REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 9 September 2020 to 30 September 2021 |
for |
SK Foods and Catering Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 9 September 2020 to 30 September 2021 |
for |
SK Foods and Catering Limited |
SK Foods and Catering Limited (Registered number: 12867797) |
Contents of the Financial Statements |
for the Period 9 September 2020 to 30 September 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SK Foods and Catering Limited |
Company Information |
for the Period 9 September 2020 to 30 September 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Elthorne Gate |
64 High Street |
Pinner |
HA5 5QA |
SK Foods and Catering Limited (Registered number: 12867797) |
Balance Sheet |
30 September 2021 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
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 |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
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. |
SK Foods and Catering Limited (Registered number: 12867797) |
Balance Sheet - continued |
30 September 2021 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SK Foods and Catering Limited (Registered number: 12867797) |
Notes to the Financial Statements |
for the Period 9 September 2020 to 30 September 2021 |
1. | STATUTORY INFORMATION |
SK Foods and Catering Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
Turnover |
Turnover represents revenue generated from goods and services provided and is recognised at the fair value of the consideration received or receivable for the goods and the services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account of trade discount, settlement discounts and volume rebates. |
Goodwill |
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. |
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
SK Foods and Catering Limited (Registered number: 12867797) |
Notes to the Financial Statements - continued |
for the Period 9 September 2020 to 30 September 2021 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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. |
Hire purchase and leasing commitments |
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
Going concern |
The company has net current liabilities of (£ 41,656) and net liabilities of (£ 23,974) as at balance sheet date. The directors have agreed to continue to support the company by not recalling the amounts due to them within the 12 months from the date of approval of the accounts and providing additional financial support when necessary. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
SK Foods and Catering Limited (Registered number: 12867797) |
Notes to the Financial Statements - continued |
for the Period 9 September 2020 to 30 September 2021 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
Additions |
At 30 September 2021 |
AMORTISATION |
Amortisation for period |
At 30 September 2021 |
NET BOOK VALUE |
At 30 September 2021 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
Additions |
At 30 September 2021 |
DEPRECIATION |
Charge for period |
At 30 September 2021 |
NET BOOK VALUE |
At 30 September 2021 |
6. | STOCKS |
£ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
VAT |
Deferred tax asset |
Prepayments and accrued income |
SK Foods and Catering Limited (Registered number: 12867797) |
Notes to the Financial Statements - continued |
for the Period 9 September 2020 to 30 September 2021 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Hire purchase contracts |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Hire purchase contracts |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Hire purchase contracts | 11,002 |
11. | OTHER FINANCIAL COMMITMENTS |
As at the balance sheet date, the total financial commitments are £ 11,625. These commitments are for operating lease commitments for rent of the premises. |