| REGISTERED NUMBER: 03709428 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| SKINNERS SHEDS LIMITED |
| REGISTERED NUMBER: 03709428 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| SKINNERS SHEDS LIMITED |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 3 |
| Report of the Independent Auditors | 4 |
| Consolidated Statement of Comprehensive Income | 7 |
| Consolidated Balance Sheet | 8 |
| Company Balance Sheet | 9 |
| Consolidated Statement of Changes in Equity | 10 |
| Company Statement of Changes in Equity | 11 |
| Consolidated Cash Flow Statement | 12 |
| Notes to the Consolidated Cash Flow Statement | 13 |
| Notes to the Consolidated Financial Statements | 14 |
| SKINNERS SHEDS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| 20 Havelock Road |
| Hastings |
| East Sussex |
| TN34 1BP |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| The director presents his strategic report of the company and the group for the year ended 31 August 2024. |
| Skinners Sheds Limited purchased Duncans Wood Limited in the year, therefore creating a Group for accounting purposes. Duncans Wood Limited holds land and the company does not trade. |
| REVIEW OF BUSINESS |
| The trading business looked to maintain gross margin rather than reduce prices, seeing only a small decrease in gross margin. |
| The following table shows the key performance indicators. |
Period |
Turnover |
Gross Profit |
Gross Profit ratios (% of turnover) |
Net Profit/Loss |
| £ | £ | £ |
| Y.E 31.8.24 | 8,455,306 | 2,190,802 | 25.91% | 360,301 |
| Y.E 31.8.23 | 12,068,161 | 3,212,519 | 26.62% | 1,611,014 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Increased interest rates and the effect on the housing market has led to reduced sales. |
| The Group looks to purchase more property so as to have less reliance on rented sites. |
| ON BEHALF OF THE BOARD: |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| The director presents his report with the financial statements of the company and the group for the year ended 31 August 2024. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 August 2024 will be £41,606. (2023 - £41,280). |
| DIRECTOR |
| POLITICAL DONATIONS AND EXPENDITURE |
| Donations in the current year amounts to £2,231. |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Ashdown Hurrey Auditors Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SKINNERS SHEDS LIMITED |
| Opinion |
| We have audited the financial statements of Skinners Sheds Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 group's and of the parent company affairs as at 31 August 2024 and of the group's profit for the year 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our 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. |
| In connection with our audit of the financial statements, 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 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. |
| Opinions 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SKINNERS SHEDS LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| During the planning stage of this audit we considered the likelihood of irregularities around laws and regulations relevant to the company, including enquiry of management and those charged with governance. These were also discussed during the audit planning meeting held by the team. We reviewed the company's systems and controls in place, and formed an assessment as to their operational effectiveness. |
| We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to: |
| - The financial reporting standard; FRS102 |
| - Health and safety |
| - Employment legislation |
| Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. |
| During the course of this audit the team discussed this area with senior members of the company's staff, including the director, and also carried out a review of legal expenses for evidence of any issues. |
| We considered the risk of fraud through management override and, in response, we incorporated testing of manual |
| journal entries into our audit approach. |
| We are therefore of the opinion that given the risk level identified, our procedures planned and undertaken, are adequate for detecting irregularities. |
| 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 Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SKINNERS SHEDS LIMITED |
| 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 2006. Our 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 a Report of the Auditors 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. |
| for and on behalf of |
| Statutory Auditor |
| 20 Havelock Road |
| Hastings |
| East Sussex |
| TN34 1BP |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ |
| TURNOVER | 8,455,306 | 12,068,161 |
