Company registration number 14036323 (England and Wales)
SKSG CLAPHAM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SKSG CLAPHAM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SKSG CLAPHAM LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
122,246
141,463
Current assets
Stocks
3,000
3,000
Debtors
4
54,803
76,497
Cash at bank and in hand
28,907
24,277
86,710
103,774
Creditors: amounts falling due within one year
5
(376,729)
(327,714)
Net current liabilities
(290,019)
(223,940)
Net liabilities
(167,773)
(82,477)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(167,873)
(82,577)
Total equity
(167,773)
(82,477)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr S Sangha
Mr K K Khaira
Director
Director
Company registration number 14036323 (England and Wales)
SKSG CLAPHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
SKSG Clapham Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 314 Regents Park Road, Finchley, London, N3 2JX.
1.1
Reporting period
The comparative period is of 12 months and 23 days to 30 April 2023 and therefore the amounts presented in the financial statement and notes are not entirely comparable. The current accounting period is of 12 months to 30 April 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The financial statements have been prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future. The company made a loss during the year and had net liabilities at 30 April 2024. The parent company, has confirmed it will provide financial support to the company for the foreseeable future, to enable it to meet its commitments and obligations as they fall due. Thus the directors consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.true
1.4
Turnover
Turnover is derived from the sale of food and drink provided to customers in its restaurant, or as deliveries or take always and is recognised when control is transferred to the customer. Turnover is recognised net of VAT, discounts and returns.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the length of the lease
Fixtures and fittings
15% reducing balance method
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.
SKSG CLAPHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
SKSG CLAPHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
8
SKSG CLAPHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
96,839
61,363
158,202
Additions
1,510
1,510
At 30 April 2024
96,839
62,873
159,712
Depreciation and impairment
At 1 May 2023
7,532
9,207
16,739
Depreciation charged in the year
12,912
7,815
20,727
At 30 April 2024
20,444
17,022
37,466
Carrying amount
At 30 April 2024
76,395
45,851
122,246
At 30 April 2023
89,307
52,156
141,463
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
110
2,882
Other debtors
54,693
73,615
54,803
76,497
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
26,060
10,576
Amounts owed to group undertakings
323,878
301,889
Taxation and social security
118
Other creditors
26,673
15,249
376,729
327,714
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
SKSG CLAPHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
422,500
487,500
8
Parent company
The parent company of SKSG Clapham Limited is SK County Holdings Limited, a company incorporated in England.