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REGISTERED NUMBER: 03709428 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

SKINNERS SHEDS LIMITED

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


SKINNERS SHEDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTOR: D D S White





SECRETARY: M Fisher





REGISTERED OFFICE: Bexhill Road
Ninfield
Bexhill on Sea
East Sussex
TN39 5JP





REGISTERED NUMBER: 03709428 (England and Wales)





AUDITORS: Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

The director presents his strategic report for the year ended 31 August 2023.

REVIEW OF BUSINESS
The business improved profitability levels in the year by improving gross profitability as well as reducing overheads. In terms of property, further investment in property for use by the business was made so that there is less reliance on rented sites.

The following table shows the key performance indicators.



Period


Turnover


Gross Profit
Gross Profit
ratios (% of
turnover)


Net Profit/Loss
£ £ £

Y.E 31.8.23 12,068,161 3,212,520 26.24% 1,611,013
Y.E 31.8.22 15,533,131 3,336,293 21.48% 1,407,024


PRINCIPAL RISKS AND UNCERTAINTIES
Increased interest rates and the effect on the housing market has led to reduced sales.

FUTURE DEVELOPMENTS
The company is looking to purchase more property for use as showsites so there is less reliance on rented showsites moving forward to reduce overhead costs.

The offer to pay over 3 months has been rolled out to help affordability for customers.

A stock control system using bar label and scanning equipment will be further rolled out in the business to cover glass and ironmongery to help efficiencies.

ON BEHALF OF THE BOARD:





D D S White - Director


29 August 2024

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 AUGUST 2023

The director presents his report with the financial statements of the company for the year ended 31 August 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacturing and sales of sheds and other outbuildings.

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2023 will be £ 41,280 .

DIRECTOR
D D S White held office during the whole of the period from 1 September 2022 to the date of this report.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade creditors, trade debtors, operating lease agreements and director's loans. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest and loans at fixed and floating rates.

The loan from the director does not have interest charged but is repayable on demand. The director is aware of the company's required finance and has determined that the loan will only be repaid, in whole or in part, when finance is available.

The company's operating lease commitments are in respect of the property from which the company operates. The liquidity risk in respect of these is managed in the same way as loans above.

The company's trade debtors are minimal, and exclusively with larger organisations. These are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 AUGUST 2023


AUDITORS
The auditors, Ashdown Hurrey Auditors Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D D S White - Director


29 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SKINNERS SHEDS LIMITED

Opinion
We have audited the financial statements of Skinners Sheds Limited (the 'company') for the year ended 31 August 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SKINNERS SHEDS LIMITED


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

During the planning stage of this audit we considered the likelihood of irregularities around laws and regulations relevant to the company, including enquiry of management and those charged with governance. These were also discussed during the audit planning meeting held by the team. We reviewed the company's systems and controls in place, and formed an assessment as to their operational effectiveness.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to:
- The financial reporting standard; FRS102
- Health and safety
- Employment legislation

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

During the course of this audit the team discussed this area with senior members of the company's staff, including the director, and also carried out a review of legal expenses for evidence of any issues.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual
journal entries into our audit approach.

We are therefore of the opinion that given the risk level identified, our procedures planned and undertaken, are
adequate for detecting irregularities.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Simon Lawrence FCCA (Senior Statutory Auditor)
for and on behalf of Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

29 August 2024

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023

31.8.23 31.8.22
Notes £    £   

TURNOVER 12,068,161 15,533,131

Cost of sales (8,855,641 ) (12,196,295 )
GROSS PROFIT 3,212,520 3,336,836

Administrative expenses (1,854,669 ) (1,955,656 )
1,357,851 1,381,180

Other operating income 3 267,268 36,392
OPERATING PROFIT 5 1,625,119 1,417,572

Interest receivable and similar income 445 -
1,625,564 1,417,572

Interest payable and similar expenses 6 (14,551 ) (10,548 )
PROFIT BEFORE TAXATION 1,611,013 1,407,024

