Registered number
12214659
Reskinned Resources Limited
Filleted Accounts
31 March 2023
Reskinned Resources Limited
Registered number: 12214659
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 332,649 194,582
Tangible assets 4 38,744 7,439
371,393 202,021
Current assets
Stocks 72,074 -
Debtors 5 212,437 17,783
Cash at bank and in hand 36,823 140,337
321,334 158,120
Creditors: amounts falling due within one year 6 (313,026) (74,100)
Net current assets 8,308 84,020
Total assets less current liabilities 379,701 286,041
Creditors: amounts falling due after more than one year 7 (434,932) (310,739)
Net liabilities (55,231) (24,698)
Capital and reserves
Called up share capital 1 1
Profit and loss account (55,232) (24,699)
Shareholder's funds (55,231) (24,698)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Hanrahan
Director
Approved by the board on 10 September 2023
Reskinned Resources Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 2
3 Intangible fixed assets £
Software
Cost
At 1 April 2022 200,742
Additions 163,000
At 31 March 2023 363,742
Amortisation
At 1 April 2022 6,160
Provided during the year 24,933
At 31 March 2023 31,093
Net book value
At 31 March 2023 332,649
At 31 March 2022 194,582
The cost of software development is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 - 7,925 7,925
Additions 25,893 19,791 45,684
At 31 March 2023 25,893 27,716 53,609
Depreciation
At 1 April 2022 - 486 486
Charge for the year 6,978 7,401 14,379
At 31 March 2023 6,978 7,887 14,865
Net book value
At 31 March 2023 18,915 19,829 38,744
At 31 March 2022 - 7,439 7,439
5 Debtors 2023 2022
£ £
Trade debtors 155,883 3,003
Other debtors 56,554 14,780
212,437 17,783
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 214,264 74,100
Taxation and social security costs 35,150 -
Other creditors 63,612 -
313,026 74,100
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 434,932 310,739
8 Other information
Reskinned Resources Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit A Forward Business Centre
North Crescent
London
E16 4TG
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