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Registered number: 07499836









SKINNYDIP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2024

 
SKINNYDIP LIMITED
 
 
COMPANY INFORMATION


Directors
R Gold 
L Blitz 
J Gold 




Company secretary
N Blitz



Registered number
07499836



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 LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10 - 11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 29


 
SKINNYDIP LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2024

Introduction
 
The directors present the strategic report for the period ended 28 December 2024.
Skinnydip was born in 2011 to satisfy the demand for fashion led designed phone cases. The brand has since expanded to include clothing, 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 on-line.
Products are designed and sourced by teams at our London HQ and delivered to customers around the world.

Performance during the period
 
Satisfactory progress was made in the year ended 28 December 2024, with Turnover £12.3m higher than prior year. 


1.


Principal risks and uncertainties

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Page 1

 
SKINNYDIP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2024


2.


Future Developments

Despite the inflationary and recessionary headwinds being felt in 2025 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.


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



R Gold
Director

Date: 12 June 2025

Page 2

 
SKINNYDIP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2024

The directors present their report and the financial statements for the period ended 28 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company continued to be that of wholesalers and retailers of fashion accessories.

Results and dividends

The profit for the period, after taxation, amounted to £646,827 (2023 - £197,782).



Directors

The directors who served during the period were:

R Gold 
L Blitz 
J Gold 

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 with the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. 

Page 3

 
SKINNYDIP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2024

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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company 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: 12 June 2025

Page 4

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

Opinion


We have audited the financial statements of Skinnydip Limited (the 'Company') for the period ended 28 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 Company's affairs as at 28 December 2024 and of its 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 Company 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 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 5

 
SKINNYDIP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKINNYDIP 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
SKINNYDIP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKINNYDIP 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 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 7

 
SKINNYDIP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKINNYDIP 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

12 June 2025
Page 8

 
SKINNYDIP LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 DECEMBER 2024

28 December
30 December
2024
2023
Note
£
£

  

Turnover
 5 
35,760,607
23,414,718

Cost of sales
  
(28,003,842)
(16,804,711)

Gross profit
  
7,756,765
6,610,007

Administrative expenses
  
(7,014,980)
(6,344,608)

Other operating income
 6 
30,000
5,279

Operating profit
 7 
771,785
270,678

Interest receivable and similar income
 10 
276
-

Interest payable and similar expenses
 11 
(7,350)
(9,406)

Profit before tax
  
764,711
261,272

Tax on profit
 12 
(117,884)
(63,490)

Profit for the financial period
  
646,827
197,782

Other comprehensive income for the period
  

Total comprehensive income for the period
  
646,827
197,782

The notes on pages 13 to 29 form part of these financial statements.

Page 9

 
SKINNYDIP LIMITED
REGISTERED NUMBER: 07499836

BALANCE SHEET
AS AT 28 DECEMBER 2024

28 December
30 December
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
104,542
122,562

Tangible assets
 15 
345,827
333,329

  
450,369
455,891

Current assets
  

Stocks
 16 
1,688,397
1,833,180

Debtors: amounts falling due within one year
 17 
5,785,997
5,627,190

Cash at bank and in hand
 18 
2,207,167
2,245,755

  
9,681,561
9,706,125

Creditors: amounts falling due within one year
 19 
(6,738,115)
(6,267,889)

Net current assets
  
 
 
2,943,446
 
 
3,438,236

Total assets less current liabilities
  
3,393,815
3,894,127

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

Provisions for liabilities
  

Deferred tax
 23 
(96,193)
(83,332)

  
 
 
(96,193)
 
 
(83,332)

Net assets
  
3,297,622
2,860,795


Capital and reserves
  

Called up share capital 
 24 
99
99

Profit and loss account
 25 
3,297,523
2,860,696

  
3,297,622
2,860,795


Page 10

 
SKINNYDIP LIMITED
REGISTERED NUMBER: 07499836
    
BALANCE SHEET (CONTINUED)
AS AT 28 DECEMBER 2024

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




R Gold
Director

Date: 12 June 2025

The notes on pages 13 to 29 form part of these financial statements.

