Company Registration No. 08774016 (England and Wales)
Skinilean Limited
Unaudited accounts
for the year ended 31 December 2018
Skinilean Limited
Unaudited accounts
Contents
Skinilean Limited
Statement of financial position
as at
31 December 2018
Intangible assets
5,123
6,023
Tangible assets
456,468
436,033
Inventories
380,711
204,420
Cash at bank and in hand
19,457
559,845
Creditors: amounts falling due within one year
(546,386)
(266,422)
Net current assets
840,174
829,718
Total assets less current liabilities
1,301,765
1,271,774
Creditors: amounts falling due after more than one year
(116,081)
(162,985)
Net assets
1,185,684
1,108,789
Called up share capital
39,961
38,889
Share premium
1,911,435
1,656,825
Capital redemption reserve
2,500
2,500
Profit and loss account
(768,212)
(589,425)
Shareholders' funds
1,185,684
1,108,789
For the year ending 31 December 2018 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 30 August 2019.
MR Hunt
Director
Company Registration No. 08774016
Skinilean Limited
Notes to the Accounts
for the year ended 31 December 2018
Skinilean Limited is a private company, limited by shares, registered in England and Wales, registration number 08774016. The registered office is Units 2 & 3, Downsbrook Trading Estate, Southdownview Way, Worthing, West Sussex, BN14 8NQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them, the value can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably.
Expenditure on research and development is written off in the year in which it is incurred.
Intangible fixed assets (including purchased trade marks and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Amortisation is provided on the following basis: 10% straight line.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Plant & machinery
20% reducing balance
Fixtures & fittings
20% reducing balance
Computer equipment
33.3% straight line
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Skinilean Limited
Notes to the Accounts
for the year ended 31 December 2018
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets in relation to losses are not recognised except to the extent that they are expected to be offset by accelerated capital allowances.
Deferred tax assets and liabilities are not discounted.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Intangible fixed assets
Other
At 31 December 2018
8,982
At 31 December 2018
3,859
At 31 December 2018
5,123
At 31 December 2017
6,023
Skinilean Limited
Notes to the Accounts
for the year ended 31 December 2018
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Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2018
46,285
511,540
17,671
6,837
582,333
Additions
2,394
96,722
4,654
4,044
107,814
At 31 December 2018
48,679
608,262
22,325
10,881
690,147
At 1 January 2018
6,192
131,704
5,423
2,981
146,300
Charge for the year
4,762
77,025
2,532
3,060
87,379
At 31 December 2018
10,954
208,729
7,955
6,041
233,679
At 31 December 2018
37,725
399,533
14,370
4,840
456,468
At 31 December 2017
40,093
379,836
12,248
3,856
436,033
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
183,754
223,089
Raw materials
200,412
137,480
Finished goods
180,299
66,940
Trade debtors
953,968
285,217
Accrued income and prepayments
16,292
12,864
Other debtors
16,132
33,794
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Creditors: amounts falling due within one year
2018
2017
Trade creditors
289,374
97,934
Taxes and social security
78,329
22,391
Other creditors
154,959
115,347
Skinilean Limited
Notes to the Accounts
for the year ended 31 December 2018
9
Creditors: amounts falling due after more than one year
2018
2017
Obligations under finance leases and hire purchase contracts
116,081
162,985
The above obligations all expire within 2-5 years.
10
Share capital
2018
2017
Allotted, called up and fully paid:
3,996,145 Ordinary shares of £0.01 each
39,961.45
38,888.80
Shares issued during the period:
107,265 Ordinary shares of £0.01 each
1,072.65
11
Operating lease commitments
2018
2017
At 31 December 2018 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
15,950
18,524
Within two to five years
45,900
46,232
12
Transactions with related parties
The company has accrued a management fee of £nil (2017 - £25,000) from Brand Stand Limited for services provided to the company during the year. Both of the company's directors hold 28% of the shares in Brand Stand Limited.
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Average number of employees
During the year the average number of employees was 52 (2017: 26).