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Registered number: 10326137









SKINNYDIP PROPERTIES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 DECEMBER 2023

 
SKINNYDIP PROPERTIES LIMITED
REGISTERED NUMBER: 10326137

BALANCE SHEET
AS AT 30 DECEMBER 2023

30 December
31 December
2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
2,737,455
2,737,455

  
2,737,455
2,737,455

Current assets
  

Debtors: amounts falling due within one year
 5 
42,415
151,413

Cash at bank and in hand
 6 
324,315
51,684

  
366,730
203,097

Creditors: amounts falling due within one year
 7 
(2,239,368)
(2,130,712)

Net current liabilities
  
 
 
(1,872,638)
 
 
(1,927,615)

Total assets less current liabilities
  
864,817
809,840

Provisions for liabilities
  

Deferred tax
 8 
(51,877)
(51,877)

  
 
 
(51,877)
 
 
(51,877)

Net assets
  
812,940
757,963


Capital and reserves
  

Called up share capital 
  
1
1

Other reserves
  
298,952
298,952

Profit and loss account
  
513,987
459,010

  
812,940
757,963


Page 1

 
SKINNYDIP PROPERTIES LIMITED
REGISTERED NUMBER: 10326137
    
BALANCE SHEET (CONTINUED)
AS AT 30 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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 3 to 8 form part of these financial statements.

Page 2

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

1.


General information

Skinnydip Properties Limited is a private company, limited by shares and incorporated in England and Wales (registered number: 10326137). The registered office address is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The Company's group undertakings continue to provide financial support, which the directors are confident with continue for a period of not less than twelve months from the date of approval of the financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Page 3

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

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

Page 4

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

2.Accounting policies (continued)

 
2.5

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

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 5

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

2.Accounting policies (continued)

 
2.10

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.


3.


Employees




The average monthly number of employees, including directors, during the period was 3 (2022 - 3).


4.


Investment property





Leasehold investment property

£



Valuation


At 1 January 2023
2,737,455



At 30 December 2023
2,737,455

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



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

30 December
31 December
2023
2022
£
£


Historic cost
2,408,134
2,408,134

2,408,134
2,408,134

Page 6

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

5.


Debtors

30 December
31 December
2023
2022
£
£


Trade debtors
42,414
151,412

Amounts owed by group undertakings
1
1

42,415
151,413



6.


Cash and cash equivalents

30 December
31 December
2023
2022
£
£

Cash at bank and in hand
324,315
51,684

324,315
51,684



7.


Creditors: Amounts falling due within one year

30 December
31 December
2023
2022
£
£

Amounts owed to group undertakings
2,063,214
1,957,492

Corporation tax
49,719
44,839

Other taxation and social security
7,730
12,173

Other creditors
70,280
69,372

Accruals and deferred income
48,425
46,836

2,239,368
2,130,712


Page 7

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

8.


Deferred taxation






2023


£






At beginning of year
(51,877)



At end of year
(51,877)

The provision for deferred taxation is made up as follows:

30 December
31 December
2023
2022
£
£


Accelerated capital allowances
(51,877)
(51,877)

(51,877)
(51,877)


9.


Related party transactions

The outstanding amount of £36,477 at the reporting end date for Skinnydip Pension SASS (2022: £Nil). The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company of any wholly owned subsidiary undertaking of the group.


10.


Controlling party

The ultimate parent company is Skinnydip Group Limited, a company incorporated in England and Wales, by virtue of its 100% shareholding.


11.


Auditors' information

The auditors' report on the financial statements for the period ended 30 December 2023 was unqualified.

The audit report was signed on 23 August 2024 by Stephen Haffner (Senior Statutory Auditor) on behalf of Harris & Trotter LLP.

 
Page 8