Company No: 10087383 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

T Gamborg

SECRETARY

S Gamborg

REGISTERED OFFICE	20 St James Street
	London
	United Kingdom

COMPANY NUMBER

10087383 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Lowin House
	Tregolls Road
	Truro
	Cornwall TR1 2NA

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	2,807		3,244
		2,807		3,244
Current assets
Debtors	4	59,225		51,390
Cash at bank and in hand		2,643		4,541
		61,868		55,931
Creditors
Amounts falling due within one year	5	( 65,789)		( 26,635)
Net current (liabilities)/assets		(3,921)		29,296
Total assets less current liabilities		(1,114)		32,540
Creditors
Amounts falling due after more than one year	6	( 9,852)		( 12,000)
Provision for liabilities		( 459)		( 617)
Net (liabilities)/assets		( 11,425)		19,923
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		( 11,525 )		19,823
Total shareholders' (deficit)/funds		( 11,425)		19,923

For the financial year ending 31 May 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Skal Limited (registered number: 10087383) were approved and authorised for issue by the Director on 23 May 2023. They were signed on its behalf by:

T Gamborg Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Skal Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 20 St James Street, London, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a ,reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	2		1

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 June 2021	5,913		5,913
Additions	391		391
At 31 May 2022	6,304		6,304
Accumulated depreciation
At 01 June 2021	2,669		2,669
Charge for the financial year	828		828
At 31 May 2022	3,497		3,497
Net book value
At 31 May 2022	2,807		2,807
At 31 May 2021	3,244		3,244

4. Debtors

	2022		2021
	£		£
Trade debtors	18,140		18,845
Other debtors	41,085		32,545
	59,225		51,390

5. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	3,284		3,000
Trade creditors	4,384		3,344
Corporation tax	13,506		9,482
Other taxation and social security	5,571		5,930
Other creditors	39,044		4,879
	65,789		26,635

6. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans	9,852		12,000

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Related party transactions

Transactions with the entity's director

	2022		2021
	£		£
At 1 June 2021	0		2,958
Advances to director	0		6,272
Repayments to director	0		(9,230)
At 31 May 2022	0		0