Skignz Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08551318 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st October 2019

for

SKIGNZ LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

7

DIRECTORS:

S A Brown

P C Allick

Mrs C Rattray

A Kongi

REGISTERED OFFICE:

Boho One

Bridge Street West

Middlesbrough

Cleveland

TS2 1AE

REGISTERED NUMBER:

08551318 (England and Wales)

ACCOUNTANTS:

Mitchell Gordon LLP

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

FIXED ASSETS

Intangible assets

4

617,824

506,852

Tangible assets

5

2,629

2,538

Investments

6

8

-

620,461

509,390

CURRENT ASSETS

Debtors

7

65,109

167,080

Cash at bank and in hand

793

4,600

65,902

171,680

CREDITORS

Amounts falling due within one year

8

287,324

333,048

NET CURRENT LIABILITIES

(221,422

)

(161,368

)

TOTAL ASSETS LESS CURRENT LIABILITIES

399,039

348,022

CAPITAL AND RESERVES

Called up share capital

164

169

Share premium

634,878

639,453

Retained earnings

(236,003

)

(291,600

)

SHAREHOLDERS' FUNDS

399,039

348,022

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 17th December 2019 and were signed on its behalf by:

S A Brown - Director

1.	STATUTORY INFORMATION

Skignz Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the going concern basis of accounting.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Intellectual property is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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 rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st November 2018

556,696

Additions

186,697

Reclassification/transfer

(40,585

)

At 31st October 2019

702,808

AMORTISATION

At 1st November 2018

49,844

Charge for year

35,140

At 31st October 2019

84,984

NET BOOK VALUE

At 31st October 2019

617,824

At 31st October 2018

506,852

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st November 2018

2,502

3,591

6,093

Additions

-

831

831

Disposals

-

(2,559

)

(2,559

)

At 31st October 2019

2,502

1,863

4,365

DEPRECIATION

At 1st November 2018

456

3,099

3,555

Charge for year

307

433

740

Eliminated on disposal

-

(2,559

)

(2,559

)

At 31st October 2019

763

973

1,736

NET BOOK VALUE

At 31st October 2019

1,739

890

2,629

At 31st October 2018

2,046

492

2,538

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

8

At 31st October 2019

8

NET BOOK VALUE

At 31st October 2019

8

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/19

31/10/18

£

£

Trade debtors

-

45,871

Other debtors

65,109

121,209

65,109

167,080

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/19

31/10/18

£

£

Bank loans and overdrafts

-

614

Trade creditors

137,718

204,948

Taxation and social security

74

6,699

Other creditors

149,532

120,787

287,324

333,048

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Skignz Limited for the year ended 31st October 2019 which comprise the Income Statement,

Balance Sheet and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Skignz Limited, as a body, in accordance with the terms of our engagement letter dated 20th November 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Skignz Limited and state those matters that we have agreed to state to the Board of Directors of Skignz Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Skignz Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Skignz Limited. You consider that Skignz Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Skignz Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Mitchell Gordon LLP

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

17th December 2019