Caseware UK (AP4) 2023.0.135 2023.0.135 false2022-10-01falseThe principal activity of the company continued to be that of the supply of workshop equipment for overseas projects within the oil, gas, petrochemical power and vocational training sectors.44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00773644 2022-10-01 2023-09-30 00773644 2021-10-01 2022-09-30 00773644 2023-09-30 00773644 2022-09-30 00773644 c:Director1 2022-10-01 2023-09-30 00773644 d:Buildings 2022-10-01 2023-09-30 00773644 d:Buildings 2023-09-30 00773644 d:Buildings 2022-09-30 00773644 d:Buildings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 00773644 d:PlantMachinery 2022-10-01 2023-09-30 00773644 d:PlantMachinery 2023-09-30 00773644 d:PlantMachinery 2022-09-30 00773644 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 00773644 d:MotorVehicles 2022-10-01 2023-09-30 00773644 d:MotorVehicles 2023-09-30 00773644 d:MotorVehicles 2022-09-30 00773644 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 00773644 d:FurnitureFittings 2022-10-01 2023-09-30 00773644 d:FurnitureFittings 2023-09-30 00773644 d:FurnitureFittings 2022-09-30 00773644 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 00773644 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 00773644 d:CurrentFinancialInstruments 2023-09-30 00773644 d:CurrentFinancialInstruments 2022-09-30 00773644 d:Non-currentFinancialInstruments 2023-09-30 00773644 d:Non-currentFinancialInstruments 2022-09-30 00773644 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 00773644 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 00773644 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 00773644 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 00773644 d:ShareCapital 2023-09-30 00773644 d:ShareCapital 2022-09-30 00773644 d:CapitalRedemptionReserve 2022-10-01 2023-09-30 00773644 d:CapitalRedemptionReserve 2023-09-30 00773644 d:CapitalRedemptionReserve 2022-09-30 00773644 d:RevaluationReserve 2022-10-01 2023-09-30 00773644 d:RevaluationReserve 2023-09-30 00773644 d:RevaluationReserve 2022-09-30 00773644 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 00773644 d:RetainedEarningsAccumulatedLosses 2023-09-30 00773644 d:RetainedEarningsAccumulatedLosses 2022-09-30 00773644 c:FRS102 2022-10-01 2023-09-30 00773644 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 00773644 c:FullAccounts 2022-10-01 2023-09-30 00773644 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 00773644 d:HirePurchaseContracts d:WithinOneYear 2023-09-30 00773644 d:HirePurchaseContracts d:WithinOneYear 2022-09-30 00773644 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-30 00773644 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-09-30 00773644 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 00773644 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 00773644 5 2022-10-01 2023-09-30 00773644 6 2022-10-01 2023-09-30 00773644 e:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: 00773644










S.K.S. (Workshop Equipment) Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 September 2023

 
S.K.S. (Workshop Equipment) Limited
Registered number: 00773644

Balance Sheet
As at 30 September 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
492,296
494,558

Investments
 5 
10,450
10,450

  
502,746
505,008

Current assets
  

Stocks
  
10,500
23,806

Debtors
 6 
174,645
100,903

Cash at bank and in hand
  
128,906
39,675

  
314,051
164,384

Creditors: amounts falling due within one year
 7 
(656,130)
(336,559)

Net current liabilities
  
 
 
(342,079)
 
 
(172,175)

Total assets less current liabilities
  
160,667
332,833

Creditors: amounts falling due after more than one year
 8 
(77,000)
(123,665)

Provisions for liabilities
  

Deferred tax
 10 
(1,780)
(2,346)

  
 
 
(1,780)
 
 
(2,346)

Net assets
  
81,887
206,822


Capital and reserves
  

Called up share capital 
  
80
80

Revaluation reserve
 11 
271,218
271,218

Capital redemption reserve
 11 
20
20

Profit and loss account
 11 
(189,431)
(64,496)

  
81,887
206,822


Page 1

 
S.K.S. (Workshop Equipment) Limited
Registered number: 00773644

Balance Sheet (continued)
As at 30 September 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question 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 financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr P Denny
Director
Date: 25 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
S.K.S. (Workshop Equipment) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

1.


