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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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SKILLS MATTER LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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SKILLS MATTER LIMITED |
SKILLS MATTER LIMITED (REGISTERED NUMBER: 04955555) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SKILLS MATTER LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
2 Mill Road |
Haverhill |
Suffolk |
CB9 8BD |
SKILLS MATTER LIMITED (REGISTERED NUMBER: 04955555) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
SKILLS MATTER LIMITED (REGISTERED NUMBER: 04955555) |
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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Miss W I M Devolder - Director | N Macris - Director |
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D G Carville - Director |
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SKILLS MATTER LIMITED (REGISTERED NUMBER: 04955555) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Skills Matter Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company has been in a development phase and has also completed a move to substantial new premises and |
so has incurred a trading loss. |
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Following a successful funding round the company has substantial cash reserves which the directors consider is |
sufficient for the company to continue through the next stage of its growth. |
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The directors therefore consider it appropriate to prepare the financial statements on the basis that the company |
is a going concern. |
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Preparation of consolidated financial statements |
The financial statements contain information about Skills Matter Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company has taken the option under |
Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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Turnover |
Turnover is the amount derived from ordinary activities, stated after trade discounts, other sales taxes and net of |
VAT. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Improvements to leasehold property | - |
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Office equipment | - |
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Computer equipment | - |
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Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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SKILLS MATTER LIMITED (REGISTERED NUMBER: 04955555) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
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 in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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 the |
timing difference. |
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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. |
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Intangible assets - web platform development expenditure |
Development expenditure on the Web Platform project is carried forward on the basis that its future |
recoverability can be foreseen with reasonable assurance and once completed is amortised in line with revenue |
from the project. |
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Amortisation has been charged at a rate of 25% on cost. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet 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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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SKILLS MATTER LIMITED (REGISTERED NUMBER: 04955555) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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AMORTISATION |
At 1 January 2016 |
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Amortisation for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Development expenditure on the Web Platform project is carried forward on the basis that its future |
recoverability can be foreseen with reasonable assurance and once completed is amortised in line with revenue |
from the project. These are considered to be special circumstances why capitalised development costs are not to |
be treated as a realised loss when determining distributable reserves. |
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5. | TANGIBLE FIXED ASSETS |
Improvements |
to |
leasehold | Office | Computer |
property | equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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SKILLS MATTER LIMITED (REGISTERED NUMBER: 04955555) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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6. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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50 |
NET BOOK VALUE |
At 31 December 2016 |
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50 |
At 31 December 2015 |
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50 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Taxation |
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Accrued income |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Loan notes | - | 200,000 |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to associates | 36,625 | 26,676 |
Social security and other taxes |
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VAT | 39,342 | 186,684 |
Other creditors |
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Directors' loan accounts | - | 47,955 |
Deferred income |
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Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Secured convertible bonds | 1,000,000 | - |
Loan notes |
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Preference shares - 2-5 years | 300,000 | 200,000 |
Preference shares - over 5 years | 100,000 | 200,000 |
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SKILLS MATTER LIMITED (REGISTERED NUMBER: 04955555) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2016 | 2015 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Preference shares - over 5 years | 100,000 | 200,000 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
Secured convertible bonds | 1,000,000 | - |
Loan notes | 1,000,000 | 1,200,000 |
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The loan notes and secured bonds are secured by a charge over the assets of the company. |
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11. | POST BALANCE SHEET EVENTS |
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On 4 April 2017 the following events occurred: - |
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- | 3,837 Ordinary shares were issued for a consideration of £1,075,000. |
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2,172 'A' Ordinary shares and 200,000 Preference shares were converted to Deferred shares. The
Deferred shares are non-voting and have no rights to any payment of dividend or other distribution other than a maximum payment of £1 for the entire class. |
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- | £250,000 of loan notes were waived by the holders. |