The Skills Group Ltd - Period Ending 2022-12-31
The Skills Group Ltd - Period Ending 2022-12-31
Registration number:
The Skills Group Ltd
for the Year Ended 31 December 2022
The Skills Group Ltd
(Registration number: 03302677)
Balance Sheet as at 31 December 2022
Note |
2022 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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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 |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Retained earnings |
( |
( |
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Shareholders' deficit |
( |
( |
The Skills Group Ltd
(Registration number: 03302677)
Balance Sheet as at 31 December 2022
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. |
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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The Skills Group Ltd
Notes to the 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 address of its registered office is:
These financial statements were authorised for issue by the
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. The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Group accounts not prepared
The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The Skills Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Prior period errors
It was noted during the preparation of the 2022 financial statement that the 2021 balance sheet and
profit and loss accounts had been mis-stated, due to amounts between group companies being
recognised in error. The impact of the correction of these errors has been to increase amounts due
from related parties to £169,889 and recorded costs by the same amounts.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. Current and deferred tax assets and liabilities are not discounted.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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% straight line |
The Skills Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
The Skills Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The Skills Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Exceptional items |
Exceptional income relates to the write off of balances due to related parties. These amounts are no longer due.
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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The Skills Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 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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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Subsidiary undertakings |
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England and Wales |
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Debtors |
Current |
Note |
2022 |
(As restated) |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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The Skills Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Creditors |
Due within one year |
Note |
2022 |
(As restated) |
Trade creditors |
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Amounts owed to related parties |
162,027 |
162,027 |
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Social security and other taxes |
1,752 |
- |
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Accruals and deferred income |
11,277 |
4,777 |
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Note |
2022 |
(As restated) |
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Due after one year |
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Amounts owed to related parties |
155,333 |
164,333 |
Related party transactions |
Summary of transactions with key management
The directors, who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel.
Loans to related parties
2022 |
Other related parties |
Total |
At start of period |
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Advanced |
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At end of period |
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2021 |
Other related parties |
Total |
At start of period |
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Advanced |
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Impairment |
( |
( |
At end of period (As restated) |
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The Skills Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Terms of loans to related parties
Loans from related parties
2022 |
Key management |
Other related parties |
Total |
At start of period |
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Repaid |
( |
- |
( |
At end of period |
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2021 |
Key management |
Other related parties |
Total |
At start of period |
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Advanced |
- |
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Repaid |
( |
- |
( |
Impairment |
- |
( |
( |
At end of period (As restated) |
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Terms of loans from related parties
Loans from key management are interest free and repayable in a period no less than one year.