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Registered number: 03863589
Skidmarx UK Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Advoco (SW) Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03863589
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1 1
Tangible Assets 5 4,654 6,205
4,655 6,206
CURRENT ASSETS
Stocks 6 2,607 2,483
Debtors 7 106,986 103,479
Cash at bank and in hand 15,989 11,391
125,582 117,353
Creditors: Amounts Falling Due Within One Year 8 (87,226 ) (72,877 )
NET CURRENT ASSETS (LIABILITIES) 38,356 44,476
TOTAL ASSETS LESS CURRENT LIABILITIES 43,011 50,682
Creditors: Amounts Falling Due After More Than One Year 9 (21,887 ) (28,697 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (515 ) (760 )
NET ASSETS 20,609 21,225
CAPITAL AND RESERVES
Called up share capital 10 500 500
Profit and Loss Account 20,109 20,725
SHAREHOLDERS' FUNDS 20,609 21,225
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Ian Merrill
Director
22 July 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Skidmarx UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03863589 . The registered office is 14a Albany Road, Weymouth, Dorset, DT4 9TH.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill
Goodwill, being amounts paid in connection with the acquisition of businesses in 2002 and 2007, was amortised
evenly over their estimated useful life of four and three years respectively and is now fully written off.
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:
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
2.5. 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.
2.6. 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.
...CONTINUED
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Page 4
2.6. Taxation - continued
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2023 187,843
As at 31 October 2024 187,843
Amortisation
As at 1 November 2023 187,842
As at 31 October 2024 187,842
Net Book Value
As at 31 October 2024 1
As at 1 November 2023 1
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 November 2023 20,608 15,297 148,636 184,541
As at 31 October 2024 20,608 15,297 148,636 184,541
Depreciation
As at 1 November 2023 18,041 15,042 145,253 178,336
Provided during the period 642 63 846 1,551
As at 31 October 2024 18,683 15,105 146,099 179,887
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 October 2024 1,925 192 2,537 4,654
As at 1 November 2023 2,567 255 3,383 6,205
6. Stocks
2024 2023
£ £
Stock 2,607 2,483
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,807 2,607
Intercompany account 101,100 56,100
Other debtors 684 44,772
VAT 395 -
106,986 103,479
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 33,149 31,761
Bank loans and overdrafts 8,000 4,491
Corporation tax liability 153 3,481
Social security and other tax 235 229
VAT - 1,221
Accruals and deferred income (current liability) 3,499 7,560
Pension creditor 244 261
BB Plastics loan 18,500 -
Accrued expenses 5,744 5,034
Director's loan account 17,702 18,839
87,226 72,877
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 21,887 28,697
10. Share Capital
2024 2023
Allotted, called up but not fully paid £ £
500 Ordinary A shares of £ 1.00 each 500 500
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