SKN Electrical Services Limited - Period Ending 2025-03-31

Registration number: 05950064

SKN Electrical Services Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2025

SKN Electrical Services Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3 to 4
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 7
Profit and Loss Account	8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Notes to the Financial Statements	13 to 24

SKN Electrical Services Limited

Company Information

Directors

Mr S K Naismith

Ms M Folkard

Company secretary

Mr S Vanderdeyl

Registered office

212a Red Bank Road
Bispham
Blackpool
FY2 0HJ

Auditors

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

SKN Electrical Services Limited

Strategic Report for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the company is the provision of technical personnel to carry out engineering solutions for the oil, gas, petrochemical and pharmaceutical industries.

Fair review of the business

The financial performance has improved on the previous year, as evidenced in the key financial indicators. Turnover has increased by @10% and stands at £23.1m in the current year, this is due to the following factors:
Sales increased in all regions, with contracts renewed or extended with key clients, such as EnQuest and Apache, as well as tenders secured for new workscopes. Turnover increased in Baku significantly following successful tendering for offshore oil & gas construction projects. Operating profit is still impacted by increases in cost of living, higher rates to personnel and specialised contractors. The average Brent oil price in 2024/25 fell again to @ $73 from $81 the previous year combined with Windfall tax, now 78%, on Operators; increasing the pressure to keep rates low to clients whilst absorbing increased business costs.

Principal risks and uncertainties

The principal risk for the company is contracts not being renewed, and the sector is becoming more competitive generally. The company however has a good reputation in the industry, and a strong confidence can be placed on their ability to retain contracts and secure new contracts.

The company is also susceptible to movements in the oil price, as well as economic and political interference in this area; level of Windfall Tax applied to Operators @78% increasing decommissioning of assets in UK North Sea Continental Shelf; increasing cost of living; securing competent personnel at increasing costs, Brent oil price falling further now ranging between $60 - $70.

Approved and authorised by the Board on 30 December 2025 and signed on its behalf by:

.........................................
Ms M Folkard
Director

SKN Electrical Services Limited

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors of the company

The directors who held office during the year were as follows:

Mr S K Naismith

Ms M Folkard

Future developments

The company will continue with the activities currently being carried out, as they have a strong unique selling point and a good reputation with customers.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Branches outside the United Kingdom

Company branches exist in Azerbaijan, Australia and Denmark.

SKN Electrical Services Limited

Directors' Report for the Year Ended 31 March 2025

Statement of directors responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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. Both Directors have taken steps to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Approved and authorised by the Board on 30 December 2025 and signed on its behalf by:

.........................................
Ms M Folkard
Director

SKN Electrical Services Limited

Independent Auditor's Report to the Members of SKN Electrical Services Limited

Opinion

We have audited the financial statements of SKN Electrical Services Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 31 March 2025 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

SKN Electrical Services Limited

Independent Auditor's Report to the Members of SKN Electrical Services Limited

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 4], 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 is 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.

Auditor 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 an auditor’s report 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:

SKN Electrical Services Limited

Independent Auditor's Report to the Members of SKN Electrical Services Limited

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. 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. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

......................................
Mr S D Mondy (Senior Statutory Auditor)
For and on behalf of Crossley & Davis Chartered Accountants, Statutory Auditor

Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

30 December 2025

SKN Electrical Services Limited

Profit and Loss Account for the Year Ended 31 March 2025

	Note	2025 £	(As restated) 2024 £
Turnover	3	23,078,460	20,922,380
Cost of sales		(15,470,306)	(14,223,726)
Gross profit		7,608,154	6,698,654
Administrative expenses		(7,037,405)	(6,417,711)
Other operating income	4	-	34,549
Operating profit	5	570,749	315,492
Other interest receivable and similar income	6	6,766	478
Interest payable and similar expenses	7	(81,208)	83,200
		(74,442)	83,678
Profit before tax		496,307	399,170
Tax on profit	11	(136,177)	(105,326)
Profit for the financial year		360,130	293,844

