PTP Accounts Production v25.4.0.155 01042581 Board of Directors 1.1.25 31.12.25 31.12.25 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:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 01042581 2024-12-31 01042581 2025-12-31 01042581 2025-01-01 2025-12-31 01042581 2023-12-31 01042581 2024-01-01 2024-12-31 01042581 2024-12-31 01042581 ns15:EnglandWales 2025-01-01 2025-12-31 01042581 ns14:PoundSterling 2025-01-01 2025-12-31 01042581 ns10:Director1 2025-01-01 2025-12-31 01042581 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 01042581 ns10:FRS101 2025-01-01 2025-12-31 01042581 ns10:Audited 2025-01-01 2025-12-31 01042581 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 01042581 ns10:Medium-sizedCompaniesRegimeForAccounts 2025-01-01 2025-12-31 01042581 ns10:FullAccounts 2025-01-01 2025-12-31 01042581 1 2025-01-01 2025-12-31 01042581 1 2025-01-01 2025-12-31 01042581 ns10:OrdinaryShareClass1 2025-01-01 2025-12-31 01042581 ns10:OrdinaryShareClass2 2025-01-01 2025-12-31 01042581 ns10:Director2 2025-01-01 2025-12-31 01042581 ns10:Director3 2025-01-01 2025-12-31 01042581 ns10:Director4 2025-01-01 2025-12-31 01042581 ns10:RegisteredOffice 2025-01-01 2025-12-31 01042581 ns5:CurrentFinancialInstruments 2025-12-31 01042581 ns5:CurrentFinancialInstruments 2024-12-31 01042581 ns5:Non-currentFinancialInstruments 2025-12-31 01042581 ns5:Non-currentFinancialInstruments 2024-12-31 01042581 ns5:ShareCapital 2025-12-31 01042581 ns5:ShareCapital 2024-12-31 01042581 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 01042581 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 01042581 ns5:ShareCapital 2023-12-31 01042581 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 01042581 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01042581 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 01042581 1 2025-01-01 2025-12-31 01042581 ns5:ComputerSoftware 2025-01-01 2025-12-31 01042581 1 2025-01-01 2025-12-31 01042581 2 2025-01-01 2025-12-31 01042581 3 2025-01-01 2025-12-31 01042581 ns5:OwnedAssets 2025-01-01 2025-12-31 01042581 ns5:OwnedAssets 2024-01-01 2024-12-31 01042581 ns5:LeasedAssets 2025-01-01 2025-12-31 01042581 ns5:LeasedAssets 2024-01-01 2024-12-31 01042581 ns5:ComputerSoftware 2024-01-01 2024-12-31 01042581 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 01042581 ns5:Goodwill 2024-12-31 01042581 ns5:ComputerSoftware 2024-12-31 01042581 ns5:Goodwill 2025-01-01 2025-12-31 01042581 ns5:Goodwill 2025-12-31 01042581 ns5:ComputerSoftware 2025-12-31 01042581 ns5:Goodwill 2024-12-31 01042581 ns5:ComputerSoftware 2024-12-31 01042581 ns5:LandBuildings 2024-12-31 01042581 ns5:FurnitureFittings 2024-12-31 01042581 ns5:MotorVehicles 2024-12-31 01042581 ns5:LandBuildings 2025-01-01 2025-12-31 01042581 ns5:FurnitureFittings 2025-01-01 2025-12-31 01042581 ns5:MotorVehicles 2025-01-01 2025-12-31 01042581 ns5:LandBuildings 2025-12-31 01042581 ns5:FurnitureFittings 2025-12-31 01042581 ns5:MotorVehicles 2025-12-31 01042581 ns5:LandBuildings 2024-12-31 01042581 ns5:FurnitureFittings 2023-12-31 01042581 ns5:MotorVehicles 2024-12-31 01042581 ns5:CurrentFinancialInstruments 2025-01-01 2025-12-31 01042581 ns5:DeferredTaxation 2024-12-31 01042581 ns5:DeferredTaxation 2025-12-31 01042581 ns10:OrdinaryShareClass1 2025-12-31 01042581 ns10:OrdinaryShareClass2 2025-12-31 01042581 ns5:RetainedEarningsAccumulatedLosses 2024-12-31

