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REGISTERED NUMBER: 12780615 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2023

for

11SK LTD

11SK LTD (REGISTERED NUMBER: 12780615)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


11SK LTD

Company Information
for the Year Ended 31 March 2023







DIRECTORS: K F A Keehan
C D Pearson





REGISTERED OFFICE: 100 Church Street
Brighton
East Sussex
BN1 1UJ





REGISTERED NUMBER: 12780615 (England and Wales)





ACCOUNTANTS: Paddenburg & Co Limited
100 Church Street
Brighton
East Sussex
BN1 1UJ

11SK LTD (REGISTERED NUMBER: 12780615)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 415 554
Investment property 5 1,265,000 1,080,000
1,265,415 1,080,554

CURRENT ASSETS
Debtors 6 15,082 56,160
Cash at bank 12,201 6,930
27,283 63,090
CREDITORS
Amounts falling due within one year 7 222,469 227,861
NET CURRENT LIABILITIES (195,186 ) (164,771 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,070,229

915,783

CREDITORS
Amounts falling due after more than one
year

8

(785,377

)

(627,985

)

PROVISIONS FOR LIABILITIES 9 (53,959 ) (53,064 )
NET ASSETS 230,893 234,734

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 229,594 233,081
Retained earnings 1,297 1,651
SHAREHOLDERS' FUNDS 230,893 234,734

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

11SK LTD (REGISTERED NUMBER: 12780615)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2023 and were signed on its behalf by:




K F A Keehan - Director



C D Pearson - Director


11SK LTD (REGISTERED NUMBER: 12780615)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

11SK LTD 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 preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

11SK LTD (REGISTERED NUMBER: 12780615)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2022
and 31 March 2023 819
DEPRECIATION
At 1 April 2022 265
Charge for year 139
At 31 March 2023 404
NET BOOK VALUE
At 31 March 2023 415
At 31 March 2022 554

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 1,080,000
Additions 180,151
Revaluations 4,849
At 31 March 2023 1,265,000
NET BOOK VALUE
At 31 March 2023 1,265,000
At 31 March 2022 1,080,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2021 38,281
Valuation in 2022 240,450
Valuation in 2023 4,849
Cost 981,420
1,265,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 981,420 801,270

Investment properties were valued on an open market basis on 31 March 2023 by the directors .

11SK LTD (REGISTERED NUMBER: 12780615)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Pearson Keehan Ltd 14,115 56,160
Prepayments 967 -
15,082 56,160

At the year-end, a balance of £14,115 (2022: £56,160) was due from Pearson Keehan Ltd.
This inter-company loan is interest-free, unsecured and repayable on demand.

K Keehan and C Pearson are the directors and shareholders of the aforementioned company.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax 1,019 4,811
Directors' loan accounts 220,250 222,250
Accrued expenses 1,200 800
222,469 227,861

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 785,377 627,985

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 785,377 627,985

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 53,959 53,064

Deferred
tax
£   
Balance at 1 April 2022 53,064
Charge to Income Statement during year 895
Balance at 31 March 2023 53,959

10. RELATED PARTY DISCLOSURES

During the period, the company received rents totalling: £5,400 (2022: £3,200) from Pearson Keehan Ltd and £5,400 (2022: £nil) from Pearson Keehan Rand Limited.

Mr K Keehan and Mr C Pearson are directors and shareholders of the above-mentioned companies.

11SK LTD (REGISTERED NUMBER: 12780615)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

11. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party as both directors have equal beneficial share holding in the company.