Skyview Tower Systems Limited
Notes to the financial statements
For the Year Ended 31 March 2021
Skyview Tower Systems Limited is a company incorporated in England and Wales (Registered number: 07928590). The registered office is Montague Place, Quayside, Chatham Maritime, Chatham, ME4 4QU.
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Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. While the impact of the Covid-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers. However, taking into consideration the UK Government's response and the company's planning, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
Although the balance sheet reflects net liabilities of £166,253, which indicates that the company may not be a going concern, Tower Visions LLP and a director of the company, being its principal creditors, have confirmed that they will not seek repayment of loans and accrued interest of £162,398 until the company's balance sheet reflects a solvent position. Due to the recent business interruptions caused by the Covid-19 pandemic; several nascent projects were abandoned just prior to contract, however the customer interest was again proven and business case for success was made. After a period of hibernation in lockdown, new avenues are being pursued. In light of this and in addition to the contingent liabilities, the directors of the company will continue to fund Skyview Tower Systems through to profitablity.
The financial statements do not reflect any adjustments which would be required if the going concern assumption was not appropriate.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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