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

REGISTERED NUMBER: 01125279 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

SKOOLKIT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

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

63,200

71,100

Tangible assets

5

259,729

244,174

322,929

315,274

CURRENT ASSETS

Stocks

1,658,330

1,559,010

Debtors

6

123,720

155,603

Cash at bank and in hand

970,885

409,685

2,752,935

2,124,298

CREDITORS

Amounts falling due within one year

7

635,144

521,112

NET CURRENT ASSETS

2,117,791

1,603,186

TOTAL ASSETS LESS CURRENT LIABILITIES

2,440,720

1,918,460

PROVISIONS FOR LIABILITIES

46,875

43,077

NET ASSETS

2,393,845

1,875,383

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

2,392,845

1,874,383

SHAREHOLDERS' FUNDS

2,393,845

1,875,383

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 9 December 2021 and were signed on its behalf by:

Mr K 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.

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.

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.

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.

GOVERNMENT GRANTS

The Company recognises government grants related to the Coronavirus Job Retention Scheme and busines rates grants in profit or loss as income when the grant becomes receivable.

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.

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 the profit and loss account in the period to which they relate.

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 90 (2020 - 102 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

79,000

AMORTISATION

At 1 April 2020

7,900

Amortisation for year

7,900

At 31 March 2021

15,800

NET BOOK VALUE

At 31 March 2021

63,200

At 31 March 2020

71,100

5.	TANGIBLE FIXED ASSETS

Improvements

Long

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 April 2020

7,369

-

331,025

Additions

-

5,800

22,090

At 31 March 2021

7,369

5,800

353,115

DEPRECIATION

At 1 April 2020

7,369

-

197,324

Charge for year

-

1,289

15,579

At 31 March 2021

7,369

1,289

212,903

NET BOOK VALUE

At 31 March 2021

-

4,511

140,212

At 31 March 2020

-

-

133,701

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2020

358,885

72,740

770,019

Additions

26,400

-

54,290

At 31 March 2021

385,285

72,740

824,309

DEPRECIATION

At 1 April 2020

261,777

59,375

525,845

Charge for year

18,526

3,341

38,735

At 31 March 2021

280,303

62,716

564,580

NET BOOK VALUE

At 31 March 2021

104,982

10,024

259,729

At 31 March 2020

97,108

13,365

244,174

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

23,361

12,897

Other debtors

100,359

142,706

123,720

155,603

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

311,549

324,960

Taxation and social security

179,423

84,362

Other creditors

144,172

111,790

635,144

521,112

8.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

139,375

139,375

Between one and five years

175,458

259,458

In more than five years

102,792

139,292

417,625

538,125

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 2021 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: .............................................