| Cost of sales | (6,264,504 | ) | (8,855,642 | ) |
| GROSS PROFIT | 2,190,802 | 3,212,519 |
| Administrative expenses | (1,926,216 | ) | (1,854,667 | ) |
| 264,586 | 1,357,852 |
| Other operating income | 90,749 | 267,268 |
| OPERATING PROFIT | 4 | 355,335 | 1,625,120 |
| Interest receivable and similar income | 4,966 | 445 |
| 360,301 | 1,625,565 |
| Interest payable and similar expenses | 5 | - | (14,551 | ) |
| PROFIT BEFORE TAXATION | 360,301 | 1,611,014 |
| Tax on profit | 6 | (177,571 | ) | (345,344 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
182,730 |
1,265,670 |
| Profit attributable to: |
| Owners of the parent | 182,730 | 1,265,670 |
| Total comprehensive income attributable to: |
| Owners of the parent | 182,730 | 1,265,670 |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| CONSOLIDATED BALANCE SHEET |
| 31 AUGUST 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 | - | - |
| Tangible assets | 10 | 4,351,159 | 3,975,950 |
| Investments | 11 | - | - |
| Investment property | 12 | 684,747 | - |
| 5,035,906 | 3,975,950 |
| CURRENT ASSETS |
| Stocks | 13 | 2,479,056 | 2,455,134 |
| Debtors | 14 | 202,121 | 440,478 |
| Cash at bank and in hand | 970,371 | 1,701,452 |
| 3,651,548 | 4,597,064 |
| CREDITORS |
| Amounts falling due within one year | 15 | 1,954,154 | 2,009,847 |
| NET CURRENT ASSETS | 1,697,394 | 2,587,217 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
6,733,300 |
6,563,167 |
| PROVISIONS FOR LIABILITIES | 17 | 259,397 | 230,388 |
| NET ASSETS | 6,473,903 | 6,332,779 |
| CAPITAL AND RESERVES |
| Called up share capital | 18 | 100 | 100 |
| Revaluation reserve | 19 | 577,655 | 577,655 |
| Retained earnings | 19 | 5,896,148 | 5,755,024 |
| SHAREHOLDERS' FUNDS | 6,473,903 | 6,332,779 |
| The financial statements were approved by the director and authorised for issue on 24 July 2025 and were signed by: |
| D D S White - Director |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| COMPANY BALANCE SHEET |
| 31 AUGUST 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| Investments | 11 |
| Investment property | 12 |
| CURRENT ASSETS |
| Stocks | 13 |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 17 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Revaluation reserve | 19 |
| Retained earnings | 19 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 198,602 | 1,265,669 |
| The financial statements were approved by the director and authorised for issue on |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 September 2022 | 100 | 4,530,634 | 577,655 | 5,108,389 |
| Changes in equity |
| Dividends | - | (41,280 | ) | - | (41,280 | ) |
| Total comprehensive income | - | 1,265,670 | - | 1,265,670 |
| Balance at 31 August 2023 | 100 | 5,755,024 | 577,655 | 6,332,779 |
| Changes in equity |
| Dividends | - | (41,606 | ) | - | (41,606 | ) |
| Total comprehensive income | - | 182,730 | - | 182,730 |
| Balance at 31 August 2024 | 100 | 5,896,148 | 577,655 | 6,473,903 |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 September 2022 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2024 |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,040,808 | 1,645,118 |
| Interest paid | - | (14,551 | ) |
| Tax paid | (406,956 | ) | (312,737 | ) |
| Net cash from operating activities | 633,852 | 1,317,830 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (15,871 | ) | - |
| Purchase of tangible fixed assets | (616,357 | ) | (446,802 | ) |
| Purchase of investment property | (684,747 | ) | - |
| Sale of tangible fixed assets | - | 3,000 |
| Interest received | 4,966 | 445 |
| Net cash from investing activities | (1,312,009 | ) | (443,357 | ) |
| Cash flows from financing activities |
| Loan repayments in year | - | (355,730 | ) |
| Amount withdrawn by directors | (11,318 | ) | (148,393 | ) |
| Equity dividends paid | (41,606 | ) | (41,280 | ) |
| Net cash from financing activities | (52,924 | ) | (545,403 | ) |
| (Decrease)/increase in cash and cash equivalents | (731,081 | ) | 329,070 |
| Cash and cash equivalents at beginning of year |
2 |
1,701,452 |
1,372,382 |
| Cash and cash equivalents at end of year |
2 |
970,371 |
1,701,452 |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Profit before taxation | 360,301 | 1,611,014 |
| Depreciation charges | 257,018 | 284,030 |
| Loss on disposal of fixed assets | - | 9,938 |
| Finance costs | - | 14,551 |
| Finance income | (4,966 | ) | (445 | ) |
| 612,353 | 1,919,088 |
| (Increase)/decrease in stocks | (23,921 | ) | 682,872 |
| Decrease in trade and other debtors | 260,000 | 307,513 |
| Increase/(decrease) in trade and other creditors | 192,376 | (1,264,355 | ) |
| Cash generated from operations | 1,040,808 | 1,645,118 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 August 2024 |
