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Registered number: 10325782









SKINNYDIP GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 DECEMBER 2023

 
SKINNYDIP GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
R Gold 
J Gold 
L Blitz 




Company secretary
N Blitz



Registered number
10325782



Registered office
101 New Cavendish Street
1st Floor South

London

W1W 6XH




Independent auditors
Harris & Trotter LLP
Chartered Accountants and statutory auditors

101 New Cavendish Street

1st Floor South

London

W1W 6XH





 
SKINNYDIP GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Balance Sheet
9 - 10
Company Balance Sheet
11 - 12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 38


 
SKINNYDIP GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 DECEMBER 2023

Introduction
 
The directors present the strategic report for the period ended 30 December 2023.
Skinnydip was born in 2011 to satisfy the demand for fashion led designed phone cases. The brand has since expanded to include clothing, jewellery, beauty and technology driven by a desire to be innovative, unique, imaginative, ethical and on-trend. 
Sales are delivered through four channels: owned physical stores, concessions, wholesale and online. 
Products are designed and sourced by teams at our London HQ and delivered to customers around the world.

Business review
 
Satisfactory progress was made in the period ended 30 December 2023, with Turnover £6,673,758 higher than prior year. 

Principal risks and uncertainties
 
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This report was approved by the board and signed on its behalf.



R Gold
Director

Date: 23 August 2024

Page 1

 
SKINNYDIP GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 DECEMBER 2023

The directors present their report and the financial statements for the period ended 30 December 2023.

Directors

The directors who served during the period were:

R Gold 
J Gold 
L Blitz 

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £254,215 (2022 - £258,101).

The directors do not recommend payment of a further dividend.

Future developments

Despite the inflationary and recessionary headwinds being felt in 2024, the directors remain confident that the multi-channel strategy has the advantage of spreading business risks whilst providing ample opportunities for the brand to leverage existing customers and markets in addition to exploiting new ones, and expect another year of improved performance.

Page 2

 
SKINNYDIP GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2023

Engagement with employees

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests. 
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance. 
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's perormance. 

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





R Gold
Director

Date: 23 August 2024

Page 3

 
SKINNYDIP GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKINNYDIP GROUP LIMITED
 

Opinion


We have audited the financial statements of Skinnydip Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 30 December 2023 and of the Group's profit for the period 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 Group's or the parent 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 directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
SKINNYDIP GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKINNYDIP GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are 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 directors determine is 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 directors are responsible for assessing the Group's and the parent 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
SKINNYDIP GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKINNYDIP GROUP LIMITED (CONTINUED)


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 an Auditors' Report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.
• We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates.
We did not identify any key audit matters relating to irregularities, including fraud. 


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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.


Page 6

 
SKINNYDIP GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKINNYDIP GROUP LIMITED (CONTINUED)





Stephen Haffner (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants and statutory auditors
  
101 New Cavendish Street
1st Floor South
London
W1W 6XH

23 August 2024
Page 7

 
SKINNYDIP GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
23,598,474
16,924,716

Cost of sales
  
(16,804,711)
(11,816,496)

Gross profit
  
6,793,763
5,108,220

Administrative expenses
  
(6,381,874)
(4,911,216)

Other operating income
 5 
5,279
173,544

Operating profit
 6 
417,168
370,548

Interest payable and similar expenses
 10 
(84,866)
(41,654)

Profit before taxation
  
332,302
328,894

Tax on profit
 11 
(78,087)
(70,793)

Profit for the financial period
  
254,215
258,101

  

Total comprehensive income for the period
  
254,215
258,101

Profit for the period attributable to:
  

Owners of the parent company
  
254,215
258,101

  
254,215
258,101

Total comprehensive income for the period attributable to:
  

Owners of the parent company
  
254,215
258,101

  
254,215
258,101

The notes on pages 18 to 38 form part of these financial statements.

