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Registered number: 04928887
Skipper TM Limited
Unaudited Financial Statements
For The Year Ended 31 August 2023
Bennett Verby Limited
7 St Petersgate
Stockport
Cheshire
SK1 1EB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04928887
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 593,660 604,718
593,660 604,718
CURRENT ASSETS
Stocks 6 460,044 356,938
Debtors 7 5,353,235 4,730,243
Cash at bank and in hand 93,576 57,137
5,906,855 5,144,318
Creditors: Amounts Falling Due Within One Year 8 (2,681,864 ) (2,211,053 )
NET CURRENT ASSETS (LIABILITIES) 3,224,991 2,933,265
TOTAL ASSETS LESS CURRENT LIABILITIES 3,818,651 3,537,983
Creditors: Amounts Falling Due After More Than One Year 9 (229,084 ) (313,519 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (83,382 ) (84,686 )
NET ASSETS 3,506,185 3,139,778
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 3,506,183 3,139,776
SHAREHOLDERS' FUNDS 3,506,185 3,139,778
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For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Alan Bentley
Director
22 August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Skipper TM Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04928887 . The registered office is 7 St. Petersgate, Stockport, Cheshire, SK1 1EB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are patents It is amortised to profit and loss account over its estimated economic life of ten years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Property Improvements Nil
Plant & Machinery 10% Straight Line
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Straight Line
Tooling 10% Straight Line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2022: 16)
12 16
4. Intangible Assets
Other
£
Cost
As at 1 September 2022 144,092
As at 31 August 2023 144,092
Amortisation
As at 1 September 2022 144,092
As at 31 August 2023 144,092
Net Book Value
As at 31 August 2023 -
As at 1 September 2022 -
5. Tangible Assets
Land & Property
Property Improvements Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 September 2022 132,950 134,119 47,661 152,093
Additions 1,181 2,900 - -
Disposals - - - -
As at 31 August 2023 134,131 137,019 47,661 152,093
Depreciation
As at 1 September 2022 - 118,129 28,074 126,169
...CONTINUED
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Provided during the period - 2,944 4,897 14,949
Disposals - - - -
As at 31 August 2023 - 121,073 32,971 141,118
Net Book Value
As at 31 August 2023 134,131 15,946 14,690 10,975
As at 1 September 2022 132,950 15,990 19,587 25,924
Tooling Total
£ £
Cost
As at 1 September 2022 871,115 1,337,938
Additions 89,349 93,430
Disposals (841 ) (841 )
As at 31 August 2023 959,623 1,430,527
Depreciation
As at 1 September 2022 460,848 733,220
Provided during the period 81,011 103,801
Disposals (154 ) (154 )
As at 31 August 2023 541,705 836,867
Net Book Value
As at 31 August 2023 417,918 593,660
As at 1 September 2022 410,267 604,718
6. Stocks
2023 2022
£ £
Finished goods 460,044 356,938
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 264,026 208,126
Amounts owed by group undertakings 127 127
Other debtors 5,089,082 4,521,990
5,353,235 4,730,243
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 1,335 1,551
Trade creditors 842,174 428,585
Bank loans and overdrafts 195,051 200,318
Other creditors 85,454 92,104
Taxation and social security 1,557,850 1,488,495
2,681,864 2,211,053
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 229,084 313,519
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,335 1,551
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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