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

SKN Electrical Services Limited

Statement of Comprehensive Income for the Year Ended 31 March 2025

	2025 £	(As restated) 2024 £
Profit for the year	360,130	293,844
Total comprehensive income for the year	360,130	293,844

SKN Electrical Services Limited

(Registration number: 05950064)
Balance Sheet as at 31 March 2025

	Note	2025 £	(As restated) 2024 £
Fixed assets
Tangible assets	12	682,039	654,994
Investment property	13	347,291	347,291
		1,029,330	1,002,285
Current assets
Stocks	14	3,282,993	2,484,003
Debtors	15	6,682,367	6,316,799
Cash at bank and in hand		488,576	414,199
		10,453,936	9,215,001
Creditors: Amounts falling due within one year	17	(2,637,254)	(1,740,338)
Net current assets		7,816,682	7,474,663
Total assets less current liabilities		8,846,012	8,476,948
Provisions for liabilities	18	(54,855)	(45,921)
Net assets		8,791,157	8,431,027
Capital and reserves
Called up share capital		100	100
Revaluation reserve		(491,940)	(491,940)
Retained earnings		9,282,997	8,922,867
Shareholders' funds		8,791,157	8,431,027

Approved and authorised by the Board on 30 December 2025 and signed on its behalf by:

.........................................
Ms M Folkard
Director

SKN Electrical Services Limited

Statement of Changes in Equity for the Year Ended 31 March 2025

	Share capital £	Revaluation reserve £	Retained earnings £	Total £
At 1 April 2024	100	(491,940)	8,922,867	8,431,027
Profit for the year	-	-	360,130	360,130
At 31 March 2025	100	(491,940)	9,282,997	8,791,157

	Share capital £	Revaluation reserve £	Retained earnings £	Total £
At 1 April 2023	100	(491,940)	8,629,023	8,137,183
Profit for the year	-	-	293,844	293,844
At 31 March 2024	100	(491,940)	8,922,867	8,431,027

	Share capital £	Revaluation reserve £	Retained earnings £	Total £
At 1 April 2023	100	(491,940)	8,629,023	8,137,183
Profit for the year	-	-	293,844	293,844
At 31 March 2024	100	(491,940)	8,922,867	8,431,027

SKN Electrical Services Limited

Statement of Cash Flows for the Year Ended 31 March 2025

	Note	2025 £	(As restated) 2024 £
Cash flows from operating activities
Profit for the year		360,130	293,844
Adjustments to cash flows from non-cash items
Depreciation and amortisation	5	62,202	54,197
Finance income	6	(6,766)	(478)
Finance costs	7	1,867	3,382
Income tax expense	11	136,177	105,326
Rounding correction		-	(1)
		553,610	456,270
Working capital adjustments
Increase in stocks	14	(798,990)	(1,142,993)
(Increase)/decrease in trade debtors	15	(365,568)	759,044
Increase/(decrease) in trade creditors	17	860,266	(27,475)
Cash generated from operations		249,318	44,846
Income taxes paid	11	(101,716)	(386,236)
Net cash flow from operating activities		147,602	(341,390)
Cash flows from investing activities
Interest received	6	6,766	478
Acquisitions of tangible assets		(89,247)	(74,543)
Net cash flows from investing activities		(82,481)	(74,065)
Cash flows from financing activities
Interest paid	7	(1,867)	(3,382)
Repayment of other borrowing		11,123	-
Net cash flows from financing activities		9,256	(3,382)
Net increase/(decrease) in cash and cash equivalents		74,377	(418,837)
Cash and cash equivalents at 1 April		414,199	833,036
Cash and cash equivalents at 31 March		488,576	414,199

SKN Electrical Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

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:
212a Red Bank Road
Bispham
Blackpool
FY2 0HJ

The principal place of business is:
12 Albyn Terrace
Aberdeen
AB10 1YP

These financial statements were authorised for issue by the Board on 30 December 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Going concern

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

Reclassification of comparative amounts

Balances were reclassified within the profit & loss to align the treatment of various line items of income and expenditure within the Australia and Azerbaijan divisions with the treatment in the UK; there was no effect on the net profit.

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.

