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Registration number: 07867651

R W & J Skinner Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

R W & J Skinner Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

R W & J Skinner Ltd

(Registration number: 07867651)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

450,000

450,000

Investments

5

1

1

 

450,001

450,001

Current assets

 

Debtors

6

240,000

270,000

Creditors: Amounts falling due within one year

7

(125,466)

(96,573)

Net current assets

 

114,534

173,427

Net assets

 

564,535

623,428

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

564,533

623,426

Shareholders' funds

 

564,535

623,428

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 26 August 2024
 


Demelza Tucker
Director

 

R W & J Skinner Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Forest Lodge
Old Bystock Drive
Bystock
Exmouth
Devon
EX8 5EQ

Principal activity

The principal activity of the company is that of a head office

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

R W & J Skinner Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Depreciation

Asset class

Depreciation method and rate

Investment properties

No depreciation

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

R W & J Skinner Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 January

450,000

At 31 December

450,000

There has been no valuation of investment property by an independent valuer.

5

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

 

R W & J Skinner Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 January 2023

1

Provision

Carrying amount

At 31 December 2023

1

At 31 December 2022

1

6

Debtors

2023
£

2022
£

Other debtors

240,000

270,000

Less non-current portion

(210,000)

(240,000)

30,000

30,000

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

114,743

88,904

Taxation and social security

 

4,023

1,149

Accruals and deferred income

 

2,700

2,520

Other creditors

 

4,000

4,000

 

125,466

96,573

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.