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REGISTERED NUMBER: SC185342 (Scotland)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

Skidz Limited

Skidz Limited (Registered number: SC185342)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Skidz Limited (Registered number: SC185342)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 391,893 390,336
Investment property 5 1,470,893 1,550,893
1,862,786 1,941,229

CURRENT ASSETS
Stocks 25,300 24,800
Debtors 6 2,257,660 2,583,193
Cash at bank and in hand 1,346,366 334,164
3,629,326 2,942,157
CREDITORS
Amounts falling due within one year 7 (465,955 ) (410,259 )
NET CURRENT ASSETS 3,163,371 2,531,898
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,026,157

4,473,127

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 5,026,155 4,473,125
5,026,157 4,473,127

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 October 2023 and were signed by:



Mr C Crosbie - Director


Skidz Limited (Registered number: SC185342)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Skidz Limited is a private company, limited by shares, domiciled in Scotland, registration number SC185342. The registered office is Mungalend Court, Bankside, Falkirk, Stirlingshire, FK2 7XY.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services in respect of car accessory retail excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 15% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Taxation
Taxation for the year comprises current and deferred tax. 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Skidz Limited (Registered number: SC185342)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2022 393,405 61,976 455,381
Additions - 19,061 19,061
Disposals - (13,600 ) (13,600 )
At 31 July 2023 393,405 67,437 460,842
DEPRECIATION
At 1 August 2022 27,467 37,578 65,045
Charge for year 4,468 6,061 10,529
Eliminated on disposal - (6,625 ) (6,625 )
At 31 July 2023 31,935 37,014 68,949
NET BOOK VALUE
At 31 July 2023 361,470 30,423 391,893
At 31 July 2022 365,938 24,398 390,336

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 1,550,893
Disposals (80,000 )
At 31 July 2023 1,470,893
NET BOOK VALUE
At 31 July 2023 1,470,893
At 31 July 2022 1,550,893

Skidz Limited (Registered number: SC185342)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 108,439 111,165
Amounts owed by related parties 2,142,150 2,466,007
Other debtors 7,071 6,021
2,257,660 2,583,193

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 250,560 255,569
Taxation and social security 207,260 144,343
Other creditors 8,135 10,347
465,955 410,259

8. RELATED PARTY DISCLOSURES

Company with common director and shareholder

Amounts due from related party £2,142,150 (2022: £2,466,007).