SKN Electrical Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 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	20% straight line
Motor vehicles	25% reducing balance
Equipment	25% reducing balance
Software	33% straight line
Freehold land & buildings	2% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by the directors. The values take into account 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.

SKN Electrical Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

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.

SKN Electrical Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

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 furter 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

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

	2025 £	(As restated) 2024 £
Sale of goods	23,078,460	20,922,380

The analysis of the company's Turnover for the year by market is as follows:

	2025 £	(As restated) 2024 £
UK	17,250,163	16,065,043
Europe	3,842,786	3,170,836
Rest of world	1,985,511	1,686,501
	23,078,460	20,922,380

4	Other operating income

The analysis of the company's other operating income for the year is as follows:

	2025 £	2024 £
Miscellaneous other operating income	-	34,549

5	Operating profit

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	62,202	54,197

SKN Electrical Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

6	Other interest receivable and similar income

	2025 £	2024 £
Interest income on bank deposits	298	478
Other finance income	6,468	-
	6,766	478

7	Interest payable and similar expenses

	2025 £	2024 £
Interest on bank overdrafts and borrowings	1,074	839
Interest expense on other finance liabilities	793	2,543
Foreign exchange gains/(losses)	79,341	(86,582)
	81,208	(83,200)

8	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2025 £	(As restated) 2024 £
Wages and salaries	4,315,578	4,054,958
Social security costs	607,284	610,796
Pension costs, defined contribution scheme	65,409	66,982
Other employee expense	71,420	82,745
	5,059,691	4,815,481

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	2025 No.	2024 No.
Production	60	60
Administration and support	35	30
	95	90

SKN Electrical Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

9	Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	(As restated) 2024 £
Remuneration	427,283	483,091
Contributions paid to money purchase schemes	18,257	23,311
	445,540	506,402

In respect of the highest paid director:

	2025 £	2024 £
Remuneration	145,000	195,000
Benefits under long-term incentive schemes (excluding shares)	1,321	1,321

10	Auditors' remuneration

	2025 £	2024 £
Audit of the financial statements	13,450	9,000

The company entered into a liability limitation agreement with the auditor on the 3rd February 2021. The liability of the auditor in respect of any claim or claims made by the company is limited to £4,000,000 inclusive of interest and costs.

11

Taxation

Tax charged/(credited) in the profit and loss account

	2025 £	2024 £
Current taxation
UK corporation tax	127,243	53,883
Foreign tax	-	44,184
Total current income tax	127,243	98,067
Deferred taxation
Arising from origination and reversal of timing differences	8,934	7,259
Tax expense in the income statement	136,177	105,326

SKN Electrical Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

	2025 £	(As restated) 2024 £
Profit before tax	496,307	399,170
Corporation tax at standard rate	124,077	99,793
Tax decrease from effect of capital allowances and depreciation	(22,312)	(5,087)
Tax increase from other short-term timing differences	8,934	7,259
Effect of expense not deductible in determining taxable profit (tax loss)	25,478	3,361
Total tax charge	136,177	105,326

Deferred tax

Deferred tax assets and liabilities

2025	Asset £	Liability £
Excess of taxation allowances over depreciation on fixed assets	-	54,855
	-	54,855

2024	Asset £	Liability £
Excess of taxation allowances over depreciation on fixed assets	-	45,921
	-	45,921

SKN Electrical Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

12	Tangible assets

Land and buildings
£

Furniture, fittings and equipment
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2024

534,560

1,116,931

303,184

1,954,675

Additions

-

89,247

-

89,247

At 31 March 2025

534,560

1,206,178

303,184

2,043,922

Depreciation

At 1 April 2024

63,251

933,246

303,184

1,299,681

Charge for the year

8,691

53,511

-

62,202

At 31 March 2025

71,942

986,757

303,184

1,361,883

Carrying amount

At 31 March 2025

462,618

219,421

-

682,039

At 31 March 2024

471,309

183,685

-

654,994

Included within the net book value of land and buildings above is £462,618 (2024 - £471,309) in respect of freehold land and buildings.

