REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
SKINNERS SHEDS LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 £ |
DIRECTOR |
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: |
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. |
for and on behalf of |
Statutory Auditor |
20 Havelock Road |
Hastings |
East Sussex |
TN34 1BP |
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 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
1,357,851 | 1,381,180 |
Other operating income | 3 |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,625,564 | 1,417,572 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
BALANCE SHEET |
31 AUGUST 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Revaluation reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 August 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 August 2023 |
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 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Government grants |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | (148,393 | ) | (1,016 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Loss on disposal of fixed assets |
Government grants | ( |
) |
Finance costs | 14,551 | 10,548 |
Finance income | (445 | ) | - |
1,919,087 | 1,554,213 |
Decrease/(increase) in stocks | ( |
) |
Decrease in trade and other debtors |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
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 | 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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: |
Site | Proportion |
Ninfield factory site | 80% |
Brenzett show site | 80% |
Winchelsea storage site | 50% |
Bulverhythe Road site | 66% |
Reginald Road garage site | 0% |
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 |
Freehold property | - |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
OFGEM Receipts |
Insurance Claim Proceeds |
Government grants |
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 |
Social security costs |
Other pension costs |
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 |
31.8.23 | 31.8.22 |
£ | £ |
Director's remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.8.23 | 31.8.22 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
Foreign exchange differences |
Rent paid |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.8.23 | 31.8.22 |
£ | £ |
Bank loan interest |
Corporation tax interest |
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 |
Previous year taxation | - | 21,243 |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods |
Deferred tax | (36,704 | ) | 55,309 |
Total tax charge | 345,344 | 327,150 |
8. | DIVIDENDS |
31.8.23 | 31.8.22 |
£ | £ |
Interim |
9. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | Short | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 September 2022 |
Additions |
Disposals | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
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 |
Work-in-progress |
Finished goods |
Stock in transit | - | 114,828 |
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 |
Other debtors |
Staff Loans | - | 900 |
Tax |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
Attachments | 347 | 236 |
Pensions | 3,036 | 4,282 |
VAT | 385,233 | 383,085 |
Deposits held |
Directors' current accounts | 176,380 | 332,773 |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans (see note 14) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans |
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 |
Other timing differences | 135,499 | 135,499 |
230,388 | 267,092 |
Deferred |
tax |
£ |
Balance at 1 September 2022 |
Movement | (36,704 | ) |
Balance at 31 August 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31.8.23 | 31.8.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
19. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 September 2022 | 5,108,289 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 August 2023 | 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 |
31.8.23 | 31.8.22 |
£ | £ |
Salaries | 8,900 | 8,900 |
Loan withdrawals in year | 156,393 | 1,016 |
Amount due to related party |