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Registered number: 07595742
SKIPIT Limited
Unaudited Financial Statements
For The Year Ended 30 April 2025
Tom Geraghty & Associates
Chartered Accountants and Business Advisors
38 North Gate
Newark
NG24 1EZ
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 07595742
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 38,055 42,928
38,055 42,928
CURRENT ASSETS
Debtors 5 50,944 46,329
Cash at bank and in hand 33,316 15,235
84,260 61,564
Creditors: Amounts Falling Due Within One Year 6 (205,572 ) (228,113 )
NET CURRENT ASSETS (LIABILITIES) (121,312 ) (166,549 )
TOTAL ASSETS LESS CURRENT LIABILITIES (83,257 ) (123,621 )
NET LIABILITIES (83,257 ) (123,621 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (83,357 ) (123,721 )
SHAREHOLDERS' FUNDS (83,257) (123,621)
For the year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Jodie Noutch
Director
19/08/2025
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
SKIPIT Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07595742 . The registered office is 38 North Gate, Newark, NG24 1EZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
25%Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
Motor Vehicles 25%
Fixtures & Fittings 25%
Computer Equipment 25%
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2024: 5)
5 5
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 May 2024 151,136 - 3,985 155,121
Additions - 200 - 200
As at 30 April 2025 151,136 200 3,985 155,321
Depreciation
As at 1 May 2024 108,638 - 3,555 112,193
Provided during the period 4,922 48 103 5,073
As at 30 April 2025 113,560 48 3,658 117,266
Net Book Value
As at 30 April 2025 37,576 152 327 38,055
As at 1 May 2024 42,498 - 430 42,928
Page 2
Page 3
5. Debtors
2025 2024
£ £
Due within one year
Trade debtors 35,141 28,655
Prepayments and accrued income 4,403 6,274
J & J Noutch Ltd 11,400 11,400
50,944 46,329
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 21,210 33,442
Bank loans and overdrafts 22,242 34,397
Other taxes and social security 1,117 1,075
VAT 9,925 8,271
Other creditors 29,136 29,136
Loan from Lily 14,000 14,000
Accruals and deferred income 3,300 3,150
Directors' loan accounts 104,642 104,642
205,572 228,113
7. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
Page 3