LABSKIN LIMITED


Directors	COXON, Anthony St John
	KINGSWELL, Nicola Jo
	NEAL, Richard Jonathan
	THOMPSON, Ian


Company Secretary	THOMPSON, Ian


Registered Address	Unit 20 5 Ash Way
	Thorp Arch Trading Estate
	Wetherby
	LS23 7FA


Registered Number	15371091 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	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/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 policy

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/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

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.

	Operating leases
	Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease.

	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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

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 obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in other creditors in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of intangible assets has been set at 10 years and the asset will be amortised on a straight line basis over that period. Amortisation is included in 'administrative expenses' in the profit and loss account.

Intangible assets

Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. 

Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of intangible assets has been set at 10 years and the asset will be amortised on a straight line basis over that period. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Plant and machinery	5
	Office Equipment	5

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

	Government grants or assistance
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Government grants or assistance

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. 

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	6		3

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 January 25	82,500	82,500
At 31 December 25	82,500	82,500
Amortisation and impairment
At 01 January 25	6,187	6,187
Charge for year	8,250	8,250
Other movements	51,563	51,563
At 31 December 25	66,000	66,000
Net book value
At 31 December 25	16,500	16,500
At 31 December 24	76,313	76,313

4.	Tangible fixed assets

	Plant & machinery	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 January 25	62,500	1,600	64,100
Additions	1,766	6,489	8,255
Disposals	(14,464)	-	(14,464)
At 31 December 25	49,802	8,089	57,891
Depreciation and impairment
At 01 January 25	10,417	-	10,417
Charge for year	11,851	908	12,759
At 31 December 25	22,268	908	23,176
Net book value
At 31 December 25	27,534	7,181	34,715
At 31 December 24	52,083	1,600	53,683

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	318,377	182,859
Other debtors	85,102	25,379
Prepayments and accrued income	40,293	50,607
Total	443,772	258,845

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	68,285	158,662
Taxation and social security	54,517	7,137
Other creditors	189,104	83,827
Accrued liabilities and deferred income	5,720	5,369
Total	317,626	254,995

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Other creditors	105,000	105,000
Total	105,000	105,000

8.	Operating lease commitments
	At 31 December 2025 the company had future minimum lease payments under non-cancellable operating leases of £3,671 (2024 - £106,459).

9.	Related party transactions
	During the year the directors' had a loan account with the company. At the balance sheet date the company owed the directors' £229,850 (2024 - £129,250), All loans are unsecured and interest free. The amounts disclosed as due within one year are repayable on demand. £124,850 of this loan is included within other creditors due within one year and £105,000 of this loan is included within other creditors due after one year.

Related party transactions

During the year the directors' had a loan account with the company. At the balance sheet date the company owed the directors' £229,850 (2024 - £129,250), All loans are unsecured and interest free. The amounts disclosed as due within one year are repayable on demand. £124,850 of this loan is included within other creditors due within one year and £105,000 of this loan is included within other creditors due after one year.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		16,500		76,313
Tangible assets	4		34,715		53,683
			51,215		129,996
Current assets
Debtors	5	443,772		258,845
Cash at bank and on hand		17,339		888
		461,111		259,733
Creditors amounts falling due within one year	6	(317,626)		(254,995)
Net current assets (liabilities)			143,485		4,738
Total assets less current liabilities			194,700		134,734
Creditors amounts falling due after one year	7		(105,000)		(105,000)
Net assets			89,700		29,734
Capital and reserves
Called up share capital			95,095		95,095
Profit and loss account			(5,395)		(65,361)
Shareholders' funds			89,700		29,734