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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: D D S White





SECRETARY: M Fisher





REGISTERED OFFICE: Bexhill Road
Ninfield
Bexhill on Sea
East Sussex
TN39 5JP





REGISTERED NUMBER: 03709428 (England and Wales)





AUDITORS: Ashdown Hurrey Auditors Limited
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:





D D S White - Director


24 July 2025

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
D D S White held office during the whole of the period from 1 September 2023 to the date of this report.

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:





D D S White - Director


24 July 2025

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.




Simon Lawrence FCCA (Senior Statutory Auditor)
for and on behalf of Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

25 July 2025

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 182,730 1,265,670

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 3,901,159 3,975,950
Investments 11 465,971 -
Investment property 12 684,747 -
5,051,877 3,975,950

CURRENT ASSETS
Stocks 13 2,479,056 2,455,134
Debtors 14 202,021 440,478
Cash at bank and in hand 970,371 1,701,452
3,651,448 4,597,064
CREDITORS
Amounts falling due within one year 15 1,954,154 2,009,848
NET CURRENT ASSETS 1,697,294 2,587,216
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,749,171

6,563,166

PROVISIONS FOR LIABILITIES 17 259,397 230,388
NET ASSETS 6,489,774 6,332,778

CAPITAL AND RESERVES
Called up share capital 18 100 100
Revaluation reserve 19 577,655 577,655
Retained earnings 19 5,912,019 5,755,023
SHAREHOLDERS' FUNDS 6,489,774 6,332,778

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 24 July 2025 and were signed by:





D D S White - Director


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 100 4,530,634 577,655 5,108,389

Changes in equity
Dividends - (41,280 ) - (41,280 )
Total comprehensive income - 1,265,669 - 1,265,669
Balance at 31 August 2023 100 5,755,023 577,655 6,332,778

Changes in equity
Dividends - (41,606 ) - (41,606 )
Total comprehensive income - 198,602 - 198,602
Balance at 31 August 2024 100 5,912,019 577,655 6,489,774

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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:

SiteProportion

Ninfield factory site80%
Brenzett show site80%
Winchelsea storage site50%
Bulverhythe Road site66%
Reginald Road garage site0%

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
Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on cost
Short leasehold - 20% on cost
Improvements to property - 5% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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 110 128

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 2,888,319 433,525 592,951 650,030
Additions - 14,675 112,149 28,871
At 31 August 2024 2,888,319 448,200 705,100 678,901
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 2,795,809 190,528 642,420 140,155
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

Company

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 September 2023 6,776 404,711 33,534 5,009,846
Additions 285 5,000 5,377 166,357
At 31 August 2024 7,061 409,711 38,911 5,176,203
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 3,901,159
At 31 August 2023 493 165,319 9,760 3,975,950

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 465,971
At 31 August 2024 465,971
NET BOOK VALUE
At 31 August 2024 465,971

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Duncans Wood Ltd
Registered office: Registered in England & Wales
Nature of business: Dormant - holding property
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 450,100 450,100
Profit for the year - 171,000


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 684,747
At 31 August 2024 684,747
NET BOOK VALUE
At 31 August 2024 684,747

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 447,479 478,107 447,479 478,107
Work-in-progress 70,395 41,545 70,395 41,545
Finished goods 1,941,176 1,935,482 1,941,176 1,935,482
Stock in transit 20,006 - 20,006 -
2,479,056 2,455,134 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 158,968 407,027 158,868 407,027
Tax 41,894 20,251 41,894 20,251
Prepayments 1,259 13,200 1,259 13,200
202,121 440,478 202,021 440,478

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Trade creditors 285,338 167,156 285,338 167,157
Tax 145,297 382,048 145,297 382,048
Social security and other taxes 87,606 35,769 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 873,756 813,586 873,756 813,586
Directors' current accounts 165,062 176,380 165,062 176,380
Accrued expenses 34,790 46,292 34,790 46,292
1,954,154 2,009,847 1,954,154 2,009,848

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Company
Non-cancellable operating leases
31.8.24 31.8.23
£    £   
Within one year 162,296 72,302
Between one and five years 387,117 103,286
549,413 175,588

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 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 230,388
Movement 29,009
Balance at 31 August 2024 259,397

18. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
100 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 5,755,023 577,655 6,332,678
Profit for the year 198,602 198,602
Dividends (41,606 ) (41,606 )
At 31 August 2024 5,912,019 577,655 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.