Company Registration No. 08774016 (England and Wales)
Skinilean Limited
Unaudited accounts
for the year ended 31 December 2017
Skinilean Limited
Unaudited accounts
Contents
Skinilean Limited
Statement of financial position
as at
31 December 2017
Intangible assets
6,023
6,922
Tangible assets
436,033
266,594
Inventories
204,420
49,502
Cash at bank and in hand
559,845
150,616
Creditors: amounts falling due within one year
(266,422)
(112,764)
Net current assets
829,718
389,697
Total assets less current liabilities
1,271,774
663,213
Creditors: amounts falling due after more than one year
(162,985)
(80,793)
Provisions for liabilities
Net assets
1,108,789
532,774
Called up share capital
38,889
36,667
Share premium
1,656,825
1,068,825
Capital redemption reserve
2,500
2,500
Profit and loss account
(589,425)
(575,218)
Shareholders' funds
1,108,789
532,774
For the year ending 31 December 2017 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 19 July 2018.
MR Hunt
Director
Company Registration No. 08774016
Skinilean Limited
Notes to the Accounts
for the year ended 31 December 2017
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 2017
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 2017
8,982
At 31 December 2017
2,959
At 31 December 2017
6,023
At 31 December 2016
6,922
Skinilean Limited
Notes to the Accounts
for the year ended 31 December 2017
5
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 2017
20,712
287,094
13,642
3,358
324,806
Additions
25,573
224,446
4,029
3,479
257,527
At 31 December 2017
46,285
511,540
17,671
6,837
582,333
At 1 January 2017
2,360
51,831
2,590
1,431
58,212
Charge for the year
3,832
79,873
2,833
1,550
88,088
At 31 December 2017
6,192
131,704
5,423
2,981
146,300
At 31 December 2017
40,093
379,836
12,248
3,856
436,033
At 31 December 2016
18,352
235,263
11,052
1,927
266,594
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
223,089
101,422
Raw materials
137,480
44,208
Finished goods
66,940
5,294
Trade debtors
285,217
184,908
Accrued income and prepayments
12,864
21,634
Other debtors
33,794
95,801
8
Creditors: amounts falling due within one year
2017
2016
Trade creditors
97,934
81,220
Taxes and social security
22,391
655
Other creditors
115,347
20,788
Skinilean Limited
Notes to the Accounts
for the year ended 31 December 2017
9
Creditors: amounts falling due after more than one year
2017
2016
Obligations under finance leases and hire purchase contracts
162,985
80,793
The above obligations all expire within 2-5 years.
10
Deferred taxation
2017
2016
Accelerated capital allowances
75,230
49,646
Tax losses carried forward
(75,230)
-
Provision at start of year
49,646
-
(Credited)/charged to the profit and loss account
(49,646)
49,646
Provision at end of year
-
49,646
Tax losses carried forward exceed the amount of accelerated capital allowance that contributed to the tax losses. Accordingly, the accelerated capital allowances will be offset as the losses generated thereby reverse. Deferred tax assets attributable to the surplus losses are not recognised in these accounts.
11
Share capital
2017
2016
Allotted, called up and fully paid:
3,888,880 Ordinary shares of £0.01 each
38,888.80
36,666.60
Shares issued during the period:
222,220 Ordinary shares of £0.01 each
2,222.20
12
Operating lease commitments
2017
2016
At 31 December 2017 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
18,524
16,746
Within two to five years
46,232
48,344
13
Transactions with related parties
The company has accrued a management fee of £25,000 (2016 - £nil) 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.
Skinilean Limited
Notes to the Accounts
for the year ended 31 December 2017
14
Average number of employees
During the year the average number of employees was 26 (2016: 12).