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REGISTERED NUMBER: 03221447 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Skillmaster Limited

Skillmaster Limited (Registered number: 03221447)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Skillmaster Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs S E Menen
M C Menen





SECRETARY: Miss H Menen-Thorne





REGISTERED OFFICE: Unit 1 Wilbury Court
29 Wilbury Way
Hitchin
Hertfordshire
SG4 0TW





REGISTERED NUMBER: 03221447 (England and Wales)





ACCOUNTANTS: Chancellers LLP
64 Wilbury Way
Hitchin
Hertfordshire
SG4 0TP

Skillmaster Limited (Registered number: 03221447)

Balance Sheet
31 December 2023

31.12.22 31.12.23
£    £    Notes £    £   
FIXED ASSETS
- Intangible assets 4 -
31,215 Tangible assets 5 24,520
31,215 24,520

CURRENT ASSETS
351,360 Stocks 264,600
893,416 Debtors 6 638,673
185,435 Cash at bank 180,449
1,430,211 1,083,722
CREDITORS
1,262,613 Amounts falling due within one year 7 952,205
167,598 NET CURRENT ASSETS 131,517
198,813 TOTAL ASSETS LESS CURRENT
LIABILITIES

156,037

4,507 PROVISIONS FOR LIABILITIES 8 4,402
194,306 NET ASSETS 151,635

CAPITAL AND RESERVES
100 Called up share capital 100
194,206 Retained earnings 151,535
194,306 SHAREHOLDERS' FUNDS 151,635

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

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

The directors acknowledge their 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.

Skillmaster Limited (Registered number: 03221447)

Balance Sheet - continued
31 December 2023


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 Board of Directors and authorised for issue on 22 April 2024 and were signed on its behalf by:





M C Menen - Director


Skillmaster Limited (Registered number: 03221447)

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

1. STATUTORY INFORMATION

Skillmaster Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Significant judgements and estimates
The preparation of accounts under FRS 102 requires management to make judgements, estimates and assumptions that affect the value of the turnover and profit reported in the profit and loss account for the financial year and the value of assets and liabilities recorded in the balance sheet.

Useful economic lives of tangible fixed assets are set out in the accounting policies.These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate.

Turnover
Turnover represents net sales of services and goods, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

The rate of corporation tax increased to 25% on 1st April 2023. Deferred tax balances have been calculated using this rate.


Skillmaster Limited (Registered number: 03221447)

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

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 30,062
AMORTISATION
At 1 January 2023
and 31 December 2023 30,062
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Skillmaster Limited (Registered number: 03221447)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 101,181
Additions 1,624
At 31 December 2023 102,805
DEPRECIATION
At 1 January 2023 69,966
Charge for year 8,319
At 31 December 2023 78,285
NET BOOK VALUE
At 31 December 2023 24,520
At 31 December 2022 31,215

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 495,130 674,508
Other debtors 143,543 218,908
638,673 893,416

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 42,710 122,667
Taxation and social security 82,719 89,432
Other creditors 826,776 1,050,514
952,205 1,262,613

8. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 4,402 4,507

Deferred
tax
£   
Balance at 1 January 2023 4,507
Credit to Income Statement during year (105 )
Balance at 31 December 2023 4,402

Skillmaster Limited (Registered number: 03221447)

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

9. RELATED PARTY DISCLOSURES

The company purchased labour of £3,547,703 (2022 - £5,845,726) from Skillmaster Buildings Ltd, a company under common control.The amount outstanding at the end of the year was £60,256 (2022 - £175,620).

At the year end £648,794 (2022- £678,388) was owed by the company to M Menen, a director of the company.