Page 8

 
SKINNYDIP GROUP LIMITED
REGISTERED NUMBER: 10325782

CONSOLIDATED BALANCE SHEET
AS AT 30 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
122,562
-

Tangible assets
 13 
415,242
361,593

Investment property
 15 
2,737,455
2,737,455

  
3,275,259
3,099,048

Current assets
  

Stocks
 16 
1,833,180
1,421,820

Debtors: amounts falling due within one year
 17 
4,835,693
5,476,316

Cash at bank and in hand
 18 
3,384,749
1,649,524

  
10,053,622
8,547,660

Creditors: amounts falling due within one year
 19 
(6,183,493)
(4,568,947)

Net current assets
  
 
 
3,870,129
 
 
3,978,713

Total assets less current liabilities
  
7,145,388
7,077,761

Creditors: amounts falling due after more than one year
 20 
(950,000)
(1,150,000)

Provisions for liabilities
  

Deferred taxation
 23 
(135,209)
(121,797)

  
 
 
(135,209)
 
 
(121,797)

Net assets excluding pension asset
  
6,060,179
5,805,964

Net assets
  
6,060,179
5,805,964


Capital and reserves
  

Called up share capital 
 24 
99
99

Other reserves
 25 
298,952
298,952

Profit and loss account
 25 
5,761,128
5,506,913

Equity attributable to owners of the parent company
  
6,060,179
5,805,964

  
6,060,179
5,805,964


Page 9

 
SKINNYDIP GROUP LIMITED
REGISTERED NUMBER: 10325782
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Gold
Director

Date: 23 August 2024

The notes on pages 18 to 38 form part of these financial statements.

Page 10

 
SKINNYDIP GROUP LIMITED
REGISTERED NUMBER: 10325782

COMPANY BALANCE SHEET
AS AT 30 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
199
199

  
199
199

Current assets
  

Debtors: amounts falling due within one year
 17 
1,561,160
1,236,477

Cash at bank and in hand
 18 
814,680
748,183

  
2,375,840
1,984,660

Creditors: amounts falling due within one year
 19 
-
(402,227)

Net current assets
  
 
 
2,375,840
 
 
1,582,433

Total assets less current liabilities
  
2,376,039
1,582,632

  

  

Net assets excluding pension asset
  
2,376,039
1,582,632

Net assets
  
2,376,039
1,582,632


Capital and reserves
  

Called up share capital 
 24 
99
99

Profit and loss account brought forward
  
1,582,533
(60)

Profit for the period
  
793,407
1,582,593

Profit and loss account carried forward
  
2,375,940
1,582,533

  
2,376,039
1,582,632


Page 11

 
SKINNYDIP GROUP LIMITED
REGISTERED NUMBER: 10325782
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


R Gold
Director

Date: 23 August 2024

The notes on pages 18 to 38 form part of these financial statements.

Page 12

 
SKINNYDIP GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 DECEMBER 2023


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 January 2022
99
298,952
5,248,812
5,547,863
5,547,863


Comprehensive income for the period

Profit for the period
-
-
258,101
258,101
258,101
Total comprehensive income for the period
-
-
258,101
258,101
258,101



At 31 December 2022
99
298,952
5,506,913
5,805,964
5,805,964


Comprehensive income for the period

Profit for the period
-
-
254,215
254,215
254,215
Total comprehensive income for the period
-
-
254,215
254,215
254,215


At 30 December 2023
99
298,952
5,761,128
6,060,179
6,060,179


The notes on pages 18 to 38 form part of these financial statements.

Page 13

 
SKINNYDIP GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
99
(60)
39


Comprehensive income for the period

Profit for the period
-
1,582,593
1,582,593
Total comprehensive income for the period
-
1,582,593
1,582,593



At 31 December 2022
99
1,582,533
1,582,632


Comprehensive income for the period

Profit for the period
-
793,407
793,407
Total comprehensive income for the period
-
793,407
793,407


At 30 December 2023
99
2,375,940
2,376,039


The notes on pages 18 to 38 form part of these financial statements.

Page 14

 
SKINNYDIP GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial period
254,215
258,101

Adjustments for:

Depreciation of tangible assets
93,634
54,279

Loss on disposal of tangible assets
4,345
1,042

Interest paid
84,866
41,654

Taxation charge
78,087
70,793

(Increase) in stocks
(411,361)
(444,824)

Decrease/(increase) in debtors
640,625
(1,369,152)

Decrease/(increase) in amounts owed by groups
-
(1,582,593)

Increase/(decrease) in creditors
2,389,049
(322,963)

Increase in amounts owed to groups
36,477
1,582,593

Corporation tax (paid)/received
(42,797)
182,316

Net cash generated from operating activities

3,127,140
(1,528,754)


