1.
General Information
Slimdril Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
03495179
. The registered office is 6&7 Leyland Court, Lowestoft, NR32 2EP.
The company's principal activity continues to be that of the sale and rental of bespoke tooling products.
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.
Going Concern Disclosure
The Directors have made enquiries and reviewed forecasts that indicate the Company expects to continue to trade and meet its liabilities as they fall due in the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements are prepared on the going concern basis.
2.3.
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.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets is Software. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.5.
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:
| Leasehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
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.
Tangible fixed assets includes goods available to hire that the Director considers it appropriate to include on the basis these items are not held for re-sale.
2.6.
Investments
2.7.
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.
Slimdril Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.8.
Financial Instruments
All of the company's financial instruments are basic financial instruments measured at amortised historic cost less any necessary provisions for impairment.
2.9.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10.
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.
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.11.
Pensions
The company operates a defined pension contribution scheme. 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.
Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. Amounts not paid are shown in Other Creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 8)
4.
Intangible Assets
| Other | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 January 2024 |
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| Additions |
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| As at 31 December 2024 |
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| Amortisation | |||
| As at 1 January 2024 |
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| Provided during the period |
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| As at 31 December 2024 |
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...CONTINUED
Slimdril Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
| Net Book Value | |||
| As at 31 December 2024 |
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||
| As at 1 January 2024 |
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||
During the year the Company commissioned a range of digital marketing videos.
5.
Tangible Assets
| Land & Property | ||||
|---|---|---|---|---|
| Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 January 2024 |
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| Additions |
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|
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| Disposals |
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( |
( |
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| As at 31 December 2024 |
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| Depreciation | ||||
| As at 1 January 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
|
( |
( |
|
| As at 31 December 2024 |
|
|
|
|
| Net Book Value | ||||
| As at 31 December 2024 |
|
|
|
|
| As at 1 January 2024 |
|
|
|
|
| Computer Equipment | Total | |
|---|---|---|
| £ | £ | |
| Cost | ||
| As at 1 January 2024 |
|
|
| Additions |
|
|
| Disposals |
|
( |
| As at 31 December 2024 |
|
|
| Depreciation | ||
| As at 1 January 2024 |
|
|
| Provided during the period |
|
|
| Disposals |
|
( |
| As at 31 December 2024 |
|
|
| Net Book Value | ||
| As at 31 December 2024 |
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|
| As at 1 January 2024 |
|
|
Slimdril Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
6.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
|
| Additions |
|
| As at 31 December 2024 |
|
| Provision | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
Subsidiaries
Details of the company's subsidiaries as at 31 December 2024 are as follows:
| Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
|---|---|---|---|---|
|
|
Meerkerk Netherlands |
|
|
- |
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
| Capital and Reserves | Profit/(loss) | |
|---|---|---|
| £ | £ | |
| Slimdril BV |
|
|
7.
Stocks
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
8.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Amounts owed by group undertakings | 322,840 | 18,846 | |
| Other debtors | 93,079 | 49,224 | |
|
|
|
||
Slimdril Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other creditors | 28,996 | 21,540 | |
| Taxation and social security |
|
|
|
|
|
|
||
10.
Deferred Taxation
The provision for deferred tax is made up as follows:
|
2024
|
2023
|
||
|
£
|
£
|
||
|
At beginning of year
|
53,158
|
31,079
|
|
|
Charged to profit or loss
|
15,440
|
22,079
|
|
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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|
|
||
|
68,598
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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|
53,158
|
The deferred tax liability comprises of:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 68,598 | 53,158 | |
12.
Capital Commitments
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| At the end of the period |
|
|
|
The company had the capital commitments above contracted for but not provided in these financial statements
This sum represents Leasehold Improvements namely a refurbishment of the office space and additional offices
13.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
| Later than five years |
|
|
|
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Slimdril Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
14.
Reserves
Share premium account
The Share Premium Account includes any premium received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account
The Profit and Loss Account reserve represents the Company's accumulated profits and losses, less dividends paid. The reserve is available for distribution to the shareholders.
15.
Controlling Parties
The immediate parent undertaking is Slimdril Holdings, Inc., a company registered in the USA.
The ultimate parent undertaking and controlling party is
Mentha Capital B.V.
, a company incorporated in the Netherlands, by virtue of their interest in the share capital of the company.
The smallest and largest group incorporating the results of the Company for which consolidated financial statements are prepared is headed by MC Steering B.V., a company incorporated in the Netherlands. Copies of the consolidated financial statements of MC Steering B.V. are publicly available from Nieuwendammerdijk 538, 1023 BX, Amsterdam, Netherlands.
16.
Audit Information
The auditor's report on the accounts of
Slimdril Limited
for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by
Anthony James Brice FCCA
(Senior Statutory Auditor)
for and on behalf of
Annatrice Limited
, Statutory Auditor.
|
10 The Thoroughfare
Harleston, Norfolk
IP20 9AX
|