Company Registration No. 08928871 (England and Wales)
SKILTON SKIPS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
SKILTON SKIPS LIMITED
COMPANY INFORMATION
Directors
Mr V Penfold
Mrs G Penfold
Company number
08928871
Registered office
3 Roberts Mews
Orpington
Kent
BR6 0JP
Accountants
Perrys Accountants Limited
Chartered Accountants
3 Roberts Mews
Orpington
Kent
BR6 0JP
SKILTON SKIPS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SKILTON SKIPS LIMITED (REGISTERED NUMBER: 08928871)
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
61,225
21,444
Current assets
Debtors
4
589
8,364
Cash at bank and in hand
9,116
21,978
9,705
30,342
Creditors: amounts falling due within one year
5
(46,535)
(23,980)
Net current (liabilities)/assets
(36,830)
6,362
Total assets less current liabilities
24,395
27,806
Creditors: amounts falling due after more than one year
6
(11,207)
-
Provisions for liabilities
(10,408)
(4,289)
Net assets
2,780
23,517
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
2,779
23,516
Total equity
2,780
23,517
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
SKILTON SKIPS LIMITED (REGISTERED NUMBER: 08928871)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 March 2018 and are signed on its behalf by:
Mr V Penfold
Director
SKILTON SKIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Skilton Skips Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3 Roberts Mews, Orpington, Kent, BR6 0JP.
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 £
1
.
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.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Skilton Skips Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover
represents net invoiced sales of goods and services, excluding value added tax.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SKILTON SKIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2016
25,563
437
-
26,000
Additions
27,500
399
22,635
50,534
At 31 March 2017
53,063
836
22,635
76,534
Depreciation and impairment
At 1 April 2016
4,409
146
-
4,555
Depreciation charged in the year
4,865
230
5,659
10,754
At 31 March 2017
9,274
376
5,659
15,309
Carrying amount
At 31 March 2017
43,789
460
16,976
61,225
At 31 March 2016
21,153
291
-
21,444
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
8,364
Other debtors
589
-
589
8,364
SKILTON SKIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
751
-
Trade creditors
951
1,732
Corporation tax
-
1,590
Other taxation and social security
2,709
4,888
Other creditors
42,124
15,770
46,535
23,980
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
11,207
-
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
1
1
8
Ultimate controlling party
The ultimate controlling party is G Penfold, by virtue of their shareholdings.