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Registration number: SC237743

SKS Joinery Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 October 2024

SKS Joinery Limited

Contents

Company Information | 1
Accountants' Report | 2
Balance Sheet | 3
Notes to the Unaudited Financial Statements | 4 to 9

SKS Joinery Limited

Company Information

Directors | Mr S K Sudlow Mr R S J Sudlow Mrs J E Sudlow

Company secretary | Mrs J E Sudlow

Registered office | The Clock Tower 1 Abbey Place Jedburgh Scottish Borders TD8 6BE

Accountants | Deans Accountants And Business Advisors Ltd 27 North Bridge Street Hawick Scottish Borders TD9 9BD

DEANS
Chartered Accountants
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
SKS Joinery Limited for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SKS Joinery Limited for the year ended 31 October 2024 as set out on pages 3 to 9 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 of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of SKS Joinery Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of SKS Joinery Limited and state those matters that we have agreed to state to the Board of Directors of SKS Joinery Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SKS Joinery Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that SKS Joinery Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of SKS Joinery Limited. You consider that SKS Joinery 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 accounts of SKS Joinery 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 accounts.

......................................
Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

31 January 2025

SKS Joinery Limited

(Registration number: SC237743)
Balance Sheet as at 31 October 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 5 | 121,125 | 130,139
Current assets |  |  |
Debtors | 6 | 184,171 | 146,316
Cash at bank and in hand |  | - | 7,133
|  | 184,171 | 153,449
Creditors: Amounts falling due within one year | 7 | (132,914) | (96,589)
Net current assets |  | 51,257 | 56,860
Total assets less current liabilities |  | 172,382 | 186,999
Creditors: Amounts falling due after more than one year | 7 | (945) | (4,725)
Provisions for liabilities |  | (23,014) | (17,022)
Net assets |  | 148,423 | 165,252
Capital and reserves |  |  |
Called up share capital | 9 | 110 | 110
Retained earnings |  | 148,313 | 165,142
Shareholders' funds |  | 148,423 | 165,252

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:

......................................... Mr S K Sudlow Director

SKS Joinery 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 Scotland.

The address of its registered office is:
The Clock Tower
1 Abbey Place
Jedburgh
Scottish Borders
TD8 6BE
Scotland

These financial statements were authorised for issue by the Board on 31 January 2025.

2 | Accounting policies

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.

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 company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The accounts are presented in £GBP and are rounded to the nearest £1.

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.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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.

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.

SKS Joinery Limited

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

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 25% reducing balance
Motor vehicles | 25% reducing balance
Furniture, Fittings and Equipment | No Depreciation

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10 years straight line

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.

Trade 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Borrowings

SKS Joinery Limited

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 5).

SKS Joinery Limited

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

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 November 2023 | 30,000 | 30,000
At 31 October 2024 | 30,000 | 30,000
Amortisation
At 1 November 2023 | 30,000 | 30,000
At 31 October 2024 | 30,000 | 30,000
Carrying amount
At 31 October 2024 | - | -

5 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Plant and Machinery £ | Total £
Cost or valuation
At 1 November 2023 | 40,550 | 710 | 100,175 | 121,576 | 263,011
Additions | 4,500 | - | 9,000 | - | 13,500
At 31 October 2024 | 45,050 | 710 | 109,175 | 121,576 | 276,511
Depreciation
At 1 November 2023 | - | 710 | 59,551 | 72,611 | 132,872
Charge for the year | - | - | 10,273 | 12,241 | 22,514
At 31 October 2024 | - | 710 | 69,824 | 84,852 | 155,386
Carrying amount
At 31 October 2024 | 45,050 | - | 39,351 | 36,724 | 121,125
At 31 October 2023 | 40,550 | - | 40,624 | 48,965 | 130,139

Included within the net book value of land and buildings above is £45,050 (2023 - £40,550) in respect of freehold land and buildings.

SKS Joinery Limited

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

6 | Debtors

Current | 2024 £ | 2023 £
Trade debtors | - | 18,898
Other debtors | 184,171 | 127,418
| 184,171 | 146,316

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Loans and borrowings | 8 | 10,772 | 3,780
Trade creditors |  | - | 14,496
Taxation and social security |  | 34,500 | 31,169
Accruals and deferred income |  | 1,733 | 1,575
Other creditors |  | 85,909 | 45,569
|  | 132,914 | 96,589

Creditors: amounts falling due after more than one year

| Note | 2024 £ | 2023 £
Due after one year |  |  |
Loans and borrowings | 8 | 945 | 4,725

8 | Loans and borrowings

Non-current loans and borrowings

| 2024 £ | 2023 £
Hire purchase contracts | 945 | 4,725

Current loans and borrowings

| 2024 £ | 2023 £
Bank overdrafts | 6,992 | -
Hire purchase contracts | 3,780 | 3,780
| 10,772 | 3,780

SKS Joinery Limited

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

9 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100
Ordinary A Shares of £1 each | 10 | 10 | 10 | 10
| 110 | 110 | 110 | 110

10 | Related party transactions

Transactions with directors

2024 | At 1 November 2023 £ | Advances to director £ | Repayments by director £ | At 31 October 2024 £
Mr S K Sudlow
Loans are undated, unsecured and are subject to interest at 2.25% per annum. | 87,629 | 163,310 | (87,629) | 163,310
Mr R S J Sudlow
Loans are undated, unsecured and are subject to interest at 2.25% per annum. | 30,848 | 20,861 | (30,848) | 20,861

2023 | At 1 November 2022 £ | Advances to director £ | Repayments by director £ | At 31 October 2023 £
Mr S K Sudlow
Loans are undated, unsecured and are subject to interest at 2.25% per annum. | 76,800 | 87,629 | (76,800) | 87,629
Mr R S J Sudlow
Loans are undated, unsecured and are subject to interest at 2.25% per annum. | 59,476 | 30,848 | (59,476) | 30,848

Other transactions with directors

J Sudlow:
During the year the director loaned money to the company. At the year end the balance outstanding from the company was £84,809 (2023- £44,926)