SKS Ventures Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 08463173

SKS VENTURES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2016 TO 28 MARCH 2017

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

59,541

67,744

Tangible assets

5

500,481

593,286

560,022

661,030

CURRENT ASSETS

Stocks

9,375

9,434

Debtors

6

43,882

28,318

Cash at bank and in hand

95,448

86,277

148,705

124,029

CREDITORS

Amounts falling due within one year

7

416,860

415,798

NET CURRENT LIABILITIES

(268,155

)

(291,769

)

TOTAL ASSETS LESS CURRENT LIABILITIES

291,867

369,261

CREDITORS

Amounts falling due after more than one year

8

(232,021

)

(316,771

)

PROVISIONS FOR LIABILITIES

-

(56,207

)

NET ASSETS/(LIABILITIES)

59,846

(3,717

)

CAPITAL AND RESERVES

Called up share capital

100

100

Profit and loss account

59,746

(3,817

)

SHAREHOLDERS' FUNDS

59,846

(3,717

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 March 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 March 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 25 May 2017 and were signed by:

S Shah - Director

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, Gately, 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. The financial statements have been prepared under the historical cost

convention. There were no material departures from that standard.

Turnover

Turnover represents net sales of goods, excluding value added tax, 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.

Tangible fixed assets

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

Short leasehold

-

10% on cost

Plant and machinery

-

20% on cost

Computer equipment

-

33.3% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

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

moving items.

Replacement cost would not materially differ.

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.

Operating lease commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic

financial instruments are initially recognised at transaction value and subsequently measured at their settlement

value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 35 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 28 March 2017

82,027

AMORTISATION

At 1 April 2016

14,283

Amortisation for period

8,203

At 28 March 2017

22,486

NET BOOK VALUE

At 28 March 2017

59,541

At 31 March 2016

67,744

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

Short

Plant and

Computer

leasehold

machinery

equipment

Totals

£

£

£

£

COST

At 1 April 2016

352,037

377,076

3,193

732,306

Additions

-

22,895

842

23,737

At 28 March 2017

352,037

399,971

4,035

756,043

DEPRECIATION

At 1 April 2016

39,785

98,172

1,063

139,020

Charge for period

35,203

79,996

1,343

116,542

At 28 March 2017

74,988

178,168

2,406

255,562

NET BOOK VALUE

At 28 March 2017

277,049

221,803

1,629

500,481

At 31 March 2016

312,252

278,904

2,130

593,286

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

43,882

28,318

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

84,750

84,750

Trade creditors

32,672

24,045

Taxation and social security

31,982

23,294

Other creditors

267,456

283,709

416,860

415,798

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

232,021

316,771

9.	LEASING AGREEMENTS

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

2017

2016

£

£

Within one year

120,000

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

316,771

401,521

The above debts are secured by a charge over the company's assets.

11.	RELATED PARTY DISCLOSURES

12.	FIRST YEAR ADOPTION

As required in Section 35 of FRS 102, the balances previously reported under the old UK GAAP at the date of

transition, 1 April 2015, and the prior year end, 31 March 2016, need to be restated for the changes which have

occurred on transition to FRS 102. No restatement of the Profit and Loss Account, Other Comprehensive Income

or Balance Sheet and no changes to accounting policies have been required on transition.