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REGISTERED NUMBER: 04607062 (England and Wales)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

S.K MACHINE TOOLS LTD

S.K MACHINE TOOLS LTD (REGISTERED NUMBER: 04607062)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S.K MACHINE TOOLS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr C M Simkins
Mrs L Simkins





SECRETARY: Mr C M Simkins





REGISTERED OFFICE: 5 Railway Drive
Sturminster Marshall
Wimborne
Dorset
BH21 4DQ





REGISTERED NUMBER: 04607062 (England and Wales)





ACCOUNTANTS: Carter & Coley
Chartered Accountants
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

S.K MACHINE TOOLS LTD (REGISTERED NUMBER: 04607062)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 706
Tangible assets 5 34,125 44,793
34,125 45,499

CURRENT ASSETS
Stocks 6 17,829 17,427
Debtors 7 21,919 28,857
Cash at bank 197,225 187,621
236,973 233,905
CREDITORS
Amounts falling due within one year 8 27,527 26,451
NET CURRENT ASSETS 209,446 207,454
TOTAL ASSETS LESS CURRENT
LIABILITIES

243,571

252,953

PROVISIONS FOR LIABILITIES 6,484 8,511
NET ASSETS 237,087 244,442

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 236,987 244,342
237,087 244,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

S.K MACHINE TOOLS LTD (REGISTERED NUMBER: 04607062)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 6 March 2024 and were signed on its behalf by:




Mr C M Simkins - Director



Mrs L Simkins - Director


S.K MACHINE TOOLS LTD (REGISTERED NUMBER: 04607062)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

S.K Machine Tools Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents work done during the year net of Value Added Tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Taxation
Taxation for the year 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.


S.K MACHINE TOOLS LTD (REGISTERED NUMBER: 04607062)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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 year 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.

Pension costs and other post-retirement benefits
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1 January 2023
and 31 December 2023 2,120
AMORTISATION
At 1 January 2023 1,414
Amortisation for year 706
At 31 December 2023 2,120
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 706

S.K MACHINE TOOLS LTD (REGISTERED NUMBER: 04607062)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 15,008 53,226 12,116 80,350
Additions - - 707 707
At 31 December 2023 15,008 53,226 12,823 81,057
DEPRECIATION
At 1 January 2023 14,483 13,306 7,768 35,557
Charge for year 131 9,980 1,264 11,375
At 31 December 2023 14,614 23,286 9,032 46,932
NET BOOK VALUE
At 31 December 2023 394 29,940 3,791 34,125
At 31 December 2022 525 39,920 4,348 44,793

6. STOCKS
2023 2022
£    £   
Stocks 17,829 17,427

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 18,816 22,031
Other debtors 3,103 6,826
21,919 28,857

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,713 1,087
Taxation and social security 8,594 8,556
Other creditors 17,220 16,808
27,527 26,451

S.K MACHINE TOOLS LTD (REGISTERED NUMBER: 04607062)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. RELATED PARTY DISCLOSURES

At the balance sheet date the company had received loans from the directors of £15,170 (2022 - £14,858) which are included in creditors falling due within one year. This balance is interest free and repayable on demand.