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Registration number: 04634640

S and K Futures Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

S and K Futures Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

S and K Futures Limited

(Registration number: 04634640)
Statement of Financial Position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

507,033

451,729

Current assets

 

Stocks

27,592

28,102

Debtors

5

19,101

31,464

Cash at bank and in hand

 

400,175

516,604

 

446,868

576,170

Creditors: Amounts falling due within one year

6

(258,563)

(281,355)

Net current assets

 

188,305

294,815

Total assets less current liabilities

 

695,338

746,544

Creditors: Amounts falling due after more than one year

6

(126,609)

(148,973)

Provisions for liabilities

(51,701)

(37,526)

Net assets

 

517,028

560,045

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

516,028

559,045

Shareholders' funds

 

517,028

560,045

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 26 March 2024 and signed on its behalf by:
 

 

S and K Futures Limited

(Registration number: 04634640)
Statement of Financial Position as at 31 October 2023 (continued)


Mr A Taylor
Director

 

S and K Futures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of catering.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Going concern

The financial statements have been prepared on a going concern basis.

 

S and K Futures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

S and K Futures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold and leasehold properties

2% on cost over the term of the lease

Plant and machinery

15% reducing balance

Improvements to property

10% straight line

Motor vehicles

20% reducing balance

Computer equipment

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

S and K Futures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 95 (2022 - 55).

 

S and K Futures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

4

Tangible assets

Freehold and leasehold properties
£

Improvements to property
£

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

347,462

188,564

374,154

20,797

22,868

953,845

Additions

-

34,548

54,887

2,650

-

92,085

At 31 October 2023

347,462

223,112

429,041

23,447

22,868

1,045,930

Depreciation

At 1 November 2022

47,299

124,829

297,747

14,168

18,073

502,116

Charge for the year

2,572

10,563

19,743

2,944

959

36,781

At 31 October 2023

49,871

135,392

317,490

17,112

19,032

538,897

Carrying amount

At 31 October 2023

297,591

87,720

111,551

6,335

3,836

507,033

At 31 October 2022

300,163

63,735

76,407

6,629

4,795

451,729

Included in freehold and leasehold properties is an item carried at market value of £150,000. This item has been valued by the directors based on estimated rental yield.

Revaluation

The fair value of the company's Freehold and leasehold properties was revalued on 31 October 2018. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £68,877 (2022 - £69,588).

 

S and K Futures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

5

Debtors

2023
£

2022
£

Other debtors

-

231

Prepayments

19,101

31,233

19,101

31,464

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

22,839

24,426

Trade creditors

 

155,492

108,455

Taxation and social security

 

44,768

101,458

Other creditors

 

35,464

47,016

 

258,563

281,355

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

126,609

148,973

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses. This reserve contains undistributable reserves totalling £57,166.

 

S and K Futures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

126,609

148,973

Current loans and borrowings

2023
£

2022
£

Bank borrowings

22,839

24,426

The bank overdrafts and bank loans are all secured against assets of the company.

9

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Directors

(10,335)

(1,285)

(11,620)

       
     

 

2022

At 1 November 2021
£

Advances to director
£

At 31 October 2022
£

Directors

(9,127)

(1,208)

(10,335)