Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Paul Kerr 05/02/2013 Scott Kerr 22/07/2002 24 July 2024 The principal activity of the Company during the financial year was that of a finance broker. SC234397 2024-03-31 SC234397 bus:Director1 2024-03-31 SC234397 bus:Director2 2024-03-31 SC234397 2023-03-31 SC234397 core:CurrentFinancialInstruments 2024-03-31 SC234397 core:CurrentFinancialInstruments 2023-03-31 SC234397 core:ShareCapital 2024-03-31 SC234397 core:ShareCapital 2023-03-31 SC234397 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC234397 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC234397 core:FurnitureFittings 2023-03-31 SC234397 core:OfficeEquipment 2023-03-31 SC234397 core:FurnitureFittings 2024-03-31 SC234397 core:OfficeEquipment 2024-03-31 SC234397 2022-03-31 SC234397 bus:OrdinaryShareClass1 2024-03-31 SC234397 bus:OrdinaryShareClass2 2024-03-31 SC234397 bus:OrdinaryShareClass3 2024-03-31 SC234397 bus:OrdinaryShareClass4 2024-03-31 SC234397 2023-04-01 2024-03-31 SC234397 bus:FilletedAccounts 2023-04-01 2024-03-31 SC234397 bus:SmallEntities 2023-04-01 2024-03-31 SC234397 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC234397 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC234397 bus:Director1 2023-04-01 2024-03-31 SC234397 bus:Director2 2023-04-01 2024-03-31 SC234397 core:FurnitureFittings 2023-04-01 2024-03-31 SC234397 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC234397 2022-04-01 2023-03-31 SC234397 core:OfficeEquipment 2023-04-01 2024-03-31 SC234397 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC234397 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC234397 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC234397 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC234397 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 SC234397 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 SC234397 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 SC234397 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 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 2024
PAGES FOR FILING WITH THE REGISTRAR

S.K. ASSET FINANCE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

S.K. ASSET FINANCE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
S.K. ASSET FINANCE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,573 3,222
4,573 3,222
Current assets
Debtors 4 3,300 0
Cash at bank and in hand 150,300 150,201
153,600 150,201
Creditors: amounts falling due within one year 5 ( 43,491) ( 58,541)
Net current assets 110,109 91,660
Total assets less current liabilities 114,682 94,882
Provision for liabilities 6, 7 ( 1,084) ( 723)
Net assets 113,598 94,159
Capital and reserves
Called-up share capital 8 104 104
Profit and loss account 113,494 94,055
Total shareholders' funds 113,598 94,159

For the financial year ending 31 March 2024 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 Board of Directors on 24 July 2024. They were signed on its behalf by:

Scott Kerr
Director
S.K. ASSET FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
S.K. ASSET FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
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 29 Morar Place, Broughty Ferry, Dundee, DD5 3HL, Scotland, United Kingdom.

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 £.

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.

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 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 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).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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.

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

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 3

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 April 2023 4,210 19,740 23,950
Additions 842 1,830 2,672
At 31 March 2024 5,052 21,570 26,622
Accumulated depreciation
At 01 April 2023 3,412 17,316 20,728
Charge for the financial year 149 1,172 1,321
At 31 March 2024 3,561 18,488 22,049
Net book value
At 31 March 2024 1,491 3,082 4,573
At 31 March 2023 798 2,424 3,222

4. Debtors

2024 2023
£ £
Other debtors 3,300 0

5. Creditors: amounts falling due within one year

2024 2023
£ £
Corporation tax 39,666 29,244
Other taxation and social security 248 235
Other creditors 3,577 29,062
43,491 58,541

6. Provision for liabilities

2024 2023
£ £
Deferred tax 1,084 723

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 723) ( 681)
Charged to the Statement of Income and Retained Earnings ( 361) ( 42)
At the end of financial year ( 1,084) ( 723)

8. Called-up share capital

2024 2023
£ £
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