Skylight IPV Limited - Accounts to registrar (filleted) - small 18.2
Skylight IPV Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 1 NOVEMBER 2019 TO 31 DECEMBER 2019 |
| FOR |
| SKYLIGHT IPV LIMITED |
| SKYLIGHT IPV LIMITED (REGISTERED NUMBER: 10156606) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 NOVEMBER 2019 TO 31 DECEMBER 2019 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| SKYLIGHT IPV LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 1 NOVEMBER 2019 TO 31 DECEMBER 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| Newport House |
| Newport Road |
| Stafford |
| Staffordshire |
| ST16 1DA |
| SKYLIGHT IPV LIMITED (REGISTERED NUMBER: 10156606) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2019 |
| 2019 | 2019 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Investments | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) |
| ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
| NET ASSETS/(LIABILITIES) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SKYLIGHT IPV LIMITED (REGISTERED NUMBER: 10156606) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 NOVEMBER 2019 TO 31 DECEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| Skylight IPV Limited is a |
| The principal activity of the company is the provision of services to banks and financial institutions to assist them in valuing over the counter derivatives. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Functional currency |
| The financial statements are prepared in pound sterling (£) which is the functional currency of the company. |
| Significant judgements and estimates |
| In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets, provisions and contingent liabilities, accruals and impairment are its critical accounting estimates. |
| Revenue |
| Revenue from services provided is recognised by reference to the stage of completion of the contract determined by the value of the services provided at the balance sheet date as a proportion of the total value of the engagement. Where the amount of revenue is contingent on future events, this is only recognised where the amount of revenue can be measured reliably and it is probable that the economic benefits will be received. Services provided to the client which at the balance sheet date have not been billed have been recognised as revenue and are included in debtors as accrued income. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares |
| . |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
| Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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. |
| SKYLIGHT IPV LIMITED (REGISTERED NUMBER: 10156606) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 NOVEMBER 2019 TO 31 DECEMBER 2019 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period 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 in 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. |
| 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 period end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Provisions |
| Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. |
| Impairment of non-financial assets |
| At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Investments |
| Investments which have been classified as current asset investments, are initially measured at cost and remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| SKYLIGHT IPV LIMITED (REGISTERED NUMBER: 10156606) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 NOVEMBER 2019 TO 31 DECEMBER 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2019 |
| and 31 December 2019 |
| DEPRECIATION |
| At 1 November 2019 |
| Charge for period |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 October 2019 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2019 |
| £ | £ |
| Tax |
| VAT |
| Deferred tax asset |
| 7. | CURRENT ASSET INVESTMENTS |
| 2019 | 2019 |
| £ | £ |
| Unlisted investments | 2,415,203 | - |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2019 |
| £ | £ |
| Loan notes 2018 |
| Loan notes 2016 | 460,000 | - |
| Social security and other taxes |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2019 |
| £ | £ |
| Loan notes | - | 897,500 |
| Accruals loan note interest |
| 10. | OTHER FINANCIAL COMMITMENTS |
| At the balance sheet date the company had no commitments. |