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Registration number: 12954683

SRK Commercial Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

SRK Commercial Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

SRK Commercial Limited

(Registration number: 12954683)
Balance Sheet as at 31 October 2024

Note

31 October
2024
£

31 October
2023
£

Fixed assets

 

Investment property

4

379,046

379,046

Current assets

 

Debtors

2,000

-

Cash at bank and in hand

 

3,691

4,430

 

5,691

4,430

Creditors: Amounts falling due within one year

5

(162,757)

(156,821)

Net current liabilities

 

(157,066)

(152,391)

Total assets less current liabilities

 

221,980

226,655

Creditors: Amounts falling due after more than one year

5

(139,316)

(157,193)

Provisions for liabilities

(8,750)

(6,650)

Net assets

 

73,914

62,812

Capital and reserves

 

Called up share capital

3

3

Revaluation reserve

35,000

35,000

Retained earnings

38,911

27,809

Shareholders' funds

 

73,914

62,812

 

SRK Commercial Limited

(Registration number: 12954683)
Balance Sheet as at 31 October 2024

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 February 2025
 

Mr R Meates
Director

   
     
 

SRK Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 7
Handlemaker Road
Frome
BA11 4RW
 

These financial statements were authorised for issue by the director on 19 February 2025.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

SRK Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

SRK Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2023 - 1).

4

Investment properties

31 October
2024
£

At 1 November

379,046

At 31 October

379,046

The investment properties have been revalued by the Directors at the statement of financial position date.

There has been no valuation of investment property by an independent valuer.

 

SRK Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Creditors

Due within one year

Note

31 October
2024
£

31 October
2023
£

 

Loans and borrowings

7

13,307

7,289

Amounts due to related parties

8

144,853

144,853

Social security and other taxes

 

3,097

2,579

Accruals

 

1,500

2,100

 

162,757

156,821

Due after one year

 

Loans and borrowings

7

139,316

157,193

6

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

35,000

35,000

 

SRK Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Loans and borrowings

Non-current loans and borrowings

31 October
2024
£

31 October
2023
£

Bank borrowings

139,316

157,193

Current loans and borrowings

31 October
2024
£

31 October
2023
£

Bank borrowings

13,307

7,289

8

Related party transactions

Loans from related parties

2024

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

144,019

834

144,853

At end of period

144,019

834

144,853

2023

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

-

144,019

144,019

Advanced

144,019

834

144,853

Repaid

-

(144,019)

(144,019)

At end of period

144,019

834

144,853

Terms of loans from related parties

Balance of £144,019 was reclassified in 2023, as the balance was transferred to Imolla Commercials Limited. Immola Commericals Limited is controlled and partially owned by Mr R Meates. Loans to key management are interest free and repayable on demand.