Page 11

 
SKINNYDIP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
99
3,456,321
3,456,420



Profit for the period
-
197,782
197,782

Dividends: Equity capital
-
(793,407)
(793,407)



At 31 December 2023
99
2,860,696
2,860,795



Profit for the period
-
646,827
646,827

Dividends: Equity capital
-
(210,000)
(210,000)


At 28 December 2024
99
3,297,523
3,297,622


The notes on pages 13 to 29 form part of these financial statements.

Page 12

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

3.


General information

Skinnydip Limited is a private company limited by shares and incorporated in England and Wales. 
The registered office 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.

4.Accounting policies

 
4.1

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 management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
4.2

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.

 
4.3

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 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'.

Page 13

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

4.Accounting policies (continued)

 
4.4

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.

 
4.5

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.

 
4.6

Borrowing costs

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

Page 14

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

4.Accounting policies (continued)

 
4.7

Pensions

Defined contribution pension plan

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

 
4.8

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.


 
4.9

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.

Page 15

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

4.Accounting policies (continued)

 
4.10

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:

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.

 
4.11

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 first in, first out 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.

 
4.12

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.

 
4.13

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.

 
4.14

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 16

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

4.Accounting policies (continued)

 
4.15

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.

 
4.16

Financial instruments

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

The Company 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 Company's Balance Sheet when the Company 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Company's cash and cash equivalents, trade and most other debtors 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

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the
Page 17

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

4.Accounting policies (continued)


4.16
Financial instruments (continued)

asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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 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.

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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
Page 18

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

4.Accounting policies (continued)


4.16
Financial instruments (continued)

settled, or when the Company 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 Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
4.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


5.


Turnover

Analysis of turnover by country of destination:

28 December
30 December
2024
2023
£
£

United Kingdom
14,486,433
11,036,032

Rest of Europe
5,331,256
2,600,475

Rest of the world
15,942,918
9,778,211

35,760,607
23,414,718



6.


Other operating income

28 December
30 December
2024
2023
£
£

Other operating income
-
3,023

Royalty receivable
30,000
2,256

30,000
5,279


Page 19

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

7.


Operating profit

The operating profit is stated after charging:

28 December
30 December
2024
2023
£
£

Exchange differences
1,823
31,046

Other operating lease rentals
34,000
30,000

Share-based payment
98,220
93,634


8.


Employees

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


28 December
30 December
2024
2023
£
£

Wages and salaries
2,823,932
2,485,739

Social security costs
267,805
226,269

Cost of defined contribution scheme
898,828
860,568

3,990,565
3,572,576


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


     28 December
      30 December
        2024
        2023
            No.
            No.







Directors
3
3



Head office
68
61

71
64

Page 20

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

9.


Directors' remuneration

28 December
30 December
2024
2023
£
£

Directors' emoluments
295,000
295,000

295,000
295,000


The highest paid director received remuneration of £100,000 (2023 - £100,000).


10.


Interest receivable

28 December
30 December
2024
2023
£
£


Other interest receivable
276
-

276
-


11.


Interest payable and similar expenses

28 December
30 December
2024
2023
£
£


Bank interest payable
7,350
9,406

7,350
9,406

Page 21

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

12.


Taxation


28 December
30 December
2024
2023
£
£

Corporation tax


Current tax on profits for the year
105,023
50,078


105,023
50,078


Total current tax
105,023
50,078

Deferred tax


Origination and reversal of timing differences
12,861
13,412

Total deferred tax
12,861
13,412


Tax on profit
117,884
63,490
Page 22

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 23.4977%) as set out below:

28 December
30 December
2024
2023
£
£


Profit on ordinary activities before tax
764,711
261,272


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.4977%)
191,177
61,393

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
377
956

Capital allowances for period in excess of depreciation
(3,033)
(9,015)

Deferred tax
12,861
13,412

Other differences leading to an increase (decrease) in the tax charge
-
(2,872)

Group relief
(83,498)
-

Marginal relief
-
(384)

Total tax charge for the period
117,884
63,490


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

28 December
30 December
2024
2023
£
£


Dividends paid to shareholders/ parent entity
210,000
793,407

210,000
793,407

Page 23

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

14.


