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Company No: 04026570 (England and Wales)

SKI BASICS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

SKI BASICS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

SKI BASICS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
SKI BASICS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,874 15,268
4,874 15,268
Current assets
Debtors 4 4,495 2,254
Cash at bank and in hand 542,121 494,894
546,616 497,148
Creditors: amounts falling due within one year 5 ( 253,687) ( 276,741)
Net current assets 292,929 220,407
Total assets less current liabilities 297,803 235,675
Net assets 297,803 235,675
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 297,703 235,575
Total shareholders' funds 297,803 235,675

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Ski Basics Limited (registered number: 04026570) were approved and authorised for issue by the Board of Directors on 30 January 2025. They were signed on its behalf by:

J A Jenkins
Director
SKI BASICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
SKI BASICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
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

Ski Basics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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 Statement of Financial Position 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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Vehicles 33 % reducing balance
Fixtures and fittings 33 % reducing balance
Office equipment 5 years straight line
Other property, plant and equipment 33 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 5

3. Tangible assets

Vehicles Fixtures and fittings Office equipment Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 July 2023 90,624 3,778 28,203 11,314 133,919
Disposals ( 8,351) 0 0 0 ( 8,351)
At 30 June 2024 82,273 3,778 28,203 11,314 125,568
Accumulated depreciation
At 01 July 2023 79,477 3,778 24,278 11,118 118,651
Charge for the financial year 2,341 0 1,116 65 3,522
Disposals ( 1,479) 0 0 0 ( 1,479)
At 30 June 2024 80,339 3,778 25,394 11,183 120,694
Net book value
At 30 June 2024 1,934 0 2,809 131 4,874
At 30 June 2023 11,147 0 3,925 196 15,268

4. Debtors

2024 2023
£ £
Accrued income 2,749 0
VAT recoverable 1,746 2,254
4,495 2,254

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 33,595 35,435
Amounts owed to directors 31,060 47,674
Accruals and deferred income 177,085 180,122
Other taxation and social security 1,202 1,393
Other creditors 10,745 12,117
253,687 276,741

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary shares of £ 1.00 each 50 50
100 100

7. Related party transactions

At the year end the directors were owed £31,060 (2023: £47,674) by the company. No interest is charged on this amount and there are no repayment terms.