Company registration number NI074036 (Northern Ireland)
SKYLINE DIRECT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
PAGES FOR FILING WITH REGISTRAR
SKYLINE DIRECT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SKYLINE DIRECT LIMITED
BALANCE SHEET
AS AT 30 APRIL 2026
30 April 2026
- 1 -
30 April 2026
27 April 2025
Notes
£
£
£
£
Current assets
Debtors
-
0
459,662
Cash at bank and in hand
-
0
157,385
-
0
617,047
Creditors: amounts falling due within one year
-
0
(107,679)
Net current assets
-
0
509,368
Capital and reserves
Called up share capital
455
455
Share premium account
8,995
8,995
Profit and loss reserves
(9,450)
499,918
Total equity
-
0
509,368

For the financial year ended 30 April 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their 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.

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 directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 7 July 2026 and are signed on its behalf by:
Mr C McCabe
Director
Company registration number NI074036 (Northern Ireland)
SKYLINE DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
- 2 -
1
Accounting policies
Company information

Skyline Direct Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Donnybrook House, 6-16 Duncrue Crescent, Belfast, County Antrim, Northern Ireland, BT3 9BW.

1.1
Reporting period

The company has produced financial statements for the 368 day period ended 30th April 2026. The period end is on the closest Sunday to the 30th April. C omparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.

1.2
Basis of preparation

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 a mounts in these financial statements are rounded to the nearest £.

These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (Section 1A – Small Entities), under the historical cost convention, except as modified by the application of the break-up basis of accounting.

1.3
Going concern

The company ceased issuing new loans on the 24th December 2024. It was the intention of the directors to continue to trade and collect in all the remaining loans that were outstanding at the balance sheet date.true

The directors have determined that the going concern basis is no longer appropriate, as the company ceased recovering loans (and hence trading) on the 1st December 2025. Accordingly, the financial statements have been prepared on a break-up basis.

Under this basis, the assets are stated at their estimated net realisable values, representing the amounts expected to be realised from their disposal; and liabilities are stated at the amounts expected to be settled, including any additional costs associated with winding up the company’s affairs.

Where appropriate, provisions have been made for any additional costs expected to arise on cessation or disposal. Comparative figures have been adjusted, where necessary, to reflect this change in basis.

1.4
Revenue

Revenue comprises sales of services provided to customers. Revenue is recognised when performance obligations are satisfied and services are transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

SKYLINE DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
1
Accounting policies
(Continued)
- 3 -

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 are recover able.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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 bases:

Development costs
12.5% Straight line
1.6
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:

Computers
12.5% 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.

1.7
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.

1.8
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.

SKYLINE DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
1
Accounting policies
(Continued)
- 4 -
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.

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 paymen ts 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. A m ounts 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.

1.9
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.

1.10
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.

1.11
Retirement benefits

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

1.12
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

SKYLINE DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

3
Employees

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

2026
2025
Number
Number
Total
8
16
4
Intangible fixed assets
Development costs
£
Cost
At 28 April 2025 and 30 April 2026
693,636
Amortisation and impairment
At 28 April 2025 and 30 April 2026
693,636
Carrying amount
At 30 April 2026
-
0
At 27 April 2025
-
0
5
Tangible fixed assets
Computers
£
Cost
At 28 April 2025 and 30 April 2026
30,148
Depreciation and impairment
At 28 April 2025 and 30 April 2026
30,148
Carrying amount
At 30 April 2026
-
0
At 27 April 2025
-
0
SKYLINE DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
- 6 -
6
Related party transactions

During the year the company entered into the following transactions with related parties:

During the year additional loans totalling £135,278 were made to its parent company, Skyline Direct Holdings Limited, a company in which Mr I Geary and Mr C McCabe are also directors. The loan was interest free and was written off as the company ceased trading. At the year end, the balance due from Skyline Direct Holdings Limited was £Nil (2025: £Nil).

7
Parent company

The directors consider that the ultimate parent undertaking and controlling party of this company is Skyline Direct Holdings Limited, a company incorporated in Northern Ireland.

Copies of the financial statements of Skyline Direct Holdings can be obtained from 6-16 Duncrue Crescent, Belfast.

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