PTP Accounts Production v24.3.2.46 01042581 Board of Directors 1.1.24 31.12.24 31.12.24 The principal activity of the company in the year under review was that of wholesalers to locksmiths and associated activities. true false true true false false false true true true true true true true true true true true true true true true true false false false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary shares 1.00000 Non cumulative preference shares 0.0100 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh010425812023-12-31010425812024-12-31010425812024-01-012024-12-31010425812022-12-31010425812023-01-012023-12-31010425812023-12-3101042581ns15:EnglandWales2024-01-012024-12-3101042581ns14:PoundSterling2024-01-012024-12-3101042581ns10:Director12024-01-012024-12-3101042581ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3101042581ns10:FRS1012024-01-012024-12-3101042581ns10:Audited2024-01-012024-12-3101042581ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3101042581ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3101042581ns10:FullAccounts2024-01-012024-12-310104258112024-01-012024-12-310104258112024-01-012024-12-3101042581ns10:OrdinaryShareClass12024-01-012024-12-3101042581ns10:OrdinaryShareClass22024-01-012024-12-3101042581ns10:Director22024-01-012024-12-3101042581ns10:Director32024-01-012024-12-3101042581ns10:Director52024-01-012024-12-3101042581ns10:RegisteredOffice2024-01-012024-12-3101042581ns10:Director42024-01-012024-12-3101042581ns5:CurrentFinancialInstruments2024-12-3101042581ns5:CurrentFinancialInstruments2023-12-3101042581ns5:Non-currentFinancialInstruments2024-12-3101042581ns5:Non-currentFinancialInstruments2023-12-3101042581ns5:ShareCapital2024-12-3101042581ns5:ShareCapital2023-12-3101042581ns5:RetainedEarningsAccumulatedLosses2024-12-3101042581ns5:RetainedEarningsAccumulatedLosses2023-12-3101042581ns5:ShareCapital2022-12-3101042581ns5:RetainedEarningsAccumulatedLosses2022-12-3101042581ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101042581ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-310104258112024-01-012024-12-3101042581ns5:ComputerSoftware2024-01-012024-12-310104258112024-01-012024-12-310104258122024-01-012024-12-310104258132024-01-012024-12-3101042581ns5:OwnedAssets2024-01-012024-12-3101042581ns5:OwnedAssets2023-01-012023-12-3101042581ns5:LeasedAssets2024-01-012024-12-3101042581ns5:LeasedAssets2023-01-012023-12-3101042581ns5:ComputerSoftware2023-01-012023-12-3101042581ns10:OrdinaryShareClass12023-01-012023-12-3101042581ns5:Goodwill2023-12-3101042581ns5:ComputerSoftware2023-12-3101042581ns5:Goodwill2024-01-012024-12-3101042581ns5:Goodwill2024-12-3101042581ns5:ComputerSoftware2024-12-3101042581ns5:Goodwill2023-12-3101042581ns5:ComputerSoftware2023-12-3101042581ns5:LandBuildings2023-12-3101042581ns5:FurnitureFittings2023-12-3101042581ns5:MotorVehicles2023-12-3101042581ns5:LandBuildings2024-01-012024-12-3101042581ns5:FurnitureFittings2024-01-012024-12-3101042581ns5:MotorVehicles2024-01-012024-12-3101042581ns5:LandBuildings2024-12-3101042581ns5:FurnitureFittings2024-12-3101042581ns5:MotorVehicles2024-12-3101042581ns5:LandBuildings2023-12-3101042581ns5:FurnitureFittings2022-12-3101042581ns5:MotorVehicles2023-12-3101042581ns5:CurrentFinancialInstruments2024-01-012024-12-3101042581ns5:DeferredTaxation2023-12-3101042581ns5:DeferredTaxation2024-12-3101042581ns10:OrdinaryShareClass12024-12-3101042581ns10:OrdinaryShareClass22024-12-3101042581ns5:RetainedEarningsAccumulatedLosses2023-12-31
REGISTERED NUMBER: 01042581 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

S K S LIMITED

S K S LIMITED (REGISTERED NUMBER: 01042581)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024










Page


Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


S K S LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: Ms I Izquierdo Altuna
Grupo Alejandro Altuna Spe Sl
J Esnaola
I P Elverson



REGISTERED OFFICE: Unit 2, Canalside
Northbridge Road
Berkhamsted
Hertfordshire
HP4 1EG



REGISTERED NUMBER: 01042581 (England and Wales)



SENIOR STATUTORY AUDITOR: David M Green FCA



AUDITORS: Gowers Limited, Statutory Auditor
The Old School House
Bridge Road
Hunton Bridge
Kings Langley
Hertfordshire
WD4 8SZ

S K S LIMITED (REGISTERED NUMBER: 01042581)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2024


The directors present their strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS
The Directors present a review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business.