Tax on profit 7 (345,344 ) (327,150 )
PROFIT FOR THE FINANCIAL YEAR 1,265,669 1,079,874

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

BALANCE SHEET
31 AUGUST 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 3,975,950 3,826,115

CURRENT ASSETS
Stocks 10 2,455,134 3,138,006
Debtors 11 440,478 735,740
Cash at bank and in hand 1,701,452 1,372,382
4,597,064 5,246,128
CREDITORS
Amounts falling due within one year 12 2,009,848 3,393,220
NET CURRENT ASSETS 2,587,216 1,852,908
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,563,166

5,679,023

CREDITORS
Amounts falling due after more than one
year

13

-

(303,542

)

PROVISIONS FOR LIABILITIES 17 (230,388 ) (267,092 )
NET ASSETS 6,332,778 5,108,389

CAPITAL AND RESERVES
Called up share capital 18 100 100
Revaluation reserve 19 577,655 577,655
Retained earnings 19 5,755,023 4,530,634
SHAREHOLDERS' FUNDS 6,332,778 5,108,389

The financial statements were approved by the director and authorised for issue on 29 August 2024 and were signed by:





D D S White - Director


SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2021 100 3,493,056 577,655 4,070,811

Changes in equity
Dividends - (42,296 ) - (42,296 )
Total comprehensive income - 1,079,874 - 1,079,874
Balance at 31 August 2022 100 4,530,634 577,655 5,108,389

Changes in equity
Dividends - (41,280 ) - (41,280 )
Total comprehensive income - 1,265,669 - 1,265,669
Balance at 31 August 2023 100 5,755,023 577,655 6,332,778

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023

31.8.23 31.8.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,645,118 15,830
Interest paid (14,551 ) (10,548 )
Tax paid (312,737 ) (262,240 )
Net cash from operating activities 1,317,830 (256,958 )

Cash flows from investing activities
Purchase of tangible fixed assets (446,802 ) (910,297 )
Sale of tangible fixed assets 3,000 6,292
Government grants - 1,060
Interest received 445 -
Net cash from investing activities (443,357 ) (902,945 )

Cash flows from financing activities
Loan repayments in year (355,730 ) (51,958 )
Amount withdrawn by directors (148,393 ) (1,016 )
Equity dividends paid (41,280 ) (42,296 )
Net cash from financing activities (545,403 ) (95,270 )

Increase/(decrease) in cash and cash equivalents 329,070 (1,255,173 )
Cash and cash equivalents at beginning
of year

2

1,372,382

2,627,555

Cash and cash equivalents at end of
year

2

1,701,452

1,372,382

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.8.23 31.8.22
£    £   
Profit before taxation 1,611,013 1,407,024
Depreciation charges 284,030 133,074
Loss on disposal of fixed assets 9,938 4,627
Government grants - (1,060 )
Finance costs 14,551 10,548
Finance income (445 ) -
1,919,087 1,554,213
Decrease/(increase) in stocks 682,872 (355,184 )
Decrease in trade and other debtors 307,513 693,575
Decrease in trade and other creditors (1,264,354 ) (1,876,774 )
Cash generated from operations 1,645,118 15,830

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 1,701,452 1,372,382
Year ended 31 August 2022
31.8.22 1.9.21
£    £   
Cash and cash equivalents 1,372,382 2,627,555


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.22 Cash flow At 31.8.23
£    £    £   
Net cash
Cash at bank and in hand 1,372,382 329,070 1,701,452
1,372,382 329,070 1,701,452
Debt
Debts falling due within 1 year (52,189 ) 52,189 -
Debts falling due after 1 year (303,542 ) 303,542 -
(355,731 ) 355,731 -
Total 1,016,651 684,801 1,701,452

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Skinners Sheds 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The director has made an assessment about the company's ability to continue as a going concern and they do not consider there to be any material uncertainties. As a result they have adopted the going concern basis of accounting.

