SKS Ventures Limited - Accounts to registrar (filleted) - small 18.2
SKS Ventures Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| SKS VENTURES LIMITED |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
| SKS VENTURES LIMITED (REGISTERED NUMBER: 08463173) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| SKS VENTURES LIMITED (REGISTERED NUMBER: 08463173) |
| BALANCE SHEET |
| 31 MARCH 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Profit and loss account | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his 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. |
| SKS VENTURES LIMITED (REGISTERED NUMBER: 08463173) |
| BALANCE SHEET - continued |
| 31 MARCH 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| SKS VENTURES LIMITED (REGISTERED NUMBER: 08463173) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 1. | STATUTORY INFORMATION |
| SKS Ventures Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is 170 Kingsway, Gatley, Cheadle, Cheshire, SK8 4NT. |
| The presentation currency of the financial statements is Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
| Going Concern |
| The financial statements have been prepared on a going concern basis. The validity of this is dependant on continued support from creditors and the director. If support was to be withdrawn, adjustments may have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities that may arise. The director considers however, that it is still appropriate to prepare the financial statements on a going concern basis. |
| Judgements |
| The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. |
| The director considers there are no such significant judgements. |
| Turnover |
| Turnover represents revenue, excluding value added tax, from the sale of food and beverages and is recognised at the point of sale. |
| Goodwill |
| Goodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Goodwill is amortised evenly over its estimated useful life of ten years. |
| SKS VENTURES LIMITED (REGISTERED NUMBER: 08463173) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Impairment of non-financial assets |
| At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
| Fixed asset investments |
| Investments are recognised initially at fair value which is normally the transaction price (but excludes any transaction costs, where the investment is subsequently measured at fair value through profit and loss account). Subsequently, they are measured at fair value through profit and loss. Revaluation gains or losses arising on revaluation are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable fair value reserve in the balance sheet. If subsequently, the original cost exceeds the fair value of the investments, then a transfer is made back from the fair value reserve to the profit and loss account reserves. |
| Government grants |
| Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in the income in the period in which it becomes receivable. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. |
| Taxation |
| Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
| The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
| With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense. |
| Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
| SKS VENTURES LIMITED (REGISTERED NUMBER: 08463173) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Operating lease commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
| Pension costs |
| 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. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts payable, loans from banks and other third parties and also loans from related parties. |
| Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
| Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. |
| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged,cancelled or expires. |
| Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities |
| Provisions |
| Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| SKS VENTURES LIMITED (REGISTERED NUMBER: 08463173) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| Cost |
| At 1 April 2021 |
| and 31 March 2022 |
| Amortisation |
| At 1 April 2021 |
| Charge for year |
| At 31 March 2022 |
| Net book value |
| At 31 March 2022 |
| At 31 March 2021 |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years. |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Cost |
| At 1 April 2021 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 March 2022 |
| Depreciation |
| At 1 April 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 March 2022 |
| Net book value |
| At 31 March 2022 |
| At 31 March 2021 |
| SKS VENTURES LIMITED (REGISTERED NUMBER: 08463173) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| Cost or valuation |
| Additions |
| Revaluations | ( |
) |
| At 31 March 2022 |
| Net book value |
| At 31 March 2022 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans > 5 years | 16,194 | 1,667 |
| SKS VENTURES LIMITED (REGISTERED NUMBER: 08463173) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2022 | 2021 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank loan | 134,232 | 295,164 |
| The above debts are secured by a charge over the company's assets. |
| 12. | RELATED PARTY DISCLOSURES |
| The balance due to the director at the balance sheet date was £191,735 (2021: £209,735). The amount is included in creditors and is unsecured and interest free. The director has agreed not to seek repayment of £175,000 within 12 months of the year end, the remainder of the loan is repayable on demand. |