Sky Line World Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09578734 (England and Wales)

Financial Statements for the Year Ended 31 May 2021

for

Sky Line World Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr Tahir Aziz

REGISTERED OFFICE:

GMH Vehicle Recyclers

Mardy Road

Cardiff

Wales

CF3 2EH

REGISTERED NUMBER:

09578734 (England and Wales)

ACCOUNTANTS:

Sterling Accounting Services Limited

Bridge House

9-13 Holbrook Lane

Coventry

CV6 4AD

FIXED ASSETS

Property, plant and equipment

4

60,412

64,520

CURRENT ASSETS

Inventories

401,745

326,815

Debtors

5

7,941

3,093

Cash at bank and in hand

72,583

76,930

482,269

406,838

CREDITORS

Amounts falling due within one year

6

333,513

284,613

NET CURRENT ASSETS

148,756

122,225

TOTAL ASSETS LESS CURRENT LIABILITIES

209,168

186,745

CREDITORS

Amounts falling due after more than one year

7

50,000

59,286

NET ASSETS

159,168

127,459

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

159,167

127,458

SHAREHOLDERS' FUNDS

159,168

127,459

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 December 2021 and were signed by:

Mr Tahir Aziz - Director

1.	STATUTORY INFORMATION

Sky Line World Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2020 - 19 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 June 2020

124,285

Additions

15,415

At 31 May 2021

139,700

DEPRECIATION

At 1 June 2020

59,765

Charge for year

19,523

At 31 May 2021

79,288

NET BOOK VALUE

At 31 May 2021

60,412

At 31 May 2020

64,520

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Trade debtors

7,941

3,075

Other debtors

-

18

7,941

3,093

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Trade creditors

47,228

36,702

Taxation and social security

25,992

18,550

Other creditors

260,293

229,361

333,513

284,613

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.21

31.5.20

£

£

Bank loans

50,000

50,000

Hire purchase contracts

-

9,286

50,000

59,286

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.21

31.5.20

value:

£

£

1

Ordinary

£1

1

1

9.	RELATED PARTY DISCLOSURES

During the year, the Company has paid rent of £18,000 (£18,000 : 2020) in respect of use of business property owned by the director.