Company Registration No. SC492841 (Scotland)
SK Joiners Ltd
Unaudited accounts
for the year ended 30 November 2022
SK Joiners Ltd
Unaudited accounts
Contents
SK Joiners Ltd
Company Information
for the year ended 30 November 2022
Directors
Stephen Kirk
Daniel Skivington
John Skivington
Company Number
SC492841 (Scotland)
Registered Office
4 NEWTON PLACE
C/O HAWTHORN TAX
GLASGOW
G3 7PR
SCOTLAND
Accountants
Hawthorn Tax
4 Newton Place
Glasgow
G3 7PR
SK Joiners Ltd
Statement of financial position
as at 30 November 2022
Tangible assets
47,305
49,583
Cash at bank and in hand
(3,466)
38,496
Creditors: amounts falling due within one year
(108,429)
(53,652)
Net current assets
65,730
51,739
Total assets less current liabilities
113,035
101,322
Creditors: amounts falling due after more than one year
(103,895)
(62,870)
Provisions for liabilities
Deferred tax
(8,988)
(9,421)
Called up share capital
150
150
Profit and loss account
2
28,881
Shareholders' funds
152
29,031
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2024 and were signed on its behalf by
Daniel Skivington
Director
Company Registration No. SC492841
SK Joiners Ltd
Notes to the Accounts
for the year ended 30 November 2022
SK Joiners Ltd is a private company, limited by shares, registered in Scotland, registration number SC492841. The registered office is 4 NEWTON PLACE, C/O HAWTHORN TAX, GLASGOW, G3 7PR, SCOTLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 30 November 2022 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 December 2020
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
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 accounts. 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.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
SK Joiners Ltd
Notes to the Accounts
for the year ended 30 November 2022
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Plant & machinery
At 30 November 2022
85,110
Charge for the year
21,278
At 30 November 2022
37,805
At 30 November 2022
47,305
At 30 November 2021
49,583
Amounts falling due within one year
Trade debtors
26,073
57,573
Accrued income and prepayments
51,019
-
Other debtors
35,829
9,322
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
51,159
11,148
Obligations under finance leases and hire purchase contracts
24,084
17,088
Trade creditors
1,655
1,655
Taxes and social security
50,812
22,580
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
30,556
34,018
Amounts owed to group undertakings and other participating interests
15,000
-
SK Joiners Ltd
Notes to the Accounts
for the year ended 30 November 2022
8
Deferred taxation
2022
2021
Accelerated capital allowances
8,988
9,421
Provision at start of year
9,421
-
(Credited)/charged to the profit and loss account
(433)
9,421
Provision at end of year
8,988
9,421
9
Average number of employees
During the year the average number of employees was 3 (2021: 3).
10
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 December 2020
30 November 2021
Capital and reserves (as previously stated)
108,221
164,343
Overstatement of trade and tax & social security debtors
-
(100,942)
Overstatement of cash at bank
-
(27,116)
Overstatement of corporation tax creditor and understatement of deferred tax creditor
-
(7,254)
Capital and reserves (as restated)
108,221
29,031
Reconciliation of profit or loss for the year
30 November 2021
Profit for the year (as previously stated)
115,972
Overstatement of sales
(73,382)
Overstatement of cost of sales
(54,677)
Overstatement of corporation tax and understatement of deferred tax
(7,253)
Profit for the year (as restated)
(19,340)
During the preparation of these accounts it was identified that certain adjustments relating to the year ended 30 November 2021 had not been reflected in the financial statements. In addition, the previous accounts were prepared using the FRSSE accounting standard which was withdrawn on 1 January 2016. The required adjustments have resulted in the prior year results being restated as above.