Company Registration No. 08774016 (England and Wales)
Skinilean Limited
Unaudited accounts
for the year ended 31 December 2019
Skinilean Limited
Unaudited accounts
Contents
Skinilean Limited
Statement of financial position
as at
31 December 2019
Intangible assets
4,223
5,123
Tangible assets
510,714
456,468
Inventories
637,372
380,711
Cash at bank and in hand
609,142
19,457
Creditors: amounts falling due within one year
(581,765)
(546,386)
Net current assets
1,424,617
840,174
Total assets less current liabilities
1,939,554
1,301,765
Creditors: amounts falling due after more than one year
(83,111)
(116,081)
Net assets
1,856,443
1,185,684
Called up share capital
41,911
39,961
Share premium
2,280,205
1,911,435
Capital redemption reserve
2,500
2,500
Profit and loss account
(468,173)
(768,212)
Shareholders' funds
1,856,443
1,185,684
For the year ending 31 December 2019 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.
The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2020 and were signed on its behalf by
MR Hunt
Director
Company Registration No. 08774016
Skinilean Limited
Notes to the Accounts
for the year ended 31 December 2019
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 2019
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.
4
Intangible fixed assets
Other
At 31 December 2019
8,982
At 31 December 2019
4,759
At 31 December 2019
4,223
At 31 December 2018
5,123
Skinilean Limited
Notes to the Accounts
for the year ended 31 December 2019
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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 2019
48,679
608,262
22,325
10,881
690,147
Additions
5,421
141,598
4,276
5,226
156,521
At 31 December 2019
54,100
749,860
26,601
16,107
846,668
At 1 January 2019
10,954
208,729
7,955
6,041
233,679
Charge for the year
4,821
90,469
3,001
3,984
102,275
At 31 December 2019
15,775
299,198
10,956
10,025
335,954
At 31 December 2019
38,325
450,662
15,645
6,082
510,714
At 31 December 2018
37,725
399,533
14,370
4,840
456,468
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
183,152
183,754
Raw materials
455,176
200,412
Finished goods
182,196
180,299
Trade debtors
702,790
953,968
Accrued income and prepayments
16,050
16,292
Other debtors
41,028
16,132
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Creditors: amounts falling due within one year
2019
2018
Obligations under finance leases and hire purchase contracts
69,598
59,040
Trade creditors
229,720
289,374
Taxes and social security
119,161
78,329
Other creditors
133,062
95,919
Skinilean Limited
Notes to the Accounts
for the year ended 31 December 2019
9
Creditors: amounts falling due after more than one year
2019
2018
Obligations under finance leases and hire purchase contracts
83,111
116,081
The above obligations all expire within 2-5 years.
HSBC holds a debenture secured on all of the company's assets and undertaking with respect to the company's obligations under finance leases and any other liabilities to the bank.
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Share capital
2019
2018
Allotted, called up and fully paid:
4,191,157 Ordinary shares of £0.01 each
41,911.57
39,961.45
Shares issued during the period:
195,012 Ordinary shares of £0.01 each
1,950.12
11
Operating lease commitments
2019
2018
At 31 December 2019 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
22,600
15,950
Within two to five years
43,250
45,900
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Average number of employees
During the year the average number of employees was 48 (2018: 52).