smallAccCompHo_0921.xslt
Company Registration No. 12326538 (England and Wales)
SKUNKWORKS MANAGED IT SERVICES LTD
Financial Statements
for the Period from 01 April 2024 to 31 March 2025

SKUNKWORKS MANAGED IT SERVICES LTD

Financial Statements for the period ending 31 March 2025

CONTENTS PAGE
Company Information 2
Statement of Financial Position 3
Notes to the Accounts 4
- 1 -

SKUNKWORKS MANAGED IT SERVICES LTD

Financial Statements for the period ending 31 March 2025

Company Information

Company Details
Company Number 12326538
Registered Office Suite 2, Kingsland House
Stafford Court
Telford
Shropshire
TF3 3BD
Directors
Directors who held office during the period were:
Gavin MORGAN   
Gemma Marie PENNINGTON   
- 2 -

SKUNKWORKS MANAGED IT SERVICES LTD

Financial Statements for the period ending 31 March 2025

Statement of Financial Position

12345678910
Notes 2025 2024
£ £
Fixed Assets
Intangible assets 5 333 -
Tangible assets 6 94,689 98,982
Current Assets
Stocks 34,115 39,142
Debtors due 198,904 276,933
Cash at bank and in hand 91,342 86,855
324,361 402,930
Creditors
Amount falling due within one year (221,239) (283,447)
Net Current Assets 103,122 119,483
Total Assets less current liabilities 198,144 218,465
Creditors due after more than one year (48,301) (61,557)
Net Assets 149,843 156,908
Capital and Reserves
Called up Share Capital 100 100
Retained earnings at end of year 149,743 156,808
Shareholder funds 149,843 156,908
For the year ending 31/03/2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities.
Approved by the Board on 17 December 2025
Gavin Morgan
Company Registration No. 12326538
- 3 -

SKUNKWORKS MANAGED IT SERVICES LTD

Financial Statements for the period ending 31 March 2025

Notes to the Accounts

1. Statutory Information
SKUNKWORKS MANAGED IT SERVICES LTD is a private company, limited by shares, registered in England and Wales, registration number 12326538.
2. Accounting Policies
Basis of preparing the Financial Statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Presentation Currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
- 4 -

SKUNKWORKS MANAGED IT SERVICES LTD

Financial Statements for the period ending 31 March 2025

Notes to the Accounts

Current Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly from equity.Current or deferred taxation assets and liabilities are not discounted.Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Tangible Fixed Asset Policy
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in the profit and loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit and loss.Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.Plant and Machinery - 25% on reducing balance and 25% on cost.Fixtures and fittings etc - at variable rates on reducing balanceMotor Vehicles - 25% on reducing balance and 25% on cost.Computer Equipment - 33.3% on reducing balance and 33% on cost.
- 5 -

SKUNKWORKS MANAGED IT SERVICES LTD

Financial Statements for the period ending 31 March 2025

Notes to the Accounts

Intangible Asset Policy
Intangible assets are initially recorded at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis: Private Company Branded Licence Plate 20 years
Stock
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of timing differences.Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
- 6 -

SKUNKWORKS MANAGED IT SERVICES LTD

Financial Statements for the period ending 31 March 2025

Notes to the Accounts

3. Employees
Average number of employees, including directors, during the year was as follows:
2025 10.75
2024 10
4. Principal Activity
Provider of Managed IT Services, mainly to the SME market.
- 7 -

SKUNKWORKS MANAGED IT SERVICES LTD

Financial Statements for the period ending 31 March 2025

Notes to the Accounts

5. Intangible Assets
Other Total
Cost £ £
At 01/04/2024 - -
Additions 333 333
Disposals - -
Revaluations - -
At 31/03/2025 333 333
Amortisation
At 01/04/2024 - -
Charge for the Year - -
On Disposals - -
Other increases/(decreases) - -
At end of period - -
Net book value
At 31/03/2025 333 333
At 31/03/2024 - -
6. Fixed Assets
Plant and Machinery Motor Vehicles Fixtures and Fittings Computer Equipment Total
Cost or valuation £ £ £ £ £
At 01/04/2024 - 91,751 32,401 20,806 144,958
Additions 584 - 2,684 18,293 21,561
Disposals - - - (917) (917)
At 31/03/2025 584 91,751 35,085 38,182 165,602
Depreciation
At 01/04/2024 - 26,699 7,619 11,658 45,976
Charge for the year 12 16,263 3,723 5,545 25,543
Disposals - - - (606) (606)
At 31/03/2025 12 42,962 11,342 16,597 70,913
Net Book Value
At 31/03/2025 572 48,789 23,743 21,585 94,689
At 31/03/2024 - 65,052 24,782 9,148 98,982
- 8 -