Registered number
02914115
Skips Telford Ltd
Unaudited Filleted Accounts
31 March 2025
Skips Telford Ltd
Registered number: 02914115
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 3 105,000 122,500
Tangible assets 4 60,501 101,798
165,501 224,298
Current assets
Debtors 5 97,969 108,903
Cash at bank and in hand 202,072 221,232
300,041 330,135
Creditors: amounts falling due within one year 6 (118,962) (126,266)
Net current assets 181,079 203,869
Total assets less current liabilities 346,580 428,167
Creditors: amounts falling due after more than one year 7 (222,518) (272,187)
Provisions for liabilities (15,126) (25,450)
Net assets 108,936 130,530
Capital and reserves
Called up share capital 100 100
Profit and loss account 108,836 130,430
Shareholders' funds 108,936 130,530
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Rose-Collier
Director
Approved by the board on 28 May 2025
Skips Telford Ltd
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Straight line method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 12 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2024 175,000
At 31 March 2025 175,000
Amortisation
At 1 April 2024 52,500
Provided during the year 17,500
At 31 March 2025 70,000
Net book value
At 31 March 2025 105,000
At 31 March 2024 122,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024 243,257
Additions 32,317
Disposals (13,500)
At 31 March 2025 262,074
Depreciation
At 1 April 2024 141,459
Charge for the year 63,610
On disposals (3,496)
At 31 March 2025 201,573
Net book value
At 31 March 2025 60,501
At 31 March 2024 101,798
5 Debtors 2025 2024
£ £
Trade debtors 39,658 48,766
Other debtors 58,311 60,137
97,969 108,903
6 Creditors: amounts falling due within one year 2025 2024
£ £
Obligations under finance lease and hire purchase contracts 7,669 7,090
Taxation and social security costs 68,683 76,692
Other creditors 42,610 42,484
118,962 126,266
7 Creditors: amounts falling due after one year 2025 2024
£ £
Obligations under finance lease and hire purchase contracts 9,018 16,687
Other creditors 213,500 255,500
222,518 272,187
The obligations under hire purchase agreements are secured on the assets to which they relate. As at the balance sheet date, assets with a net book value of £28,997 were subject to such security.
8 Loans 2025 2024
£ £
Creditors include:
Instalments falling due for payment after more than five years 3,500 45,500
9 Related party transactions
The loan of £50,000 advanced in 2024 to Shropshire Investments Group Ltd, a company under the same control of Skips Telford Ltd, is still outstanding. The amounts are included within other debtors in note 5 above.
10 Other information
Skips Telford Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 20 Shifnal Industrial Estate
Lamledge Lane
Shifnal
Shropshire
TF11 8SD
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