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REGISTERED NUMBER: 05570403 (England and Wales)













Financial Statements for the Year Ended 31 December 2024

for

SK Direct (UK) Limited

SK Direct (UK) Limited (Registered number: 05570403)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


SK Direct (UK) Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: D J Brown
F S Greving





SECRETARY: D J Brown





REGISTERED OFFICE: 12 Morgans Business Park
Bettys Lane
Norton Canes
Cannock
Staffordshire
WS11 9UU





REGISTERED NUMBER: 05570403 (England and Wales)





ACCOUNTANTS: Wilkes Tranter & Co Limited
Brook House
Moss Grove
Kingswinford
West Midlands
DY6 9HS

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
SK Direct (UK) Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SK Direct (UK) Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of SK Direct (UK) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SK Direct (UK) Limited and state those matters that we have agreed to state to the Board of Directors of SK Direct (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SK Direct (UK) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that SK Direct (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of SK Direct (UK) Limited. You consider that SK Direct (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of SK Direct (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Wilkes Tranter & Co Limited
Brook House
Moss Grove
Kingswinford
West Midlands
DY6 9HS


12 February 2025

SK Direct (UK) Limited (Registered number: 05570403)

Balance Sheet
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 177,938 196,629
177,938 196,629

CURRENT ASSETS
Stocks 356,949 303,229
Debtors 6 21,644 23,757
Cash at bank 108 2,303
378,701 329,289
CREDITORS
Amounts falling due within one year 7 (286,561 ) (230,647 )
NET CURRENT ASSETS 92,140 98,642
TOTAL ASSETS LESS CURRENT
LIABILITIES

270,078

295,271

CREDITORS
Amounts falling due after more than
one year

8

(4,410

)

(14,814

)

PROVISIONS FOR LIABILITIES (33,808 ) (37,360 )
NET ASSETS 231,860 243,097

CAPITAL AND RESERVES
Called up share capital 68 68
Capital redemption reserve 34 34
Retained earnings 231,758 242,995
231,860 243,097

SK Direct (UK) Limited (Registered number: 05570403)

Balance Sheet - continued
31 December 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by:




D J Brown - Director



F S Greving - Director


SK Direct (UK) Limited (Registered number: 05570403)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

SK Direct (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 4 years
Plant and machinery - 25% on reducing balance and at varying rates on cost
Fixtures and fittings - Straight line over 3 years and 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SK Direct (UK) Limited (Registered number: 05570403)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 January 2024
and 31 December 2024 13,700
AMORTISATION
At 1 January 2024
and 31 December 2024 13,700
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

SK Direct (UK) Limited (Registered number: 05570403)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 16,141 376,059 23,064 8,600 423,864
Additions - 1,692 - - 1,692
At 31 December 2024 16,141 377,751 23,064 8,600 425,556
DEPRECIATION
At 1 January 2024 16,141 184,665 20,493 5,936 227,235
Charge for year - 18,995 722 666 20,383
At 31 December 2024 16,141 203,660 21,215 6,602 247,618
NET BOOK VALUE
At 31 December 2024 - 174,091 1,849 1,998 177,938
At 31 December 2023 - 191,394 2,571 2,664 196,629

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 11,183 12,188
Other debtors 10,461 11,569
21,644 23,757

Trade debtors represents amounts due from customers of £114,032 (2023 - £106,502) less amounts due to HSBC Invoice Finance (UK) Limited of £102,849 (2023 - £94,314) under a non-recourse finance agreement.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 166,209 145,049
Trade creditors 80,412 39,801
Taxation and social security 33,711 30,862
Other creditors 6,229 14,935
286,561 230,647

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 4,410 14,814

SK Direct (UK) Limited (Registered number: 05570403)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 24,361 21
Bank loans 131,444 120,596
155,805 120,617

The bank loans are secured by a fixed and floating charge charge over the company's assets.