Skoolkit Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01125279 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

SKOOLKIT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTORS:

Mr R Davidson

Mrs E Davidson

Mr K Davidson

Mr S Davidson

SECRETARY:

Mrs E Davidson

REGISTERED OFFICE:

Phoenix Park

Chickenhall Lane

Eastleigh

Hampshire

SO50 6PQ

REGISTERED NUMBER:

01125279 (England and Wales)

ACCOUNTANTS:

Rothmans LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

FIXED ASSETS

Intangible assets

4

55,300

63,200

Tangible assets

5

317,510

259,729

372,810

322,929

CURRENT ASSETS

Stocks

1,690,807

1,658,330

Debtors

6

162,702

123,720

Cash at bank and in hand

1,125,079

970,885

2,978,588

2,752,935

CREDITORS

Amounts falling due within one year

7

750,869

635,144

NET CURRENT ASSETS

2,227,719

2,117,791

TOTAL ASSETS LESS CURRENT LIABILITIES

2,600,529

2,440,720

PROVISIONS FOR LIABILITIES

51,555

46,875

NET ASSETS

2,548,974

2,393,845

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

2,547,974

2,392,845

SHAREHOLDERS' FUNDS

2,548,974

2,393,845

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 and authorised for issue on 24 October 2022 and were signed on its behalf by:

Mr R Davidson - Director

1.	STATUTORY INFORMATION

Skoolkit 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.

REVENUE RECOGNITION

Revenue is the amount receivable for the supply of schoolwear, school uniforms and uniforms for Scouts, Guides, Brownies, Cubs, Rainbows and Beavers stated after trade discounts and net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

TANGIBLE FIXED ASSETS

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

Long leasehold

-

Period of Lease

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost included expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed and if appropriate are adjusted if there is an indication of a significant change since the last reporting date.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

OPERATING LEASE COMMITMENTS

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the term of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company makes contributions into a recognised UK defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Obligations for contributions to defined contribution pension schemes are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

SHORT TERM DEBTORS AND CREDITORS

Debtors and creditors receivable and payable within one year or upon demand are recorded at transaction price whether or not a rate of interest is charged on the balance. Any losses arising from impairment are recognised in the income statement in other operating expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 109 (2021 - 90 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

79,000

AMORTISATION

At 1 April 2021

15,800

Amortisation for year

7,900

At 31 March 2022

23,700

NET BOOK VALUE

At 31 March 2022

55,300

At 31 March 2021

63,200

5.	TANGIBLE FIXED ASSETS

Improvements

Long

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 April 2021

7,369

5,800

353,115

Additions

-

-

18,350

Disposals

-

-

(9,728

)

At 31 March 2022

7,369

5,800

361,737

DEPRECIATION

At 1 April 2021

7,369

1,289

212,903

Charge for year

-

1,289

15,652

Eliminated on disposal

-

-

(7,683

)

At 31 March 2022

7,369

2,578

220,872

NET BOOK VALUE

At 31 March 2022

-

3,222

140,865

At 31 March 2021

-

4,511

140,212

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2021

385,285

72,740

824,309

Additions

60,094

38,856

117,300

Disposals

(44,814

)

-

(54,542

)

At 31 March 2022

400,565

111,596

887,067

DEPRECIATION

At 1 April 2021

280,303

62,716

564,580

Charge for year

24,160

12,220

53,321

Eliminated on disposal

(40,661

)

-

(48,344

)

At 31 March 2022

263,802

74,936

569,557

NET BOOK VALUE

At 31 March 2022

136,763

36,660

317,510

At 31 March 2021

104,982

10,024

259,729

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

28,895

23,361

Other debtors

546

-

Directors' current accounts

6,737

-

VAT

47,150

35,063

Prepayments

79,374

65,296

162,702

123,720

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

24,714

-

Trade creditors

452,964

311,549

Tax

69,277

159,195

Social security and other taxes

20,080

20,228

Other creditors

5,956

12,283

Directors' current accounts

164,878

117,747

Deferred income

5,400

-

Accrued expenses

7,600

14,142

750,869

635,144

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

94,375

139,375

Between one and five years

85,583

175,458

In more than five years

-

102,792

179,958

417,625

9.	RELATED PARTY DISCLOSURES

The company leases property from the pension scheme in order to undertake its trading operations, for which rent has been charged by the pension scheme at a market rate.

The assets of the pension scheme are held separately from the company in an independent administered fund.

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 Skoolkit Limited for the year ended 31 March 2022 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Skoolkit Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Skoolkit Limited and state those matters that we have agreed to state to the Board of Directors of Skoolkit Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Skoolkit Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Skoolkit 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 Skoolkit Limited. You consider that Skoolkit 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 Skoolkit 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.

Rothmans LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

Date: .............................................