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Registration number: SC555185

Skipinnish Limited

Annual Report and Unaudited Financial Statements

for the Period from 20 January 2017 to 31 March 2018

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
Argyll
PA35 1AG

 

Skipinnish Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8 to 12

 

Skipinnish Limited

Company Information

Directors

Mr Angus MacPhail

Mr Andrew Stevenson

Registered office

Skipinnish Head Office
Carn Dearg House
North Road
Fort William
Inverness-shire
PH33 6PP

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
Argyll
PA35 1AG

 

Skipinnish Limited

Directors' Report for the Period from 20 January 2017 to 31 March 2018

The directors present their report and the financial statements for the period from 20 January 2017 to 31 March 2018.

Incorporation

The company was incorporated on 20 January 2017.

Directors of the company

The directors who held office during the period were as follows:

Mr Angus MacPhail (appointed 20 January 2017)

Mr Andrew Stevenson (appointed 20 January 2017)

Principal activity

The principal activity of the company is the operation and development of the Skipinnish brand through music.

Small companies provision statement

This report has 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.

Approved by the Board on 14 September 2018 and signed on its behalf by:

.........................................
Mr Andrew Stevenson
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Skipinnish Limited
for the Period Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Skipinnish Limited for the period ended 31 March 2018 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Skipinnish Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Skipinnish Limited and state those matters that we have agreed to state to the Board of Directors of Skipinnish Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Skipinnish Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Skipinnish Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Skipinnish Limited. You consider that Skipinnish Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Skipinnish Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
Argyll
PA35 1AG

14 September 2018

 

Skipinnish Limited

Profit and Loss Account for the Period from 20 January 2017 to 31 March 2018

Note

2018
£

Turnover

 

230,146

Cost of sales

 

(135,028)

Gross profit

 

95,118

Administrative expenses

 

(48,891)

Operating profit

 

46,227

Profit before tax

2

46,227

Taxation

 

(8,789)

Profit for the financial period

 

37,438

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

Skipinnish Limited

Statement of Comprehensive Income for the Period from 20 January 2017 to 31 March 2018

2018
£

Profit for the period

37,438

Total comprehensive income for the period

37,438

 

Skipinnish Limited

(Registration number: SC555185)
Balance Sheet as at 31 March 2018

Note

2018
£

Fixed assets

 

Tangible assets

3

1,388

Current assets

 

Stocks

4

50,000

Debtors

5

12,994

Cash at bank and in hand

 

2,601

 

65,595

Creditors: Amounts falling due within one year

6

(49,545)

Net current assets

 

16,050

Net assets

 

17,438

Capital and reserves

 

Called up share capital

7

100

Profit and loss account

17,338

Total equity

 

17,438

For the financial period ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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.

Approved and authorised by the Board on 14 September 2018 and signed on its behalf by:
 

.........................................

Mr Andrew Stevenson
Director

 

Skipinnish Limited

Statement of Changes in Equity for the Period from 20 January 2017 to 31 March 2018

Share capital
£

Profit and loss account
£

Total
£

Profit for the period

-

37,438

37,438

Total comprehensive income

-

37,438

37,438

Dividends

-

(20,100)

(20,100)

New share capital subscribed

100

-

100

At 31 March 2018

100

17,338

17,438

 

Skipinnish Limited

Notes to the Financial Statements for the Period from 20 January 2017 to 31 March 2018

1

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 sale of goods and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant & machinery

20% reducing balance

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.

 

Skipinnish Limited

Notes to the Financial Statements for the Period from 20 January 2017 to 31 March 2018

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

 

Skipinnish Limited

Notes to the Financial Statements for the Period from 20 January 2017 to 31 March 2018

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Profit before tax

Arrived at after charging/(crediting)

2018
£

Depreciation expense

346

 

Skipinnish Limited

Notes to the Financial Statements for the Period from 20 January 2017 to 31 March 2018

3

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

1,734

1,734

At 31 March 2018

1,734

1,734

Depreciation

Charge for the period

346

346

At 31 March 2018

346

346

Carrying amount

At 31 March 2018

1,388

1,388

4

Stocks

2018
£

Other inventories

50,000

5

Debtors

2018
£

Other debtors

12,994

12,994

6

Creditors

Creditors: amounts falling due within one year

Note

2018
£

Due within one year

 

Bank loans and overdrafts

8

9,778

Other creditors

 

39,767

 

49,545

7

Share capital

Allotted, called up and fully paid shares

 

Skipinnish Limited

Notes to the Financial Statements for the Period from 20 January 2017 to 31 March 2018

 

2018

 

No.

£

Ordinary shares of £1 each

100

100

     

8

Loans and borrowings

2018
£

Current loans and borrowings

Bank borrowings

9,778

9

Dividends

   

2018

 
   

£

 

Interim dividend of £201.00 per ordinary share

 

20,100