Silverfin false false 31/12/2023 01/01/2023 31/12/2023 I L Davenport J A Davenport 11 September 2024 The principal activity of the company during the year was the manufacture of clothing. 06462572 2023-12-31 06462572 2022-12-31 06462572 core:CurrentFinancialInstruments 2023-12-31 06462572 core:CurrentFinancialInstruments 2022-12-31 06462572 core:ShareCapital 2023-12-31 06462572 core:ShareCapital 2022-12-31 06462572 core:RetainedEarningsAccumulatedLosses 2023-12-31 06462572 core:RetainedEarningsAccumulatedLosses 2022-12-31 06462572 core:ComputerSoftware 2022-12-31 06462572 core:ComputerSoftware 2023-12-31 06462572 core:LandBuildings 2022-12-31 06462572 core:PlantMachinery 2022-12-31 06462572 core:Vehicles 2022-12-31 06462572 core:LandBuildings 2023-12-31 06462572 core:PlantMachinery 2023-12-31 06462572 core:Vehicles 2023-12-31 06462572 2021-12-31 06462572 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06462572 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06462572 core:TaxLossesCarry-forwardsDeferredTax 2023-12-31 06462572 core:TaxLossesCarry-forwardsDeferredTax 2022-12-31 06462572 2023-01-01 2023-12-31 06462572 bus:FilletedAccounts 2023-01-01 2023-12-31 06462572 bus:SmallEntities 2023-01-01 2023-12-31 06462572 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06462572 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06462572 bus:Director1 2023-01-01 2023-12-31 06462572 bus:Director2 2023-01-01 2023-12-31 06462572 core:ComputerSoftware core:TopRangeValue 2023-01-01 2023-12-31 06462572 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 06462572 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 06462572 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 06462572 2022-01-01 2022-12-31 06462572 core:ComputerSoftware 2023-01-01 2023-12-31 06462572 core:LandBuildings 2023-01-01 2023-12-31 06462572 core:PlantMachinery 2023-01-01 2023-12-31 06462572 core:Vehicles 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 06462572 (England and Wales)

SKINWEAR LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

SKINWEAR LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SKINWEAR LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
SKINWEAR LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS I L Davenport
J A Davenport
SECRETARY I L Davenport
REGISTERED OFFICE United Kingdom
COMPANY NUMBER 06462572 (England and Wales)
ACCOUNTANT MHA
Century House
1, The Lakes
Northampton
NN4 7HD
SKINWEAR LIMITED

BALANCE SHEET

As at 31 December 2023
SKINWEAR LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 4,241 4,826
Tangible assets 4 1,128,182 1,181,467
1,132,423 1,186,293
Current assets
Stocks 454,166 460,668
Debtors 5 277,166 477,477
Cash at bank and in hand 6 702,620 393,629
1,433,952 1,331,774
Creditors: amounts falling due within one year 7 ( 255,779) ( 297,868)
Net current assets 1,178,173 1,033,906
Total assets less current liabilities 2,310,596 2,220,199
Provision for liabilities 8 ( 117,476) ( 94,877)
Net assets 2,193,120 2,125,322
Capital and reserves
Called-up share capital 890,000 890,000
Profit and loss account 1,303,120 1,235,322
Total shareholders' funds 2,193,120 2,125,322

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.

Directors' responsibilities:

The financial statements of Skinwear Limited (registered number: 06462572) were approved and authorised for issue by the Board of Directors on 11 September 2024. They were signed on its behalf by:

I L Davenport
Director
SKINWEAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SKINWEAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Skinwear Limited is a company, domiciled in England, registered number 06462572, with the registered office of Century House, The Lakes, Northampton, NN4 7HD. The place of business is 1 Mill View, Hinckley, LE10 1XD.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

Foreign currency

The Company's functional and presentational currency is GBP rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 10 years straight line
Vehicles 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Operating Leases: The company as Lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 37 51

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2023 5,850 5,850
At 31 December 2023 5,850 5,850
Accumulated amortisation
At 01 January 2023 1,024 1,024
Charge for the financial year 585 585
At 31 December 2023 1,609 1,609
Net book value
At 31 December 2023 4,241 4,241
At 31 December 2022 4,826 4,826

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 January 2023 140,926 2,844,492 92,460 3,077,878
Additions 27,551 115,636 0 143,187
At 31 December 2023 168,477 2,960,128 92,460 3,221,065
Accumulated depreciation
At 01 January 2023 21,649 1,855,520 19,242 1,896,411
Charge for the financial year 16,577 156,780 23,115 196,472
At 31 December 2023 38,226 2,012,300 42,357 2,092,883
Net book value
At 31 December 2023 130,251 947,828 50,103 1,128,182
At 31 December 2022 119,277 988,972 73,218 1,181,467

5. Debtors

2023 2022
£ £
Trade debtors 237,176 426,775
Other debtors 39,990 50,702
277,166 477,477

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 702,620 393,629

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 56,684 60,455
Other taxation and social security 147,350 143,672
Other creditors 51,745 93,741
255,779 297,868

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 94,877) ( 27,983)
Charged to the Statement of Income and Retained Earnings ( 22,599) ( 66,894)
At the end of financial year ( 117,476) ( 94,877)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 249,905) ( 262,847)
Tax losses carry forward 132,429 167,970
( 117,476) ( 94,877)

9. Related party transactions

During the year the company was charged interest of £nil (2022 - £6,000) on the loan received from I L Davenport. As at 31 December 2023 capital and interest amounting to £nil (2022 - £nil) is owed to I L Davenport.

10. Ultimate controlling party

The ultimate controlling party during the period was I L Davenport, who holds 90% of the share capital.