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Company registration number: 02561328
Skinner Construction Limited
Unaudited filleted financial statements
30 September 2022
SKINNER CONSTRUCTION LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr P Tucker
Mrs D Tucker
Mr L M Soper (Appointed 14 December 2021)
Mr S R Toze (Appointed 14 December 2021)
Company number 02561328
Registered office Station Road
Sidmouth
Devon
EX10 8NN
Accountants Westcotts
26 - 28 Southernhay East
Exeter
Devon
EX1 1NS
SKINNER CONSTRUCTION LIMITED
STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 33,036 510,123
_______ _______
33,036 510,123
Current assets
Stocks 159,717 304,950
Debtors 7 1,204,668 2,446,421
Cash at bank and in hand 36,278 774
_______ _______
1,400,663 2,752,145
Creditors: amounts falling due
within one year 8 ( 1,523,853) ( 646,274)
_______ _______
Net current (liabilities)/assets ( 123,190) 2,105,871
_______ _______
Total assets less current liabilities ( 90,154) 2,615,994
Creditors: amounts falling due
after more than one year 9 ( 27,500) ( 37,500)
Provisions for liabilities - 5,440
_______ _______
Net (liabilities)/assets ( 117,654) 2,583,934
_______ _______
Capital and reserves
Called up share capital 380,000 380,000
Revaluation reserve 10 - 315,363
Profit and loss account 10 ( 497,654) 1,888,571
_______ _______
Shareholders (deficit)/funds ( 117,654) 2,583,934
_______ _______
For the year ending 30 September 2022 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
Mr L M Soper
Director
Company registration number: 02561328
SKINNER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Station Road, Sidmouth, Devon, EX10 8NN.
Principal activity
The principal activity of the company is that of a building contractor.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company meets its day to day working capital requirements through support from the directors which will continue for the foreseeable future. On this basis, the directors considers it appropriate to prepare the financial statements on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Buildings - 2 % reducing balance
Land - Nil
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - Straight line over 5 years
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 36 (2021: 37 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 October 2021 and 30 September 2022 100,000 100,000
_______ _______
Amortisation
At 1 October 2021 and 30 September 2022 100,000 100,000
_______ _______
Carrying amount
At 30 September 2022 - -
_______ _______
At 30 September 2021 - -
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 October 2021 450,000 73,876 118,089 106,973 748,938
Additions - - 509 - 509
Disposals ( 450,000) - - ( 44,101) ( 494,101)
_______ _______ _______ _______ _______
At 30 September 2022 - 73,876 118,598 62,872 255,346
_______ _______ _______ _______ _______
Depreciation
At 1 October 2021 - 61,979 106,755 70,081 238,815
Charge for the year - 2,974 3,491 5,915 12,380
Disposals - - - ( 28,885) ( 28,885)
_______ _______ _______ _______ _______
At 30 September 2022 - 64,953 110,246 47,111 222,310
_______ _______ _______ _______ _______
Carrying amount
At 30 September 2022 - 8,923 8,352 15,761 33,036
_______ _______ _______ _______ _______
At 30 September 2021 450,000 11,897 11,334 36,892 510,123
_______ _______ _______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 30 September 2022
Aggregate cost - -
Aggregate depreciation - -
_______ _______
Carrying amount - -
_______ _______
At 30 September 2021
Aggregate cost 179,430 179,430
Aggregate depreciation - -
_______ _______
Carrying amount 179,430 179,430
_______ _______
7. Debtors
2022 2021
£ £
Trade debtors 883,938 386,784
Other debtors 320,730 2,059,637
_______ _______
1,204,668 2,446,421
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 10,000 18,241
Trade creditors 774,333 344,108
Accruals and deferred income 23,529 58,942
Social security and other taxes 471,774 125,109
Other creditors 244,217 99,874
_______ _______
1,523,853 646,274
_______ _______
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 27,500 37,500
_______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 43,686 68,885
Later than 1 year and not later than 5 years 22,585 73,043
_______ _______
66,271 141,928
_______ _______