Cash flows from investing activities

Purchase of intangible fixed assets
(140,828)
-

Purchase of tangible fixed assets
(143,093)
(124,336)

Sale of tangible fixed assets
9,730
10,000

Net cash from investing activities

(274,191)
(114,336)
Page 15

 
SKINNYDIP GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

New secured loans
-
315,166

Repayment of loans
(200,000)
-

Interest paid
(84,866)
(41,654)

Net cash used in financing activities
(284,866)
273,512

Net increase/(decrease) in cash and cash equivalents
2,568,083
(1,369,578)

Cash and cash equivalents at beginning of period
(294,840)
1,074,738

Cash and cash equivalents at the end of period
2,273,243
(294,840)


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
3,384,749
1,649,524

Bank overdrafts
(1,111,506)
(1,944,364)

2,273,243
(294,840)


The notes on pages 18 to 38 form part of these financial statements.

Page 16

 
SKINNYDIP GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 DECEMBER 2023




At 31 December 2022
Cash flows
At 30 December 2023
£

£

£

Cash at bank and in hand

1,649,524

1,735,225

3,384,749

Bank overdrafts

(1,944,364)

832,858

(1,111,506)

Debt due after 1 year

(1,150,000)

200,000

(950,000)

Debt due within 1 year

(200,000)

-

(200,000)


(1,644,840)
2,768,083
1,123,243

The notes on pages 18 to 38 form part of these financial statements.

Page 17

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

1.


General information

Skinnydip Group Limited ("the company") is a private limited company domiciled and incorporated in Engalnd and Wales. The registered number is 10325782 and the registered office address is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH. 
The principal place of business is 2 Centric Close, Oval Road, London, NW1 7EP. 
The group consists of Skinnydip Group Limited and all of its subsidiaries

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2018.

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 18

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 19

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.9

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 20

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Freehold land does not have a limited useful life and therefore has not been depreciated.
Long-term leasehold property
-
2%
Straight line
Plant and machinery
-
20%
On reducing balance method
Motor vehicles
-
20%
On reducing balance method
Fixtures and fittings
-
20%
On reducing balance method
Computer equipment
-
20%
On reducing balance method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 21

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 22

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
Page 23

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Page 24

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associates assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. 
Impairment of debtors 
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. 
Stock
The company supplies fashions accessories which is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provision required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods. 


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
11,219,788
10,202,439

Rest of Europe
2,600,475
909,999

Rest of the world
9,778,211
5,812,278

23,598,474
16,924,716

Page 25

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Other operating income
3,023
-

Royalty receivable
2,256
173,544

5,279
173,544



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
31,045
(98,219)

Depreciation of fixed assets
93,634
54,279


7.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
30,000
28,500

Page 26

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
2,485,739
1,986,249

Social security costs
226,269
209,020

Cost of defined contribution scheme
860,568
33,837

3,572,576
2,229,106


The average monthly number of employees, including the directors, during the period was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
3
3
3
3



Head Office
61
54
-
-

64
57
3
3


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
295,000
323,670

295,000
323,670


The highest paid director received remuneration of £100,000 (2022 - £123,670).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of all paid directors amounted to £800,000 (2022 - £NIL)

Page 27

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
84,866
41,654

84,866
41,654


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
64,675
42,799


64,675
42,799


Total current tax
64,675
42,799

Deferred tax


Origination and reversal of timing differences
13,412
27,994

Total deferred tax
13,412
27,994


Tax on profit
78,087
70,793
Page 28

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
332,302
328,894


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
78,091
62,490

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,116
509

Capital allowances for period in excess of depreciation
(9,015)
(20,200)

Deferred Tax
13,412
-

Other timing differences leading to an increase (decrease) in taxation
(783)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
27,994

Other differences leading to an increase (decrease) in the tax charge
(14,954)
-

Marginal relief
10,220
-

Total tax charge for the period
78,087
70,793


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 29

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

12.