| 31.8.24 | 1.9.23 |
| £ | £ |
| Cash and cash equivalents | 970,371 | 1,701,452 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 1,701,452 | 1,372,382 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,701,452 | (731,081 | ) | 970,371 |
| 1,701,452 | (731,081 | ) | 970,371 |
| Total | 1,701,452 | (731,081 | ) | 970,371 |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 1. | STATUTORY INFORMATION |
| Skinners Sheds Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The directors have made an assessment about the company's ability to continue as a going concern and they do not consider there to be any material uncertainties. As a result they have adopted the going concern basis of accounting. |
| Significant judgements and estimates |
| The group holds Freehold Property being mainly factory, warehouse and product show sites on its balance sheet. The nature of the factory and show site assets are such that there is a considerable element of land within these properties. This element varies from property to property, dependent upon its use and size. |
| Under FRS102 the group is required to depreciate Freehold Property over its estimated useful life, but only the buildings element; land being excluded from this charge. The group has therefore had to estimate the proportions of deemed land on each property when calculating the depreciation charge. This has been performed by visiting each site and comparing areas occupied by buildings against total area. |
| The proportions of land within each freehold property held are estimated to be as follows: |
| Site | Proportion |
| Ninfield factory site | 80% |
| Brenzett show site | 80% |
| Winchelsea storage site | 50% |
| Bulverhythe Road site | 66% |
| Reginald Road garage site | 0% |
| There are no other significant judgements or estimates in these financial statements. |
| Turnover |
| Turnover represents net invoiced sales of garden buildings, excluding value added tax and is recognised at the point of delivery to the customer. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Short leasehold | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| 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 items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| 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. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Wages and salaries | 3,192,457 | 3,683,256 |
| Social security costs | 303,865 | 343,877 |
| Other pension costs | 55,571 | 77,273 |
| 3,551,893 | 4,104,406 |
| The average number of employees during the year was as follows: |
| 31.8.24 | 31.8.23 |
| All Employees |
| The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Director's remuneration | 8,900 | 8,900 |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Depreciation - owned assets | 241,148 | 284,029 |
| Loss on disposal of fixed assets | - | 9,938 |
| Goodwill amortisation | 15,871 | - |
| Auditors' remuneration | 20,000 | 22,500 |
| Foreign exchange differences | 8,756 | 6,781 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loan interest | - | 13,376 |
| Corporation tax interest | - | 1,175 |
| - | 14,551 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | 145,297 | 382,048 |
| Previous year taxation | 3,265 | - |
| Total current tax | 148,562 | 382,048 |
| Deferred tax | 29,009 | (36,704 | ) |
| Tax on profit | 177,571 | 345,344 |
| 7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 8. | DIVIDENDS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Interim | 41,606 | 41,280 |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 9. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| Additions | 15,871 |
| At 31 August 2024 | 15,871 |
| AMORTISATION |
| Amortisation for year | 15,871 |
| At 31 August 2024 | 15,871 |
| NET BOOK VALUE |
| At 31 August 2024 | - |
| 10. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements |
| Freehold | Short | to | Plant and |
| property | leasehold | property | machinery |
| £ | £ | £ | £ |
| COST |
| At 1 September 2023 | 2,888,319 | 433,525 | 592,951 | 650,030 |
| Additions | 450,000 | 14,675 | 112,149 | 28,871 |
| At 31 August 2024 | 3,338,319 | 448,200 | 705,100 | 678,901 |
| DEPRECIATION |
| At 1 September 2023 | 46,255 | 194,869 | 29,648 | 493,675 |
| Charge for year | 46,255 | 62,803 | 33,032 | 45,071 |
| At 31 August 2024 | 92,510 | 257,672 | 62,680 | 538,746 |
| NET BOOK VALUE |
| At 31 August 2024 | 3,245,809 | 190,528 | 642,420 | 140,155 |
| At 31 August 2023 | 2,842,064 | 238,656 | 563,303 | 156,355 |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2023 | 6,776 | 404,711 | 33,534 | 5,009,846 |
| Additions | 285 | 5,000 | 5,377 | 616,357 |
| At 31 August 2024 | 7,061 | 409,711 | 38,911 | 5,626,203 |
