Company registration number 03264517 (England and Wales)
SKI TIME LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
SKI TIME LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SKI TIME LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,326
Current assets
Debtors
4
129,314
113,196
Cash at bank and in hand
37,804
133,674
167,118
246,870
Creditors: amounts falling due within one year
5
(353,876)
(434,883)
Net current liabilities
(186,758)
(188,013)
Net liabilities
(186,758)
(186,687)
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
(186,760)
(186,689)
Total equity
(186,758)
(186,687)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 19 December 2023
Michael Docker
Director
Company Registration No. 03264517
SKI TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Ski Time Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
1.1
Accounting convention
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company's current liabilities exceeded its current assets by £186.758 (2022: £188,013).
The director considers the going concern basis to be appropriate because, in his opinion, the company will continue to obtain sufficient funding to enable it to pay its debts as they fall due.
If the company was unable to continue obtaining sufficient funding to enable it to pay its debt as they fell due, it would be unable to continue trading and adjustment would have to be made to reduce the value of assets to their realisable amount, to provide for any further liabilities which might rise, and to re-classify fixed assets and long term liabilities as current assets and liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of French TVA and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts.
1.4
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:
Fixtures, fittings & equipment
25% reducing balance
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.
SKI TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
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.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
SKI TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022
15,695
Disposals
(15,695)
At 31 May 2023
Depreciation and impairment
At 1 June 2022
14,369
Eliminated in respect of disposals
(14,369)
At 31 May 2023
Carrying amount
At 31 May 2023
At 31 May 2022
1,326
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
129,314
113,196
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
353,876
434,883
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
SKI TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
7
Related party transactions
Included in other debtors is a balance of £129,314 (2022: £108,854) due from a company in which M Docker has an interest.
Included in other creditors are amounts totalling £351,341 (2022: £432,350) due to companies in which M Docker has an interest.
During the year rent amounting to £30.986 (2022: £27,516) was payable to a company in which M Docker has an interest.