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Registered number: 08697408
Skipper's Pet Products Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Turnerwarran
Glanford House
Bridge Street
Brigg
North Lincolnshire
DN20 8NF
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08697408
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 20,379 27,171
Tangible Assets 5 437,657 204,279
458,036 231,450
CURRENT ASSETS
Stocks 6 487,287 358,245
Debtors 7 280,342 220,853
Cash at bank and in hand 199,993 278,464
967,622 857,562
Creditors: Amounts Falling Due Within One Year 8 (734,298 ) (714,599 )
NET CURRENT ASSETS (LIABILITIES) 233,324 142,963
TOTAL ASSETS LESS CURRENT LIABILITIES 691,360 374,413
Creditors: Amounts Falling Due After More Than One Year 9 (129,312 ) (158,031 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (80,433 ) (35,494 )
NET ASSETS 481,615 180,888
CAPITAL AND RESERVES
Called up share capital 11 125 125
Share premium account 249,975 249,975
Profit and Loss Account 231,515 (69,212 )
SHAREHOLDERS' FUNDS 481,615 180,888
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Stephen Moore
Director
01/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Skipper's Pet Products Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08697408 . The registered office is Unit 1-4a Estate Road 7 , South Humberside Industrial Estate, Grimsby, DN31 2TP.
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. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
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:
Leasehold 10% reducing balance
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Computer Equipment 25% reducing balance
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.
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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.
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: 22 (2022: 22)
22 22
4. Intangible Assets
Development Costs
£
Cost
As at 1 January 2023 116,324
As at 31 December 2023 116,324
Amortisation
As at 1 January 2023 89,153
Provided during the period 6,792
As at 31 December 2023 95,945
Net Book Value
As at 31 December 2023 20,379
As at 1 January 2023 27,171
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5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 400,286 21,272 15,951 437,509
Additions 322,827 - - 322,827
As at 31 December 2023 723,113 21,272 15,951 760,336
Depreciation
As at 1 January 2023 204,926 20,240 8,064 233,230
Provided during the period 86,899 844 1,706 89,449
As at 31 December 2023 291,825 21,084 9,770 322,679
Net Book Value
As at 31 December 2023 431,288 188 6,181 437,657
As at 1 January 2023 195,360 1,032 7,887 204,279
6. Stocks
2023 2022
£ £
Stock 487,287 358,245
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 228,428 202,852
Other debtors 51,914 18,001
280,342 220,853
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 2,877 9,569
Trade creditors 181,407 145,465
Other loans 199,947 183,096
Corporation tax 4,846 -
Other taxes and social security 10,748 19,266
VAT 189,740 167,664
Other creditors - 18,455
Pension control 2,041 1,877
Deferred grant 5,824 49,608
Clearing accounts 15,712 -
Accruals and deferred income 5,557 4,000
Directors' loan accounts 115,599 115,599
734,298 714,599
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9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 2,877
Other loans 129,312 155,154
129,312 158,031
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 2,877 9,569
Later than one year and not later than five years - 2,877
2,877 12,446
2,877 12,446
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 125 125
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