| DEPRECIATION |
| At 1 September 2023 | 6,283 | 239,392 | 23,774 | 1,033,896 |
| Charge for year | 197 | 43,457 | 10,333 | 241,148 |
| At 31 August 2024 | 6,480 | 282,849 | 34,107 | 1,275,044 |
| NET BOOK VALUE |
| At 31 August 2024 | 581 | 126,862 | 4,804 | 4,351,159 |
| At 31 August 2023 | 493 | 165,319 | 9,760 | 3,975,950 |
| Included in cost of land and buildings is freehold land of £2,413,209 (2023 - £1,963,209) which is not depreciated. |
| Company |
| Improvements |
| Freehold | Short | to | Plant and |
| property | leasehold | property | machinery |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Included in cost or valuation of land and buildings is freehold land of £ 1,963,209 (2023 - £ 1,963,209 ) which is not depreciated. |
| Cost or valuation at 31 August 2024 is represented by: |
| Improvements |
| Freehold | Short | to | Plant and |
| property | leasehold | property | machinery |
| £ | £ | £ | £ |
| Valuation in 2021 | 659,885 | - | - | - |
| Valuation in 2024 | - | 14,675 | 67,686 | 22,871 |
| Cost | 2,228,434 | 433,525 | 637,414 | 656,030 |
| 2,888,319 | 448,200 | 705,100 | 678,901 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| Valuation in 2021 | - | - | - | 659,885 |
| Valuation in 2024 | 285 | - | 5,377 | 110,894 |
| Cost | 6,776 | 409,711 | 33,534 | 4,405,424 |
| 7,061 | 409,711 | 38,911 | 5,176,203 |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 11. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: Registered in England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 12. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| Additions | 684,747 |
| At 31 August 2024 | 684,747 |
| NET BOOK VALUE |
| At 31 August 2024 | 684,747 |
| Company |
| Total |
| £ |
| FAIR VALUE |
| Additions |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| The investment property was valued by the director on an open market basis on 31 August 2024. The market value at that date is not considered to be different to the purchase costs and so the properties have not been revalued. |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 13. | STOCKS |
| Group | Company |
| 31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
| £ | £ | £ | £ |
| Raw materials | 447,479 | 478,107 |
| Work-in-progress | 70,395 | 41,545 |
| Finished goods | 1,941,176 | 1,935,482 |
| Stock in transit | 20,006 | - | 20,006 | - |
| 2,479,056 | 2,455,134 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
| £ | £ | £ | £ |
| Other debtors | 158,968 | 407,027 |
| Tax | 41,894 | 20,251 |
| Prepayments | 1,259 | 13,200 |
| 202,121 | 440,478 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
| £ | £ | £ | £ |
| Trade creditors | 285,338 | 167,156 |
| Tax | 145,297 | 382,048 |
| Social security and other taxes | 87,606 | 35,769 |
| Attachments | (227 | ) | 347 | (227 | ) | 347 |
| Pensions | 850 | 3,036 | 850 | 3,036 |
| VAT | 361,682 | 385,233 | 361,682 | 385,233 |
| Deposits held | 873,756 | 813,586 |
| Directors' current accounts | 165,062 | 176,380 | 165,062 | 176,380 |
| Accrued expenses | 34,790 | 46,292 |
| 1,954,154 | 2,009,847 |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Company |
| Non-cancellable operating | leases |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 17. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 81,108 | 94,889 |
| Other timing differences | 178,289 | 135,499 | 178,289 | 135,499 |
| 259,397 | 230,388 | 259,397 | 230,388 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 | 230,388 |
| Charge to Statement of Comprehensive Income during year | 29,009 |
| Balance at 31 August 2024 | 259,397 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 |
| Movement | 29,009 |
| Balance at 31 August 2024 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 19. | RESERVES |
| Group |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 September 2023 | 5,755,024 | 577,655 | 6,332,679 |
| Profit for the year | 182,730 | 182,730 |
| Dividends | (41,606 | ) | (41,606 | ) |
| At 31 August 2024 | 5,896,148 | 577,655 | 6,473,803 |
| SKINNERS SHEDS LIMITED (REGISTERED NUMBER: 03709428) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 19. | RESERVES - continued |
| Company |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 September 2023 | 6,332,678 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 August 2024 | 6,489,674 |
| 20. | RELATED PARTY DISCLOSURES |
| Key management personnel of the entity or its parent (in the aggregate) |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Salaries | 8,900 | 8,900 |
| Loan withdrawals in year | 9,203 | 156,393 |
| Loan advances in year | (20,521 | ) | - |
| Amount due to related party | 165,052 | 176,380 |
| There are no terms attached to the loan balance noted above. |