Registration number:
for the Year Ended
SKOOT Eco Group Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
SKOOT Eco Group Ltd
(Registration number: 11982528)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
12,406 |
11,412 |
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Share premium reserve |
4,177,334 |
3,476,641 |
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Retained earnings |
(4,022,036) |
(2,928,114) |
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Shareholders' funds |
167,704 |
559,939 |
For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
SKOOT Eco Group Ltd
(Registration number: 11982528)
Balance Sheet as at 31 December 2022
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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SKOOT Eco Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The company was formerly known as S.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the development of ride sharing software services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33.33% straight line basis |
Development costs
Software development costs represent the expenditure incurred to date in creating the software platform. The figure in the financial statements represents actual cost
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Software development costs |
To be written off over the period of 10 years straight line basis |
SKOOT Eco Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
SKOOT Eco Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Intangible assets |
Software development costs |
Total |
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Cost or valuation |
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At 1 January 2022 |
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At 31 December 2022 |
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Amortisation |
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Amortisation charge |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2022 |
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Additions |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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SKOOT Eco Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Stocks |
2022 |
2021 |
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Other inventories |
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Debtors |
Note |
2022 |
2021 |
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Trade debtors |
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- |
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Other debtors |
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Prepayments |
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Income tax asset |
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Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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- |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
2022 |
2021 |
Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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- |