Revaluation

The fair value of the company's Land and buildings was revalued on 18 October 2022 by an independent valuer.
The property at 12 Albyn Terrace Abedeen, was independently valued in October 2022 by Chartered Surveyors, Graham + Sibbald LLP.
The Market Value that they determined was £480,000, and the property has been revalued in the financial statements.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £933,850 (2024 - £952,380).

SKN Electrical Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

13	Investment properties

	2025 £
At 1 April	347,291
At 31 March	347,291

The investment property was purchased in August 2018 for open market value in an arms length transaction, and has since been fully refurbished in the years to 31st March 2020. The property has not been independently valued since its purchase, but the historic cost plus the refurbishment expenses is considered by the directors to materially equal the fair value of this investment property.

14

Stocks

	2025 £	2024 £
Work in progress	3,282,993	2,484,003

15

Debtors

Current	2025 £	2024 £
Trade debtors	5,905,769	4,386,590
Other debtors	754,836	1,894,962
Prepayments	21,762	35,247
	6,682,367	6,316,799

Details of non-current trade and other debtors

£462,000 (2024 -£422,000) of other debtors is classified as non current. The loan is to J G Kelley (Fleetwood) Ltd

16	Cash and cash equivalents

	2025 £	2024 £
Cash at bank	488,576	414,199

SKN Electrical Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

17

Creditors

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	21	11,123	-
Trade creditors		1,271,415	1,323,596
Social security and other taxes		149,507	93,211
Other payables		462,132	85,392
Accruals		584,145	104,734
Corporation Tax	11	158,932	133,405
		2,637,254	1,740,338

18	Provisions for liabilities

	Deferred tax £	Total £
At 1 April 2024	45,921	45,921
Increase (decrease) in existing provisions	8,934	8,934
At 31 March 2025	54,855	54,855

19	Pension and other schemes

Defined contribution pension scheme

The company operates multiple defined contribution pension schemes. The pension cost charge for the year represents contributions payable by the company to the schemes and amounted to £65,409 (2024 - £66,982).

20	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

SKN Electrical Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

21	Loans and borrowings

Current loans and borrowings

	2025 £	2024 £

Other borrowings	11,123	-

22

Dividends

Final dividends paid

	2025 £	2024 £
Final dividend of £Nil per each Ordinary shares	-	-

23	Related party transactions

Other related parties comprise entities wholly or partially controlled by directors of SKN Electrical Services Ltd.

Loans to related parties

2025	Other related parties £	Total £
At start of period	422,000	422,000
Advanced	440,206	440,206
Repaid	(373,335)	(373,335)
At end of period	488,871	488,871

2024	Other related parties £	Total £
At start of period	330,000	330,000
Advanced	92,000	92,000
At end of period	422,000	422,000

Terms of loans to related parties

Loans to other related parties are unsecured, repayable on demand, and no interest is charged.

SKN Electrical Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Loans from related parties

2025	Key management £	Other related parties £	Total £
At start of period	20,000	320,997	340,997
Advanced	220,000	9,240	229,240
Repaid	(140,000)	(222,819)	(362,819)
Impairment	-	12,002	12,002
At end of period	100,000	119,420	219,420

2024	Key management £	Other related parties £	Total £
At start of period	184,000	300,166	484,166
Advanced	20,000	223,510	243,510
Repaid	(184,000)	(202,679)	(386,679)
At end of period	20,000	320,997	340,997

Terms of loans from related parties

Loans from directors are unsecured, repayable on demand, and no interest is charged.
Loans from other related parties are unsecured, repayable on demand, and no interest is charged.

24	Relationship between entity and parents

There is no ultimate controlling party.

	Land and buildings £	Furniture, fittings and equipment £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2024	534,560	1,116,931	303,184	1,954,675
Additions	-	89,247	-	89,247
At 31 March 2025	534,560	1,206,178	303,184	2,043,922
Depreciation
At 1 April 2024	63,251	933,246	303,184	1,299,681
Charge for the year	8,691	53,511	-	62,202
At 31 March 2025	71,942	986,757	303,184	1,361,883
Carrying amount
At 31 March 2025	462,618	219,421	-	682,039
At 31 March 2024	471,309	183,685	-	654,994