2 01/06/2023 31/05/2024 2024-05-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-06-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10185632 2023-06-01 2024-05-31 10185632 2024-05-31 10185632 2023-05-31 10185632 2022-06-01 2023-05-31 10185632 2023-05-31 10185632 2022-05-31 10185632 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 10185632 bus:Director1 2023-06-01 2024-05-31 10185632 core:FurnitureFittingsToolsEquipment 2023-05-31 10185632 core:FurnitureFittingsToolsEquipment 2024-05-31 10185632 core:WithinOneYear 2024-05-31 10185632 core:WithinOneYear 2023-05-31 10185632 core:AfterOneYear 2024-05-31 10185632 core:AfterOneYear 2023-05-31 10185632 core:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 10185632 core:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 10185632 core:ShareCapital 2024-05-31 10185632 core:ShareCapital 2023-05-31 10185632 core:RetainedEarningsAccumulatedLosses 2024-05-31 10185632 core:RetainedEarningsAccumulatedLosses 2023-05-31 10185632 core:ShareCapital 2022-05-31 10185632 core:RetainedEarningsAccumulatedLosses 2022-05-31 10185632 core:PreviouslyStatedAmount core:ShareCapital 2024-05-31 10185632 core:BetweenOneFiveYears 2024-05-31 10185632 core:BetweenOneFiveYears 2023-05-31 10185632 core:FurnitureFittingsToolsEquipment 2023-05-31 10185632 bus:SmallEntities 2023-06-01 2024-05-31 10185632 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 10185632 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10185632 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10185632 bus:FullAccounts 2023-06-01 2024-05-31 10185632 core:EntityControlledByKeyManagementPersonnel1 2023-06-01 2024-05-31 10185632 core:KeyManagementIndividualGroup1 2023-06-01 2024-05-31 10185632 1 2023-06-01 2024-05-31
Company registration number: 10185632
SK-9 SPA LTD
Unaudited filleted financial statements
31 May 2024
SK-9 SPA LTD
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
SK-9 SPA LTD
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 3,569 3,428
_______ _______
3,569 3,428
Current assets
Stocks 450 330
Debtors 6 111 105
Cash at bank and in hand 1,970 2,513
_______ _______
2,531 2,948
Creditors: amounts falling due
within one year 7 ( 38,366) ( 38,260)
_______ _______
Net current liabilities ( 35,835) ( 35,312)
_______ _______
Total assets less current liabilities ( 32,266) ( 31,884)
Creditors: amounts falling due
after more than one year 8 ( 8,804) ( 10,572)
_______ _______
Net liabilities ( 41,070) ( 42,456)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 41,170) ( 42,556)
_______ _______
Shareholders deficit ( 41,070) ( 42,456)
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 October 2024 , and are signed on behalf of the board by:
Mr Brian Thomson
Director
Company registration number: 10185632
SK-9 SPA LTD
Statement of changes in equity
Year ended 31 May 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2022 100 ( 38,828) ( 38,728)
Profit/(loss) for the year ( 3,728) ( 3,728)
_______ _______ _______
Total comprehensive income for the year - ( 3,728) ( 3,728)
_______ _______ _______
At 31 May 2023 and 1 June 2023 100 ( 42,556) ( 42,456)
Profit/(loss) for the year 1,386 1,386
_______ _______ _______
Total comprehensive income for the year - 1,386 1,386
_______ _______ _______
At 31 May 2024 100 ( 41,170) ( 41,070)
_______ _______ _______
SK-9 SPA LTD
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 7 Overhill Road, Wilmslow, Cheshire, SK9 2BE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the balance sheet date, the company's liabilities exceeded its assets. However the company has received assurance from the director that he will continue to give financial support to the company for the 12 months from the date of signing these financial statements. On this basis the director considers it appropriate to prepare the accounts on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 June 2023 9,403 9,403
Additions 1,330 1,330
_______ _______
At 31 May 2024 10,733 10,733
_______ _______
Depreciation
At 1 June 2023 5,974 5,974
Charge for the year 1,190 1,190
_______ _______
At 31 May 2024 7,164 7,164
_______ _______
Carrying amount
At 31 May 2024 3,569 3,569
_______ _______
At 31 May 2023 3,429 3,429
_______ _______
6. Debtors
2024 2023
£ £
Other debtors 111 105
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 1,928 1,797
Trade creditors - 8,992
Social security and other taxes 454 906
Other creditors 35,984 26,565
_______ _______
38,366 38,260
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 8,804 10,572
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 10,200 9,600
Later than 1 year and not later than 5 years 5,950 15,200
_______ _______
16,150 24,800
_______ _______
The operating lease relates to the business premises.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Provincial Homes Ltd 1,000 - ( 26,000) ( 25,000)
Adele Thomson 7,852 - ( 7,852) -
_______ _______ _______ _______
Provincial Homes Ltd is controlled by the director Mr Brian Thomson. Mrs Adele Thomson is a shareholder in Sk-9 Spa Ltd.
11. Controlling party
The company is controlled by the director Mr Brian Thomson .