Registered number
10798080
SKN & SON 2 LIMITED
Filleted Accounts
30 June 2023
SKN & SON 2 LIMITED
Registered number: 10798080
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 26,871 29,950
Current assets
Stocks 61,500 70,725
Debtors 4 10,125 10,125
Cash at bank and in hand 7,820 4,963
79,445 85,813
Creditors: amounts falling due within one year 5 (55,104) (51,560)
Net current assets 24,341 34,253
Total assets less current liabilities 51,212 64,203
Creditors: amounts falling due after more than one year 6 (29,926) (39,691)
Net assets 21,286 24,512
Capital and reserves
Called up share capital 100 100
Profit and loss account 21,186 24,412
Shareholders' funds 21,286 24,512
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr N Satheeskanna
Director
Approved by the board on 31 August 2023
SKN & SON 2 LIMITED
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Building improvements over 15 years
Plant and machinery 25% on NBV
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2022 32,382 13,479 45,861
Additions - 565 565
At 30 June 2023 32,382 14,044 46,426
Depreciation
At 1 July 2022 7,806 8,105 15,911
Charge for the year 2,159 1,485 3,644
At 30 June 2023 9,965 9,590 19,555
Net book value
At 30 June 2023 22,417 4,454 26,871
At 30 June 2022 24,576 5,374 29,950
4 Debtors 2023 2022
£ £
Other debtors 10,125 10,125
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 32,236 33,469
Taxation and social security costs 12,404 15,612
Other creditors 10,464 2,479
55,104 51,560
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 29,926 39,691
7 Other information
SKN & SON 2 LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
65b Hailey Road
Witney
OX281HJ
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