REGISTERED NUMBER: 04734133 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

CHEAP SKIPS (IW) LTD

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mr K G Foss

Mrs N J Foss

SECRETARY:

Mr K G Foss

REGISTERED OFFICE:

Oak Barn

Oxbridge Close

Newport

Isle of Wight

PO30 2LE

REGISTERED NUMBER:

04734133 (England and Wales)

ACCOUNTANTS:

Garbetts (IOW) Limited

Exchange House

St Cross Lane

Newport

Isle of Wight

PO30 5BZ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

346,623

221,547

346,623

221,547

CURRENT ASSETS

Debtors

6

133,560

187,068

Cash at bank and in hand

298,227

322,715

431,787

509,783

CREDITORS

Amounts falling due within one year

7

249,262

313,498

NET CURRENT ASSETS

182,525

196,285

TOTAL ASSETS LESS CURRENT LIABILITIES

529,148

417,832

CREDITORS

Amounts falling due after more than one year

8

(38,329

)

(5,062

)

PROVISIONS FOR LIABILITIES

(78,825

)

(56,077

)

NET ASSETS

411,994

356,693

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

411,894

356,593

SHAREHOLDERS' FUNDS

411,994

356,693

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2025 and were signed on its behalf by:

Mr K G Foss - Director

1.	STATUTORY INFORMATION

Cheap Skips (IW) Ltd 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of four years.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2024 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

4,000

AMORTISATION

At 1 April 2024

and 31 March 2025

4,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

-

425,597

243,261

264

669,122

Additions

21,484

243,777

22,000

-

287,261

Disposals

-

(116,500

)

-

-

(116,500

)

At 31 March 2025

21,484

552,874

265,261

264

839,883

DEPRECIATION

At 1 April 2024

-

278,814

168,604

158

447,576

Charge for year

-

83,597

22,362

53

106,012

Eliminated on disposal

-

(60,328

)

-

-

(60,328

)

At 31 March 2025

-

302,083

190,966

211

493,260

NET BOOK VALUE

At 31 March 2025

21,484

250,791

74,295

53

346,623

At 31 March 2024

-

146,783

74,657

106

221,546

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2024

178,650

54,365

233,015

Additions

167,900

-

167,900

Disposals

(115,500

)

-

(115,500

)

Transfer to ownership

(63,150

)

(54,365

)

(117,515

)

At 31 March 2025

167,900

-

167,900

DEPRECIATION

At 1 April 2024

86,587

18,279

104,866

Charge for year

50,981

9,021

60,002

Eliminated on disposal

(59,461

)

-

(59,461

)

Transfer to ownership

(36,132

)

(27,300

)

(63,432

)

At 31 March 2025

41,975

-

41,975

NET BOOK VALUE

At 31 March 2025

125,925

-

125,925

At 31 March 2024

92,063

36,086

128,149

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

146,950

186,959

Bad Debt Provision

(13,521

)

-

Prepayments

131

109

133,560

187,068

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

59,828

67,185

Trade creditors

63,757

117,785

Tax

10,356

23,825

Social security and other taxes

8,511

8,559

VAT

45,648

39,957

Other creditors

7,876

9,501

Directors' current accounts

49,820

42,998

Accrued expenses

2,200

2,000

Deferred government grants

1,266

1,688

249,262

313,498

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

34,532

-

Deferred government grants

3,797

5,062

38,329

5,062

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

Mr K G Foss and Mrs N J Foss

Balance outstanding at start of year

-

-

Amounts advanced

-

17,310

Amounts repaid

-

(17,310

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-