A summary of the results for the year is shown in the profit and loss account.

Turnover has decreased during the year to £5,486,525 (2023: £5,631,534). The directors consider the profit achieved on ordinary activities before taxation to be satisfactory.

ON BEHALF OF THE BOARD:





Grupo Alejandro Altuna Spe Sl - Director


12th March 2025

S K S LIMITED (REGISTERED NUMBER: 01042581)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2024


The directors submit their annual report and financial statements of the company for the year ended 31st December 2024.

DIVIDENDS
Dividends amounting to £167,555 (2023: £260,897) were declared during the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

Ms I Izquierdo Altuna
Grupo Alejandro Altuna Spe Sl
J Esnaola

Other changes in directors holding office are as follows:

M I Gentry - resigned 31st December 2024

I P Elverson was appointed as a director after 31st December 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

S K S LIMITED (REGISTERED NUMBER: 01042581)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Grupo Alejandro Altuna Spe Sl - Director


12th March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S K S LIMITED


Opinion
We have audited the financial statements of S K S Limited (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S K S LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S K S LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- the nature of the industry and sector, control environment and business performance, any key drivers for director's
remuneration, and performance targets;
- results of our enquiries of management and directors about their own identification and assessment of irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal systems established to mitigate risks related to fraud or non-compliance with laws and regulations;
- the matters discussed among the engagement team including tax personnel, regarding where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of the above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in management override of controls. In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework in which the company operates, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements in this case, specifically in this context, Companies Act 2006 and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified
Having performed the above, we did not identify any key audit matters related to the potential risk of fraud or
non-compliance with laws and regulations. In addition to the above, our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;
- enquiring of management, the directors and in-house management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- in addressing the risk of fraud through management override of controls, reviewing the appropriateness of journal entries and other adjustments; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S K S LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David M Green FCA (Senior Statutory Auditor)
for and on behalf of Gowers Limited, Statutory Auditor
The Old School House
Bridge Road
Hunton Bridge
Kings Langley
Hertfordshire
WD4 8SZ

13th March 2025

S K S LIMITED (REGISTERED NUMBER: 01042581)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 5,486,525 5,631,534

Cost of sales (3,476,882 ) (3,553,529 )
GROSS PROFIT 2,009,643 2,078,005

Administrative expenses (1,845,035 ) (1,855,439 )
164,608 222,566

Other operating income 2,400 600
OPERATING PROFIT 167,008 223,166

Interest receivable and similar income 52 -
PROFIT BEFORE TAXATION 4 167,060 223,166

Tax on profit 5 (60,905 ) (64,061 )
PROFIT FOR THE FINANCIAL YEAR 106,155 159,105

S K S LIMITED (REGISTERED NUMBER: 01042581)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 106,155 159,105


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

106,155

159,105

S K S LIMITED (REGISTERED NUMBER: 01042581)

BALANCE SHEET
31ST DECEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Owned
Intangible assets 7 56,056 87,957
Tangible assets 8 854,040 899,913
Right-of-use
Tangible assets 8, 15 30,867 64,865
Investments 9 1 1
940,964 1,052,736

CURRENT ASSETS
Stocks 10 1,447,484 1,259,246
Debtors 11 669,696 604,906
Prepayments and accrued income 65,398 80,273
Cash at bank 129,433 199,836
2,312,011 2,144,261
CREDITORS
Amounts falling due within one year 12 (474,178 ) (337,257 )
NET CURRENT ASSETS 1,837,833 1,807,004
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,778,797

2,859,740

CREDITORS
Amounts falling due after more than one
year

13

(7,852

)

(30,867

)

PROVISIONS FOR LIABILITIES 16 (17,000 ) (14,100 )

ACCRUALS AND DEFERRED INCOME 17 (28,866 ) (28,294 )
NET ASSETS 2,725,079 2,786,479

CAPITAL AND RESERVES
Called up share capital 18 200 200
Retained earnings 19 2,724,879 2,786,279
SHAREHOLDERS' FUNDS 2,725,079 2,786,479