Intangible assets

Group and Company





Computer software

£



Cost


Additions - internal
140,828



At 30 December 2023

140,828



Amortisation


Charge for the period on owned assets
18,266



At 30 December 2023

18,266



Net book value



At 30 December 2023
122,562



At 30 December 2022
-



Page 30

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

13.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Other fixed assets

£
£
£
£
£



Cost or valuation


At 31 December 2022
33,869
13,194
291,304
170,610
81,913


Additions
94,485
20,414
10,237
17,957
-


Disposals
-
(13,194)
-
(25,750)
-



At 30 December 2023

128,354
20,414
301,541
162,817
81,913



Depreciation


At 31 December 2022
4,516
8,395
121,508
94,879
-


Charge for the period on owned assets
15,225
1,920
41,302
16,920
-


Disposals
-
(8,954)
-
(15,914)
-



At 30 December 2023

19,741
1,361
162,810
95,885
-



Net book value



At 30 December 2023
108,613
19,053
138,731
66,932
81,913



At 30 December 2022
29,353
4,799
169,796
75,732
81,913
Page 31

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

           13.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 31 December 2022
590,890


Additions
143,093


Disposals
(38,944)



At 30 December 2023

695,039



Depreciation


At 31 December 2022
229,298


Charge for the period on owned assets
75,367


Disposals
(24,868)



At 30 December 2023

279,797



Net book value



At 30 December 2023
415,242



At 30 December 2022
361,593

Page 32

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 31 December 2022
199



At 30 December 2023
199





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Skinnydip Limited
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Skinnydip Properties Limited
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Skinnydip Freehold Limited
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%

The aggregate of the share capital and reserves as at 30 December 2023 and the profit or loss for the period ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Skinnydip Limited
2,860,795
197,782

Skinnydip Properties Limited
812,940
54,977

Skinnydip Freehold Limited
10,607
1,458

Page 33

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

15.


Investment property

Group


Freehold investment property

£



Valuation


At 31 December 2022
2,737,455



At 30 December 2023
2,737,455

The 2023 valuations were made by directors, on an open market value for existing use basis.

2023
2022
£
£

Revaluation reserves


Net surplus/(deficit) in movement properties
2,408,134
2,408,134

At 30 December 2023
2,408,134
2,408,134




The 2023 valuations were made by directors, on an open market value for existing use basis.


16.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
1,833,180
1,421,820

1,833,180
1,421,820


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 34

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
2,710,477
3,336,348
-
-

Amounts owed by group undertakings
-
-
299,870
-

Other debtors
2,040,570
2,013,652
1,261,290
1,236,477

Prepayments and accrued income
84,646
126,316
-
-

4,835,693
5,476,316
1,561,160
1,236,477



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,384,749
1,649,524
814,680
748,183

Less: bank overdrafts
(1,111,506)
(1,944,364)
-
-

2,273,243
(294,840)
814,680
748,183



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
1,111,506
1,944,364
-
-

Bank loans
200,000
200,000
-
-

Trade creditors
1,675,064
1,186,544
-
-

Amounts owed to group undertakings
36,477
-
-
402,227

Corporation tax
100,142
78,265
-
-

Other taxation and social security
286,243
366,312
-
-

Other creditors
1,159,492
236,326
-
-

Accruals and deferred income
1,614,569
557,136
-
-

6,183,493
4,568,947
-
402,227


Page 35

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

20.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
950,000
1,150,000

950,000
1,150,000





21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
200,000
200,000


200,000
200,000



Amounts falling due after more than 5 years

Bank loans
950,000
1,150,000

950,000
1,150,000

1,150,000
1,350,000



22.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
3,384,749
1,649,524
814,680
748,183



Page 36

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

23.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(121,797)
(93,803)


Charged to profit or loss
(13,412)
(27,994)



At end of year
(135,209)
(121,797)

Company


2023
2022






At end of year
-
-
The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(135,209)
(121,797)

(135,209)
(121,797)


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



99 (2022 - 99) test shares of £1.00 each
99
99



25.


Reserves

Other reserves

Other reserves contain fair value movements on investment properties and associated deferred tax.

Profit and loss account

Retained earnings represents accumulated comprehensive income for the year and prior periods less
dividends paid.

Page 37

 
SKINNYDIP GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023

26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £860,568 (2022 - £33,837 ).


27.


Related party transactions

The Group has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions within wholly owned group entities.
As at the balance sheet date, amounts owed from related parties totalled £1,505,540 (2022: £1,550,193).


28.


Controlling party

The directors do not believe there to be one ultimate controlling party by virtue of the shareholdings in place.

 
Page 38