Company Registration No. 10228381 (England and Wales)
SKINBRANDS LIMITED (FORMALLY MINMAR (1008) LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Number One
Vicarage Lane
Stratford
London
England
E15 4HF
SKINBRANDS LIMITED (FORMALLY MINMAR (1008) LIMITED)
COMPANY INFORMATION
Directors
Mr P W Wilkinson
Mr D P Grassby
(Appointed 4 February 2020)
Mr S Mensforth
(Appointed 15 May 2020)
Mrs A Coveney
(Appointed 04 February 2020)
Company number
10228381
Registered office
The Pavillion
Josselin Road
Basildon
Essex
UK
SS13 1QB
Auditor
LB Group (Stratford)
Number One
Vicarage Lane
Stratford
London
England
E15 4HF
SKINBRANDS LIMITED (FORMALLY MINMAR (1008) LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SKINBRANDS LIMITED (FORMALLY MINMAR (1008) LIMITED)
BALANCE SHEET
AS AT
31 AUGUST 2020
31 August 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
4
2
2
Creditors: amounts falling due within one year
5
(216,081)
(216,081)
Net current liabilities
(216,079)
(216,079)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(216,080)
(216,080)
Total equity
(216,079)
(216,079)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 August 2021 and are signed on its behalf by:
Mr S Mensforth
Director
Company Registration No. 10228381
SKINBRANDS LIMITED (FORMALLY MINMAR (1008) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
- 2 -
1
Accounting policies
Company information
Skinbrands Limited (formally Minmar (1008) Limited) is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Pavillion, Josselin Road, Basildon, Essex, UK, SS13 1QB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The Company is part of the Hebe Holdings Group (the “Group”). The Company and Adonia Medical 'sub Group' have lent the wider Group £4.03m as at the balance sheet date. The timing of the repayment of this loan by the wider Group depends on many factors some of which for instance due to the impact of the Covid-19 pandemic are uncertain at the time of signing the accounts.
The directors' are of the opinion that if the loan is delayed significantly in repayment this will not impact on the Adonia Medical Group's or the Company's ability to continue in operational existence.
1.3
Reporting period
[ FRS 102
3.10 An entity shall present a complete set of financial statements (including comparative
information as set out in paragraph 3.14) at least annually. When the end of an entity’s
reporting period changes and the annual financial statements are presented for a
period longer or shorter than one year, the entity shall disclose the following:
(a) that fact;
(b) the reason for using a longer or shorter period; and
(c) the fact that comparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
]
SKINBRANDS LIMITED (FORMALLY MINMAR (1008) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2020
2019
Number
Number
Total
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2019 and 31 August 2020
681,249
Amortisation and impairment
At 1 April 2019 and 31 August 2020
681,249
Carrying amount
At 31 August 2020
At 31 March 2019
SKINBRANDS LIMITED (FORMALLY MINMAR (1008) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2020
2021-08-31
- 4 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1
1
Other debtors
1
1
2
2
5
Creditors: amounts falling due within one year
2020
2019
£
£
Amounts owed to group undertakings
216,081
216,081
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Mark Middleton.
The auditor was LB Group (Stratford).