ACCOUNTS - Final Accounts preparation

Registered number: SC613987

SK-IHS LTD

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2020

SK-IHS LTD

COMPANY INFORMATION

Directors	Ms S Collin (appointed 19 November 2018)
	Mr K Collin (appointed 1 January 2019)
	Ms K Collin (appointed 1 April 2019)


Registered number	SC613987


Registered office	20 Marjorys Avenue
	Chapel
	Kirkcaldy
	Fife
	KY2 6ZJ


Accountants	EQ Accountants LLP
	Chartered Accountants
	Pentland House
	Saltire Centre
	Glenrothes
	Fife
	KY6 2AH

SK-IHS LTD

REGISTERED NUMBER: SC613987

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2020

		2020
		£

Fixed assets
Tangible assets	4		33,216
			33,216
Current assets
Debtors: amounts falling due within one year	5	147,215
Bank and cash balances		201,710
		348,925
Creditors: amounts falling due within one year	6	(163,977)
Net current assets			184,948
Total assets less current liabilities			218,164
Provisions for liabilities
Deferred tax		(6,311)
			(6,311)
Net assets			211,853

Capital and reserves
Called up share capital	7	2
Profit and loss account		211,851
		211,853

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SK-IHS LTD

REGISTERED NUMBER: SC613987

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2020

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Ms S Collin	Mr K Collin
Director	Director

Date: 30 June 2020

The notes on pages 3 to 6 form part of these financial statements.

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SK-IHS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2020

1.	General information

The Company is limited by shares and incorporated in Scotland; Refistration Number SC613987. The registered office is 20 Marjorys Avenue, Chapel, Kirkcaldy, United Kingdom, KY2 6ZJ.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.
The Company was incorporated on 19 November 2018 and started trading on 1 January 2019. During the year the Company extended its year end from 30 November 2019 to 31 March 2020. Therefore, the trading period to 31 March 2020 was a 15 month period.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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SK-IHS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2020

2.Accounting policies (continued)

2.3

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance method..

Depreciation is provided on the following basis:

				Plant and machinery	-	20%	Straight line
				Motor vehicles	-	25%	Reducing balance

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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SK-IHS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2020

2.Accounting policies (continued)

2.5

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the period was 3.

4.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost or valuation
Additions	35,633	7,190	42,823
At 31 March 2020	35,633	7,190	42,823
Depreciation
Charge for the period on owned assets	7,361	2,246	9,607
At 31 March 2020	7,361	2,246	9,607
Net book value
At 31 March 2020	28,272	4,944	33,216

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SK-IHS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2020

Debtors

					2020
					£


	Trade debtors	143,938
	Prepayments and accrued income	3,277
		147,215

6.	Creditors: Amounts falling due within one year
		2020
		£

	Trade creditors	36,828
	Other taxation and social security	96,209
	Other creditors	30,940
		163,977

7.	Share capital
		2020
		£

		Allotted, called up and fully paid

		2 Ordinary shares of £1.00 each	2

During the year the company issued 2 Ordinary shares of nominal value of £1 each.

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