REGISTERED NUMBER: 01042581 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

FOR

S K S LIMITED

S K S LIMITED (REGISTERED NUMBER: 01042581)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 4 |

Income Statement | 8 |

Other Comprehensive Income | 9 |

Balance Sheet | 10 |

Statement of Changes in Equity | 11 |

Notes to the Financial Statements | 12 |

S K S LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST DECEMBER 2025

| 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

| Kennel Club House

| Gatehouse Way

| Aylesbury

| Buckinghamshire

| HP19 8DB

S K S LIMITED (REGISTERED NUMBER: 01042581)

STRATEGIC REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2025

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

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 £5,104,793 (2024: £5,486,525). 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

26th February 2026

S K S LIMITED (REGISTERED NUMBER: 01042581)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST DECEMBER 2025

The directors submit their annual report and financial statements of the company for the year ended 31st December 2025.

DIVIDENDS

Dividends amounting to £219,694 (2024: £167,555) were declared during the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2025 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:

I P Elverson - appointed 1st January 2025

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.

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

26th February 2026

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 2025 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 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 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

Kennel Club House

Gatehouse Way

Aylesbury

Buckinghamshire

HP19 8DB

26th February 2026

S K S LIMITED (REGISTERED NUMBER: 01042581)

INCOME STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 5,104,793 |  | 5,486,525 |  |

Cost of sales | (3,261,400 | ) | (3,476,882 | ) |

GROSS PROFIT | 1,843,393 |  | 2,009,643 |  |

Administrative expenses | (1,812,312 | ) | (1,845,035 | ) |

31,081 |  | 164,608 |  |

Other operating income | 3,554 |  | 2,400 |  |

OPERATING PROFIT | 34,635 |  | 167,008 |  |

Interest receivable and similar income | 447 |  | 52 |  |

PROFIT BEFORE TAXATION | 4 | 35,082 |  | 167,060 |  |

Tax on profit | 5 | (14,252 | ) | (60,905 | ) |

PROFIT FOR THE FINANCIAL YEAR | 20,830 |  | 106,155 |  |

S K S LIMITED (REGISTERED NUMBER: 01042581)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31ST DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 20,830 |  | 106,155 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 20,830 |  | 106,155 |  |

S K S LIMITED (REGISTERED NUMBER: 01042581)

BALANCE SHEET

31ST DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Owned

| Intangible assets | 7 | 27,862 |  | 56,056 |  |

| Tangible assets | 8 | 866,634 |  | 854,040 |  |

Right-of-use

| Tangible assets | 8, 15 | 65,034 |  | 30,867 |  |

Investments | 9 | 1 |  | 1 |  |

959,531 |  | 940,964 |  |

CURRENT ASSETS

Stocks | 10 | 1,204,514 |  | 1,447,484 |  |

Debtors | 11 | 524,486 |  | 669,696 |  |

Prepayments and accrued income | 68,624 |  | 65,398 |  |

Cash at bank | 175,853 |  | 129,433 |  |

1,973,477 |  | 2,312,011 |  |

CREDITORS

Amounts falling due within one year | 12 | (328,205 | ) | (474,178 | ) |

NET CURRENT ASSETS | 1,645,272 |  | 1,837,833 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,604,803 |  | 2,778,797 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (35,484 | ) | (7,852 | ) |

PROVISIONS FOR LIABILITIES | 16 | (14,200 | ) | (17,000 | ) |

ACCRUALS AND DEFERRED INCOME | 17 | (28,904 | ) | (28,866 | ) |

NET ASSETS | 2,526,215 |  | 2,725,079 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 200 |  | 200 |  |

Retained earnings | 19 | 2,526,015 |  | 2,724,879 |  |

SHAREHOLDERS' FUNDS | 2,526,215 |  | 2,725,079 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 26th February 2026 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 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1st January 2024 | 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 |  |

