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Registered number: 03221447
Skillmaster Limited
Unaudited Financial Statements
For The Year Ended 31 December 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03221447
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 25,874 30,450
25,874 30,450
CURRENT ASSETS
Stocks 6 250,425 278,550
Debtors 7 688,278 651,443
Cash at bank and in hand 264,311 398,239
1,203,014 1,328,232
Creditors: Amounts Falling Due Within One Year 8 (1,155,634 ) (1,274,984 )
NET CURRENT ASSETS (LIABILITIES) 47,380 53,248
TOTAL ASSETS LESS CURRENT LIABILITIES 73,254 83,698
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,402 ) (2,197 )
NET ASSETS 71,852 81,501
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 71,752 81,401
SHAREHOLDERS' FUNDS 71,852 81,501
Page 1
Page 2
For the year ending 31 December 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
Mr M C Menen
Director
28th April 2026
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Skillmaster Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03221447 . The registered office is Unit 1 Wilbury Court, 29 Wilbury Way, Hitchin, Hertfordshire, SG4 0TW.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. 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:
Freehold 15% on reducing balance
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 33% on costs
2.5. 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.
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2.6. 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2024: 8)
8 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2025 30,062
As at 31 December 2025 30,062
Amortisation
As at 1 January 2025 30,062
As at 31 December 2025 30,062
Net Book Value
As at 31 December 2025 -
As at 1 January 2025 -
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5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2025 13,446 1,224 46,898 8,677
Additions - - 26,318 -
Disposals - - (28,999 ) -
As at 31 December 2025 13,446 1,224 44,217 8,677
Depreciation
As at 1 January 2025 12,390 802 19,486 8,255
Provided during the period 159 85 7,995 63
Disposals - - (7,250 ) -
As at 31 December 2025 12,549 887 20,231 8,318
Net Book Value
As at 31 December 2025 897 337 23,986 359
As at 1 January 2025 1,056 422 27,412 422
Computer Equipment Total
£ £
Cost
As at 1 January 2025 24,271 94,516
Additions - 26,318
Disposals - (28,999 )
As at 31 December 2025 24,271 91,835
Depreciation
As at 1 January 2025 23,133 64,066
Provided during the period 843 9,145
Disposals - (7,250 )
As at 31 December 2025 23,976 65,961
Net Book Value
As at 31 December 2025 295 25,874
As at 1 January 2025 1,138 30,450
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Page 6
6. Stocks
2025 2024
£ £
Stock 250,425 278,550
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 121,923 28,063
Other debtors 566,355 623,380
688,278 651,443
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 108,447 137,141
Other creditors 956,115 1,017,375
Taxation and social security 91,072 120,468
1,155,634 1,274,984
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
The company purchased labour of £3,554,510 (2024 - £3,679,575) from Skillmaster Buildings Ltd, a company under common control.The amount outstanding at the end of the year was £28,872 (2024 - £110,103).
At the year end £709,592 (2024- £559,368) was owed by the company to M Menen, a director of the company
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