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Registration number: 10431309

Slickers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Slickers Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Slickers Limited

(Registration number: 10431309)
Statement of Financial Position as at 31 October 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

634

18,037

Tangible assets

5

40,282

52,865

 

40,916

70,902

Current assets

 

Stocks

6

105,973

133,638

Debtors

7

36,076

14,713

Cash at bank and in hand

 

12,376

9,008

 

154,425

157,359

Creditors: Amounts falling due within one year

8

(152,489)

(151,523)

Net current assets

 

1,936

5,836

Total assets less current liabilities

 

42,852

76,738

Creditors: Amounts falling due after more than one year

8

(74,925)

(112,113)

Provisions for liabilities

(1,836)

-

Net liabilities

 

(33,909)

(35,375)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(34,009)

(35,475)

Shareholders' deficit

 

(33,909)

(35,375)

 

Slickers Limited

(Registration number: 10431309)
Statement of Financial Position as at 31 October 2024 (continued)

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 17 July 2025
 


L M Hope
Director

 

Slickers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 North Quay
Padstow
Cornwall
PL28 8AF

Principal activity

The principal activity of the company is manufacture and retail of pet related products and foodstuffs.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Some adjustments have been made to the prior year figures, which do show an overdrawn reserves, but the director has carried out a review of the current position and is confident that the business can continue to meet it's liabilities as they fall due.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

 

Slickers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Plant and machinery

33% straight line

Motor vehicles

25% reducing balance

Leasehold improvements

over the life of the lease

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

Slickers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Slickers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Slickers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 5).

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 November 2023

2,113

17,502

19,615

Disposals

-

(17,502)

(17,502)

At 31 October 2024

2,113

-

2,113

Amortisation

At 1 November 2023

1,056

522

1,578

Amortisation charge

423

-

423

Amortisation eliminated on disposals

-

(522)

(522)

At 31 October 2024

1,479

-

1,479

Carrying amount

At 31 October 2024

634

-

634

At 31 October 2023

1,057

16,980

18,037

 

Slickers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

43,738

13,472

12,085

31,190

100,485

At 31 October 2024

43,738

13,472

12,085

31,190

100,485

Depreciation

At 1 November 2023

8,748

6,408

9,233

23,230

47,619

Charge for the year

4,374

3,368

2,852

1,990

12,584

At 31 October 2024

13,122

9,776

12,085

25,220

60,203

Carrying amount

At 31 October 2024

30,616

3,696

-

5,970

40,282

At 31 October 2023

34,989

7,064

2,852

7,960

52,865

Included within the net book value of land and buildings above is £30,616 (2023 - £34,989) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

105,973

133,638

7

Debtors

2024
£

(As restated)

2023
£

Other debtors

36,076

14,713

36,076

14,713

 

Slickers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Loans and borrowings

10

49,908

21,344

Trade creditors

 

46,653

46,311

Taxation and social security

 

48,770

54,753

Accruals and deferred income

 

1,850

-

Other creditors

 

5,308

29,115

 

152,489

151,523

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

10

74,925

112,113

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Slickers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

10

Loans and borrowings

Current loans and borrowings

2024
£

(As restated)

2023
£

Bank borrowings

28,293

15,257

Bank overdrafts

-

21

Hire purchase contracts

14,108

6,066

Other borrowings

7,507

-

49,908

21,344

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

74,925

96,027

Hire purchase contracts

-

16,086

74,925

112,113

Other borrowings

Borrowings are secured with two charges lodged on Companies House as follows:

- SWIG Finance have a fixed and floating charge dated 16 December 2022 over all property and business undertakings of the company.

- Cornwall and Isles of Scilly Investment LP (Ref CIOSF General Partner Ltd) have an equitable charge over all assets, rights, benefits and contracts undertaken by the company.

 

Slickers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

11

Related party transactions

Transactions with the director

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Director

11,000

42,081

(26,425)

26,656

         
       

 

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Director

(13,858)

202,231

(177,373)

11,000