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SKYCIRCUITS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
The company is a private company limited by share capital and incorporated in England and Wales. Its registered office is 9 The Old Barns, Manor Farm, Chilmark, Salisbury, Wiltshure, SP3 5AF.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The Directors of the Company expect the limited trading activity to continue in the following Financial period. Despite this, there is sufficient cash in the bank to cover the Company’s obligations for the next 12 months. The Directors of the Company intend to keep the Company open for strategic reasons.
Interest income is recognised in profit or loss using the effective interest method.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The previous financial period covered 12 months to 30 June 2024 and the current period covers the 6 months to 31 December 2024. The period end has been changed to align with the group of which the Company is a member. The prior period numbers are therefore not entirely comparable.
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