Registration number:
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Skylar Group Ltd
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Skylar Group Ltd
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Skylar Group Ltd
Company Information
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Director |
K A Clemmence |
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Registered office |
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Accountants |
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Skylar Group Ltd
Statement of Financial Position as at 30 June 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
(167,796) |
(46,590) |
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Shareholders' deficit |
(167,795) |
(46,589) |
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Skylar Group Ltd
Statement of Financial Position as at 30 June 2024
Approved and authorised by the
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K A Clemmence
Director
Company registration number: 14191938
Skylar Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the retail of jewellery.
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Going concern
The company made a loss for the period ended 30 June 2024 and had a deficit of net assets of £167,795 at that date.
The company funds its working capital requirements by loans from related companies. The director is confident that this funding will continue for the foreseeable future and the company is hopeful of improving trading results through a combination of margin improvement and reducing overheads. As a consequence, with these financial resources the director believes that the company is well placed to manage its business risks successfully despite the current economic uncertainties.
On the basis of the above, and after making enquires, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in the preparation of the financial statements.
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 from shop sales and online sales on the date of the sale.
Skylar Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the statement of financial position 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 over their estimated useful lives as follows:
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Asset class |
Depreciation method and rate |
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Leasehold Property |
Over the term of the lease |
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Fixtures, Fittings and Equipment |
25% straight line |
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.
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.
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Staff numbers |
The average number of persons employed by the company during the year was
Skylar Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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Tangible assets |
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Leasehold Property |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Debtors |
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2024 |
(As restated) |
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Trade debtors |
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Other debtors |
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Other debtors includes an amount of £180,000 (2023: £180,000) recoverable in greater than one year.
Skylar Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
(As restated) |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £
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Non-adjusting events after the end of the reporting period |
Subsequent to 30 June 2024, the company entered into a receivables purchase facility agreement for up to £230,000.
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Prior period adjustment |
During the year, the director identified that amounts payable under certain contracts relating to the period ending 30 June 2023 had been incorrectly calculated. This has been corrected in these financial statements, and the comparative figures have been restated.
The effect of these adjustments on the comparative figures relating to the period ended 30 June 2023 is to reduce the loss for that period by £564,422, decrease other creditors by £472,681, increase other debtors by £97,161, and increase taxation and social security by £5,420 from that previously reported.