Intangible assets






Computer software

£



Cost


At 31 December 2023
140,828


Additions - internal
7,350



At 28 December 2024

148,178



Amortisation


At 31 December 2023
18,266


Charge for the period on owned assets
25,370



At 28 December 2024

43,636



Net book value



At 28 December 2024
104,542



At 30 December 2023
122,562



Page 24

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

15.


Tangible fixed assets







Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 31 December 2023
128,354
20,414
301,540
162,817
613,125


Additions
57,000
-
5,480
24,471
86,951


Disposals
-
-
-
(3,524)
(3,524)



At 28 December 2024

185,354
20,414
307,020
183,764
696,552



Depreciation


At 31 December 2023
19,741
1,361
162,810
95,885
279,797


Charge for the period on owned assets
25,518
3,811
28,601
14,921
72,851


Disposals
-
-
-
(1,923)
(1,923)



At 28 December 2024

45,259
5,172
191,411
108,883
350,725



Net book value



At 28 December 2024
140,095
15,242
115,609
74,881
345,827



At 30 December 2023
108,613
19,053
138,730
66,933
333,329


16.


Stocks

28 December
30 December
2024
2023
£
£

Finished goods and goods for resale
1,688,397
1,833,180

1,688,397
1,833,180


Page 25

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

17.


Debtors

28 December
30 December
2024
2023
£
£


Trade debtors
2,828,204
2,654,751

Amounts owed by group undertakings
2,167,941
2,108,513

Other debtors
692,815
779,280

Prepayments and accrued income
97,037
84,646

5,785,997
5,627,190



18.


Cash and cash equivalents

28 December
30 December
2024
2023
£
£

Cash at bank and in hand
2,207,167
2,245,755

Less: bank overdrafts
(1,592,972)
(1,111,506)

614,195
1,134,249



19.


Creditors: Amounts falling due within one year

28 December
30 December
2024
2023
£
£

Bank overdrafts
1,592,972
1,111,506

Bank loans
-
200,000

Trade creditors
1,327,554
1,672,464

Amounts owed to group undertakings
-
299,970

Corporation tax
122,301
50,082

Other taxation and social security
201,346
278,513

Other creditors
1,931,017
1,089,210

Accruals and deferred income
1,562,925
1,566,144

6,738,115
6,267,889


Page 26

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

20.


Creditors: Amounts falling due after more than one year

28 December
30 December
2024
2023
£
£

Bank loans
-
950,000

-
950,000



21.


Loans


Analysis of the maturity of loans is given below:


28 December
30 December
2024
2023
£
£

Amounts falling due within one year

Bank loans
-
200,000


-
200,000



Amounts falling due after more than 5 years

Bank loans
-
950,000

-
950,000

-
1,150,000



22.


Financial instruments

28 December
30 December
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,207,167
2,245,755



Page 27

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

23.


Deferred taxation






2024


£






At beginning of year
(83,332)


Charged to profit or loss
(12,861)



At end of year
(96,193)

The provision for deferred taxation is made up as follows:

28 December
30 December
2024
2023
£
£


Accelerated capital allowances
(96,193)
(83,332)

(96,193)
(83,332)


24.


Share capital

28 December
30 December
2024
2023
£
£
Allotted, called up and fully paid



99 (2023 - 99) Ordinary Share Capital shares of £1.00 each
99
99



25.


Reserves

Profit and loss account

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


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £38,828 (2023 -  £860,568).

Page 28

 
SKINNYDIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

27.


Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions within wholly owned group entities.
During the period the company entered into transactions with related parties totalling £Nil (2023 - £Nil).
As at the balance sheet date, amounts owed from related parties totalled £1,041,721 (2023 - £313,290).


28.


Ultimate Controlling party

The ultimate parent company is Skinnydip Group Limited, a company incorporated in England and Wales, by virtue of its 100% shareholding. 
The smallest and largest group for which consolidated financial statements are prepared is Skinnydip Group Limited. Copies of these group financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ. 
 
Page 29