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Registration number: 04634640

S and K Futures Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

S and K Futures Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 8

 

S and K Futures Limited

(Registration number: 04634640)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

474,845

507,033

Current assets

 

Stocks

25,103

27,592

Debtors

5

23,064

19,101

Cash at bank and in hand

 

493,898

400,175

 

542,065

446,868

Creditors: Amounts falling due within one year

6

(336,161)

(258,563)

Net current assets

 

205,904

188,305

Total assets less current liabilities

 

680,749

695,338

Creditors: Amounts falling due after more than one year

6

(106,553)

(126,609)

Provisions for liabilities

(46,578)

(51,701)

Net assets

 

527,618

517,028

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

526,618

516,028

Shareholders' funds

 

527,618

517,028

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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 16 June 2025 and signed on its behalf by:
 


Mr A Taylor
Director

 

S and K Futures 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.

The address of its registered office is:
Plym House
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of catering.

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 financial statements are prepared in sterling which is the functional currency of the entity.

 

S and K Futures Limited

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

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold and leasehold properties

2% on cost over the term of the lease

Plant and machinery

15% reducing balance

 

S and K Futures Limited

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

2

Accounting policies (continued)

Improvements to property

10% straight line

Motor vehicles

20% reducing balance

Computer equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 statement of comprehensive income 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

S and K Futures Limited

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

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 122 (2023 - 95).

4

Tangible assets

Freehold and leasehold properties
£

Improvements to property
£

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

347,462

223,112

429,040

23,447

22,868

1,045,929

Additions

-

-

3,629

409

-

4,038

At 31 October 2024

347,462

223,112

432,669

23,856

22,868

1,049,967

Depreciation

At 1 November 2023

49,871

135,392

317,489

17,112

19,032

538,896

Charge for the year

2,572

13,153

16,837

2,897

767

36,226

At 31 October 2024

52,443

148,545

334,326

20,009

19,799

575,122

Carrying amount

At 31 October 2024

295,019

74,567

98,343

3,847

3,069

474,845

At 31 October 2023

297,591

87,720

111,551

6,335

3,836

507,033

Included in freehold and leasehold properties is an item carried at market value of £150,000. This item has been valued by the directors based on estimated rental yield.

Revaluation

The fair value of the company's Freehold and leasehold properties was revalued on 31 October 2024 An independent valuer was not involved.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £68,166 (2023 - £68,877).

 

S and K Futures Limited

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

5

Debtors

2024
£

2023
£

Prepayments

23,064

19,101

23,064

19,101

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

19,180

22,839

Trade creditors

 

139,786

155,492

Taxation and social security

 

117,560

44,768

Other creditors

 

59,635

35,464

 

336,161

258,563

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

106,553

126,609

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses. This reserve contains undistributable reserves totalling £40,419.

 

S and K Futures Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

106,553

126,609

Current loans and borrowings

2024
£

2023
£

Bank borrowings

19,180

22,839

The bank overdrafts and bank loans are all secured against assets of the company.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

60,800

60,800

Later than one year and not later than five years

109,733

168,933

Later than five years

145,600

147,200

316,133

376,933

The amount of non-cancellable operating lease payments recognised as an expense during the year was £98,751 (2023 - £98,792).

The lease commitment over 5 years relates to the rent payable to the Freeholder under the purchase of a long lease.

10

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Directors

(10,335)

(1,285)

(11,620)

 

 

S and K Futures Limited

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

10

Related party transactions (continued)

2024

At 1 November 2023
£

Advances to director
£

At 31 October 2024
£

Directors

(11,620)

(1,336)

(12,957)