General information

The company is a private company, limited by share capital and incorporated in England, registration number 00773644. The registered address of the company is 11 Redehall Road, Smallfield, Surrey, RH6 9PY.
The financial statements are presented in sterling and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The company’s ability to trade is dependent on the support of the directors, bank loans and bank overdraft. If this assumption proves to be inappropriate, then adjustments may have to be made to adjust the value of assets to their recoverable amounts, to provide for any further liabilities which might arise and reclassify fixed assets as current assets.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
S.K.S. (Workshop Equipment) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
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 company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
S.K.S. (Workshop Equipment) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
No depreciation charged
Plant and machinery
-
15%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
20%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The director considers that the residual value of the freehold property is at least equal to the valuation and therefore no depreciation is charged on the freehold property.

Page 5

 
S.K.S. (Workshop Equipment) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.10

Revaluation of tangible fixed assets

On adoption of FRS102 1A the company applied the transitional option of “freezing” the revaluation reserve and using the valuation at the date of transition as deemed cost. Therefore a policy of revaluation is not currently adopted but the revaluation reserve remains the amount frozen on transition.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

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.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

Page 6

 
S.K.S. (Workshop Equipment) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

3.


Employees

2023
2022
£
£

Wages and salaries
88,240
88,465

Social security costs
3,430
3,966

Pension costs
12,401
12,405

104,071
104,836


The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 October 2022
485,176
4,500
17,073
7,985
514,734



At 30 September 2023

485,176
4,500
17,073
7,985
514,734



Depreciation


At 1 October 2022
-
4,430
8,070
7,676
20,176


Charge for the year on owned assets
-
11
2,251
-
2,262



At 30 September 2023

-
4,441
10,321
7,676
22,438



Net book value



At 30 September 2023
485,176
59
6,752
309
492,296



At 30 September 2022
485,176
70
9,003
309
494,558

The freehold property was valued at the year end on an open market basis by the Director's and Crickmay Chartered Surveyors.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
213,958
213,958

Net book value
213,958
213,958

Page 7

 
S.K.S. (Workshop Equipment) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
10,450



At 30 September 2023
10,450





6.


Debtors

2023
2022
£
£



Trade debtors
52,921
64,221

Other debtors
115,117
26,296

Prepayments and accrued income
6,607
10,386

174,645
100,903



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
276,113
221,414

Bank loans
44,000
44,000

Trade creditors
27,457
1,827

Amounts owed to group undertakings
40,826
43,442

Corporation tax
391
-

Other taxation and social security
1,080
1,134

Obligations under finance lease and hire purchase contracts
2,665
3,198

Other creditors
10,236
5,299

Accruals and deferred income
253,362
16,245

656,130
336,559


Page 8

 
S.K.S. (Workshop Equipment) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
77,000
121,000

Net obligations under finance leases and hire purchase contracts
-
2,665

77,000
123,665



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
2,665
3,198

Between 1-5 years
-
2,665

2,665
5,863


10.


Deferred taxation




2023


£






At beginning of year
(2,346)


Charged to profit or loss
566



At end of year
(1,780)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,780)
(2,346)

(1,780)
(2,346)

Page 9

 
S.K.S. (Workshop Equipment) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

11.


Reserves

Revaluation reserve

The company uses the revaluation model for the measurement of their freehold property. This reserve records the revaluation surplus recognised less the related provision for deferred tax. This is a non distributable reserve.

Capital redemption reserve

The capital redemption reserve comprises of the shares the company has bought back from previous shareholders. This is a non distributable reserve.

Profit and loss account

The profit and loss accounts comprises all current and prior period retained earnings and losses after deducting any distributions to the company's shareholders. This is a distributable reserve.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,401 (2022 - £12,405) . Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


13.


Transactions with directors

The company continued to provide a loan to the joint Director's. During the year net payments made to the Director's totalled £30,329 (2022 - net receipts £13,849). Interest has been charged on the loan at 2.25% totalling £1,013 (2022 - £891). The total amount owed from the Director's to the company at the year end is £46,030 (2022 - £15,701).


14.


Controlling party

The company is controlled by the director and majority shareholder, Mr P Denny.
The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and the group are considered eligible for the exemption to prepare consolidated accounts.


Page 10