Skm Investments Limited Filleted Accounts Cover
Skm Investments Limited
Company No. 12467539
Information for Filing with The Registrar
29 February 2024
Skm Investments Limited Directors Report Registrar
The Directors present their report and the accounts for the year ended 29 February 2024.
Principal activities
The principal activity of the company during the year under review was buying and letting of properties.
Directors
The Directors who served at any time during the year were as follows:
K.A. Matthews
S.E. Matthews
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
S.E. Matthews
Director
31 July 2024
Skm Investments Limited Balance Sheet Registrar
at
29 February 2024
Company No.
12467539
Notes
2024
2023
£
£
Fixed assets
Investment property
4
454,196230,000
454,196230,000
Current assets
Debtors
5
5,2442,030
Cash at bank and in hand
35,44019,026
40,68421,056
Creditors: Amount falling due within one year
6
(463,666)
(217,950)
Net current liabilities
(422,982)
(196,894)
Total assets less current liabilities
31,21433,106
Provisions for liabilities
Deferred taxation
(5,755)
(3,855)
Net assets
25,45929,251
Capital and reserves
Called up share capital
100100
Profit and loss account
8
25,35929,151
Total equity
25,45929,251
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 29 February 2024 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 31 July 2024 and signed on its behalf by:
K.A. Matthews
Director
31 July 2024
Skm Investments Limited Notes to the Accounts Registrar
for the year ended 29 February 2024
1
General information
Skm Investments Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 12467539
Its registered office is:
2 Forest Farm Business Park
Fulford
York
YO19 4RH
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially
recognised at cost, which includes the purchase cost and any directly attributable expenditure.
Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is
recognised in profit or loss.

The Companies Act 2006 requires all properties to be depreciated. However , this requirement conflicts
with the generally accepted accounting principle set out in FRS 102. The directors consider that, because
investment properties are not held for consumption, but for their investment potential, to depreciate
them would not give a true and fair view.

If this departure from the Companies Act had not been made in order to give a true and fair view, the
profit for the financial year would have been reduced by depreciation. However the amount of
depreciation cannot reasonably be quantified because depreciation is only one of the many factors
reflected in the annual valuation and the amount relation to the depreciation of the property cannot be
separately identified.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
22
4
Investment property
Freehold Investment Property
£
Valuation
At 1 March 2023
230,000
Additions
214,196
Revaluation
10,000
At 29 February 2024
454,196
The properties have been revalued by the Directors, Mr & Mrs Matthews, at the reporting end date with the assistance of local estate agents and digital valuation tools reviewing sales of similar properties sold in the area to arrive at the current valuation.
5
Debtors
2024
2023
£
£
Other debtors
-1,200
Prepayments and accrued income
5,244830
5,2442,030
6
Creditors:
amounts falling due within one year
2024
2023
£
£
Taxes and social security
-
153
Loans from directors
462,347216,597
Accruals and deferred income
1,3191,200
463,666217,950
7
Share Capital
Share capital comprises 45 Ordinary A £1 shares, 45 Ordinary B £1 shares and 10 Ordinary C £1 shares, fully paid up.
8
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
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