Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31true2024-01-01falseNo description of principal activity3137falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06462572 2024-01-01 2024-12-31 06462572 2023-01-01 2023-12-31 06462572 2024-12-31 06462572 2023-12-31 06462572 c:Director2 2024-01-01 2024-12-31 06462572 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 06462572 d:Buildings d:LongLeaseholdAssets 2024-12-31 06462572 d:Buildings d:LongLeaseholdAssets 2023-12-31 06462572 d:PlantMachinery 2024-01-01 2024-12-31 06462572 d:PlantMachinery 2024-12-31 06462572 d:PlantMachinery 2023-12-31 06462572 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06462572 d:MotorVehicles 2024-01-01 2024-12-31 06462572 d:MotorVehicles 2024-12-31 06462572 d:MotorVehicles 2023-12-31 06462572 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06462572 d:FurnitureFittings 2024-01-01 2024-12-31 06462572 d:ComputerEquipment 2024-01-01 2024-12-31 06462572 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06462572 d:ComputerSoftware 2024-12-31 06462572 d:ComputerSoftware 2023-12-31 06462572 d:CurrentFinancialInstruments 2024-12-31 06462572 d:CurrentFinancialInstruments 2023-12-31 06462572 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 06462572 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06462572 d:ShareCapital 2024-12-31 06462572 d:ShareCapital 2023-12-31 06462572 d:RetainedEarningsAccumulatedLosses 2024-12-31 06462572 d:RetainedEarningsAccumulatedLosses 2023-12-31 06462572 c:FRS102 2024-01-01 2024-12-31 06462572 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 06462572 c:FullAccounts 2024-01-01 2024-12-31 06462572 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06462572 d:WithinOneYear 2024-12-31 06462572 d:WithinOneYear 2023-12-31 06462572 d:BetweenOneFiveYears 2024-12-31 06462572 d:BetweenOneFiveYears 2023-12-31 06462572 2 2024-01-01 2024-12-31 06462572 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 06462572 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06462572 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 06462572 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 06462572 d:OtherDeferredTax 2024-12-31 06462572 d:OtherDeferredTax 2023-12-31 06462572 d:ComputerSoftware d:OwnedIntangibleAssets 2024-01-01 2024-12-31 06462572 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 06462572










SKINWEAR LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SKINWEAR LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 10


 
SKINWEAR LIMITED
REGISTERED NUMBER: 06462572

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,656
4,241

Tangible assets
 5 
1,036,744
1,128,182

  
1,040,400
1,132,423

Current assets
  

Stocks
  
633,944
454,166

Debtors: amounts falling due within one year
 6 
198,024
277,166

Cash at bank and in hand
 7 
725,186
702,620

  
1,557,154
1,433,952

Creditors: amounts falling due within one year
 8 
(263,742)
(255,779)

Net current assets
  
 
 
1,293,412
 
 
1,178,173

Total assets less current liabilities
  
2,333,812
2,310,596

Provisions for liabilities
  

Deferred tax
 10 
(185,780)
(117,476)

Net assets
  
2,148,032
2,193,120


Capital and reserves
  

Called up share capital 
  
890,000
890,000

Profit and loss account
  
1,258,032
1,303,120

  
2,148,032
2,193,120


Page 1

 
SKINWEAR LIMITED
REGISTERED NUMBER: 06462572
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 August 2025.




................................................
I L Davenport
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SKINWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

Skinwear Limited is a company, domiciled in England, registered number 06462572, with the registered office of Century House, The Lakes, Northampton, NN4 7HD. The place of business is 1 Mill View, Hinckley, LE10 1XD.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
SKINWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.4
TANGIBLE FIXED ASSETS (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
on cost
Plant and machinery
-
10%
on cost
Motor vehicles
-
25%
on cost
Fixtures and fittings
-
25%
on cost
Computer equipment
-
33%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
SKINWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.10

DIVIDENDS

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

 
2.11

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
SKINWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

CURRENT AND DEFERRED TAXATION

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 31 (2023 - 37).

Page 6

 
SKINWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


INTANGIBLE ASSETS




Website design

£



Cost


At 1 January 2024
5,850



At 31 December 2024

5,850



Amortisation


At 1 January 2024
1,609


Charge for the year on owned assets
585



At 31 December 2024

2,194



Net book value



At 31 December 2024
3,656



At 31 December 2023
4,241



Page 7

 
SKINWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


TANGIBLE FIXED ASSETS





Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2024
168,477
2,960,128
92,460
3,221,065


Additions
1,514
118,166
-
119,680


Disposals
-
(41,500)
-
(41,500)



At 31 December 2024

169,991
3,036,794
92,460
3,299,245



Depreciation


At 1 January 2024
38,226
2,012,300
42,357
2,092,883


Charge for the year on owned assets
15,647
167,169
23,115
205,931


Disposals
-
(36,313)
-
(36,313)



At 31 December 2024

53,873
2,143,156
65,472
2,262,501



Net book value



At 31 December 2024
116,118
893,638
26,988
1,036,744



At 31 December 2023
130,251
947,828
50,103
1,128,182


6.


DEBTORS

2024
2023
£
£


Trade debtors
158,625
237,176

Other debtors
321
315

Prepayments and accrued income
39,078
39,675

198,024
277,166



7.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
725,186
702,620


Page 8

 
SKINWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Trade creditors
105,893
56,684

Other taxation and social security
101,592
147,350

Other creditors
56,257
51,745

263,742
255,779



9.


FINANCIAL INSTRUMENTS

All debtors and creditors are basic financial instruments and are held at amortised cost.


10.


DEFERRED TAXATION




2024


£






At beginning of year
117,476


Charged to profit or loss
68,304



At end of year
185,780

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(247,477)
(270,105)

Tax losses carried forward
33,566
132,429

Short term timing differences
28,131
20,200

185,780
117,476


11.


PENSION COMMITMENTS

During the year the Company incurred employer's pension contributions of £18,793 (2023 - £17,886).
At the balance sheet date there were outstanding contributions of £Nil (2023 - £Nil).

Page 9

 
SKINWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
55,500
55,500

Later than 1 year and not later than 5 years
92,500
148,000

148,000
203,500


13.


CONTROLLING PARTY

The ultimate controlling party during the period was I L Davenport, who holds 90% of the share capital.

 
Page 10