Skybus Limited - Period Ending 2016-03-31

Registration number: 08399407

Skybus Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Skybus Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Skybus Limited
(Registration number: 08399407)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					358			738
Current assets
Stocks					353,827			202,853
Debtors					242			28,698
Cash at bank and in hand					12,360			8,464
					366,429			240,015
Creditors: Amounts falling due within one year					(175,167)			(93,395)
Net current assets					191,262			146,620
Total assets less current liabilities					191,620			147,358
Creditors: Amounts falling due after more than one year					(20,607)			-
Net assets					171,013			147,358
Capital and reserves
Called up share capital		3			5			5
Profit and loss account					171,008			147,353
Shareholders' funds					171,013			147,358

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 30 December 2016

.........................................
Simon Watts
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Skybus Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents gross amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Computer equipment	33% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Skybus Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		1,153			1,153
At 31 March 2016		1,153			1,153
Depreciation
At 1 April 2015		415			415
Charge for the year		380			380
At 31 March 2016		795			795
Net book value
At 31 March 2016		358			358
At 31 March 2015		738			738

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A share of £1 each		1			1			1			1
Ordinary B share of £1 each		1			1			1			1
Ordinary C share of £1 each		1			1			1			1
Ordinary D share of £1 each		1			1			1			1
Ordinary E share of £1 each		1			1			1			1
		5			5			5			5

4

Control

The company is controlled by .

5	Going concern

The director has reviewed the twelve months ahead and considered the company's financial position and notes no material uncertainties that may cast significant doubt about the ability of it to continue as a going concern.

Page 3