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





Grupo Alejandro Altuna Spe Sl - Director


S K S LIMITED (REGISTERED NUMBER: 01042581)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2023 200 2,888,071 2,888,271

Changes in equity
Dividends - (260,897 ) (260,897 )
Total comprehensive income - 159,105 159,105
Balance at 31st December 2023 200 2,786,279 2,786,479

Changes in equity
Dividends - (167,555 ) (167,555 )
Total comprehensive income - 106,155 106,155
Balance at 31st December 2024 200 2,724,879 2,725,079

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024


1. STATUTORY INFORMATION

S K S 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 preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii),
B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued
Operations;
the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of
IFRS 16 Leases;
the requirements of paragraph 58 of IFRS 16;
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to
(c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative
information in respect of:
- paragraphs 53(a), (h) and (j) of IFRS 16;
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
- paragraph 50 of IAS 41 Agriculture;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to
136 of IAS 1;
the requirements of
- paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and
- paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors;
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
the requirements of paragraph 74(b) of IAS 16;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into
between two or more members of a group;
the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from sales is recognised when the significant risks and rewards have passed to the buyer , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible fixed assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Software and website- 20% or 25% straight line over deemed useful life

Amortisation on Goodwill, which is fully provided for, was charged in earlier years at 20% on a straight line basis to write off Goodwill over its useful economic life.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Motor vehicles (leased) - straight line over lease period
Fixtures, fittings and equipment - 25% reducing balance or straight line over deemed useful life
Computer equipment - 25% reducing balance or straight line over deemed useful life
Freehold buildings - 2% straight line

No depreciation is provided on freehold land.

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.

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


2. ACCOUNTING POLICIES - continued

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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, if appropriate, measured at amortised cost using the effective interest method.

Government grants

Government grants are recognised in profit or loss as income over the period necessary to match them with related costs, for which they are intended to compensate

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost comprises prime cost, the addition of overheads being inappropriate and not material to the financial statements.

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Cash at bank and in hand
Cash at bank and in hand 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 (if any) are shown within borrowings in current liabilities.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

Leases
Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

Any resulting adjustment is processed through the income statement.

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


2. ACCOUNTING POLICIES - continued

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,090,067 1,060,754
Other pension costs 29,673 23,711
1,119,740 1,084,465

The average number of employees during the year was as follows:
2024 2023

33 34

Pension costs

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable by the company amounted to £29,673 (2023: £23,711).

The number of directors accruing benefits under defined contribution pension schemes amounted to 1 (2023: 1).

2024 2023
£    £   
Directors' remuneration 93,908 96,133

4. PROFIT BEFORE TAXATION

The profit before taxation is stated after charging/(crediting):
2024 2023
£    £   
Cost of inventories recognised as expense 3,476,882 3,553,529
Depreciation - owned assets 60,087 65,031
Depreciation - assets on finance leases 33,998 30,277
(Profit)/loss on disposal of fixed assets (3,500 ) 267
Software and website amortisation 31,901 30,688
Auditors' remuneration 14,000 10,686
Staff costs (note 3) 1,119,740 1,084,465

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


5. TAXATION

Analysis of tax expense
2024 2023
£    £   
Current tax:
Tax 58,000 70,725
Over provision in respect of
earlier years 8,250 (225 )
Repayments (8,245 ) (15,539 )
Total current tax 58,005 54,961

Deferred tax 2,900 9,100
Total tax expense in income statement 60,905 64,061

Factors affecting the tax expense
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before income tax 167,060 223,166
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.631%)

41,765

52,736

Effects of:
Over provisions in respect of earlier years 8,250 (225 )
relief

Deferred tax movement 2,900 9,100
Rounding difference 348 -
Depreciation in excess of capital allowances 15,575 9,459
Expenses not deductible for tax purposes 312 530
Prior year adjustment - 8,000
Repayments (8,245 ) (15,539 )
Tax expense 60,905 64,061

6. DIVIDENDS
2024 2023
£    £   
Ordinary shares shares of £1 each
Interim 167,555 260,897

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


7. INTANGIBLE FIXED ASSETS
Software
and
Goodwill website Totals
£    £    £   
COST
At 1st January 2024
and 31st December 2024 45,000 337,147 382,147
AMORTISATION
At 1st January 2024 45,000 249,190 294,190
Amortisation for year - 31,901 31,901
At 31st December 2024 45,000 281,091 326,091
NET BOOK VALUE
At 31st December 2024 - 56,056 56,056
At 31st December 2023 - 87,957 87,957