Significant judgements and estimates
The company holds Freehold Property being mainly factory, warehouse and product show sites on its balance sheet. The nature of the factory and show site assets are such that there is a considerable element of land within these properties. This element varies from property to property, dependent upon its use and size.

Under FRS102 the company is required to depreciate Freehold Property over its estimated useful life, but only the buildings element; land being excluded from this charge. The company has therefore had to estimate the proportions of deemed land on each property when calculating the depreciation charge. This has been performed by visiting each site and comparing areas occupied by buildings against total area.

The proportions of land within each freehold property held are estimated to be as follows:

SiteProportion

Ninfield factory site80%
Brenzett show site80%
Winchelsea storage site50%
Bulverhythe Road site66%
Reginald Road garage site0%

There are no other significant judgements or estimates in these financial statements.

Turnover
Turnover represents net invoiced sales of garden buildings, excluding value added tax and is recognised at the point of delivery to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on cost
Short leasehold - 20% on cost
Improvements to property - 5% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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. OTHER OPERATING INCOME
31.8.23 31.8.22
£    £   
Rents received - 19,321
OFGEM Receipts 11,677 16,011
Insurance Claim Proceeds 255,591 -
Government grants - 1,060
267,268 36,392

The entity has received the following from the UK government in respect of COVID 19 grants and reliefs:


Year Ended
31.8.23

Year Ended
31.8.22
££
Coronavirus Job retention Scheme (CJRS)--
Small Business Grant Fund-1,060
1,060

There are no unfulfilled conditions or other contingencies attaching to any of the above amounts.

4. EMPLOYEES AND DIRECTORS
31.8.23 31.8.22
£    £   
Wages and salaries 3,153,061 3,319,606
Social security costs 343,877 405,780
Other pension costs 77,273 85,098
3,574,211 3,810,484

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.8.23 31.8.22

Directors 1 1
Administration 4 4
Delivery & installation 17 28
Sales 33 48
Manufacturing 73 71
128 152

31.8.23 31.8.22
£    £   
Director's remuneration 8,900 8,900

5. OPERATING PROFIT

The operating profit is stated after charging:

31.8.23 31.8.22
£    £   
Depreciation - owned assets 284,029 133,074
Loss on disposal of fixed assets 9,938 4,627
Auditors' remuneration 22,500 14,500
Foreign exchange differences 6,781 22,148
Rent paid 372,549 446,797

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.8.23 31.8.22
£    £   
Bank loan interest 13,376 10,548
Corporation tax interest 1,175 -
14,551 10,548

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.8.23 31.8.22
£    £   
Current tax:
UK corporation tax 382,048 250,598
Previous year taxation - 21,243
Total current tax 382,048 271,841

Deferred tax (36,704 ) 55,309
Tax on profit 345,344 327,150

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.8.23 31.8.22
£    £   
Profit before tax 1,611,013 1,407,024
Profit multiplied by the standard rate of corporation tax in the UK of
21.515% (2022 - 19%)

346,609

267,335

Effects of:
Expenses not deductible for tax purposes 32 -
Capital allowances in excess of depreciation - (22,715 )
Depreciation in excess of capital allowances 35,407 -
Adjustments to tax charge in respect of previous periods - 27,221



Deferred tax (36,704 ) 55,309
Total tax charge 345,344 327,150

8. DIVIDENDS
31.8.23 31.8.22
£    £   
Interim 41,280 42,296

9. TANGIBLE FIXED ASSETS
Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
COST OR VALUATION
At 1 September 2022 2,721,636 397,605 455,099 610,592
Additions 166,683 35,920 137,852 40,500
Disposals - - - (1,062 )
At 31 August 2023 2,888,319 433,525 592,951 650,030
DEPRECIATION
At 1 September 2022 - 121,574 - 441,944
Charge for year 46,255 73,295 29,648 52,710
Eliminated on disposal - - - (979 )
At 31 August 2023 46,255 194,869 29,648 493,675
NET BOOK VALUE
At 31 August 2023 2,842,064 238,656 563,303 156,355
At 31 August 2022 2,721,636 276,031 455,099 168,648

