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Registration number: 08720723

Skyline Chess Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

Pages for filing with Registrar

 

Skyline Chess Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Skyline Chess Limited

Company Information

Directors

Mr I D Gorham

Mr C J Prosser

Mr I Flood

Registered office

Studio 515, Unit 10
The Archives
Fountayne Road
London
N15 4BE

Registered number

08720723

Accountant

Corrigan Accountants Limited 1st Floor
25 King Street
Bristol
BS1 4PB

 

Skyline Chess Limited

(Registration number: 08720723)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

24,825

17,056

Tangible assets

5

49,910

88,819

 

74,735

105,875

Current assets

 

Stocks

6

465,656

403,381

Debtors

7

88,818

109,106

Cash at bank and in hand

 

68,933

91,981

 

623,407

604,468

Creditors: Amounts falling due within one year

8

(183,647)

(440,999)

Net current assets

 

439,760

163,469

Total assets less current liabilities

 

514,495

269,344

Creditors: Amounts falling due after more than one year

8

(293,233)

(15,833)

Provisions for liabilities

(22,089)

(22,089)

Net assets

 

199,173

231,422

Capital and reserves

 

Called up share capital

9

400

400

Share premium reserve

40,900

40,900

Profit and loss account

157,873

190,122

Total equity

 

199,173

231,422

 

Skyline Chess Limited

(Registration number: 08720723)
Balance Sheet as at 31 October 2024

For the financial year ending 31 October 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

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 for issue by the Board on 17 June 2025 and signed on its behalf by:
 

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

Mr I Flood
Director

 

Skyline Chess Limited

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

1

Statutory information

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

The address of its registered office is:
Studio 515, Unit 10
The Archives
Fountayne Road
London
N15 4BE

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

 

Skyline Chess Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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 fixed 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 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:

Plant and equipment

25% straight line

Computers

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Patents & licences

5% staright line

Development costs

25% straight line

Website

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Skyline Chess Limited

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Skyline Chess Limited

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

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Skyline Chess Limited

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

4

Intangible fixed assets

Website, Designs and Trademarks
£

Total
£

Cost

At 1 November 2023

23,911

23,911

Additions acquired separately

9,642

9,642

At 31 October 2024

33,553

33,553

Amortisation

At 1 November 2023

6,854

6,854

Amortisation charge

1,874

1,874

At 31 October 2024

8,728

8,728

Carrying amount

At 31 October 2024

24,825

24,825

At 31 October 2023

17,056

17,056

 

Skyline Chess Limited

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

5

Tangible fixed assets

Computer Equipment
 £

Plant & Machinery
£

Total
£

Cost

At 1 November 2023

10,513

177,970

188,483

Additions

2,011

6,425

8,436

At 31 October 2024

12,524

184,395

196,919

Depreciation

At 1 November 2023

4,520

95,148

99,668

Charge for the year

2,966

44,375

47,341

At 31 October 2024

7,486

139,523

147,009

Carrying amount

At 31 October 2024

5,038

44,872

49,910

At 31 October 2023

5,997

82,822

88,819

6

Stocks

2024
£

2023
£

Finished goods

465,656

403,381

7

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

67,897

95,675

Prepayments and accrued income

11,057

4,556

Other debtors

7,151

8,875

Directors' loan accounts

2,713

-

88,818

109,106

 

Skyline Chess Limited

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

8

Creditors

2024
£

2023
£

Amounts falling due within one year

Trade creditors

45,939

36,914

Loan from director

-

388,019

Accruals

102,647

6,066

Corporation tax

25,061

-

Bank loans

10,000

10,000

183,647

440,999

2024
£

2023
£

Due after one year

Bank loans

5,833

15,833

Loan from director

287,400

-

293,233

15,833

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

300

300

300

300

Ordinary B of £1 each

100

100

100

100

 

400

400

400

400

 

Skyline Chess Limited

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

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,833

15,833

Loan from director

287,400

-

293,233

15,833