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1st January 2024 1,104,708 434,970 114,296 1,653,974
Additions - 14,214 - 14,214
Disposals - (9,437 ) - (9,437 )
At 31st December 2024 1,104,708 439,747 114,296 1,658,751
DEPRECIATION
At 1st January 2024 356,412 283,353 49,431 689,196
Charge for year 17,018 43,069 33,998 94,085
Eliminated on disposal - (9,437 ) - (9,437 )
At 31st December 2024 373,430 316,985 83,429 773,844
NET BOOK VALUE
At 31st December 2024 731,278 122,762 30,867 884,907
At 31st December 2023 748,296 151,617 64,865 964,778

Freehold property relates to the acquisition and associated costs of a property by the company, £750,000 of which was financed by way of a mortgage secured on the property, repayable over 15 years commencing April 2003.

The cost of freehold land not depreciated amounts to £253,798 (2023: £253,798).

The risks and rewards of ownership of the company's property, which is held on a very long lease, are considered to be substantially identical to a freehold and it is considered appropriate therefore to continue to account for the property as a freehold in the financial statements.

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


9. INVESTMENTS
Interest
in
associate
£   
COST
At 1st January 2024
and 31st December 2024 1
NET BOOK VALUE
At 31st December 2024 1
At 31st December 2023 1

The company owns 1 ordinary share of £1 each being 33.33% of the issued ordinary share capital of Canalside (Berkhamsted) Management Limited, a company incorporated in England and Wales whose principal activity is property management and associated activities. The profit of the associated company for the year ended 31st July 2024 was £nil (2023: £nil) and the aggregate Capital and Reserves at 31st July 2024 amounted to £3 (2023: £3).

10. STOCKS
2024 2023
£    £   
Finished goods 1,447,484 1,259,246

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 576,648 508,607
Deposit paid to creditors 93,048 96,299
669,696 604,906

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Leases (see note 14) 23,014 33,990
Trade creditors 364,855 225,450
Tax 12,000 18,000
Social security and other taxes 61,926 48,562
Other creditors 12,383 11,255
474,178 337,257

The bank holds fixed and floating charges over all the assets of the company for any monies due by the company to them. There are no such amounts due by the company. Lease and hire purchase liabilities are secured against the assets to which they relate.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Leases (see note 14) 7,852 30,867

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


14. FINANCIAL LIABILITIES - BORROWINGS

2024 2023
£    £   
Current:
Leases (see note 15) 23,014 33,990

Non-current:
Leases (see note 15) 7,852 30,867

Terms and debt repayment schedule

1 year or
less 1-2 years Totals
£    £    £   
Leases 23,014 7,852 30,866

15. LEASING

Right-of-use assets

Tangible fixed assets

2024 2023
£    £   
COST
At 1st January 2024 114,296 87,957
Additions - 38,751
Disposals - (12,412 )
114,296 114,296

DEPRECIATION
At 1st January 2024 49,431 31,566
Charge for year 33,998 30,277
Eliminated on disposal - (12,412 )
83,429 49,431

NET BOOK VALUE 30,867 64,865

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


15. LEASING - continued

Lease liabilities

Minimum lease payments fall due as follows:

2024 2023
£ £
Gross obligations repayable:
Within one year 23,014 33,990
Between one and five years 7,852 30,867
30,866 64,857

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 17,000 14,100

Deferred
tax
£   
Balance at 1st January 2024 14,100
Provided during year 2,900
Balance at 31st December 2024 17,000

17. ACCRUALS AND DEFERRED INCOME
2024 2023
£    £   
Accruals and deferred income 28,866 28,294

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary shares £1 100 100
100,000 Non cumulative preference
shares 0.001 100 100
200 200

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


19. RESERVES
Retained
earnings
£   

At 1st January 2024 2,786,279
Profit for the year 106,155
Dividends (167,555 )
At 31st December 2024 2,724,879

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company paid dividends of £1,676 (2023: £2,609) per share to Grupo Alejandro Altuna Sociedad de Promocion de Empresas S.L., a director.

21. ULTIMATE CONTROLLING PARTY

SKS Limited is controlled by Grupo Alejandro Altuna Sociedad de Promocion de Empresas S.L.