Silverfin false 31/03/2022 31/03/2022 01/04/2021 Paul Kerr 05/02/2013 Ryan Kerr 01/07/2015 Scott Kerr 22/07/2002 05 August 2022 The principal activity of the Company during the financial year was that of finance broker. SC234397 2022-03-31 SC234397 bus:Director1 2022-03-31 SC234397 bus:Director2 2022-03-31 SC234397 bus:Director3 2022-03-31 SC234397 2021-03-31 SC234397 core:CurrentFinancialInstruments 2022-03-31 SC234397 core:CurrentFinancialInstruments 2021-03-31 SC234397 core:ShareCapital 2022-03-31 SC234397 core:ShareCapital 2021-03-31 SC234397 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC234397 core:RetainedEarningsAccumulatedLosses 2021-03-31 SC234397 core:FurnitureFittings 2021-03-31 SC234397 core:OfficeEquipment 2021-03-31 SC234397 core:FurnitureFittings 2022-03-31 SC234397 core:OfficeEquipment 2022-03-31 SC234397 2020-03-31 SC234397 bus:OrdinaryShareClass1 2022-03-31 SC234397 bus:OrdinaryShareClass2 2022-03-31 SC234397 bus:OrdinaryShareClass3 2022-03-31 SC234397 bus:OrdinaryShareClass4 2022-03-31 SC234397 2021-04-01 2022-03-31 SC234397 bus:FullAccounts 2021-04-01 2022-03-31 SC234397 bus:SmallEntities 2021-04-01 2022-03-31 SC234397 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 SC234397 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 SC234397 bus:Director1 2021-04-01 2022-03-31 SC234397 bus:Director2 2021-04-01 2022-03-31 SC234397 bus:Director3 2021-04-01 2022-03-31 SC234397 core:FurnitureFittings 2021-04-01 2022-03-31 SC234397 core:OfficeEquipment core:TopRangeValue 2021-04-01 2022-03-31 SC234397 2020-04-01 2021-03-31 SC234397 core:OfficeEquipment 2021-04-01 2022-03-31 SC234397 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC234397 bus:OrdinaryShareClass1 2020-04-01 2021-03-31 SC234397 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 SC234397 bus:OrdinaryShareClass2 2020-04-01 2021-03-31 SC234397 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 SC234397 bus:OrdinaryShareClass3 2020-04-01 2021-03-31 SC234397 bus:OrdinaryShareClass4 2021-04-01 2022-03-31 SC234397 bus:OrdinaryShareClass4 2020-04-01 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC234397 (Scotland)

S.K. ASSET FINANCE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH THE REGISTRAR

S.K. ASSET FINANCE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022

Contents

S.K. ASSET FINANCE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2022
S.K. ASSET FINANCE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 3 3,118 3,701
3,118 3,701
Current assets
Cash at bank and in hand 4 150,156 145,777
150,156 145,777
Creditors
Amounts falling due within one year 5 ( 45,221) ( 38,082)
Net current assets 104,935 107,695
Total assets less current liabilities 108,053 111,396
Provisions for liabilities 6, 7 ( 681) ( 629)
Net assets 107,372 110,767
Capital and reserves
Called-up share capital 8 104 104
Profit and loss account 107,268 110,663
Total shareholders' funds 107,372 110,767

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of S.k. Asset Finance Limited (registered number: SC234397) were approved and authorised for issue by the Director on 05 August 2022. They were signed on its behalf by:

Paul Kerr
Director
S.K. ASSET FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
S.K. ASSET FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

S.k. Asset Finance Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 15 Academy Street, Forfar, Angus, DD8 2HA, United Kingdom. The principal place of business is 26 Morar Place, Broughty Ferry, Dundee, DD2 3HL.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents commission receivable during the year. Revenue is recognised when the company has entitlement to the income in exchange for the provision of financial broker services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Statement of Income and Retained Earnings immediately.

The Company does not apply hedge accounting.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 April 2021 4,125 17,373 21,498
Additions 85 748 833
At 31 March 2022 4,210 18,121 22,331
Accumulated depreciation
At 01 April 2021 3,113 14,684 17,797
Charge for the financial year 158 1,258 1,416
At 31 March 2022 3,271 15,942 19,213
Net book value
At 31 March 2022 939 2,179 3,118
At 31 March 2021 1,012 2,689 3,701

4. Cash and cash equivalents

2022 2021
£ £
Cash at bank and in hand 150,156 145,777

5. Creditors: amounts falling due within one year

2022 2021
£ £
Other creditors 8,896 9,633
Corporation tax 35,852 28,449
Other taxation and social security 473 0
45,221 38,082

6. Provision for liabilities

2022 2021
£ £
Deferred tax 681 629

7. Deferred tax

2022 2021
£ £
At the beginning of financial year ( 629) ( 354)
Charged to the Statement of Income and Retained Earnings ( 52) ( 275)
At the end of financial year ( 681) ( 629)

8. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
50 A ordinary shares of £ 1.00 each 50 50
50 B ordinary shares of £ 1.00 each 50 50
2 C ordinary shares of £ 1.00 each 2 2
2 D ordinary shares of £ 1.00 each 2 2
104 104