to 10 form part of these financial statements
SKYBOUND CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

Skybound Connect Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Queen Street, London, W1J5PA.

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

In preparing these financial statements, the director trueis required to consider the appropriateness of the going concern assumption, the ability to continue to trade for a period of at least 12 months after the date the financial statement are approved.

 

During the year the company ceased trading and the director currently has no intention to commence trading again. Accordingly the director has assessed that it is not appropriate for the financial statements to be prepared on a going concern basis.

 

Financial statements prepared on a basis other than going concern, present all assets at the lower of their cost or realisable value and present all liabilities as falling due within one year at the value of the future cash outflows expected.

 

Although these financial statements have been prepared on a basis other than going concern, due to the nature of the company's assets and liabilities at the balance sheet date, there has been no impact on the reported performance or position of the company as a result of the financial statements having been prepared on this basis.

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 not subject to Value Added Tax. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

SKYBOUND CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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 and fittings
16.67% Straight Line
Computers
16.67% Straight Line

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.

1.5
Fixed asset investments

Investments are initially recognized at cost and subsequently measured at fair value at the balance sheet date. Investment gains and losses, whether realised or unrealised, are combined and shown as net gains or losses on investments in the Profit and Loss account.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

SKYBOUND CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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.

SKYBOUND CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

3
Employees

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

 

 

2024
2023
Number
Number
Total
1
2
SKYBOUND CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
1,837
4,036
5,873
Disposals
(1,837)
(4,036)
(5,873)
At 31 December 2024
-
0
-
0
-
0
Depreciation and impairment
At 1 January 2024
376
4,036
4,412
Depreciation charged in the year
153
-
0
153
Eliminated in respect of disposals
(529)
(4,036)
(4,565)
At 31 December 2024
-
0
-
0
-
0
Carrying amount
At 31 December 2024
-
0
-
0
-
0
At 31 December 2023
1,461
-
0
1,461
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
-
0
700
SKYBOUND CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024 & 31 December 2024
700
Impairment
At 1 January 2024
-
Impairment losses
700
At 31 December 2024
700
Carrying amount
At 31 December 2024
-
At 31 December 2023
700
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,328
-
0
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
240
Taxation and social security
-
0
5,066
Other creditors
-
0
448
Accruals and deferred income
5,700
5,725
5,700
11,479
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
485,120
485,120
485,120
485,120
SKYBOUND CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter - non-going concern basis of accounting

We draw your attention to note 1.2 to the financial statements which explains that the company ceased trading during the year. The director therefore does not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter

Senior Statutory Auditor:
Chris Checkley FCCA
Statutory Auditor:
TC Group
Date of audit report:
2 June 2025
10
Related party transactions

At the start of the year the company owed £448 to Skybound Capital UK Limited. The loans were interest free and repayable on demand.

 

During the period under review, the company's fixed assets were transferred to Skybound Capital UK Limited on 1 July 2024. At this time the value of the fixed assets were £1,308. This amount was transferred to Skybound Connect Limited.

 

At the year-end £1,328 was owed by Skybound Capital UK Limited to Skybound Connect Limited.

11
Parent company

Skybound Capital Limited, a company registered in the British Virgin Islands, is the parent company and ultimate controlling party of Skybound Connect Limited.

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