Changes in equity

Dividends | - |  | (219,694 | ) | (219,694 | ) |

Total comprehensive income | - |  | 20,830 |  | 20,830 |  |

Balance at 31st December 2025 | 200 |  | 2,526,015 |  | 2,526,215 |  |

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

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 on a going concern basis, the directors having a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future, being at least 12 months from the date of approval of these financial statements.

| 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 2025

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 2025

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 2025

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 2025

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

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,029,067 |  | 1,090,067 |  |

| Other pension costs | 20,103 |  | 29,673 |  |

1,049,170 |  | 1,119,740 |  |

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

| 2025 |  | 2024

29 |  | 33 |  |

| 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 £20,103 (2024: £29,673).

| The number of directors accruing benefits under defined contribution pension schemes amounted to 1 (2024: 1).

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 80,619 |  | 93,908 |  |

4. | PROFIT BEFORE TAXATION

| The profit before taxation is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Cost of inventories recognised as expense | 3,261,400 |  | 3,476,882 |  |

| Depreciation - owned assets | 51,946 |  | 60,087 |  |

| Depreciation - assets on finance leases | 34,541 |  | 33,998 |  |

| Profit on disposal of fixed assets | (58 | ) | (3,500 | ) |

| Software and website amortisation | 30,659 |  | 31,901 |  |

| Auditors' remuneration | 13,784 |  | 14,000 |  |

| Staff costs (note 3) | 1,049,170 |  | 1,119,740 |  |

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

5. | TAXATION

| Analysis of tax expense

| 2025 |  | 2024

£ | £ |

| Current tax:

| Tax | 13,200 |  | 58,000 |  |

| (Over)/under provision in

| respect of earlier years | 3,852 |  | 8,250 |  |

| Repayments | - |  | (8,245 | ) |

| Total current tax | 17,052 |  | 58,005 |  |

| Deferred tax | (2,800 | ) | 2,900 |  |

| Total tax expense in income statement | 14,252 |  | 60,905 |  |

| 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:

| 2025 |  | 2024

£ | £ |

| Profit before income tax | 35,082 |  | 167,060 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 8,771 |  | 41,765 |  |

| Effects of:

| (Over)/under provisions in respect of earlier years | 3,852 |  | 8,250 |  |

| relief |

| Deferred tax movement | (2,800 | ) | 2,900 |  |

| Rounding difference | 56 |  | 348 |  |

| Depreciation in excess of capital allowances | 4,270 |  | 15,575 |  |

| Expenses not deductible for tax purposes | 103 |  | 312 |  |

| Repayments | - |  | (8,245 | ) |

| Tax expense | 14,252 |  | 60,905 |  |

6. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares shares of £1 each

| Interim | 219,694 |  | 167,555 |  |

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

7. | INTANGIBLE FIXED ASSETS

| Software |

| and |

| Goodwill |  | website |  | Totals

£ | £ | £ |

| COST

| At 1st January 2025 | 45,000 |  | 337,147 |  | 382,147 |  |

| Additions | - |  | 2,465 |  | 2,465 |  |

| At 31st December 2025 | 45,000 |  | 339,612 |  | 384,612 |  |

| AMORTISATION

| At 1st January 2025 | 45,000 |  | 281,091 |  | 326,091 |  |

| Amortisation for year | - |  | 30,659 |  | 30,659 |  |

| At 31st December 2025 | 45,000 |  | 311,750 |  | 356,750 |  |

| NET BOOK VALUE

| At 31st December 2025 | - |  | 27,862 |  | 27,862 |  |

| At 31st December 2024 | - |  | 56,056 |  | 56,056 |  |

8. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | and |  | Motor |

| property |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1st January 2025 | 1,104,708 |  | 439,747 |  | 114,296 |  | 1,658,751 |  |

| Additions | - |  | 64,896 |  | 68,708 |  | 133,604 |  |

| Disposals | - |  | (4,476 | ) | (75,544 | ) | (80,020 | ) |

| At 31st December 2025 | 1,104,708 |  | 500,167 |  | 107,460 |  | 1,712,335 |  |

| DEPRECIATION

| At 1st January 2025 | 373,430 |  | 316,985 |  | 83,429 |  | 773,844 |  |

| Charge for year | 17,018 |  | 34,928 |  | 34,541 |  | 86,487 |  |

| Eliminated on disposal | - |  | (4,120 | ) | (75,544 | ) | (79,664 | ) |

| At 31st December 2025 | 390,448 |  | 347,793 |  | 42,426 |  | 780,667 |  |

| NET BOOK VALUE

| At 31st December 2025 | 714,260 |  | 152,374 |  | 65,034 |  | 931,668 |  |

| At 31st December 2024 | 731,278 |  | 122,762 |  | 30,867 |  | 884,907 |  |

| 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 (2024: £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 2025

