Registered number
01776688
Scillonian Properties Limited
Filleted Accounts
31 March 2023
Scillonian Properties Limited
Balance Sheet as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 458,785 457,255
Current assets
Debtors 4 52,696 53,694
Cash at bank and in hand 4,461 4,922
57,157 58,616
Creditors: amounts falling due within one year 5 (27,099) (21,171)
Net current assets 30,058 37,445
Total assets less current liabilities 488,843 494,700
Provisions for liabilities
Deferred taxation (62,341) (62,050)
Net assets 426,502 432,650
Capital and reserves
Called up share capital 100 100
Profit and loss account 426,402 432,550
Shareholders' funds 426,502 432,650
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
…………………………..
R T Jackman
Director
Approved by the board on 2 October 2023
Scillonian Properties Limited
Notes to the Accounts
For the Year Ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, as modified to include the revaluation of certain assets and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the value of rental income receivable for the year.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation has been provided at the following rates in order to write off the cost, less estimated residual value, of each asset evenly over its expected useful life:
Motor vehicles 20% per annum on a reducing balance basis
Fixtures and fittings 10% per annum on a reducing balance basis
Office equipment 25% per annum on a reducing balance basis
Freehold investment properties
Investment properties are revalued annually and any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties.
Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.
Government Grants
Government grants received as compensation for expenses or losses incurred are recognised in the profit and loss account when receivable.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company
(excluding directors) 1 1
3 Tangible fixed assets
Freehold Investment property Motor vehicles Fixtures, fittings and equipment Total
£ £ £ £
Cost/Fair Value
At 1 April 2022 450,000 1,100 23,455 474,555
Additions - - 2,659 2,659
At 31 March 2023 450,000 1,100 26,114 477,214
Depreciation
At 1 April 2022 - 396 16,904 17,300
Charge for the year - 141 988 1,129
At 31 March 2023 - 537 17,892 18,429
Net book value
At 31 March 2023 450,000 563 8,222 458,785
At 31 March 2022 450,000 704 6,551 457,255
The freehold investment property was valued as at 31 March 2023 by a director of the company, Mr R T Jackman. The historical cost of the investment property was £45,266.
4 Debtors 2023 2022
£ £
Trade debtors 1,352 2,350
Other debtors 51,344 51,344
52,696 53,694
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 6,010 3,659
Deposits in advance 19,169 14,169
Corporation tax - 1,559
Other taxes and social security costs 187 941
Directors loan 1,733 843
27,099 21,171
6 Contingent liabilities
It was agreed by the Board of Directors that the Managing Director and Chairman, Mr R T Jackman, should be rewarded for his efforts and input into the company affairs during his many years in office. It was agreed that on his eventual retirement, Mr. Jackman should be awarded a bonus representative of these efforts. The amount to be agreed by the Board at that time is currently computed to be £163,261. .
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