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

9. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 September 2022 6,776 406,161 42,694 4,640,563
Additions - 62,000 3,847 446,802
Disposals - (63,450 ) (13,007 ) (77,519 )
At 31 August 2023 6,776 404,711 33,534 5,009,846
DEPRECIATION
At 1 September 2022 6,119 226,629 18,182 814,448
Charge for year 164 63,358 18,599 284,029
Eliminated on disposal - (50,595 ) (13,007 ) (64,581 )
At 31 August 2023 6,283 239,392 23,774 1,033,896
NET BOOK VALUE
At 31 August 2023 493 165,319 9,760 3,975,950
At 31 August 2022 657 179,532 24,512 3,826,115

Included in cost or valuation of land and buildings is freehold land of £ 1,963,209 (2022 - £ 1,963,209 ) which is not depreciated.

Cost or valuation at 31 August 2023 is represented by:

Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
Valuation in 2021 659,885 - - -
Cost 2,228,434 433,525 592,951 650,030
2,888,319 433,525 592,951 650,030

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2021 - - - 659,885
Cost 6,776 404,711 33,534 4,349,961
6,776 404,711 33,534 5,009,846

10. STOCKS
31.8.23 31.8.22
£    £   
Raw materials 478,107 602,360
Work-in-progress 41,545 34,273
Finished goods 1,935,482 2,386,545
Stock in transit - 114,828
2,455,134 3,138,006

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors - 260
Other debtors 407,027 690,974
Staff Loans - 900
Tax 20,251 -
Prepayments 13,200 43,606
440,478 735,740

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts (see note 14) - 52,189
Trade creditors 167,158 543,120
Tax 382,048 292,486
Social security and other taxes 35,769 33,043
Attachments 347 236
Pensions 3,036 4,282
VAT 385,233 383,085
Deposits held 813,586 1,717,218
Directors' current accounts 176,380 332,773
Accrued expenses 46,291 34,788
2,009,848 3,393,220

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans (see note 14) - 303,542

14. LOANS

An analysis of the maturity of loans is given below:

31.8.23 31.8.22
£    £   
Amounts falling due within one year or on demand:
Bank loans - 52,189

Amounts falling due between one and two years:
Bank loans - 1-2 years - 52,189

Amounts falling due between two and five years:
Bank loans - 2-5 years - 140,131

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 111,222

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.23 31.8.22
£    £   
Within one year 72,302 86,095
Between one and five years 103,286 47,357
175,588 133,452

16. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Bank loans - 355,731

The company's bankers, Lloyds Bank PLC, hold five fixed and floating charges, dated 1 February 2005, 10 September 2011, over all property and assets of the company, both current and future.

Lloyds TSB Bank PLC hold a mortgage deed charge, dated 6 March 2012, over the director's life policy.

17. PROVISIONS FOR LIABILITIES
31.8.23 31.8.22
£    £   
Deferred tax
Accelerated capital allowances 94,889 131,593
Other timing differences 135,499 135,499
230,388 267,092

Deferred
tax
£   
Balance at 1 September 2022 267,092
Movement (36,704 )
Balance at 31 August 2023 230,388

18. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
100 Ordinary £1 100 100

19. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 September 2022 4,530,634 577,655 5,108,289
Profit for the year 1,265,669 1,265,669
Dividends (41,280 ) (41,280 )
At 31 August 2023 5,755,023 577,655 6,332,678

SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

20. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
31.8.23 31.8.22
£    £   
Salaries 8,900 8,900
Loan withdrawals in year 156,393 1,016
Amount due to related party 176,380 332,773

There are no terms attached to the loan balance noted above.