9. | INVESTMENTS

| Interest

| in

| associate

£ |

| COST

| At 1st January 2025

| and 31st December 2025 | 1 |  |

| NET BOOK VALUE

| At 31st December 2025 | 1 |  |

| At 31st December 2024 | 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 2025 was £nil (2024: £nil) and the aggregate Capital and Reserves at 31st July 2025 amounted to £3 (2024: £3).

10. | STOCKS

2025 | 2024 |

£ | £ |

| Finished goods | 1,204,514 |  | 1,447,484 |  |

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 449,982 |  | 576,648 |  |

| Corporation Tax repayment | 32,800 |  | - |  |

| Deposit paid to creditors | 41,704 |  | 93,048 |  |

524,486 |  | 669,696 |  |

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Leases (see note 14) | 29,550 |  | 23,014 |  |

| Trade creditors | 237,454 |  | 364,855 |  |

| Tax | - |  | 12,000 |  |

| Social security and other taxes | 52,480 |  | 61,926 |  |

| Other creditors | 8,721 |  | 12,383 |  |

328,205 |  | 474,178 |  |

| 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 |

2025 | 2024 |

£ | £ |

| Leases (see note 14) | 35,484 |  | 7,852 |  |

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

14. | FINANCIAL LIABILITIES - BORROWINGS |

2025 | 2024 |

£ | £ |

| Current:

| Leases (see note 15) | 29,550 |  | 23,014 |  |

| Non-current:

| Leases (see note 15) | 35,484 |  | 7,852 |  |

| Terms and debt repayment schedule

| 1 year or |

| less |  | 1-2 years |  | 2-5 years |  | Totals

£ | £ | £ | £ |

| Leases | 29,550 |  | 21,697 |  | 13,787 |  | 65,034 |  |

15. | LEASING

| Right-of-use assets

| Tangible fixed assets

2025 | 2024 |

£ | £ |

| COST

| At 1st January 2025 | 114,296 |  | 114,296 |  |

| Additions | 68,708 |  | - |  |

| Disposals | (75,544 | ) | - |  |

107,460 |  | 114,296 |  |

| DEPRECIATION

| At 1st January 2025 | 83,429 |  | 49,431 |  |

| Charge for year | 34,541 |  | 33,998 |  |

| Eliminated on disposal | (75,544 | ) | - |  |

42,426 |  | 83,429 |  |

| NET BOOK VALUE | 65,034 |  | 30,867 |  |

S K S LIMITED (REGISTERED NUMBER: 01042581)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

15. | LEASING - continued

| Lease liabilities

| Minimum lease payments fall due as follows:

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Gross obligations repayable: |  |

| Within one year |  | 29,550 |  |  | 23,014 |  |

| Between one and five years |  | 35,484 |  |  | 7,852 |  |

|  | 65,034 |  |  | 30,866 |  |

16. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 14,200 |  | 17,000 |  |

| Deferred |

| tax |

£ |

| Balance at 1st January 2025 | 17,000 |  |

| Provided during year | (2,800 | ) |

| Balance at 31st December 2025 | 14,200 |  |

17. | ACCRUALS AND DEFERRED INCOME

2025 | 2024 |

£ | £ |

| Accruals and deferred income | 28,904 |  | 28,866 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| 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 2025

19. | RESERVES

| Retained

| earnings

£ |

| At 1st January 2025 | 2,724,879 |  |

| Profit for the year | 20,830 |  |

| Dividends | (219,694 | ) |

| At 31st December 2025 | 2,526,015 |  |

20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| During the year the company paid dividends of £2,197 (2024: £1,676) 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.